Rangers are keen on ending Celtic’s recent dominance in Scottish football, and a lot of funds are continuously being pumped into the Ibrox project.
Former boss Pedro Caixinha and new boss Steven Gerrard splashed the cash in the last two summer transfer windows, and that has had its toll on the club’s finances.
Rangers posted their annual accounts during the midweek, and loss for the year was at £14.3million.
Since going into administration in 2012, the Light Blues have struggled to reach Celtic’s heights, and Hoops’ former financial consultant David Low reckons they have been approaching their finances the wrong way.
“Rangers have failed to make a profit since they imploded six years ago. By my reading, their losses since then have totalled £38.6m and that’s just madness,” Fergus McCann’s former financial adviser told the Daily Record.
“Never mind the football side of this, as a financial guy looking at their accounts, their business model makes no sense. Spending more than you earn year after year…how do they get their money back?
“Their cash is due to run out again early in the New Year and they’ve admitted another £4.6m in loans will be needed, with another £3m required next season. Yet Steven Gerrard is talking about signing more players in January.”
Low helped former Celtic chairman McCann to put up a consortium which prevented the Hoops from going bankrupt in 1994.
The Hoops have already won the last seven titles on a bounce, and they are looking to set a record by making it 10.
Celtic halted Rangers’ plans to set the unprecedented record in the 1997-98 season having watched their Old Firm rivals win nine in a row.
The Hoops are on their way to setting the record, and Rangers are pulling out all the stops to prevent that from happening.
However, Low claims it could be 2012 all over again if the Ibrox outfit don’t rein in the spending.
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