The admin 2 tick tock Sevconians are well and truly dead and buried after Rangers confirmed that for the second annual report in a row, the club can announce a profit.
Following on from last year’s modest £6M return to the black in trading, despite the estimated £8M cost of relieving Giovanni van Bronckhorst and Michael Beale of their duties, nevertheless club revenue spiked to a level for the financial year where the club is now 24 months in the black for the first time since the pre-Lloyds era.
Indeed, ever since the club was listed by former chairman Sir David Murray in 2000, we barely recall any two years in a row where a profit has been reached, and following years of financial mismanagement and The Journey, the board in place now has finally got the club on a solid financial footing.
Rangers supporters had to tolerate many years of the Lloyds stuff, then the Whyte stuff, and of course 2012-, so now that the club is reporting profit two years in a row, it definitively and categorically ends any notion this club will ever financially struggle again.
It would also be false to say that there’s no lavish spending either – Rangers today spend the same numbers they did under Walter Smith. In his second spell, over those three years, he invested £35M in the squad – average of about £11M a year.
Steven Gerrard got the same in 2018, and every summer since then has seen a decent amount of cash spent, with Gerrard himself getting the same £35M overall for his three and a half years, even if there was nothing much to spend in 2021, hence his complaints at the board.
But Giovanni? He got £15M. And so did Beale.
Ergo Rangers have continued to spend strong amounts of money per year on players, and yet still we find ourselves in profit. The club’s strong performance financially was previously thanks in strong part to massive sales by Gio (£40M), Sevilla (£30M) and UCL qualification (£30M). Nowadays it’s sustained by good season tickets and gates, tonnes of commercial deals and all-round good revenue from merch and other streams.
Long story short, sorry Sevconians, we’re not going anywhere and if it wasn’t for the farcical sale of Jota to Saudi, them lot over there would have actually made less player trading profit than Rangers did this summer.
Onwards and upwards.