To avoid the squad facing up to 15 redundancies, Rangers players have agreed to a 75 per cent salary reduction.
At one point, the club’s administrators considered cutting the top five earners along with 10 additional positions in an effort to decrease monthly expenses by $2 million.
The outcome would have resulted in manager Ally McCoist having a squad predominantly composed of youth players; however, this scenario was averted when the surprised players consented to a reduction of their salaries by three-quarters.
This adjustment led to the club’s top earners, midfielder Steven Davis and goalkeeper Allan McGregor, seeing their weekly pay reduced from approximately $50,000 to $12,000.
The new contracts will remain effective until Rangers exit administration or secure new ownership.
As an incentive, many of these arrangements included additional clauses such as a minimal buy-out figure, enabling players to transfer to another club for a nominal fee.
by Terrence Johns
