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Scottish Leagues

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Shareholders turn down Rangers rights issue

The Rangers board failed to persuade fans to back a rights issue at the annual general meeting, leaving the club face a funding gap in the new year.    The board needed 75 per cent of the votes, but did not even manage a straight majority.  The resolution was rejected by 55.2 per cent.

Chairman David Somers and other board members were heckled and booed by shareholders and fans. Almost 39 per cent of shareholders voted against the reappointment of the chairman.

Hearts rely on fan donations

Hearts are reliant on fan donations of £1.4m a year to keep going.   Given that 8,000 fans are making donations, this works out at an average of £1,750.   This implies that some of the donations must be substantial, given that some fans can presumably only afford relatively small amounts.

Lower league football finances in Scotland

The financial realities of lower league football in Scotland are demonstrated by the latest accounts of Berwick Rangers.   Staff were paid on average £143 a week compared with £8,000 at Rangers.

Their last home game saw an attendance that was 10 per cent of capacity.   The club is reliant on a good cup run to keep its finances balanced.

Third director quits at Rangers

A third director has quit the board at Rangers, less than two weeks ahead of a crucial annual meeting when the cash squeezed club will seek to raise more funds.

Motherwell fans close to takeover

Motherwell fans are confident that they are close to taking control of the club.   They have not raised quite as much money as they hoped, but retired businessman Lee Hutchinson has stepped in to help them.

The club has made losses of £780,000 over the past two seasons and is expected to record another loss this season, so there is a big financial challenge ahead.

Livingston face administration threat

Livingston face a threat of going into administration for a third time.   The club went into administration in 2004 and 2009.

Former chief executive Ged Nixon is bringing an action in the Court of Session in Edinburgh to freeze the club's funds.    He want to sue them for £311,000.   If he was successful, the club might not be able to pay wages due on 25th December.

Rangers fans call for merchandise boycott

The Union of Fans, a coalition of Rangers supporters' groups, have called on fans to stop buying club merchandise.   They have got accountants to analyse the deal with Mike Ashley's Sports Direct and they consider that it is highly unfavourable to the club.

According to their calculations only 75p of every £10 fans spend on merchandise goes to the club and Rangers received just £2,000 in the last six month accounting period.

Rangers need more funds

Rangers are to launch a new share issue to raise funds after they revealed losses of £8.3m in the period to 30th June.   This was a substantial improvement on the £14.4m loss reported in the previous year. However, they will need the first tranche of money in January to continue trading.

Hearts could leave Tynecastle

Hearts might eventually have to leave Tynecastle according to new owner Ann Budge.   The stadium has been neglected for some time and is in a state of disrepair.  In particular, the neglected 100 year old main stand is a problem.

The stadium is being patched up, with particular attention to the requirements of safety, but there are limits to what can be done given the prudent financial approach of the new regime.

SFA's concern about Rangers

Scottish Football Association chief executive Stewart Regan has expressed his concern about the financial situation at Rangers because of its impact on Scottish football as a whole and the local economy.