Rangers’ Desperate Cash Grab Reeks of Ticketus Déjà Vu

Once again in a desperate scramble for cash, with their hopes pinned on the 49ers Enterprises takeover, Rangers have taken out a loan against future transfer fees

It’s hard not to raise an eyebrow - and laugh - at the latest financial circus unfolding across the city at Ibrox. Rangers are once again scrambling for cash, and the desperation is palpable. The so-called "soft loans" from their directors have dried up, leaving them in a precarious position for the remainder of the season - as they pin all their hopes on the 49ers Enterprises takeover to be completed sooner rather than later, hoping to wash their hands of the basket case that Rangers are. It’s almost poetic, really, watching them cling to the hope that someone will come in and save them from their own financial mismanagement and plough tens of millions in the club to challenge Celtic’s domination of Scottish football.

Let’s not forget, just days before they sacked manager Philippe Clement, they issued another allotment of shares worth £5 million. That’s right—£5 million pumped in, only to turn around and sack the manager shortly after - with a good chunk of that going to the Belgian as a pay off. As is par of the course at Ibrox for years, they’ve been throwing money around without a plan in the faint hope of keeping up with Celtic - rather than actually take stock of what happened to Rangers 1872 and run the new club properly.

In their latest financial masterclass of ‘how to run a football club’, they’ve resorted to taking out a loan against future transfer fees with MacQuarie Bank, a move that reeks of the Ticketus scandal under Craig Whyte, where future season ticket sales were sold off to keep the lights on. History, it seems, has a funny way of repeating itself.

According to a report filed with Companies House, Rangers are waiting on instalment payments from FC Twente and Parma for Sam Lammers and Antonio Colak - and despite neither club being behind on their payments - Rangers have still decided to cash in early, which speaks volumes about their current financial state. It’s another clear indication of how strapped for cash they are and can’t afford to wait for the money they’re owed.

In fact, despite the media peddling the club ‘truth’ about Rangers selling five of their players - including Lammers, Goldson, Wright, McCrorie, and Cantwell - for over £5.6 million, the bombshell was dropped that the Rangers board sold all five for a measly £800,000. So the fact the same media rolled out the Colak sold to Parma for £2.5 million in July 2023, you can take with a pinch of salt. But even if that amount was the case - a combined £3 million of installment payments for Colak and Lammers [some of which has already been paid] would not allow Rangers to loan a significant amount of money - certainly not the £5 million that was recently secured through their 1690th share issue in their short history.

The fact that they’ve turned to MacQuarie Bank, known for its high-interest loans, is a far cry from former chairman John Bennett’s bold claims about driving down the cost of borrowing. Remember when he boasted about only willing to accept loans at 6% interest - as if Rangers held all the cards. Well, that’s all out the window now.

But you also need to remember that unlike Celtic, Rangers cannot command the same level of transfer fees that the Scottish champions can. And with their current squad bereft of any sellable assets other than maybe Jefté, Igamane, and Diomandé - they can’t bank on future player sales to keep the lights on at the club.

The Daily Record tries to spin this as a normal move, name-dropping Premier League clubs like Aston Villa and Crystal Palace to make it seem less alarming. But let’s be real—this is Rangers we’re talking about. A club with a history of financial meltdowns, now resorting to desperate measures because no high-street bank would touch them with a barge pole. If the 49ers takeover falls through, they’re in serious trouble. This loan is just a sticking plaster on a gaping wound.

Maybe they could take a leaf out of Elon Musk and have Donald Trump trying to sell Swasticars on the lawn of the White House. Trump could help sell Rangers merch like the Snake Oil salesman that he is to his MAGA cult.

The irony is delicious. Rangers, the club that loves to lecture others about their own mismanagement, are once again living hand-to-mouth, relying on loans and hoping for a saviour to bail them out. As a Celtic fan, it’s hard not to enjoy the spectacle. But let’s be honest, it’s also getting a little bit boring now - it won’t be long before we are told that Scottish football needs a strong Rangers by the usual suspects.

While I would love a proper challenge in the Scottish top flight - and we did have a short lived challenge from Aberdeen before they imploded, I can’t help but enjoy the years of schadenfreude - long may it continue.