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McCoist to agree pay cut as club looks to cut costs - Rangers morning news

Also, fans groups slams the club for overspending, and news of the Under-20's latest game.

Rangers manager Ally McCoist is close to agreeing a pay cut from his £800,000 salary after the club posted operating losses of £14m.

Fans are furious over the pay that former chief executive Charles Green was paid just under £1m for the 13 months up until June 2013.

Drew Robertson told the Evening Times the payment Green received was ‘scandalous.’

He said: ‘I don’t know of any other job where you would receive such a huge severance payment for resigning.

‘I know that Rangers have a financial plan, but something seems to be seriously wrong with that plan.’

Neil Patey, a partner in accountancy firm EY, believes that Rangers will need fresh investment as money seems to be running out.

He said: ‘Assuming everything stays equal, it is going to be a challenge for them to hold on to the remaining funds until they get into the SPFL Premiership.

‘They might have to look to raise additional funds before they get there. The existing funds will probably last until halfway through next season.’

Chairman Craig Mather has insisted the club is not running out of money according to the Daily Record.

He said: ‘It was never going to be cheap to raise money against that backdrop but Rangers had to be saved.

‘People in the city would take the view of up to 7.5% is a normal cost of raising funds. This wasn’t normal but it’s obvious you have to look at what you can offer the investor in return for the investment.’

To affairs on the field, and Rangers under-20 side suffered their second defeat on the bounce as they lost 2-1 to Motherwell. David Templeton got on the scoresheet for Rangers at Ibrox.

image: © tombrogan

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