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Job losses loom at divided Rangers
Thursday March 8th 2012
Rangers boss Ally McCoist has claimed that playing staff have "absolutely no personal agendas" regarding the club's pay cuts.
It has been announced that Duff and Phelps, who have been employed as administrators at the club, are hoping to sell up sooner, after failing to finalise a wage reduction consensus.
Monday was the original deadline on which they hoped to reach a wage agreement, but this was not met and the talks finished with no resolution.
Duff and Phelps - who began work at the club on Valentine's Day - have been attempting to save £1 million each month by making cuts. These cuts could see some of the team's top earners taking a 75% wage cut.
The administrators will be speaking with potential buyers during the next few days, and said that the team would fail to finish the season if they did not sell up or make severe cuts.
David Whitehouse, joint administrator, said in a statement: "We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.
"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."
Copyright Press Association 2012
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