Rangers players agree to wage cuts

Rangers administrator Paul Clark tonight declared their cost-cutting deal worth waiting for after players prevented redundancies across the club by agreeing wage cuts of up to 75 per cent. All of the players who were present at Murray Park today have signed agreements that have prevented the severe 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 third place, with Motherwell only three points behind. Players have agreed cuts ranging from 25-75 per cent until the end of the season, a "large number" accepting the largest reductions, while coaching staff have also lost pay and the voluntary departures of Mervan Celik and Gregg Wylde were confirmed. 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 in the completion of an agreement. We believe there is complete consensus, it`s simply people that are not available to sign the documentation." He added: "The players deserve great credit and we are in no doubt that this agreement is the best way to achieve the necessary cost savings to ensure the continuing operations of the club while preserving the fabric of the playing squad. The agreement has also directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park." Such a guarantee was understood to be one of the main hold-ups to a conclusion of a deal on Tuesday night but the likes of Steven Naismith and Steven Whittaker signed up after receiving assurances. Some cuts have been made, namely the closure of the London office, which was opened in January with the appointment of global partnerships director Misha Ser. The statement confirmed: "As regards non-playing staff, job losses will be kept to a minimum. The recently opened London office will close and another recently appointed employee will leave the business." Clark claimed the determination to achieve a consensus would help the club emerge from administration. "It is to their eternal credit the players and the management have sought to find a solution that helps protect the fabric of the club," he said. "We are especially grateful to the manager, Ally McCoist, who has put the interests of the club, his players and the staff first and foremost at all times."