Rangers today confirmed the accounts at long last, and there are few surprises. While the club is now reporting a superb circa £90M revenue for July 21 to June 22, none of the numbers includes the sale of Calvin Bassey or the UCL cash.
Which means there is actually even more cash on the horizon.
We’ve been preaching a massive increase in revenue for the best part of 6+ months, and the accounts finally being released confirms it. We will have more in-depth analysis in due course but financially, off the pitch, the club is in a very good place.
But we knew that already.
These accounts are not news, even Stevie Wonder knew Rangers were going to profit because with the number of player and manager sales, the UEL cash and all the commercial deals the club has done, it was unavoidable.
It only makes this summer’s tight budget of around £15M seem more perplexing, ditto Giovanni van Bronckhorst’s curious claim of ‘no pot of gold’ seem a bit more ludicrous. Rangers are now confirming the vast swathes of cash that have come in, and they exclude the £23M for Bassey and the ‘Lord knows what’ for the UCL this year.
And yet the window was pretty thin on expenditure.
We’re obviously extremely pleased that our projections on Ibrox Noise were validated, but it just highlights even more how poorly the transfer window went and how the club failed badly to build on 55 and Seville.
There’s one thing having the cash, the other is actually using it wisely – and it’s evident that we simply haven’t done that. The numbers off the pitch are good, but the picture on it isn’t.
It’s a bittersweet report, telling us what we already knew, but only highlighting the fact we’ve done absolutely nothing with it to take the club to a better place. Indeed, the report actually rubs our nose in that, by pretending the performances on the pitch have been great, which is more than a bit dishonest.
Still, the one thing we can say with assurance is no debt for the first time in as long as we can remember.
Which is nice.