RANGERS manager Ally McCoist is close to agreeing a “substantial pay cut” at the Ibrox club who have revealed operating losses of £14 million in their first audited annual accounts since their financial collapse last year.
Figures for the 13 months to 30 June 2013 were published yesterday, ahead of Rangers annual general meeting at Ibrox on 24 October.
Rangers chief executive Craig Mather welcomed the results, which showed revenue of £19.1 million, as “positive” and insisted that the club is firmly on course to financial recovery. But he confirmed the salaries of senior management figures, including McCoist, are currently being reviewed.
McCoist earned £825,828 in that period, while former chief executive Charles Green received £933,376, including a severance payment, before his departure. Finance director Brian Stockbridge earned £409,308.
“I can assure you on my watch that won’t be happening,” said Mather. “If you look at my pay, there was talk about £500,000 but the actual amount was £300,000. Brian Stockbridge waived a contractual bonus and has been instrumental in reducing costs.
“Alistair and I have been in discussion regarding his salary. He has said he is willing to take a pay cut and we are going through the fine detail.
“Through the history of Rangers, I would be the lowest-paid CEO for a long time. I’m not suggesting Alistair become the lowest-paid manager but he is very happy to take a pay cut. It is a substantial pay cut, the details of which I won’t discuss at this juncture. If he wants to reveal the amount, then we will do so jointly.”