MEGA THREADsome facts/spin the Sunday Mail's "analysis" missed:

Rangers' last accounts show we had £3.9m revenue from "Commercial & Retail" which was 7.3% of overall turnover. This was cancelled out by £3.6m on legals fighting Ashley (effectively causing our day to day loss)

This means 2 things:

1) This is largely why the Sunday Mail could sensationally quote a 67% percentage of our turnover reliant on matchday income & at risk from covid (despite strong ST sales and 10k MyGers )

2) The Castore deal is 100% upside for us even with covid shock.

Celtic's last accounts show that a chunky 22% (£18.1m) of their total turnover relied on "merchandise". This includes their questionable retail network strategy (7 shops) which are lying dead during covid but with costs continuing regardless of economic environment.

Did you know Rangers have no secured lending on Ibrox Stadium?

Celtic however have given Celtic Park, adjacent land, & Lennoxtown as security to Co-op bank for 5.4m (loan) and £2m (mostly unused credit facility) - If they are so cash rich, why not pay the loan off at least?

Celtic's £8.7m profit in their last accounts included £17.7m from "player trading" and the board themselves warn of the importance of this ability to trade when there is no CL qualification. Player trading market will undoubtedly be depressed post covid.

The importance of CL qualification is therefore pressing for their finances, and explains why they are instructing the SPFL for a 1/8/20 season start date - they need to be fit & ready to play for CL qualifiers when they occur esp if leagues are up & running already (eg Denmark)

Celtic paid £500k in dividends to their Convertible Preference Share holders at a rate of 6% guaranteed - Dermot Desmond will take circa £185k pa(?) which as a billionaire who luvs ra Sellik you would think he would put back in? This is a perpetual dividend.

Whilst not traditional debt, this guaranteed 6% dividend to Convertible Preference Shareholders is the equivalent of holding over £8m debt (at the 6% rate) or if you want to be inventive it's the same as £25m of debt with 2% interest rate. See how spin works bhoys?

The Sunday Mail "expert" (who happens to be a Celtic fan) tells us that they are "lucky to have a genuine billionaire" in their midst at this time. Dermot loves Celtic that much that he doesn't even attend all board meetings, he sends representatives (stated in accounts).

And last but not least, they forgot to mention CEO Peter Lawwell's lucrative "Long Term Performance Incentive Plan" for 3yrs to 30/6/19 which saw him net over £2.3m as a bonus in Jan 2019. His new period started 1/6/19 to 30/6/22 & well, that's got to be paid for too hasn't it?!

In short, take this as a salutary lesson in how presentation of facts can add all manner of spin to any subject, and don't buy the Record or Sunday Mail.