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No deal on Rangers wage cut talks

Rangers manager Ally McCoist has said there are "absolutely no personal agendas" within the playing staff on the subject of wage cuts at the club.

Administrators Duff and Phelps announced they are accelerating the sale of the football club after failing to finalise a consensus on wage reductions.

They had originally set Monday as a deadline as a date to reach an agreement, but the talks spilled over and they ended again without resolution.

The administrators, who took over on February 14, have been trying to achieve a monthly saving of £1 million through cuts which could see some of Rangers' highest earners taking a pay cut of up to 75%. They are now set to hold discussions with prospective buyers over the next few days. Duff and Phelps warned that Rangers would not finish the season unless they achieve a quick sale or make severe cost-cutting measures.

In a statement, joint administrator David Whitehouse said: "The club is in a perilous financial situation and that should not be under-estimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business.

"We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed. In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale."

On the Rangers' official website, Mr McCoist said: "Everybody has the club's best interests at heart and there are absolutely no personal agendas within the playing staff or any other staff. We all want what is best for the football club and that is what we are all still attempting to achieve.

"There has been a lot of hard work already, nobody should underestimate the amount that has gone in in the last few days, and that will absolutely continue in the search for the positive result we all hope we can get. Nobody should underestimate the sacrifice that the players have been asked to make. All the players, and I mean all the players, and indeed all the staff can reassure everybody and every Rangers fan that they are singing from the same hymn sheet."

Administrators also admitted tonight that there was "no realistic prospect" of Rangers securing a licence to play in European competitions next year. However, it is understood there can be no special dispensation if the required financial criteria, stipulated by UEFA, are not met.

It would be the first time since the 1980-81 season that Rangers have not participated in a European competition.


From Belfast Telegraph