Financial Fundamentals, the Newco loss reported as profit


While who puts the ball in the net determines the outcome of any given game, the financial fundamentals will determine who can win the league title. Today we got an insight into how the medium term future of Scottish football is likely to play-out in this respect, as Newco, Rangers International Football Club, released their interim accounts for the six months to 31 December 2016.

Turnover reached £16.3m, up £5m from their previous season in the Championship. The rise in costs was limited to £4m, allowing them an operating profit of £294k, although their loss for the period was £238k, almost identical to the previous term’s loss of £288k.

No notes are provided with the accounts, so there is no breakdown of £451k of non-operational “other charges”, which tipped the club into a loss.

It is with some astonishment that I note the early reviews proclaim, “financial results show club is in profit under King”, and the like, when “financial results show club is in loss under King” would be considerably more accurate.

RIFC loss as reported in accounts

RIFC loss as reported in accounts

How this is reported is of little consequence, as in reality no one who is taken in by this will have any influence over events, but you have to wonder, what’s the point? Why go shout about a small profit when you should write about an equally small loss?

Neither scenario is particularly noteworthy. Whether Newco made or lost a couple of hundred grand isn’t going to impact their ability to be competitive.  The need to control inconsequential elements of the public narrative is highly dysfunctional.

It suggests some key influencers in this scenario are working-through deep insecurities.

By contrast, Celtic’s income for the six months to 31 December 2016 was £61.2m. Income disparity between the clubs for the second half of the season will be less significant, but Celtic are still likely to turnover circa £50m more than any other club in Scotland.  The league title will remain a no-contest for this reason.

Celtic are also in profit, actual profit, not the imaginary kind you need to compulsively ask journalists to write about.


Click Here for Comments >

About Author


  1. TIMHORTON on 23RD MARCH 2017 12:15 PM



    I’ll take a French Vanilla and some Tim Bits please.



    HH EnnisBhoy

  2. TURKEYBHOY on 23RD MARCH 2017 12:12 PM



    As a matter of interest, has anyone from the SNP made any public comment, or paid any tribute, following the death of Martin McGuinness?

  3. 67Heaven .. CHALLENGING THE LIE ..I am wee Oscar...... Ipox belongs to the creditors on

    Their heading in the right direct, over the cliff .. !!!!

  4. Good afternoon CQN



    Having some problems trying to get tickets for celibate 67


    I put in how many seats I require and season ticket code



    Is there any restriction concession season tickets


    When I search for any seat available


    Being told there are not tickets left



    Thank for any help







  5. Good afternoon from a dull Glasgow.



    Was visiting my Dad this morning and mentioned the Scotland game last night. No interest, says he, since too many of our players were never given the recognition they deserved. Then he went on to say, “actually, I hope our players don’t get picked”. He then started talking about one of his favourites, wee Bertie. I was saying it was Bertie’s birthday. “There’s a man who remembers his roots”, says he. “He goes to Celtic Park regularly. Then I told him that B/T’s Dad goes home and away. His face lit up, as it brought back memories of his own days of going everywhere, home and away. Sadly, there are only the odd 1 or 2 of his contemporaries still with us.



    As for Scotland, they really DO need the likes of our players. I wouldn’t have any of those playing last night in our team, even on the bench, apart from Griffiths.

  6. glendalystonsils on

    I’m gonnae imagine I’ve got a SHOOOOOOOOOOOOOOOOGE bank balance and then I’m gonnae go oot and imaginary spend it.


    Yeez jealous?

  7. !!Bada Bing!! on

    No doubt Dick Wilson will be pedalling pi$# on Shortbread tonight, on behalf of his master




    Had a look through your pics,then immediately had another as enjoyed them so much.I’ve no acumen on photography and am just a viewer but your stuff’s really personal and beautiful to look at.Much impressed mo chara.


    I reckon you’ve got a killer album cover in you.Keep on snapping. :)



    Anyone who hasn’t had a peek…click on STARRY’S blog name.Well worth it.

  9. Phyllis Dietrichson on

    Those Sevco “accounts” are a joy to behold – 2 pages long, I’d expect a jumble sale to produce more detail.



    First page has the PR guff that the Rectum and BBC have produced word for word, while page 2 contains the numbers. I’m guessing they were too busy to read Page 2 – so they only make a profit if you don’t count the £451K of other losses – that’s OK then eh? Unbelievable.

  10. !!Bada Bing!! on

    Looks like there is more detail on a Sports Direct receipt, than the hun accounts…..

  11. Happy Birthday Mr Auld, your cheeky smile says all we need to know about The Celtic Way:))




    Congratulations are also in order for Mr King, keep up the great work Glibby and remember the Saints are coming:))

  12. ERNIE LYNCH on 23RD MARCH 2017 12:18 PM


    TURKEYBHOY on 23RD MARCH 2017 12:12 PM




    As a matter of interest, has anyone from the SNP made any public comment, or paid any tribute, following the death of Martin McGuinness?



    I have no idea Ernie.Did see a nice pic of Martin and The First Minister though.Sent Hunland into meltdown.


    Which was nice.


    My point was the ridiculous spiel he came out with regards the terminology “Unionist parties”.



    I actually think Brian Wilson has a real point.




    So do I.especially if you are trying to attract SNP hating Hun voters over to your shambles of a party.


    Each to his own.

  14. !!BADA BING!! on 23RD MARCH 2017 1:20 PM


    Looks like there is more detail on a Sports Direct receipt, than the hun accounts…..




    Did not know they were still open.I thought that well orchestrated Hun blockade shut them down a couple of years ago.

  15. What is the Stars on

    Just listening to Jeremy Vine on the old BBC Radio 2



    Discussing yesterdays attack at Westminister



    If I heard correctly someone texted/emailed to suggest ” why dont we open internment camps,when we did it in Northern Ireland terrorism disappeared overnight”



    Did I really hear that correctly

  16. What is the Stars on




    2 bits of info for Cork today



    4.05 Fairymount Boy ( handbrake off today apparently)


    5.35 Captainofthefleet (friend knows owners and they are expecting a good run)



    Last race at Chepstow ,Warthog is supposed to be a good thing ????



    Bon Chance Mes Amis

  17. Sandman 11:50,



    That scene was hilarious. I think they got the orcs pretty much spot on as well.



    I thought the film was pretty good with a few emotional scenes.

  18. Dontbrattbakkinanger on

    Celibate 67?



    Sold out in 30 minutes?



    Tonight’s maybe not the night, then.




    The SNP have deliberately used the Unionist word because they are fully aware of it’s connotations. To me, that is despicable. So, we agree to disagree.



    If it helps you any, I plan to vote Yes, if there is another referendum. I still find much what the SNP spout despicable, e.g. saying that it will be the will of the Scottish Parliament if it votes for another referendum, while refusing to accept the will of the Scottish Parliament to get rid of the OBaF act. Imo, sheer hypocrisy.

  20. Starry Plough How are you G I hope all good. Your photos are great as I know through following you on Facebook. There is one you done in Glasgow a couple of years back. I reckon you could make a fortune selling such a handsome portrait. Oh ok I will even sign them for you. :)))













    Do alright mate keeping busy:)) Home the day with the windows and doors open, lovely Spring day here..



    The guy in that portrait has the handsomeness you would associate with Celtic Supporters, we could be on a winner there!






    Is International week over yet Dad:)))