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Rangers debt 30th June 2010: £32.6m


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notes.jpgRangers debt is not £27.1m as the Headline accounts would have you believe. Our debt is not £23m as the Herald would have you believe today. And its not £100m as a certain cretin, i mean blogger from across the water would have you believe.

None of the above. Rangers debt is in fact £32.6 million as at 30th June 2010.

Let me explain. Football clubs are a clever bunch when it comes to accounts. Year ends merging neatly with Season ticket renewal deadlines often mask the true story but perhaps the bigger masking is elsewhere and can only be found in the minutiae of accounting. Both Rangers and Celtic do not include Trade Debt in their calculation of net debt which means their actual debt is always higher than what the headlines say. There is nothing illegal about this and it is a common practice but it is the reason why everyone is confused about Rangers recent accounts.

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