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. VFR- You are correct my friend, but the less we feed the publicity beast the better, we will never stop these animals and random attacks.No sophisticated bombs needed now, cars and knives, household weapons to the depraved.

  2. !!BADA BING!! on 23RD MARCH 2017 10:01 PM




    ‘Almore- BBC 24 , had a 45 second clip from L*****Derry…’






    They had fairly extensive coverage earlier today. You maybe missed it.

  3. 16 roads - Celtic über alles... on

    Scottish Nationalists and Irish Republicans on here wish to break the connection with England – That I can understand completely.



    What is incomprehensible to me, is the very same squad, not only castigated the English for exercising their democratic right to leave the European Union, but advocating that Scotland and the entire island of Ireland join the EU.



    So leave one Union only to join an even greater one?



    Independence indeed.



    Please don’t anybody bother trying to explain the reasoning, because I’ve tried to understand it and it’s impossible.



    Btw – F yer European Union.




  4. VFR800 is now a Monster 821 on

    !!BADA BING!! on 23RD MARCH 2017 10:06 PM



    On the other hand, maybe the atrocities should be highlighted by the MSM; it isn’t because its to graphic and upsetting but still goes on. Some reputable, but not mainstream, news sites carry field footage showing the real horrors.



    It’s not pleasant to watch, but it’s happening. Catholic Online carries a lot of the stories and sometimes the videos. The crimes these people commit – being Christian.





  5. VFR800 is now a Monster 821 on

    16 ROADS – CELTIC ÜBER ALLES… on 23RD MARCH 2017 10:09 PM







  6. BB: Just saw that. Colonial mentality Martin and his community abhorred.



    I travelled to Derry on Bus Éireann (state company) once to attend Bloody Sunday commemoration. british army entered bus at Omagh and questioned passengers at gunpoint on their reason for journey.



    Young guy responds: “I’m going to Derry”



    Armed brit: “You mean ‘londonderry’?”



    Young guy:” Where are you from?”



    Armed brit: “London, why? What’s it to you?



    Young guy: You mean DERRYlondon.



    Armed brits quickly exited.

  7. macjay1 for Neil Lennon on

    16 ROADS – CELTIC ÜBER ALLES… on 23RD MARCH 2017 10:09 PM



    A conundrum for me also.



    The E.U. as currently constituted is finished.


    The internal strains can`t now be resolved without fracture.

  8. 16 roads,



    Stay Positive Great Celt.



    The SNP are driving the hardest ever Bargain. Sturgeon is sailing close to the Wind but she might get so much for Scotland.



    Pray for Every Leader.



    Christianity is the Only way.




  9. vfr800



    Didn’t said quote support a United Ireland but oppose Scottish Independence?


    But that was not my reference point for the use of the term ‘cognitive dissonance’.

  10. VFR800 is now a Monster 821 on

    CELTIC MAC on 23RD MARCH 2017 10:23 PM



    Well it appears to infer that IMHO.





  11. Incredible



    I know Danny has done a WONDERFUL thing.



    That LennyBhoy.



    Maximum Respect.




    I might do a switch.



    I’d rather watch Celtic with Danny than Aidan or Arthur. ;))

  12. PETEC on 23RD MARCH 2017 9:40 PM


    My Cousin he looks efter the Birds.




    Dream Job for an ornathogist.






    Pete you never mentioned your cousin is Frank Macca. :)))))

  13. Ernie- i watched news channels up til about 5pm, went aff oot and was on again from 8 onwards, the London story is bigger for them, not great coverage of M McG funeral.Thanks for reply.

  14. sipsini on 23rd March 2017 10:57 pm



    PETEC on 23RD MARCH 2017 9:40 PM





    My Cousin he looks efter the Birds.









    Dream Job for an ornathogist.










    Pete you never mentioned your cousin is Frank Macca. :)))))






    I Didnae Know T


    was FFS Night.



    10:30 CSC

  15. VFR800 is now a Monster 821 on

    CELTIC MAC on 23RD MARCH 2017 10:48 PM



    I did before I responded last time.





  16. HAMILTONTIM on 23RD MARCH 2017 10:05 PM



    Sat and watched it with my daughter tonight, he has some voice.



    Funeral tomorrow in John Bosco at 10.00, so if your lurking Claire as I know you do we will see your gran out in style. HH

  17. TET



    I’m not points scoring here, just correcting an incorrect point you made that becomes fact which if not corrected.



    The fine that has not been paid is due from Craig Whyte. The other fine,k as result of LNS investigation on use of ebts, was collected from TV money






    Was that sufficient punishment? Not by a long way. Even Topping thought so when the SPL Board considered the LNS Decision but they decided not to appeal on legal advice. .



    Now that is all down to the SFA and their apron wearers trying to minimise the full extent of the cheating that went on. but due to some apron wearer not making the distinction between DOS EBTS and loan ebts (that failure being spotted by a sharp eyed blogger when the date change was looked at ;) ) we now know skullduggery was afoot. The same apron wearers bet their houses on ebts being legal and if the SC find for HMRC then the big hoose will be punished unless of course supporters don’t really care about justice.



    As I said the pan is simmering (and I’ve not even mentioned Res12 :)





    Good man. Pass on my regards too if you get a suitable opportunity.




  19. What is the Stars on

    United States of Europe will do for me



    Membership of EEC/European Union has been largely beneficial for us in the Republic of Southern Eire


    Subjugation within the United KIngdom was largely detrimental for us in the former colony of Ireland



    But we can all agree to differ

  20. The Lord is my Shepherd.




    Yes indeed….



    We set the Speed and Set the PACE.




    Do you like BASS?



    Personally, Vinyl has A dEEPEr BASS.