SIR Alan Sugar once compared the money in football to “prune juice” – what goes in seems to be nice and healthy, but in fact just goes straight back out again.
The figures appear to back up his claim. In 2010-11, Premier League clubs enjoyed an eye-watering £2.3bn in revenue, yet somehow still ended up with £361m in losses, overall.
In Rangers’ native Scotland, the revenue streams are far, far thinner.
So why would anyone other than a die-hard fan want to buy the stock?
Well for a start, there are notable exceptions to the rule. Arsenal shares have soared to over £17,000 from a mid-1990s price of £700.
Like the Gunners’ mid-1990s price, Rangers shares are potentially (a crucial word) very cheap. It may seem absurd that a fourth tier Scottish team can be worth £45m, but Rangers FC remains a real giant.
The team enjoys huge crowds – 42,135 watched them beat Annan Athletic (who?) on the weekend.
They will no doubt achieve successive promotions and return to the top division. But Scottish football is not lucrative, even at the peak, thus why chief executive Charles Green keeps talking up the prospect of a pan-European league.
This, in all probability, is a pipe dream, and certainly no rational basis for investing your cash. The new Gers have got off to a great start but the long game will prove tough.