Rangers borrowed more than £22m in their latest year’s accounts, a report showing the amount of borrowing in football has claimed.
The club borrowed over 22.5m according to a report shared on social media by football business lecturer Keiran Maguire, which showed that the Ibrox club borrowed more than the remainder of Scottish football’s professional clubs combined.
British football clubs owe about £3,517,300,000 to banks and owners. Manchester United top the table with £496 million. Chelsea & Everton at the bottom as owners fund clubs via shares rather than loans. Figures from most recent accounts. pic.twitter.com/Yb5koRa0ej
— PriceOfFootball (@KieranMaguire) December 6, 2018
The report was put together by the University of Liverpool lecturer to display the amounts borrowed by British clubs, totalling £3.5bn.
Celtic were in second place, borrowing £10.8m.
Other Scottish clubs registered – Hibernian, Motherwell, Dundee United and Dundee – owe around £9m between them.
In October, Rangers’ pre-tax losses had more than doubled for a second consecutive year to £14.3million.
An auditor expressed “concern” over the figures but chairman Dave King insisted there are no questions being asked about the club’s financial strength.
This story originally appeared in The Evening Times