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Funding 'in place' for Rangers wage bill
Published : 01 Jun 2012 18:28:04
Rangers have enough money to cope with the players' return to full wages, according to administrators Duff and Phelps.
The Ibrox squad and management took cuts of up to 75% in March in order to help the club through the administration process, which took a step closer to conclusion on Tuesday when the administrators published the Company Voluntary Arrangement (CVA).
A spokesman for the administrators claims money is available. He told Press Association Sport: "The funding is in place for the club to operate and function normally until the sale is complete, which should be in July."
If successful, Charles Green's consortium will take over the club in mid-July although even if the CVA is rejected by Rangers' creditors, it appears the consortium will take over by buying the club's assets.
However, it emerged that Â£8.3million of the Â£8.5million put forward by Green's group is in the form of a loan, while Duff and Phelps are due Â£5.5million before any money is paid to creditors.
Concern about how the club would be funded after Friday, when the wage bill rises back to normal levels at a time when there was no gate money coming in, were raised by fans on Thursday.
Meanwhile, FIFA and the Scottish Football Association are still corresponding with regard to Rangers.
The Ibrox club successfully overturned their 12-month transfer embargo in the Court of Session on Tuesday after Lord Glennie ruled an SFA panel had no right to impose the punishment under the governing body's rules.
On Thursday, the SFA referred Rangers' disrepute charge back to their internal appeals process and a date for that will be set next week. FIFA were unhappy with the matter going before a civil court but are understood to be more satisfied now that the decision has returned to the football domain.
While the Court of Session's outcome was heralded in some places as a victory for Rangers, the Ibrox club could face more severe sanctions including suspension or expulsion from the game.