RANGERS’ ADMINISTRATORS HAVE reached an agreement with players to make wage cuts as the financially-stricken club aims to avoid redundancies.
Rangers duo Steven Whittaker and Steven Naismith have already agreed to take a 75% decrease as the administrator delayed announcing job losses to try and thrash out a deal with the other players.
Joint administrator Paul Clark, speaking to BBC Scotland on Thursday, said he believed the delay will be justified by the outcome.
We’re in the final stages of that process and it’s going to deliver very substantial cuts,” he said.
“We’re looking to deliver cost-cutting of around £1m per month and that’s something I think we will have achieved by this weekend.”
It is understood that the highest earners at Ibrox will take a 75% cut, with middle earners having their wages reduced by 50%, and the lowest-paid 25%.
Clark admitted that special clauses have been introduced to the players’ contracts that could allow them to leave, but he said Rangers fans should not panic over a mass exodus.
“We will vary certain contracts such that there will be trigger points at which they can move,” he explained.
“I don’t think that should be considered that any or all of the players are considering that they want to leave the club in the summer.”
“It’s just a safety mechanism from their point of view, in exchange for the very substantial amounts they’re giving up, to give them some flexibility depending on what the new ownership structure looks like when the club comes out of administration.”
I can understand the players’ concern, but I don’t think the fans should assume that means a bunch of the players are going to go in the summer or, indeed, at any point in the future for little or no value.”
Rangers have until March 31 to secure a licence to play in Europe next year, something the administrator admits is a very unlikely prospect, but they will appeal to the Scottish FA for an extended deadline. UEFA events chief executive David Taylor, however, said: “They have to make the deadline. There will be no extensions.”
“It’s a great shame that such a major football club and a major Scottish institution is in such disarray at the moment.”
“A club that has that massive level of support shouldn’t be in the financial position that it’s in just now.”