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. An Teach Solais on

    John James’ latest giving some account of preliminary proceedings of MASH v thems.


    Interesting. HH

  2. Morning from a frosty darkest Lanarkshire. Off to Glasgow for a wee bit of business soon.


    I see it is halfway point of our Lenten abstinence and also halfway through the international break. Either penance is equally difficult.


    Might pop into Celtic Park today just to get a wee lift.


    Be careful out there, slippy underfoot. HH

  3. Good morning from a sunny but chilly Cheshire.



    A Big Happy Hoopy Birthday to Roy Croppie, arrived just in time to see Celtic win the big cup :)


    Also very happy 18th to his lovely daughter Lucy who shares their special day.




  4. 16 roads - Celtic über alles... on

    “The best way to control the opposition is to lead it ourselves.”



    Vladimir Ilyich Ulyanov.



    “Better fewer,but better.”



    Vladimir Ilyich Ulyanov.



    It’s been a long time past since I studied the Bolshevik Revolution, however the above quotes attributed to Lenin himself, have always stayed in the memory.



    Happy Friday soon to be 6IAR Champions.







  5. 16 roads - Celtic über alles... on

    Happy Birthday to the legendary Roy C and his daughter.







  6. Through A Green Glass Brightly on

    16 ROADS – 10:09 PM



    “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.”





    I know you asked not too, but a minor detail if I may, we’re leaving the world’s biggest trading block of over 500 million where almost 50% of our exports go but apparently this will have no impact on jobs, living standards or GDP just as that lovely Boris, Nigel, Daily Mail, Telegraph, UKIP and every right wing nut job that stalks the land promised, so that we can spend donkeys years in the wilderness thrashing out new trade deals with these same countries on an individual basis… yep, makes sense to me too …. when the moon is full…. yip yip youwwhhhhhhhhhh!





    “Btw – F yer European Union.” – I think you’ll find the reverse is the case and that it’s all 27 of them doing that to us so lets hope they’re gentle with us eh

  7. VFR800 is now a Monster 821 on

    Word of The Day(Something TRIFC are getting used to this spring …..)



    jurisprudence /ˌdʒʊərɪsˈpruːdəns/ 





    1. the science or philosophy of law 


    2. a system or body of law 


    3. a branch of law: medical jurisprudence


    4. Civil Law. decisions of courts, especially of reviewing tribunals.



    Derived Forms 


    jurisprudential (ˌdʒʊərɪspruːˈdɛnʃəl) adjective


    jurisprudentially, adverb



    Word Origin and History for jurisprudenceExpand




    1620s, “knowledge of law,” from French jurisprudence (17c.) and directly from Late Latin iurisprudentia “the science of law,” from iuris “of right, of law” (genitive of ius; see jurist) + prudentia “knowledge, a foreseeing” (see prudence). Meaning “the philosophy of law” is first attested 1756. Related: Jurisprudential.





  8. VFR800 is now a Monster 821 on

    Mrs VFR has a training day at Celtic Park today (not for the ladies team 😊) so I have the hard task of dropping her down, parking and walking up Then Celtic way to look at the stone beside Br Walfrid dedicated to my dad.



    No’ a bad start to a glorious, sunny Friday!





  9. Good morning from a sunsplashed wopping David Murray Park in Auchenhowiedom.



    This week, being international week, probably the best week after last week and before next week, has been a week I will remember for a life of the best ever management in the history of the greatest chairmen ever.

  10. I see the recurring meme of CQN happened in the last 24 hours:-



    1) A pro-Scottish Nationalist or anti-Labour Party post was made


    2) Several people agreed with the sentiments


    3) ernie lynch and one other poster made statements that opposed that initial post


    4) Ernie (anf the other poster) were castigated for bringing politics onto the blog, with the added accusation that they did so, with particular disgrace, as their response (uniquely) disgraced the memory of Martin McGuiness, apparently.



    It’s as consistent a pattern as last year’s CQN match report comments in Ronny Deila’s range.

  11. 16 roads - Celtic über alles... on







    So it’s all about financials?



    That’s all right,no problem with that whatsoever.



    The self, more money in the pocket, stability.



    Why did everyone not just state this in the first place?



    It’s no big deal really.



    What is a big deal is this – I was subsidising that unelected abomination through taxes.



    The European Union don’t just hand out money for nothing, there’s always a price to pay.



    I am against it because in my opinion it is an evil, globalists entity.



    New World Order, one world government, one currency, one army etcetera.



    Ran by and for the Internationalists and the so-called elites.



    You can say that I’m a conspiracy theorists, I don’t care.



    Only time will tell who is right, and who is wrong.



    I believe that I am right.



    Thanks for the reply.







    SNP- never voted for them never will.


    Yes I voted for independence.


    You hard of thinking knavel gazing class strategisst WILL NOT learn anything and in the end you will betrayas per.


    Made my day lmao are you a serious blairite slaughtering the petit bourgeoisie,? Come on unionist, would the fettes educated shyster like that?


    Laughin here as you know what your not-“a nat which is fine


    Alas your lot dont know what you ate,


    And sadly that is where your party are lost.


    Tell me bout jeremy


    Is he still pushing for a 32 county irelamd?…he used to. Tho very quiet on it


    Does he still like the policy’ Britain free of EEC’ he used to….tho was veru quiet on his personal views during referendum..



  13. Mr Kings interview in the sun this morning is fantastic



    “I could go to supporters groups and say if I make an offer and can buy some of the shares back to you guys could you come up with the money?”



    There’s a bit of genius in that statement

  14. If you are of a mind I would advise that once you have read and given due consideration of page 1 of the greatest ever financial results of the best ever football club ever, the Champions of Europe Elect, you should then jump to page 3 for a topless picture of King David and take in what is the most majestic chairmen in the history of chairmen. As an added bonus it is a lick and sniff picture to provide a magnificent full sensual portrayal of the best and greatest chairman ever. Page 2 is just boring detail backing the headlines of page 1 fine accounting philosophy.



    Today I will put my managerial experience to work when Mike Ashley arrived for an audience with I, the greatest manager to manage ever, were forgiveness for the error of his ways will be requested. I’m sure after a lick and a sniff Mike will understand his failures in business and model himself thereafter on King David and I.



    Candidates for the position of head coach but 2 will arrive today for an interview with I the Great. I will for ever be learning and seek education from the man that played for this stadium and the man who won V for Victory over all.

  15. BRTH



    Many thanks for all the time and effort you have put in already for Lisbon.


    Since you have been so thorough with the arangements you have made and because the subject of ornithology popped up last night now may be good time to ask if theres any chance that you are also sorting out birds for any of us single fellas visiting Lisbon?


    If you are and need any specific parameters to work with ie blonde/brunette, slim/curvy shaved/unshaven etc etc then just say and i will get my order placed :)




  16. Celtic40m


    Iq to conmpete with kieron prior there



    We should call that a squintism lol


    Dave says….hun believes




  17. BTW



    I agree with and, in fact, would lead with the criticism of the Last Labour governments for 1) their appaling contribution to the Iraq war and 2) their leading contribution to the pig-in-the-troughs expenses abuse.



    Theya re and were guilty on all accounts there.



    However, on the economy, the picture is a lot more complicated.



    First, their overall record as described by the Institute for Fiscal Studies was:-



    “What happened to poverty and inequality under Labour?



    If our summary of Labour’s distributional objectives is accurate, then outcomes reflected those objectives quite closely. Turning first to poverty, both absolute and relative measures of income poverty fell markedly among children and pensioners – although the scale of the changes did not always match the considerable ambition, as set out explicitly in the case of the government’s child poverty targets.



    With falls in income poverty, one might expect to have seen a fall in income inequality. Indeed inequality did fall across much of the distribution. Those on relatively low incomes did a little better than those with incomes just above the average. However, those right at the top saw their incomes increase very substantially with the result that, on most measures, overall inequality nudged up slightly.



    By contrast, the incomes of poorer working-age adults without dependent children – the major demographic group not emphasised by Labour as a priority – changed very little over the period. As a result they fell behind the rest of the population and relative poverty levels rose. Since childless working-age people started the period with low levels of poverty compared with other demographic groups, one consequence of these trends was that the risks of poverty across the major demographic groups converged under Labour



    There were many other Labour initiatives that could be considered anti-poverty policies. These include the introduction of the National Minimum Wage, Sure Start, increased financial support for childcare, significant increases in education spending and an expansion of the number of young people going on to higher education. Any payoffs from most of these measures will be long run, rather than immediate. It is of course very difficult to predict precisely what effects they will ultimately have on overall levels of poverty and inequality – and we will never know for sure, as their effects will inevitably happen alongside many other factors which continue to affect the income distribution. The verdict on the effects of Labour’s period in power on poverty and inequality is necessarily incomplete.”








    Not a ringing endorsement at all but a genuine recognition that anti-poverty and inequality measures were attempted with genuine intent




    And then came the Global Recession from which all economies are attempting to recover. Nowhere in the planet escaped the consequences of that global recession- it was caused by universal high risk banking and trading practices- not by the policies of the Labour Govt, some of which, like the Gordon Brown pension raid, look like major errors of optimism now.



    So, in admitting all of these faults and errors, why do I see no hopeful alternative in the “progressive” policies of hte SNP?



    Because , it is already just “talk well and act differently”. The progressive views are all in their speeches and do not find their way into their Acts. They are playing the same game they accuse Westmisnster of playing- devolving responsibility to Local Authorities (and providing them with insufficient funds to meet those new responsibilities). And while the Scottish Government can refuse to adopt its own tax raising powers (and take responsibility for the consequences), the Local Authorities cannot refuse to take responsibility for Caring services and Education (even as funds are diverted directly away from them as with the latest Tory-lite policy of Pupil Equity funding where the message is go away and spend this and improve attainment- no guidance, responsibility or instruction attached so it will be spent on necessary funding by hard pressed HTs but it will prove to have little impact on the stated aim of attainment because it will be dispersed amongst a large variety of local initiatives with no overall guidance).



    The last referendum was about agreeing to an expensive divorce. The costs of which, to Scotland’s children and families would have out-damaged even Tory Austerity.



    But we would have got the chance to fetishise the Ploughman’s Lunch that is Tartan Kitsch, as invented by Victorian Tories like Walter Scott.



    And we get to nourish our Inner McGlashans.




    But I see nothing progressive in direct impoverishment of large swathes of our population in order to buy into a new “Independent” Scotland, replacing Westminster rule with East Coast Embra rule, an imported monarchy, and a reverance for flag and anthem politics, and a sniffy attitude towards any resident who is not deemed Scottish enough by the standards of the zealot.



    But then, I have never been interested in buying Live Bacon products wrapped in a paper container.

  18. VFR800 IS NOW A MONSTER 821 on 24TH MARCH 2017 8:28 AM




    How do you post with emoticons …?

  19. South Of Tunis on

    CELTIC MAC @ 2.57.



    For the avoidance of doubt —



    ” But you wouldn’t reckon on Ernie Lynch and South of Tunis .” .



    Mmm– my post did not attempt to make any point _ never mind ” cheap and nasty political points ” .



    My post was 8 words long ( 2 of which were and ) The other words provided ERNIE LYNCH with two pieces of information and suggested that if he wanted to know more he could use a Search Engine .

  20. 16 roads - Celtic über alles... on

    Fresh water.



    Ireland and Scotland’s greatest and most valuable commodity.



    Common sense really.




  21. South Of Tunis on

    Lovely day -way down south .



    Spring has truly sprung –swifts and swallows arrived yesterday and lots of martins arrived this morning.-house martins working on last years’ nests,sand martins repairing last years ‘ nesting tunnels . .The presence of the martins has brought a Hobby looking to snaffle a martin in the air ..Nature !!!



    Choon for the day –


    The Rulers – Wrong Em Boyo ( RIO ) a gem from 67 . . On the great Stagger Lee Riddim . A choon which was absolutely murdered by The Clash (IMO ) .



    Espresso / cornetto scoffed – back to the plantin’ -way down south

  22. DAVIDOPOULOS on 24TH MARCH 2017 9:24 AM


    Woah, woah, woah woah! Oi! NO!






  23. VFR800 is now a Monster 821 on

    setting free the bears for Res. 12 & Oscar Knox on 24th March 2017 8:32 am



    Perceptive as ever!



    setting free the bears for Res. 12 & Oscar Knox on 24th March 2017 8:59 am


    Your mistake here is trying to bring a logical and cogent argument to the table; the naysayers don’t like that!





  24. Joe Filippis Haircut on

    Good Morning Bhoys from a lovely sunny spring morning in Central Scotland.Another week-end wasted with International Football we are a poor football nation and watching Scotland is like a punishment. H.H.





    ROY CROPPIE and his daughter,Lucy!!!!!