Rangers news

Rangers cuts decision delayed

March 2, 2012

Rangers administrators Duff and Phelps have postponed any final decisions on redundancies until early next week.

Rangers fans have received assurances that the club's future is safe
PA PhotosRangers: Currently plying their trade in the third division

• Papac: Gers players under threat

They had expected to complete a review of staffing levels and cost structure this week following a number of discussions with manager Ally McCoist.

However, any announcements have been delayed for now as the administrators continue with their attempts to find savings of approximately £1 million per month to ensure the ongoing viability of the club.

The administrators are still hopeful of reaching a "consensual position'', amid reports that McCoist and his players were presented with a number of options balanced between job losses and wage cuts.

Paul Clark, joint administrator, said in a statement: "We appreciate this has been an extremely difficult week for all the staff of Rangers Football Club and the supporters.

"As administrators, we had anticipated completing our review of staffing levels and cost structure of the Rangers business this week but the participation of a number of players in international fixtures did interrupt the process.

"In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1million per month to ensure the ongoing viability of the business.

"As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland.

"We would prefer to reach a consensual position but as the day has gone on and tomorrow's very important match against Hearts looms larger, it has been agreed that any final decisions have been postponed until early next week.''

The administrators also confirmed they had won an initial court order to seize £3.6million held in an account of Rangers owner Craig Whyte's lawyers, Collyer Bristow.

It was previously revealed that the £24.4million cash injection from investment company Ticketus, who bought rights to future season ticket sales, had been paid into an account held by the London-based law firm.

The club's £18million debt to Lloyds Banking Group was then paid off from the same account after Whyte took over and administrators have been seeking clarity on the remainder of the sum.