KIERAN Prior, the man who this week invested £400,000 in Rangers, has hit out at the “ludicrous” and “astonishing” sums being paid to members of the Ibrox board.
Executive pay at the Third Division champions is believed to total £1.5 million a year, a sum which has shocked City investor Prior. Prior singled out finance director Brian Stockbridge for criticism.
Prior told the Daily Record: “I find it astonishing a club in the Third Division has paid that amount of money to members of staff, including Mr Stockbridge.”
He added: “He is earning in excess of £200,000, which is overvaluing your FD - and when bonuses match your salary, that seems ludicrous.
“I can see the argument for a chief executive, but why the hell should a bonus be paid for winning the Third Division to the FD?”
Bonuses for Stockbridge and former chief executive Charles Green are thought to total over £500,000, and Prior told the Record that a clearout of Green’s former colleagues may be necessary.
He said: “The current board seems a very legacy-ridden, Charles Green affair. That’s not to say Charles Green didn’t do some good things, but we need to move forward.”
Prior bought a £400,000 stake in the Ibrox club earlier this week, which received more good news when it was revealed that their summer signings will be allowed to play as trialists.
The club had feared that their plan to circumvent their one-year transfer embargo would be thwarted after the SPL/SFL merger, but the combined body will not adopt the top-flight’s more stringent rules on trialists, allowing the likes of Jon Daly to play from the start of next season.
The club also announced plans for two new branches of the Rangers shop, in Belfast and at Glasgow Airport.