Rangers $22.7M Financial Losses Lead To Meltdown Fears For Supporters Groups
Three major supporters of Scottish League 1 Rangers supporters groups are having their say as Rangers' ''inexplicable'' losses are revealed, with Manager Ally McCoist's "salary under scrutiny," according to Scott McDermott of the Scotland DAILY RECORD. Even with £14M ($22.7M) lost in little more than a year -- Rangers were "still trying to sign two new international stars last week." Rangers Supporters Assembly President Andy Kerr "finds it incredulous the club’s current board would risk a second financial meltdown by continuing to spend outwith their means." He criticized the salary and £300,000 ($486,000) bonus "hoovered up" by former CEO Charles Green -- and called some of the figures on Rangers’ balance sheet "ridiculous" for a club in Scotland’s lower leagues. And what concerns Kerr the most is that "the reckless spending may lead them into a second administration in the space of 18 months." Kerr: "We need to be trading in a manner where our expenditure isn’t exceeding our income. We know income. The gravy train isn’t going to last. We got into difficulty before taking that approach and it’s now time for sensible minds." And Kerr insists that the money Green walked away with in August "will stick in the fans’ throats the most." Kerr: "Green’s bonus was higher than his salary. That doesn’t square well with the ordinary punter, who is scraping together a couple of hundred quid to buy a season ticket" (DAILY RECORD, 10/2).
NO CASH CRISIS: In Edinburgh, Stephen Halliday reported Rangers CEO Craig Mather has insisted that "there is no cash crisis at the Ibrox club and accused the current board’s opponents of using 'smoke and mirrors' to paint a bleak picture of its finances." But Mather said they have been misled by the “rebel” group of shareholders. He addressed "specific claims that both Ibrox Stadium and the Murray Park training complex are not wholly owned by Rangers." Mather: "My ultimate concern is that a lot of these fans are being lied to. There is no sale and leaseback on Murray Park or Ibrox. Categorically, that is not the case and the club isn’t running out of cash" (SCOTSMAN, 10/2).