Duff and Phelps running Rangers on a monthly basis
After three days around the negotiating table talks broke up again yesterday with no sign of any progress being made towards finding savings of £1m a month from the clubs running costs.
Further talks are expected today as Duff and Phelps begin their fourth week running the club.
During yesterday’s talks it’s believed that Duff and Phelps rejected the offer of a 75% wage cut across the entire playing staff because they may have to adjust their figures in a months time as they attempt to uncover the true extent of the clubs finances.
Hard facts are thin on the ground but in an interview with the Daily Record in September Craig Whyte gave the first indication of the problems in store at Ibrox.
Shortly after handing out new contracts to Allan McGregor, Steven Whittaker and Steve Davis that took the wage bill over £20m Whyte warned: “Hard decisions will have to be made and we’ll start making them very quickly.
“I put myself in the position of owning a football club so I can’t moan about it now, although the payroll every month is not something I find enjoyable.
“Decisions will have to be made and there will be pain but no matter the outcome of the bigger tax case we will still be here.”
During the January transfer window some progress was made in reducing the players wage bill.
The departures of Nikica Jelavic, David Weir, Juan Ortiz, Matt Mackay and loan deals for John Fleck, Kyle Hutton and Grant Adam trimmed £350,000 off the monthly wage bill.
With the running costs standing at £1.7m per month in September and £0.35m being cut in January a further £1m reduction will leave Ally McCoist’s squad decimated once Duff and Phelps finally get around to implementing the cuts.
CLICK HERE for Duff and Phelps ‘we can’t enforce wage cuts’
CLICK HERE for SFA leave Ogilvie out of Rangers enquiry
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