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My at-a-glance mega thread on the accounts and my immediate thoughts & opinions, it is kinda in the order as they appear in the accounts - there may be errors so feel free to correct me...
Revenue is now £59m, up 10% or so from last year despite season finishing early.
Our revenue in 2013 was £19.1m!!
Our revenue in 2013 was £19.1m!!
European competition was worth £20.7m of our revenue (£14.3m in prev year) - Europa League now arguably as important to us as Champions League ever was in days gone by.
£8.9m of that was prize money (as such the loss of European gate money this season will be significant...)
£8.9m of that was prize money (as such the loss of European gate money this season will be significant...)
Season ticket income was £17.3m up from £16.1m. Average ST was £379 a measly £24 increase from prev season.
Money from matchday (gates & hospitality) was £3.1m up 9.6% despite season finishing early.
£3.1m was generated from sponsors and £600k from commercial
Money from matchday (gates & hospitality) was £3.1m up 9.6% despite season finishing early.
£3.1m was generated from sponsors and £600k from commercial
Our retail (shirt sales & merch) was £3.3m as a royalty & profit share - this was NOT Castore deal and reflects the last year of the Hummel/Elite deal.
Our overall wage bill is £43.4 m.
Our first team wage bill is £29.7 up £128k pw from 2019
This represents 50% ratio to turnover (42% in 2019) - IMO this is totally acceptable & most importantly we are getting value from that output. What is more important than our first team(!)
Our first team wage bill is £29.7 up £128k pw from 2019
This represents 50% ratio to turnover (42% in 2019) - IMO this is totally acceptable & most importantly we are getting value from that output. What is more important than our first team(!)
EBITDA (Earnings before interest, taxes, depreciation, and amortization) was a loss of £5.7m (£2.8m in 2019). This is useful to understanding our ability to generate cash flow & operating performance. I am hoping the increase reflects covid impact & is worth keeping an eye on.
We received loans of £23.6m for working capital - this is pretty big! Couple of key points: we are in accelerated growth phase, we are deliberately funding losses to bring the club back to standard. Secondly our investors need to take massive credit. This can't be understated.
We are forecasting that we will need £8.8m more in debt/equity to end of 20/21. Then another £14.4m requirement to end of 21/22.
Douglas Park & John Bennett have agreed to cover this. They have also provided an immediate facility to be drawn on as required. This is exceptional
Douglas Park & John Bennett have agreed to cover this. They have also provided an immediate facility to be drawn on as required. This is exceptional
So it appears Dave King's shift of carrying the most weight has ended and Park & bennet are now the heavy lifters. Avoiding sycophancy, we are incredibly lucky to have them and the other investors. History should be very kind to them.
We have unsecured loans of £15.3m (presumably interest free & to be converted to equity), commercial loans of £2.9m & a small £1m lease. We held £11.1m cash at end of the period. We also gave £76k to charity.
So?!! Operating loss before tax was £7.5m, and when you add in amortisation (the incremental net transfer fees) we had a loss of £15.9m. I expected circa £20m.
Is this good? Only if viewed in the [correct] context that we are seeing investment in our club, the money [IMO] is being spent in the right places, we are seeing the player squad attain increased value on & off the park, & infrastructure is utterly transformed.
Business Interruption Insurance - yes we had it & it has paid out (only partially I think with more to come is my interpretation) - we received £1.25m.
We have £3.1m provision for Sports Direct case, and ONCE AND FOR ALL "Any litigation currently ongoing relating to previous deals will not affect" our new deal.
Since this accounting period we have spent £15.4m on players with £1m coming in. S far this looks like money well spent - silverware will confirm it.
So what are the dangers? Missing out on Euro group stages would be hugely damaging. But conversely even one excursion in the Champions League group stages would be rocket fuel.
Should we be worried at another big loss? Yes, after 2012 we should be vigilant, however our current business model is deliberately prone to losses and our transfer policy is absolutely abnormal (no big sales) this should be the context our accounts & finances are viewed for now
The bottom line is the Rangers support and our investors are making our current progress possible. If/when our investors pull back we will be critically reliant on euro participation & efficient player trading. Just like.........Sellik. this our sustainable target.
Our support &board/investors are putting the return to success on & off the park as an absolute priority, meeting the losses but sustainability is a long way off (esp with covid) but in sight & realsitic.
The 2 risks that could cause us MAJOR problems in the short term - supporters don't buy STs & investors dry up. neither are realistically going to happen. I am relaxed on ou situation but our investors (& the spread of investors) give me that comfort
We seem to have a proper team again. IMO we have a proper club again, room for caution, room for optimism, and realistic expectations going forward AFTER covid. Next years accounts will be painful again due to covid.
Lastly, don't listen to timmy. Without the sale of Tierney they would have had a £24m loss. "Houdini" springs to mind. We just keep moving forward, I don't think they can stop what's coming. 
Thank you for reading 
Thank you for reading
