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A locked BRALT may be a good opportunity to spin-off one of the major symptoms of malaise, and look at the facts without the usual partisan mud-slinging. Or perhaps not. Here's a take on the finances at Rangers, seeking to make some estimates on viability. I have disregarded everything that Dave King has had to say on the matter, and am using rough figures elsewhere. I am taking the end of July as the point at which the great majority of ST income has been received. In season 2014-15, the money looked like running out sometime around the end of October. A net surplus from the 2014 share offer of around £3m seemed to tide the club over for a couple more months. This is consistent with the initial Ashley loan, the Lewis Macleod money, the subsequent "first tranche £5m" Ashley loan and the 2 or 3 loans at £1.5m: by which I mean that each £1m appeared to tide Rangers over for a little under one calendar month. This is also reasonably well correlated with what appears to be the burn rate from recent years' published accounts. Last season's ST money, apparently starting from just about zero as evidenced by the bridging loans to get to ST time, seemed to be enough to cover about 3 or 4 months of operating. That seems just about right as the initial share offering money had covered the ST deficit for 2 seasons, and last season's ST income (and hence "ST months") could plausibly have been lower. So maybe each of the 2 previous seasons was financed at something like 5 months by STs, 7 months by the IPO. I don't claim the accuracy of some experts on here, but I do claim not to be pushing the figures in either direction, according to any agenda; and I further claim to have sanity-checked the rough figures using more than one metric. In rough numbers, STs appear capable of bringing in around £10m p.a; and again in rough figures, that covers around half a year of operating. But this season is special, because of the starting position of significant debt. Please note that I offer no opinion on what may happen to that debt, in particular not taking it as read that a liability will be converted into equity because that is what has been informally claimed in some quarters. I'm remaining sceptical without being cynical. 2012-2013 - STs plus (first) 50% of IPO - balance at end of season of about 50% of IPO 2013-2014 - STs plus (remaining) 50% of IPO (plus smallish loans) - balance at end of season of about zero 2014-2015 - STs plus rights offer, plus loans, plus player sales - balance at end of season of about £8m [DR] 2015-2016 - pre-season balance after STs, estimate somewhere between £1m [DR] and £4m, taking loan liabilities into account. I know I'm playing fast-and-loose with terminology and figures here; but as a rough take on it Rangers appear to have no money from the very start this season. It seems to take a leap of faith to believe that this money will appear when needed, and it further seems to me that this is the fundamental difference between the views taken by AIM (& ISDX), and the SFA: it seems that the former requires some evidence of ongoing funding, but perhaps the latter just really wants it to happen. I've tried to put some order-of-magnitude numbers in one place, to see what people think about the apparent inability of the club to generate the basic funds needed to continue in the coming months. Am I missing something on the financial side? (I know all about the claims of special treatment, and counter-claims of how loans will not be called in but instead money will somehow be donated; but that's not the scope of my question. I also think that sort of sniping is what tended to make the BRALT wearisome for any near-neutral.)