Players huge wage cuts stave off Gers job losses
A MAJOR deal has been reached at Rangers, with players agreeing to take massive wage cuts.
Administrator Paul Clark last night confirmed players prevented redundancies across the club by agreeing wage cuts of up to 75pc.
All of the players present at Murray Park yesterday signed agreements that prevented the job losses Duff and Phelps had warned of to save £1m a month.
The announcement came three-and-a-half weeks after Duff and Phelps took over and two weeks into the cost-cutting process, but Clark claimed the deal preserved value in the squad and would allow the team to compete.
Although Rangers have no realistic chance of gaining a European licence for next season, staying second in the Scottish Premier League would be worth about £900,000 more than finishing in third, with Motherwell only three points behind.
Players have agreed cuts ranging from 25-75pc until the end of the season, a "large number" accepting the largest reductions, while coaching staff have also lost pay.
Clark said: "There are a small number of matters still to be dealt with over the weekend but we do not believe these will be insurmountable. We believe there is complete consensus, it's simply people that are not available to sign the documentation.
"The players deserve great credit and we are in no doubt that this agreement is the best way to achieve the cost savings to ensure the continuing operations of the club while preserving the fabric of the playing squad."