1:46pm Monday 5th March 2012
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Administrators continued talks with Rangers manager Ally McCoist today ahead of an anticipated announcement over cost cuts at the club.
McCoist continued to discuss the make-up of savings with administrators Duff and Phelps looking to slash £1million off the club's monthly outgoings.
While players arrived at their Murray Park training ground this morning, joint administrators Paul Clark and David Whitehouse were believed to be in talks with McCoist elsewhere as they seek an agreement over wage cuts and potential job losses.
Whitehouse said on Saturday that job losses were likely after rejecting the players' offer to make substantial wage deferrals until the end of the season, but reports today claimed a fresh deal had been put on the table to avoid redundancies with wage cuts of up to 75%.
Players arrived at Murray Park this morning along with coaches Kenny McDowall and Ian Durrant and PFA Scotland chief executive Fraser Wishart arrived at the Milngavie complex just after noon.
Whitehouse said on Saturday that wage deferrals were unacceptable as they had to lower costs to make the club attractive to potential buyers, who have been set a deadline of March 16 to make first indicative bids. However, one of the interested parties, former director Paul Murray, has urged administrators to leave the squad intact.
Murray, who hopes to form a consortium to take control of the club from Craig Whyte, said he did not know how the administrators had reached their savings target, which they have stated as £4.5million until the end of the season.
Murray told the Daily Record: "But if I'm given a choice of plugging that gap by the deferrals the players are offering or by cuts then I would choose deferrals. If we are looking at replacing another eight, nine or 10 players we could be looking at a need to come up with an extra £20-30million. But the deferral number needed to plug the gap is £4.3million. It seems obvious what is in the best interests of the club."
Administrators reached agreement with one creditor this morning, with Dunfermline chairman John Yorkston accepting a payment plan over an £85,000 tickets debt, owed from the clubs' Clydesdale Bank Premier League meeting on February 11, three days before Rangers went into administration.
Yorkston said: "Rangers have updated us. Dunfermline are quite happy with our discussions with the administrators. We have come to an agreement with them. They are happy and we are happy, but there is not an immediate fix."
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