Rangers chief’s £165k pay rise

[toolongawake 993]

Rangers chief executive Martin Bain has received a £165,000 pay rise in the past year.

Mr Bain, the highest-paid director at Ibrox, received a 35% increase in his salary from £468,000 to £633,000, according to the club’s latest annual accounts released yesterday.

His wages for the 12 months to June 30 included £55,000 of contributions to a money-purchase pension scheme.

The accounts also showed that total boardroom pay at Rangers increased from £695,000 to £832,000.

The SPL champions said their long-term loan and overdraft facility with Lloyds Banking Group stood at £22.3 million at June 30.

This was down £3.7m from a year earlier, a situation enabled by its Champions League participation.

Chairman Alastair Johnston says in the annual report: “A balance has to be struck between debt reduction and remaining competitive on the playing front. To this end, we agreed a business plan with Lloyds Banking Group in recent months, and whilst we continue to look for new investment, this has enabled an allocation of funding for new players, while at the same time retaining the nucleus of the squad that has served us so well in the past two seasons.”

Rangers moved from an operating loss of £17.3m to a £5.1m profit in the year to June 30, as Champions League participation helped boost its turnover by £16.6m to £56.3m. Net operating expenses decreased by £4.4m to £43.9m, reflecting reduced salary levels and efficiencies.

Commenting on Rangers’ dispute with the taxman over the operation of an employee remuneration trust, finance director Donald McIntyre says in the annual report: “On the basis of expert tax advice, the club is defending a query raised by HMRC into the operation of the Murray Group Management Limited Remuneration Trust, established to provide incentives to certain employees and other service providers. This is part of an ongoing tax inquiry scheduled to be heard by a tax tribunal before the end of the year. It would therefore be inappropriate to comment further.”

Rangers Supporters Trust spokesman Stephen Smith praised Mr Bain for his work, but questioned whether such a pay increase was merited. He said: “An increase of salary like that can’t ever be justified.”

Mr Smith said he was impressed with a number of aspects of Mr Bain’s tenure at Rangers, particularly his relationship with supporters and his handling of the club’s fraught relationship with Lloyds.

“There’s a lot of fans think he and the chairman have done a great job of picking up David Murray’s mess,” he said. “In dealing with the bank he’s been firm and robust.”

Mr Johnston was unavailable for comment last night.

what do we all make of this?

[J-Maestro 9,365]

If he gets Miller and Papac on new deals and continues to source us funds for maybe one player like Jelavic a year then no problem with paying the going rate.

[Jelle1880 215]

Quite inappropriate, considering the state of the club.

[CanadianBacon 2,088]

I suspect that under those layers of deep-brown sun bed tan, the ex-model will have a big riddy!

[GeneralCartmanLee 313]

If he was set targets then met them, he deserves his money

[CanadianBacon 2,088]

Accepting that sort of increase on a salary that is already beyond the dreams of most Rangers supporters is, quite frankly, give the clubs' current finances, nothing short of disgraceful and it makes him no better than the greedy bankers whose bonuses are beyond the pale.

Whilst the playing staff (you know - the one's who did the business on the park and whose efforts got us the additional CL money and so on) are being asked to accept less money than before.

Of course he could decline the pay rise/bonus.

(CB pauses whilst a squadron of pigs do a fly-past)

[ZX750 31]

If he was set targets then met them, he deserves his money

Every thread you go into you disagree with the majority, or what looks more like shit stirring.

How can you possible say someone deserves a £165k a year wage rise if the company is in a financial mess? How can he justify a rise that severe? 20% if a hell of a lot of money for anyone, never mind someone on £500k a year.

I seriously don't think you believe what you type half the time.

[TunnyLoyal 1,136]

I actually think it is a fair wage for someone who is doing such a massive job as him.

He has done well in the last 2 seasons, IMO.

[Poetry_In_Blue 1,043]

First of all I won't say if it's wrong or right, but when you compare it to the bonuses etc that members of banks received who probably deserve it even less then it is almost small by comparison.

Again, I'm not sure, but for a couple of seasons didn't Bain actually take pay cuts to help with the financial situation of the club?

Regarding Bain though, since he's been removed from SDM's shackles he has shown a vast improvement in his dealings with other clubs/players and with the fans, this can only be positive.

As I said, the pay increase I don't know if it's wrong or right, and I'm not sure anyone of us can honestly say one way or the other, all we have is our views, but that report indicates that the whole boardroom received an increase, now tell me this what have they done to indicate that they deserve a pay increase also?

[AlCapone 7,678]

First of all I won't say if it's wrong or right, but when you compare it to the bonuses etc that members of banks received who probably deserve it even less then it is almost small by comparison.

Again, I'm not sure, but for a couple of seasons didn't Bain actually take pay cuts to help with the financial situation of the club?

Regarding Bain though, since he's been removed from SDM's shackles he has shown a vast improvement in his dealings with other clubs/players and with the fans, this can only be positive.

As I said, the pay increase I don't know if it's wrong or right, and I'm not sure anyone of us can honestly say one way or the other, all we have is our views, but that report indicates that the whole boardroom received an increase, now tell me this what have they done to indicate that they deserve a pay increase also?

correct and correct....put it in perspective, he gets paid about the same as Broadfoot

[CanadianBacon 2,088]

Sun-Bed is a massive Rangers fan and would pay money to follow the team whether he was an employee or not - indeed I recall standing next to him on the old terraces back in the early 90's at *(fill in the name of your favourite away ground)*.

I'm sure he'll decline this most generous offer.

(More pigs going past the window - in formation)

[J_RFC87 704]

It would be ignorant to say he doesn't deserve it based purely on the state of our finances.

It's funny how the article chucks the grenade in, gets a silly "can't ever" comment from Stephen Smith and then lets the fans chew it over. That's what sells newspapers.

[eastcoastbear 122]

Fuckin disgraceful amount of money to be paid, especially given our financial situation.

If I'd known he was going to get a rise like that, I'd have tapped him for the money to pay for my ST this season instead of not renewing.

[gunslinger 270]

his sallary fluctuates with our succes in the accounts. hes clearly on big bonuses.

personaly i think its far to much but its probably market value.

[bawbaggery 0]

Therein lies the answer to many of our financial problems, if not all, failure which far outweighs success being rewarded, rather than being addressed in the proper fashion.

[DarcheVinny 1,003]

Personally I can't see why he needs a payrise, or why one would be offered, what's he doing that someone else can't do for half the price? give me 25k a year n I'll do it just as well.

[DarcheVinny 1,003]

Personally I can't see why he needs a payrise, or why one would be offered, what's he doing that someone else can't do for half the price? I do think he has been good for us past year or so, but when kenny miller is offered lesser terms initially, and martin bain gets 35% increase...how does that work?

[toolongawake 993]

seems to be mixed opinions in here so have added a poll to the thread

[bawbaggery 0]

If he was set targets then met them, he deserves his money

He deserves his jotters, his term and continuing term as ceo presiding over a mess, as one of Murray's henchmen/yes men has not been a mirage.

[CanadianBacon 2,088]

Personally I can't see why he needs a payrise, or why one would be offered, what's he doing that someone else can't do for half the price? give me 25k a year n I'll do it just as well.

There are many bluenoses who would do the job just for the expenses incurred merely to have that inner glow when they say to someone, "I work for Rangers Football Club!"

There are many retired captains of industry in the Rangers support who would gladly do the job and who have far more experience in business that this ex-model who got lucky.

[BawdeepLoyal 94]

TBH this is just a Chief Execs salary.

Not out the ordinary at all for a biz like The Rangers.

I assume he is doing his job well or he would not get the rise. This is the same as every other company in the world. The only people who get paid large sums for doing nothing work for the Government.

[CanadianBacon 2,088]

Well we were in the financial shitter for a while, and he helped drag us out of it. He's done his job well. It would be interesting to compare his salary to other Champions League clubs' chief executives...

No offence, but I'm not interested in the financial well-being or otherwise of other CL club CEO's.

I'm a Rangers supporter and I don't think my club can afford to be throwing money about (35% increase mind you) during such austere times.

In my humble opinion.

[ZX750 31]

Well we were in the financial shitter for a while, and he helped drag us out of it. He's done his job well. It would be interesting to compare his salary to other Champions League clubs' chief executives...

You'll probably find he earns more than most !

[gunslinger 270]

He deserves his jotters, his term and continuing term as ceo presiding over a mess, as one of Murray's henchmen/yes men has not been a mirage.

pointless getting rid of the henchmen while the evil overlord stays in place.

[1st_Jan_1994 4,868]

Every thread you go into you disagree with the majority, or what looks more like shit stirring.

How can you possible say someone deserves a £165k a year wage rise if the company is in a financial mess? How can he justify a rise that severe? 20% if a hell of a lot of money for anyone, never mind someone on £500k a year.

I seriously don't think you believe what you type half the time.

Well said.

If there was an atomic bomb and he was the worlds last survivor he'd probably go and find himself a wee cave, sit down and pick a fight with himself.