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.


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  1. Why were Rangers and now Sevco referred to as the Light Blues? Man City play in Light Blue. Sevco and the Old Rangers is more of a Royal Blue. I think I heard somewhere that it was to distinguish the old Rangers from Scotland`s Dark Blue tops . ( and I suppose, in Scotland, there may well have been a need to let people know that the national team at Hampden were, in fact, not Rangers. )




  2. thomthethim for Oscar OK on

    Hiring a bus from Parks is an insurance policy against the team bus being torched.

  3. ernie lynch



    “There is no inconsistency between supporting a United Ireland and wanting Scotland to remain in the UK”


    I think Paul67 likes to call it cognitive dissonance. Do you really want me to explain it to you Ernie, because I won’t. Better still get yourself a new wee intern. Or failing that change your nom to Bert.

  4. fairhill bhoy on

    Starry plough-10:17am,I’m sure it was big Tam who gave my dad my tickets for a Scottish cup game,accies v hearts,it had been postponed a few times due to weather,sat in the main stand on the night of the game,Hamilton scored first,realy early, but think it ended 2-1 hearts?1984,5 ish :-))))




    Don’t remember mate I was a few years gone from Hamilton by then, did Jaws go to Hearts after he left the Doomdome??



    I just remember him being the most ungainly, ungraceful defender of his era, his ” goal” against us is still one of my embracing Hoops moments..a six incher of a goal:((




  6. fairhill bhoy on

    STARRY Plough-I was still at school when it happened!I would probably have bit your hand off for a 6 incher :-))

  7. VFR800 is now a Monster 821 on

    CELTIC MAC on 23RD MARCH 2017 7:19 PM



    I am certain that there will be a significant number of people who, for varying reasons, would want to support an United Ireland and Scotland as part of the UK.



    For me, if we don’t get the promise of a Scottish Republic (ditch the monarchy) with our own currency and fiscal controls (including raising taxation to the level required) then independence is a sham.



    Would you class it as cognitive dissonance to suggest we leave one (smallish) union, the UK, to cede as much of our political and fiscal control to a much larger union: Europe?





  8. CELTIC MAC on 23RD MARCH 2017 7:19 PM


    ernie lynch




    “There is no inconsistency between supporting a United Ireland and wanting Scotland to remain in the UK”



    I think Paul67 likes to call it cognitive dissonance. Do you really want me to explain it to you Ernie, because I won’t. Better still get yourself a new wee intern. Or failing that change your nom to Bert.







    ‘Do you really want me to explain it to you’






    I suspect I would find your attempt at an explanation rather amusing, in the manner that watching a chimpanzee playing with an alarm clock could be amusing.

  9. Good evening friends. As it’s a wee bit quiet…….



    ****Goals For Shay 2 – your invitation!****


    We will soon be of and running with our brand new competition, “Goals For Shay 2” which will commence on Friday 31 March.


    Simply pick 1 single unique team each week for the remainder of the league season and the entrant with the highest aggregate goals scored will take the top prize (roughly 90% of the total prizepot). And this time, to keep everyone fully involved, there will be a separate prize (about 10% of the total prize money) for the entrant who does best over the final 3 rounds. So even if you get off to a disappointing start, there’ll still be everything to play for as the weeks go on.


    The cost of entry is £10 per team entered and this gets you one free joker which, when played, will double your score that week. You can also buy one additional joker for £5.


    The prizepot will consist of 50% of the entry free, with 50% going to support Walk With Shay, All monies for the additional jokers will also go to Shay.


    In the last competition we had a magnificent 117 entries resulting in a prize pot of almost £600. And more inportantly a significantly higher sum (boosted by the majority that bought a 2nd joker) for Wee Shay.


    Really, really simple to take part and all you need to do for now is just register your interest by sending a “can I play” email to cqnpredictor@gmail.com . If you have a moniker, nickname that we can use to identify you once the competition starts then please tell us that. We’ll get back to you with full details, usually within 48 hours.


    And please feel free to tell your family and friends, share on Facebook, involve your work colleagues, etc. We are a competition Open to All.




    60 entries already. if we get to 67 then one of those entrants will be awarded an extra free place. Same goes if we get to 88. So an extra incentive to sign up now rather than next week ;-)


    Thank you for Walking With Shay.


    Celticrollercoaster and Jobo

  10. Jobo Baldie,



    I’m up for that again.



    Wee Aidan done well – I know he is a wee Genius. I’ll be going the double joker route again.



    I am hoping to do better than Aidy this Time.



    I need to be Lucky!!!!!




    I thought the Interview with King Billy efter the game was……. Wonderful.




  11. ernie


    With your offtimes sardonic wit, I am surprised you have found amusement in watching a chimp play with an alarm clock.






    PS Was it definitely a chimp?

  12. PETEC – Good to hear. Just drop an email to cqnpredictor.com so we can control things from there.




  13. fairhill bhoy on 23rd March 2017 7:39 pm



    PETEC- sorry if I came over as a bit of an arse last night-:))





    I’m the Biggest Sinner EVAH…..



    Don’t you ever Forget that.



    Celtic is Good.



    Celtic is seriously Good.

  14. Jobo


    The reigning champion has just paid in for the next challenge.



    ” Here we go,


    Two in a row . ”




  15. TET



    I no more know it than you do. You have a much stronger belief based on your experience which makes you certain.



    I don’t have your experience so I just don’t know with the same certainty as you do. I recognise the possibility that nothing will change but if I started from the same certainty point as you I doubt I would do what I do, which only produces the certainty you hold.



    The only certainty there is, is that things change. I know that, the evidence stares back at me every morning when I shave :) so I don’t know.



    I only post what the rules say to enlighten but if no one demands they be adhered to and are content with being shafted, I do wonder if there is any point.

  16. HOT SMOKED on 23RD MARCH 2017 7:46 PM



    The humour lies in the utter inability of the participant to understand the concept.

  17. Stairheedrammy on

    So Sevco are relying on home cup draws to remain financially viable, really lucky then that they aren’t allowed an away tie!

  18. VFR800 IS NOW A MONSTER 821 on 23RD MARCH 2017 7:31 PM.



    With the greatest respect : What you are proposing is pure fantasy. The EU will impose Greek style austerity on us and will set fiscal policy.



    How can our poor and most vulnerable be better off under these parameters?


    However if the people want it :-Let’s do it. The will of the people must be paramount in both Scotland and Ireland.




  19. Back to Basics - Glass Half Full on

    Timhorton – congrats on getting first post on this thread.



    Your message from Mississauga brought back happy memories of travelling through that area.



    Is your coffee still much better than McDonalds?



    Hail hail

  20. If a person needs to steal from you.



    The Normal thing would be to say he is a Thief to the Whole World.



    It might only have been a couple of Tools, important ones for Electricians, the whole thing is baffling, the dude lives in the City Centre.



    Nothing Reallllllly.

  21. Geordie


    Very good……well it would have been were it not for the fact that I never find puns funny.





    I did get the humour (and found it quite funny). My comment was also an attempt at humour.




  22. VFR800 is now a Monster 821 on

    Sanity breaks out ons Swallow Swallow:



    MasterC MasterC is online now


    Five Star Poster







    Default Re: Half Yearly Results are out


    Sorry if I am missing something, but people do know that those interim accounts do not show a £300k profit, they show a £238k loss, which is £40k better than the losses at the same time last year.



    That’s with the club now playing in the top division rather than in the second tier.



    Which part do people think is fantastic.



    The real mystery though is what does the £451k “other charges” relate to.





  23. fairhill bhoy on 23rd March 2017 8:00 pm



    PETEC- Jeso mate is that an acceptance of my apology:-))






    F the SNP Big Time.

  24. TET



    As evidence of change I just read this from a jambo on SFM.



    As an aside, I recently participated in a Q&A with a Hearts and Foundation of Hearts director and asked a question about their position should an FFP compliant Hearts lose out on a UEFA place to a non-compliant club (although perhaps with SFA dispensation). I was assured that their position would reflect the views of the FOH membership.



    Which in turn suggests Anne Budge’s allegiances, whatever they might be, will take second lace to supporters wishes.



    It also suggests that publishing the rules and impact is having an affect..

  25. The will of the people?


    Is this `will` a kind of spontaneous combustion of understanding or is it, in fact, the screech from a pandemonium of parrots ?




  26. Auldheid



    You probs answered this already and I missed your reply.



    Are you aware of who from Celtic PLC was on the SFA/SPFL boards at the time when HMRC identified to these bodies that Rangers in debt in perpetuity and death were owing the tax man?




  27. VFR800 is now a Monster 821 on

    GREENPINATA on 23RD MARCH 2017 8:00 PM


    VFR800 IS NOW A MONSTER 821 on 23RD MARCH 2017 7:31 PM.



    With the greatest respect : What you are proposing is pure fantasy. The EU will impose Greek style austerity on us and will set fiscal policy.






    My point exactly; why would we vote to leave the UK and then cede fiscal control to Brussels? To me it makes no sense whatsoever.



    If we want an independent nation, let’s make it that: independent from the UK and the EC.



    Or do we not have the balls to really go it alone!





  28. JJ



    Celtic will keep us Sane.



    Insane in the Membrane.



    You Look after Mick. I know he got Emotional about the Happy Atheist track I dropped.

  29. Lennybhoy –



    I tend to collate entries in batches of 10 – 15 so that I’m then just sending out 1 email (bcc-ing everyone in) with the payment details and rules. But something should be with you if not tonight then tomorrow lunchtime. No-one has had the first fixtures yet – they’ll be issued over the weekend.