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. VFR800 IS NOW A MONSTER 821 on 23RD MARCH 2017 8:23 PM


    ERNIE LYNCH on 23RD MARCH 2017 8:20 PM




    ‘Ernie, other nations (such as the Scandinavians) don’t cede their fiscal control so why should we?’






    I’d suggest it’s naive to think that having fiscal control allows countries to operate ‘independently’ of the world economy.



    An independent Scotland would have had no control over the price of oil.

  2. !!Bada Bing!! on

    Auldheid- your continued contribution is much appreciated on here from many, keep fighting the good fight HH

  3. VFR800 is now a Monster 821 on

    ERNIE LYNCH on 23RD MARCH 2017 9:29 PM



    Ernie, I didn’t suggest Scotland would “operate ‘independently’ of the world economy.”



    I suggested we should control our own fiscal policy whilst operating within the world economy. There is a significant difference.





  4. Scotland’s World Cup squad 1978





    D.O.B. CLUB WC


    1 GK Alan Rough 25 Nov 1951 Partick Thistle


    2 DF Sandy Jardine 31 Dec 1948 Glasgow Rangers 1974


    3 DF William Donachie 05 Oct 1951 Manchester City (ENG) 1974


    4 DF Martin Buchan 06 Mar 1949 Manchester United (ENG) 1974


    5 DF Gordon McQueen 26 Jun 1952 Manchester United (ENG) 1974


    6 MD Bruce Rioch 06 Sep 1947 Derby County (ENG)


    7 MD Don Masson 26 Aug 1949 Notts County (ENG)


    8 FW Kenny Dalglish 04 Mar 1951 Liverpool (ENG) 1974


    9 FW Joe Jordan 15 Dec 1951 Manchester United (ENG) 1974


    10 MD Asa Hartford 24 Oct 1950 Manchester City (ENG)


    11 MD Willie Johnston 19 Dec 1946 West Bromwich Albion (ENG)


    12 GK Jim Blyth 02 Feb 1955 Coventry City (ENG)


    13 DF Stuart Kennedy 31 May 1953 Aberdeen


    14 DF Thomas Forsyth 23 Jan 1949 Glasgow Rangers


    15 MD Archie Gemmill 24 Mar 1947 Nottingham Forest (ENG)


    16 FW Lou Macari 07 Jun 1949 Manchester United (ENG)


    17 FW Derek Johnstone 04 Nov 1953 Glasgow Rangers


    18 MD Graeme Souness 06 May 1953 Liverpool (ENG)


    19 FW John Robertson 20 Jan 1953 Nottingham Forest (ENG)


    20 GK Bobby Clark 26 Sep 1945 Aberdeen


    21 FW Joe Harper 11 Jan 1948 Aberdeen


    22 DF Kenny Burns 23 Sep 1953 Nottingham Forest (ENG)

  5. CORKCELT on 23RD MARCH 2017 8:37 PM




    ‘We are probably 2 years away from a second Independence referendum if indeed it takes place at all.’






    More like five.



    I can’t see it happening. The SNP strategists won’t want it unless they are certain of winning, which they are not.



    There seem to be three separate currents running at the moment regarding the issue.



    There are those talking up the possibility of the break up of the UK in an attempt to derail Brexit.



    There’s a bit of a power struggle between Salmond and Sturgeon.



    And there’s the SNP trying to keep up the enthusiasm of all their new supporters who want independence NOW, and might well get bored and find a new hobby horse if they aren’t kept happy.



    In the meantime Holyrood is continuing to fail to deal with the bread and butter issues like education.

  6. THETIMREAPER on 23RD MARCH 2017 9:27 PM






    How do you post the emojis? It won’t let me do it.







    Sad face.

  7. VFR800 is now a Monster 821 on

    WHAT IS THE STARS on 23RD MARCH 2017 9:37 PM



    I’d imagine there will be a few thousand …………..





  8. !!Bada Bing!! on

    Re the attacks by these bas*****,the TV channels,and particularly the press, have to cut back on the coverage they give these *****.It is the publicity they crave , and helps feed them, more martyrs for others to aspire to.It will never stop them i know but….

  9. VFR800 is now a Monster 821 on

    !!BADA BING!! on 23RD MARCH 2017 9:43 PM



    The atrocities they commit in the Middle East – beheading of Christians including children; rape of women and girls etc. – gets no mainstream coverage but it still goes on.



    The media attention doesn’t feed it; fanaticism does.



    IMHO of course.





  10. What is the Stars on




    Tres Drole





    Any of the Irish based posters on here going to the game tomorrow

  11. An Teach Solais on

    Phil’s up with new article about King’s visit.


    Must have got the server repaired. HH

  12. VFR800 is now a Monster 821 on

    WHAT IS THE STARS on 23RD MARCH 2017 9:49 PM



    Open goal; couldnae resist!






  13. vfr800



    Don’t recall mentioning Scotland or England myself, might be in a quote somewhere.


    And no not all those who I disagree with are idiots, but, it has to be said, some are.


    Such as those who would seek to make political capital on the day of the funeral of Martin McGuinness

  14. VFR800 is now a Monster 821 on 23rd March 2017 9:48 pm



    !!BADA BING!! on 23RD MARCH 2017 9:43 PM



    The atrocities they commit in the Middle East – beheading of Christians including children; rape of women and girls etc. – gets no mainstream coverage but it still goes on








    I Wonder about so much.



    The Spiritual Depth of Beheading is incredible.






    Ta for Celtic.

  15. Bada Bing: I would love to have attended Martin’s funeral today, just to acknowledge his enormous contribution to his community. I’m still only catching up but watched RTÉ’s coverage there and the aspect I was most proud of was the congregation’s generous welcome to Arlene.



    Equality and justice. Very simple demands.



    Martin McGuinness RIP


    Ryan McBride RIP

  16. VFR800 is now a Monster 821 on

    CELTIC MAC on 23RD MARCH 2017 9:55 PM



    It was in a quote relating to supporting Scottish Independence and Irish Unity to cognitive dissonance.




  17. WITS: Unfortunately I can’t go Trócaire and baby sitting commitments. My godson gets to support (and sing) in my stead.

  18. Ireland has been Bleeding for as long as I’ve Lived.



    Kev Jungle he is a genius.



    wee or tall, I’ve no idea.



    Get rid of Every bit of h8 pronto.

  19. Long day. Up at 5:30am and not long home from parent’s night, however, I did see a clip on Twitter earlier of Christy Moore singing ‘The Time has Come’ at Martin’s funeral today.



    A suitably powerful song for such a powerful figure.