King has got Low at a loss
David Low has warned Dave King and the rest of the Rangers board NOT to spend money they don’t have in their quest to halt Celtic 10-in-a-row bid – or face going BUST.
Low was financial adviser to Fergus McCann when he prevented Celtic going to the wall in 1994 and was shocked by the Ibrox side’s latest set of financial figures.
Gers saw their losses double to £14million and Low has urged them to alter their approach before it is too late.
He said: “Rangers have failed to make a profit since they imploded six years ago.
“By my reading, their losses since then have totalled £38.6m and that’s just madness.
“As a financial guy, their business model makes no sense.
“Spending more than you earn year after year, how do they get their money back?
“They’ve admitted another £4.6m in loans will be needed in the New Year, yet Steven Gerrard is talking about signing more players in January.”
The pressure on King and Co will be ramped up if Celtic make it eightin-a-row this season but Low insists they have to ignore the fans’ pleas to splash even more cash to end that run.
He said: “When Fergus took over at Celtic, a lot of fans wanted us to go into the red to strengthen the squad but he refused to do that.
“He told me: ‘We have a stadium to build and a long-term plan we need to stick to. This club is going to be around for the next 100 years and I’m not going to put that at risk just to stop Rangers reaching 10.’
“The financial gap has never been bigger.
“Financially, Celtic are unassailable. It’s as bad as it has ever been for Rangers, which is why they must rein in the spending.”