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Ally McCoist's heart sinks at Rangers finances live on air as £17m loss leaves Ibrox legend 'really concerned'
Ally McCoist made no bones about Rangers' worrying finances – admitting they've left him 'really concerned' about the club he loves.
The Ibrox side posted losses of £17.2m on Tuesday with costs still through the roof and far outweighing their record revenue figure of £88.3m. Michael Beale's spending spree, as well as the Englishman's payoff, and failure to qualify for the Champions League have all come home to roost and interim chairman John Gilligan admitted in a statement it was a 'challenging period' for the club.
It's a staggering drop from the slim operating profit of £252,000 they posted for the previous financial year and explains in clear terms why they have cut their cloth on the playing squad, reducing the average age and cutting the wage bill by around £3million.. With all that in mind it can be forecast next year's figures won't be quite as alarming - but that's not easing McCoist's immediate worry.
READ MORE:Where has all Rangers money gone? Alarming £17m loss in club accounts uncovered
He said on talkSPORT: “Those figures are really, really concerning. They’re trying to put a positive slant on it, but it’s their highest turnover ever, I believe.
"Those losses, man, dear me. It’s really concerning. From the outside looking in, you can only hope they get it sorted quickly.”
