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Scottish Leagues

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Precarious financial situation at Ibrox

The chairman of the football board at Rangers, Sandy Easdale, has told BBC Scotland that the financial situation at the club is 'precarious'.   Easdale, who is a major shareholder, raised the spectre of a second administration.

Season ticket sales have been slow and the accounts have been signed off on the basis that there would be a major uplift.   It is certainly a matter of concern that the club is reliant on season ticket sales for the next campaign for cash flow.

Liquidation threat lifted at Hearts

The threat of liquidation has lifted from Hearts after failed Lithuanian bank Ukio Bankas agreed to sell its shares in the club for a reported £2.5m.   The bank was the club's biggest creditor and held 29 per cent of the shares as well as security over the stadium.   Hearts should now be able to come out of administration before too long.

New shirt sponsorship deal for Rangers

Rangers have concluded a three year shirt sponsorship deal with online casino group 32Red.  The company has previously sponsored Aston Villa and Swansea City.

32Red chief executive Ed Ware said 'This is not a punt.  It is an educated investment.'   Rangers were 'on the comeback trail.'

£18m losses at Rangers

The Rangers Football Club Ltd. has announced losses of £18.1m in the 13 months to June 2013.  It should be noted that there is a complex corporate structure at Rangers and more information can be found here.

Debt picture improves in Scotland

Scottish football has been through a very challenging time financially with leading clubs such as Rangers and Hearts facing major challenges.   Smaller clubs have also found it difficult to make ends meet given low attendances, a lack of sponsorship, limited television revenue and the cost of travelling to many away games.

However, this interesing article suggests that the picture is improving, although many challenges remain. 

Rangers deny administration rumours

Rangers have rejected internet rumours that the club will enter administration for a second time on Wednesday, but faced demands from supporters to answer claims that former chief executive Charles Green still has influence within the club.

A spokesman for the club said last night: “There is absolutely no truth in these claims [about the club facing administration], which appear to come from agenda-driven bloggers who are out to damage the club. There is no chance of administration while there is no board meeting tomorrow. This is all completely false.”

Rangers fans back season ticket boycott

The Union of Fans, a coalition of six Rangers supporters groups, has backed a call from former Ibrox director and South African businessman Dave King to withhold season ticket money for 2014/15 until assurances are given about the club's future. They want the club to have a sound financial structure. The money would be held in a trust fund.

Last week Rangers were forced to take out a £1.5m million loan from two major shareholders to help pay for simply existing on a daily basis. There are fears that the club could face a second spell in administration.

Dundee United clear debt

Dundee United have completed a major restructuring of its financial position. Following negotiations, the club has reached a settlement with its bankers, Bank of Scotland, to close off its debt position. At peak the sum owed was £6m.

It represents a major coup for chairman Stephen Thompson and his family. Now, after complex and lengthy negotiations the chairman and his family have been able to wipe out the remaining three million, plus an overdraft that stood at around the £1 million mark.

Hearts closer to exiting administration

Hearts should be out of administration before the end of April after a deal to transfer shares to prospective owners Foundation of Hearts was finalised. The club’s administrators, BDO, confirmed today that Ukio Bankas Investment Group (UBIG) have formally agreed to hand over their 50 per cent stake, pending legal approval in Lithuania.

Things look up for Raith

They'll be dancing in the streets of Raith after the annual general meeting of Raith Rovers reported an improved financial picture. The Kirkcaldy club is supported by former prime minister Gordon Brown who is the local MP.

The club presented its annual accounts for the year to June 2013, which showed a profit of £81,350 – the first time the club has returned a profit since the formation of New Raith Rovers in 2005.