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debt is 22.3m - a much more encoraging figure?


nvager
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From today's G Herald - AJ's article

"Rangers chairman Alastair Johnston insisted that the club’s relationship with Lloyds Banking Group was better than ever last night as he presented an upbeat assessment of their encouraging annual accounts.

Rangers’ turnover is up almost 42%, a £17.3m operating loss was turned around to a £5.1m profit, and the club’s debt is down £3.7m to £22.3m – largely because of qualifying for last season’s Champions League group stage."

If this is correct then we have reduced the debt from 31m to 22.3m in a relatively short time - 1 year?

Surely this is very encouraging with more CL money in the pipeline. Another thread in RM says the Debt is 27.1m so I hope the 22.3m is correct. Can someone with a better knowledge of the accounts confirm whether the 22.3m or the 27.1m is correct?

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Thats why accounts can be confusing. From what I saw somewhere else the debt to the bank in loan & overdraft facilities, is 22m, the the overall debt at 27m but no idea what the difference means or why.

We will have debt to other companies / football clubs.

Not all the debt is owed to the bank.

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Anyone have any idea who we owe £4.8m to then?

Surely all of the transfers of 2+ years ago are paid off?

All sorts of creditors.

All sorts of staff from top to bottom if they are owed a months lying time, accounts with stewards and police, suppliers, consultancy & accountancy debts.

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What I'm trying to get my head round is the £22 million we made to have a profit of £5.1 million, if that's the case then technically we have started this year on an even keel so to speak, so if we were to make another profit of £22 million end of this financial year then it shows that we can live within our means.

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You're right nvager. Were only one game into the CL and I am already starting to look at qualifying for next year! If we got CL football next season and we stay on this path - it looks a much brighter future. It's a big IF but a manageable one nonetheless :)

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Hopefully no more 8m owed in transfer money and we reduce the debt by a good 10m this coming year.

We must keep going strong in the SPL and get another crack at the CL next season. Going to be an exciting year.

There's nothing owed in transfer money, mate. AJ said yesterday in his statement that the 8-9 million owed has been wiped clean into the bargain.

Did I hear on here that there was a rumour we gave Vienna the Jelavic money upfront aswell? maybe that's wishful thinking, but I'm sure I read that somewhere?

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There's nothing owed in transfer money, mate. AJ said yesterday in his statement that the 8-9 million owed has been wiped clean into the bargain.

Did I hear on here that there was a rumour we gave Vienna the Jelavic money upfront aswell? maybe that's wishful thinking, but I'm sure I read that somewhere?

I heard that as well, but any monies we spent on transfers this season will be a part of next year's accounts as expenditures, but with the income from KT and Wilson it won't be that significant.

As for qualifying for next year's CL, don't the winners of the competition qualify automatically? :pipe:

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I heard that as well, but any monies we spent on transfers this season will be a part of next year's accounts as expenditures, but with the income from KT and Wilson it won't be that significant.

As for qualifying for next year's CL, don't the winners of the competition qualify automatically? :pipe:

Aye mate, that's what I was thinking. We are more or less net spenders as it stands. If it's true that we get 300 grand a game for Wilson, we will have that extra 3 million to show in next years accounts as another wee profit margain :D

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Aye mate, that's what I was thinking. We are more or less net spenders as it stands. If it's true that we get 300 grand a game for Wilson, we will have that extra 3 million to show in next years accounts as another wee profit margain :D

Too True mate it will indeed, I think there should also be another drop in our expenditures at the end of this financial year as I'm sure our wage bill won't be anywhere near as high as recent seasons.

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I also read in the finance directors report that Rangers or MIH (not sure), are in negotiations with Glasgow Council about the redevelopment of the land around Ibrox. Hopefully Rangers FC might get a wee slice of any business/Profit, although that will be a few years in the future, fingers crossed though ;)

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I also read in the finance directors report that Rangers or MIH (not sure), are in negotiations with Glasgow Council about the redevelopment of the land around Ibrox. Hopefully Rangers FC might get a wee slice of any business/Profit, although that will be a few years in the future, fingers crossed though ;)

Rangers (tu)

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I know it's never as simple as this, but surely affluent businessmen who have a love for Rangers i.e Donald Park etc could give Rangers an interest free loan for the money owed to the bank. Just a thought I know I would if I was in a position to.

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