Fri, 09 Mar 2012 | ADMINISTRATION
The administrators of Rangers Football Club have announced they are accelerating the sale process of the financially stricken club, after they were unable to strike a cost-cutting agreement with the playing staff.
Joint administrator, David Whitehouse, from Duff & Phelps said that the cost cutting proposals would have involved major pay cuts for the players, which were concluded to be untenable.
“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,” he explained. “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.”
It is hoped that the acceleration of the sale will produce a result that will prevent the redundancies having to take place, but Mr Whitehouse added that the club was still in a perilous situation.
He said, “If, however, it becomes apparent that the sale process cannot be accelerated there will be no choice but to implement very severe cost cutting measures at the club.”
The administrators took control of the club on February 14, and sought to make savings of more than £1 million per month.
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