Tam's Tall Tales
- Glasgow Rangers
Ibrox Stadium, Home of Glasgow Rangers Football Club
Rangers' Financial Cliffhanger
A leading accountant is predicting that Glasgow Rangers Football Club's financial woes might well continue, despite having taken in over £3 million from a share sale.
Neil Patey, a partner with accountancy firm Ernst and Young, believes Rangers directors will have to bring in fresh funding to stave off the threat of a second administration in three years.
Mr Patey said: "The club themselves stated that if 15 million shares were taken up it would take them through to the end of the current year.
"What they raised was just marginally over the minimum so it will probably see them up to just past Christmas.
Scottie (A supporter of St Johnstone, the Perth-based club since the age of 9) is very strong on both Scottish football and financial matters, but even he is as hard pressed as everyone else to explain how the iconic Glasgow club can return to stability. Over the last few years there has been a revolving door at the club, with many people, some of whom have very "exotic" business backgrounds, come and go.
A successful club since the formation of the original Scottish Football League in 1872. Rangers have won more league titles and trebles than any other club in the world, winning the top league title 54 times, the Scottish Cup 33 times and the Scottish League Cup 27 times, and achieving the treble of all three in the same season seven times.
But Rangers were demoted to the fourth tier of the Scottish league structure as a result of going into liquidation at the end of season 2011-12, Since relegation, Rangers have won two promotions in two seasons and are now in the Scottish Championship league, the second tier of Scottish football. Success on the field has not been matched by continued turmoil in the structure and financial affairs of the club.
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