Originally published at: The staggering reported £104m gap between Celtic and rivals in player trading profit
Celtic have made £104m more than Rangers over the last 9 years when it comes to player trading profit, according to business blogger The Swiss Ramble. The trusted source reported this morning that the Ibrox club has only managed to accumulate £8m in transfer profits stretching back to the 2013 transfer windows. Celtic, on the…
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I fail to see how anyone can consider the recent Accounts from Ibrox and consider the gap between both Clubs closing financially?
In terms of Revenue yes that gap has closed however when you remove the glitter they rolled their Accounts in there is a £50m gaping hole in them.
The Directors and Investor’s had to plough in £26m in order to both pay Kings Loan (plus interest) and reduce the over all losses to the reported £23.5m.
On top of this they have estimated (you can guarantee this is a very conservative estimate) a further £7.5m is required just to keep the lights on this Season.
Then there is the Mike Ashley Court case which has still to be concluded.
There is good reason why Dave King chose to leave Ibrox when he did and you know for a fact if there was more money to be plundered he would be going nowhere.
Celtic meanwhile despite posting a loss still have cash in the Bank.
An Overdraft facility and also a multi billionaire chief shareholder.
Everything at Ibrox has been based solely on getting access to Champions league Finances for them to survive the year on year losses sustained through operating a loss making business.
The reality is the likes of Parks had no real option other than to put more of their own money in because an Admin event this Season could spell major trouble for not only defending the title but also defending 2nd spot as Hearts are showing no signs yet of letting up.
They are in a catch 22 with Finances.
We aren’t.
On the surface yes it looks like there isn’t much between us financially but the reality is without Champions League Groups stage money they are for a better word fuqued.
Their losses are at well over £100m now when the Equity confetti is thrown in.
£50m in one Season is massive for a Club operating in a backwater like Scottish Football.
Unsustainable in fact.
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We need to win the league this season and BURY this Zombie.
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