Rangers close in on wage-reduction deal

 

Rangers players and administrators are closing in on a wage-reduction deal that would prevent significant redundancies.

It is understood that Scotland pair Steven Whittaker and Steven Naismith have both signed an agreement to accept 75% wage cuts.

The Scotland pair were among about half a dozen players to have stalled on a deal late on Tuesday night but negotiations resumed yesterday afternoon and agreement was reached late last night.

Like the rest of the squad, they had agreed in principle to the wage cuts but wanted guarantees that their sacrifices would ensure there would be no job losses among the entire workforce.

It is understood the pair are now happy with assurances from administrators that there will be no forced redundancies.

Administrators are now understood to be pushing ahead with attempts to sign agreements with the whole squad.

Given many players had been happy with the deal several days ago, there is hope that process can be concluded today.

Naismith arrived for training this morning and explained his position.

Naismith told Sky Sports News: "We just want to get the best for the club, everybody at the club's doing all they can to get a solution.

"There's a lot of Rangers fans in the squad and we just want to get it fixed.

"Everybody's trying to come to a good conclusion and get the best for the club.

"Everybody wants to succeed, there's a lot of innocent people here that just want to go on with their lives and get a job at the end of the day."

Administrators Duff and Phelps had warned an agreement to cut players' wages by up to 75% needed to be completed today to avoid significant redundancies.

The corporate recovery team had blamed the failure of a deal on Tuesday night on players' advisors for demanding personal conditions.

Some players had sought exit clauses in their contracts in return for wage cuts and administrators were wary of a mass summer exodus of key players that would have put off potential buyers.

But administrator Paul Clark appears content to accede to some demands for a caveat in the contracts given the uncertainty over the club's future.

Clark told BBC Scotland last night: "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."

Talks are also set to continue with prospective buyers.

Clark told BBC Scotland: "We've got several parties who appear to be asking all the right questions and we are looking for them to move forward to make some bids to us, we hope at some point next week."

Clark also insisted there was no benefit for majority shareholder Craig Whyte in Rangers moving into liquidation.

Whyte's motives and actions have come under serious scrutiny and it has been unclear what rights he has as a creditor and what claim he may have over the assets.

Whyte bought his stake for £1 in return for pledges to pay off the £18million bank debt and invest his own money, £9.5million initially, but Lloyds were paid with money secured on the back of future season ticket sales.

Clark said: "There is a security that remains on the public record in favour of Craig Whyte. My view is that security has no value.

"There's no obvious signs, or information, or clarification we've seen that would suggest he's actually paid any personal money into Rangers Football Club, and therefore I don't see at the moment that he has secured creditor status.

"Liquidation tends to be the death of a business, or a football club in this case, and death tends to destroy value, so I don't fully understand why it's felt Craig Whyte, or indeed anyone, could benefit or profit from that."

Whyte was yesterday declared unfit to hold a position in football following an independent inquiry launched by the Scottish Football Association.

Suggested Topics
Have you tried new the Independent Digital Edition apps?
News
people Ex-wife of John Lennon has died at her home in Spain
News
Nick Clegg on the campaign trail in Glasgow on Wednesday; he says education is his top priority
peopleNick Clegg remains optimistic despite dismal Lib Dem poll ratings
Life and Style
2 Karl Lagerfeld and Choupette
fashion
Arts and Entertainment
Buttoned up: Ryan Reynolds with Helen Mirren in ‘Woman in Gold’
filmFor every box-office smash in his Hollywood career, there's always been a misconceived let-down. Now he says it's time for a reboot
News
people
News
Actress Julianne Moore wins the Best Actress in a Leading Role Award for 'Still Alice' during the 87th Annual Academy Awards in Hollywood, California
people
Caption competition
Caption competition
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

War with Isis: Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria's capital

War with Isis

Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria
Scientists develop mechanical spring-loaded leg brace to improve walking

A spring in your step?

Scientists develop mechanical leg brace to help take a load off
Peter Ackroyd on Alfred Hitchcock: How London shaped the director's art and obsessions

Peter Ackroyd on Alfred Hitchcock

Ackroyd has devoted his literary career to chronicling the capital and its characters. He tells John Walsh why he chose the master of suspense as his latest subject
Ryan Reynolds interview: The actor is branching out with Nazi art-theft drama Woman in Gold

Ryan Reynolds branches out in Woman in Gold

For every box-office smash in Ryan Reynolds' Hollywood career, there's always been a misconceived let-down. It's time for a rethink and a reboot, the actor tells James Mottram
Why Robin Williams safeguarded himself against a morbid trend in advertising

Stars safeguard against morbid advertising

As film-makers and advertisers make increasing posthumous use of celebrities' images, some stars are finding new ways of ensuring that they rest in peace
The UK horticulture industry is facing a skills crisis - but Great Dixter aims to change all that

UK horticulture industry facing skills crisis

Great Dixter manor house in East Sussex is encouraging people to work in the industry by offering three scholarships a year to students, as well as generous placements
Hack Circus aims to turn the rule-abiding approach of TED talks on its head

Hack Circus: Technology, art and learning

Hack Circus aims to turn the rule-abiding approach of TED talks on its head. Rhodri Marsden meets mistress of ceremonies Leila Johnston
Sevenoaks is split over much-delayed decision on controversial grammar school annexe

Sevenoaks split over grammar school annexe

If Weald of Kent Grammar School is given the go-ahead for an annexe in leafy Sevenoaks, it will be the first selective state school to open in 50 years
10 best compact cameras

A look through the lens: 10 best compact cameras

If your smartphone won’t quite cut it, it’s time to invest in a new portable gadget
Paul Scholes column: Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now

Paul Scholes column

Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now
Why Michael Carrick is still proving an enigma for England

Why Carrick is still proving an enigma for England

Manchester United's talented midfielder has played international football for almost 14 years yet, frustratingly, has won only 32 caps, says Sam Wallace
Tracey Neville: The netball coach who is just as busy as her brothers, Gary and Phil

Tracey Neville is just as busy as her brothers, Gary and Phil

The former player on how she is finding time to coach both Manchester Thunder in the Superleague and England in this year's World Cup
General Election 2015: The masterminds behind the scenes

The masterminds behind the election

How do you get your party leader to embrace a message and then stick to it? By employing these people
Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

Machine Gun America

The amusement park where teenagers go to shoot a huge range of automatic weapons
The ethics of pet food: Why are we are so selective in how we show animals our love?

The ethics of pet food

Why are we are so selective in how we show animals our love?