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Rangers named most likely club in Europe to go bust

by StevieMac
GLASGOW, SCOTLAND - FEBRUARY 17: A man dressed in a bowler hat carrying a briefcase walks towards the Ibrox Stadium gates on February 17, 2012 in Glasgow, Scotland. Rangers face Kilmarnock on Saturday following a week where the club went officially into administration, incurring a 10 point penalty from the Scottish Premier League. (Photo by Jeff J Mitchell/Getty Images)< ="bold" text="featured ? '-' : '+'" style="font-family: sans-serif; font-size: 16px; line-height: 1.15; margin: 0px; overflow: ; font-weight: 700; left: -1.5rem; : relative; color: rgb245, 245, 245; : rgba0, 0, 0, 0.7; border-width: initial; border-style: none; border-color: initial;">+

A new report backed by football finance experts says the Rangers are more at risk of going bust than any other club in Europe.

And that’s just based on one single fact, never mind the many others which heighten the risk or probability.

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Over at Ibrox they wanted to get back to the top in European football, but this probably isn’t what they had in mind. The Daily Record carries the details of a study by Off The Pitch, a football business journalism and insight group. One output of their three year study of 100 European clubs focuses on the reliance of clubs on match day income, which does vary greatly.

The specific point being made is that as football leagues and associations work out their Covid-19 strategy, any decisions to cancel league completion, reduce or cancel fixtures or games behind closed doors will all lead to reduced match day income. Clubs which are heavily reliant on match days as a source of income may suffer most if that is restricted or unavailable at all..

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The Rangers are hugely exposed to this risk, 67% of their turnover in the 3 year period studied came from playing games and all the ticket money and other income associated with that. Given they are a loss making business, which already has a multi million gap each season on its cash flow, seeing income drop considerably is a critical additional problem.

Although it looks as if the SPFL will recommence in August, there won’t be full stadiums, in fact closed door football looks most likely. So fans won’t be paying anywhere near as much money into club coffers as they did last season.  That must be causing huge stress and debate in the Ibrox boardroom. It’s a significant problem everywhere but with existing financial issues as per their reported accounts club statements and limitations on sources of finance, it’s pretty critical to their survival.

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The issue does spread to other clubs but in some leagues the huge TV deals and some smaller grounds mean the % of match day income to turnover is much, much less. Arsenal are the first premier club on the list at 24%, probably up there given the hefty costs of tickets for The Emirates stadium.

Now to be fair and balanced regarding the Rangers, Celtic are in 2nd place on the list with 45% of turnover impacted. That reflects the financial nature of Scottish football and the paucity of TV money. Sounds risky, and it is, but the board there are prudent and sensible and already have strong mitigation, financial strength and protection in place. £35m cash in the club bank account helps, as does a record breaking kit deal with Adidas bringing significant alternative income.

Castore are in a kit deal with the Ibrox board but have little history of such deals to build any great confidence. Kit deals are something the light blues have a history on, but it’s not one they’ll be proud of. Maybe the Andy Murray link with Castore will help, he’s got some great court appearances and successes.

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David Low, with a good pedigree in Scottish football finance spoke with the Daily Record about the Rangers financial position.

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“Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.”

David talks of this being a perfect storm for the Rangers, it’s certainly a combination of factors whipping that storm up, this report only highlights one element of the potential financial issues facing them. They have managed to haggle a Hagi, but no one seems sure how despite questions, perhaps it’s another example of playing to the gallery to divert attention.

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Let’s see what happens and how accurate the study becomes. it’s a risky time all round for most clubs but with added pressure for Rangers ahead of Celtics potential 10 in a row season.