When John Gilligan made the Scottish Premiership club’s financial statements public last month, Rangers’ finances created quite a commotion.
Despite reporting record revenues of £88.3 million and a total income of £94.2 million, the Light Blues reported a significant loss of £17.2 million.
It is inexcusable for the Gers to lose so much money in spite of earning so much.
It appeared to be mostly due to the pointless “player-trading model” that Rangers have been babbling on about for years without ever putting into practice.
Over the years, it would have been possible to sell Borna Barisic, John Lundstram, Jack Butland, James Tavernier, Ryan Kent, and Alfredo Morelos for a good price. The majority of them have now departed Ibrox for nothing at all, and those who are still there have seen their morals fall as a result of the team’s awful performance and, in some cases, of themselves.
Rangers must find a means to avoid losing money to the transfer market because several chairmen, managers, and directors have failed to do it effectively for various reasons.
Business-wise, everything has gone smoothly.
The Light Blues stated last month that their record-breaking £67 million in commercial revenue indicates double-digit increase.
The club must make the most of this opportunity; they cannot afford to take things easy.
Patrick Stewart is expected to become the Rangers’ next CEO.
Following his Man United mega-role, Rangers will hire Stewart.
According to journalist Chris Jack of Rangers Review, Stewart and new chairman Maclom Offord are anticipated to be announced by the Scottish Premiership team.
Stewart, who was an attorney, CAS arbitrator, and in-house legal at Manchester United before rising to the position of executive director and CEO, would bring a wealth of experience to Ibrox.
Stewart claims in a LinkedIn post that he helped onboard new shareholders and directors for INEOS’ £1.2 billion investment at Old Trafford.
Rangers Review points out that Stewart approved “lucrative kit deals” at Manchester United as well, though it’s unlikely that he would be associated with such eye-watering numbers at Ibrox.
And as the Govan team has already secured the largest back-of-shirt deal in their history, that is one area where he could be useful at Ibrox.
On November 23, Jonny McFarlane revealed that a new contract with the international fintech firm Guavapay was a 45% increase over all prior agreements.
Before Stewart’s formal arrival at Ibrox, was he already contributing? It wouldn’t be surprising.
In any case, this man has extensive experience working in environments where balance sheets, contracts, and transfer agreements include a lot more zeroes at the end of the numbers.
In fact, he might be a little overqualified.
He cannot, however, be overconfident because, over the past few decades, many Rangers board members have done far more harm than good.
For the benefit of the Rangers, let’s hope Stewart is remembered as one of the nice people.
