SHOCK £23.5M LOSS IS REPORTED BY CHAMPIONS

cause us real concern. We need more transparency in the manner in which the game operates. The people in charge are only in those positions due to the existence of the clubs and it is time they showed the clubs more respect than has been the case in recent years. ‘We believe Scottish football is a strong product, but it is undervalued and as a result undersold. This must change. ‘The ambition of clubs must be realised and driven forward by those in leadership positions. If not, I believe Scottish football will be left behind.’ Among the figures that leapt out of yesterday’s report was the revelation that former chairman Dave King collected over £800,000 in interest payments on a £5m loan — since repaid — to the club. Defending his board’s stewardship of Rangers and pointing to investment of almost £17m in the playing squad, Park said: ‘The past year has continued to bring unprecedented challenges. ‘The full impact of Covid-19 had yet to play out when I penned my previous annual report. The pandemic wrought a profound impact on our club, both on and off the field and its effects continue to be felt.At this juncture, I repeat my analysis from late 2015. When the current board wrestled back control of our club, I viewed this as a 10-year project. In 2021, I still believe that analysis to be accurate. ‘The condition in which our club was left cannot be underestimated. Yet, painstakingly and with unerring resolve, we have rebuilt and will continue to do so. ‘Despite the challenges, we have consistently and noticeably improved. As our club’s recovery has progressed, it has been our intent to

strengthen from a position of strength — and the past year’s transfer activity demonstrates that.’ Park added: ‘That we won our record 55th title in such style is testament to the hard work, professionalism and determination of our football management team and players. ‘Steven Gerrard and his staff are now etched into the history of our great club. The impact of Steven and his staff has been as profound as any management team in the modern-day era. He brings with him a profile and ability and has developed the team on the field as well as his staff off the field. Year on year, we have seen improvements.’ The financial report section estimated that Covid had a £10m impact on losses for the year. It was also reported that the club had been approached with ‘a number of investment proposals’ during the year — but current investors were able to ‘match or better’ the terms on offer.

As for the £7.5m ‘debt or equity funding’ required by the end of the current campaign, the report notes that the ‘first tranche from investors’ is due before the end of next month The report states: ‘The board of directors have discussed the club’s forecast cash flow shortfall and have reached agreement with Douglas Park and John Bennett whereby they will provide additional loan facilities as necessary to meet shortfalls... and any further amounts that may be required as a result of variances to forecast cash flows. ‘The board has considered the level of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required. The board acknowledge the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business. ‘Nevertheless, having secured the offer of further loan funding, the board of directors believe there is a reasonable expectation that the group will at all times have adequate resources to continue.’ Rangers also said further funding from ‘our investor base’ in the summer had allowed them to repay King’s loan ‘plus interest of £832k on that loan’. The statement said: ‘Replacing this high interest, short-term borrowing with a long term, lower coupon structured facility provides significant benefit.’ Meanwhile, former Rangers shareholders Sandy and James Easdale are reportedly heading a consortium interested in buying Derby County.