Dear gilleasbuig,
The Observer published about a month ago a comprehensive account of
the Rangers' financial difficulties. Due to copyright reasons, I
cannot quote the whole article (which is quiet useful and worth
reading), but could summarise that according to the Observer, the
"Rangers' debts, £52m in the last financial year, have climbed to
nearly £80m this season, drawing comparisons with Leeds United, which
has been forced into a fire sale of top players" (The Observer, 18th
of May 2003, also see a post copying the article at "Debt of Both
Rangers & Celtic....Long",
http://groups.google.com/groups?selm=nvaya.4803%24Uk6.37370912%40news-text.cableinet.net
). The creditors' and shareholders pressure might bring about a sale
of the club's stars as well as an investigation on the finances of the
club. In the 2001/2 season, the club reportedly lost £35 million.
In other words, the Ranger's debts just grew, from:
2000/2001 - £28m
2001/2002 - £52m (with loses of £35m)
2002/2003 - £80m (as reported by the Observer)
In comparison to the Celtics (2001/2002 data), the Rangers look
especially bad. The Celtics' debt stands "only" at £16m.
This is partly because of the failures of the club in the Champions
League and UEFA Cup.
According to the Observer article, "A source familiar with the
situation said last week that Rangers now owes its creditors up to
£80m. The club declined to comment. Rangers' debt mountain is alarming
its bankers, principally the Bank of Scotland, known as HBOS since its
merger with Halifax." (ibid.)
The Rangers' owners and management keep denying the size of the debt.
David Murray, the club owner, denied (June 21st) such a debt: ""I've
heard we have debts of £80m, but that's nonsense. It's been agreed our
debt will peak at around £60m or £65m and that's for everything we do"
(Source: James Traynor, "I'LL GIVE BIG ECK MILLIONS" Jun 21 2003, The
Daily Record, http://www.dailyrecord.co.uk/sport/content_objectid=13093764_method=full_siteid=89488_headline=-I'LL-GIVE-BIG-ECK-MILLIONS-name_page.html).
In another article, he is quoted to have said "People talk about our
debt being as high as £70 million or £80 million, but that just isn't
the case. It's nonsense, although we do have a high level of debt, but
we can manage and it will peak at £60m to £65m for everything,
players, training facilities, shops, the lot." (Source: James Traynor,
"WE'RE NOT AS BROKE AS SOME FOLK SAY ... HOW MANY OTHER CLUBS OUT
THERE ARE SIGNING TOP CLASS PLAYERS FROM PORTUGAL AND GEORGIA" Jun 21
2003, Daily Record, http://www.dailyrecord.co.uk/sport/content_objectid=13093756_method=full_siteid=89488_headline=-WE'RE-NOT-AS-BROKE-AS-SOME-FOLK-SAY-...-HOW-MANY-OTHER-CLUBS-OUT-THERE-ARE-SIGNING-TOP-CLASS-PLAYERS-FROM-PORTUGAL-AND-GEORGIA-name_page.html)
Murray is reported to have claimed in the last few days, that he "is
poised to pour as much as £20 million into Ibrox to boost his treble
winners." ("I'LL GIVE BIG ECK MILLIONS", ibid). The BBC, too, reported
a current debt of £65m (Source: "Arteta in Atletico talks" BBC News,
26 June, 2003 http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/3022532.stm).
In an interesting interview with the Sunday Herald, Chairman
McClelland claims he has a financial plan for the club, that will
bring it even by 2005 (Source: "Chair to the throne" Sunday Herald, 22
June 2003, http://www.sundayherald.com/34751)
Further reading could be:
Brock Stoker How Bad Is The Rangers Debt? 16 June 2003,
http://www.rangers-mad.co.uk/news/loadnews.asp?cid=TMNW&id=107046
Scottish Football forum -
http://www.soccer24-7.com/forum/index.php?s=4bf53ab2f9f8fdbfff6c8504df4bd3b4&act=SF&f=15
Discussion Group: uk . sport . football . clubs . rangers
http://groups.google.com/groups?hl=en&lr=&ie=UTF-8&oe=UTF-8&group=uk.sport.football.clubs.rangers
The Celtics Fansite - http://www.etims.net - for mean (and not always
true) rumours on the Rangers' condition.
I hope that answered your question. I searched the web for relevant
terms, such as "Glasgow rangers" and "debt" or "debts". If you need
any further clarifications, please let me know. I'd be pleased to
clarify my answer before you rate me. |
