So, it was Malcom Murray that set the wages for directors

[gogzy 31,195]

Shamelessly stolen from FF

http://www.telegraph.co.uk/sport/football/teams/rangers/10348112/Malcolm-Murray-to-blame-for-Rangers-directors-high-wages-claims-Craig-Mather.html

Malcolm Murray to blame for Rangers directors' high wages, claims Craig Mather

In the teeth of fierce fan dissent - and a continued campaign to dislodge existing Rangers directors by a group of investors including the former chairman, Malcolm Murray - the Ibrox chief executive, Craig Mather, mounted a forceful defence of the accounts issued on Tuesday which posted an operating loss of £14 million for the 13 months to June this year.

The results were in vivid contrast to those of Celtic, revealed last month, which showed a pre-tax profit of £9.74 million on a group turnover of £75.82 million.

Rangers’ turnover to June was £19.1 million, most of which was derived from gate receipts and hospitality income. Playing squad salaries fell during the period but so too did earnings from sponsorship and the media. Throughout the accounting period and also subsequently there has been a persistent concern amongst supporters and some investors that the cash burn at Ibrox has been out of control.

Asked why the costs associated with the public share offer last December were as high as £6.1 million, Mather replied: “There are the physical IPO costs, the costs of raising money and what we would deem non-reoccurring costs - for example, exceptional costs in excess of £4 million.

“Nobody can shy away from the fact that the IPO cost was high and the cost of raising money was high but if you go into the detail of that – and the devil is in the detail, without fear of contradiction – at the time, when I wasn’t CEO, just for clarity - there was no football security. What I mean by that is the club didn’t know what league they would be playing in.

“It was never ever going to be cheap to raise money against that backdrop but Rangers had to be saved. For me, and to five million fans looking at it around the world, it was imperative that this club was saved.

“Under normal circumstances, people in the City would take a view of somewhere up to 7.5 per cent is a normal cost of raising funds. This wasn’t normal and I’m not trying to defend the people involved - I wasn’t there, I wasn’t party to it - but it’s obvious that you have to look at what you can offer the investor in return for the investment.

“If you can’t tell them if you’re going to be able to kick a football, or if you’re going to be able to play in a certain division or get membership of the SFA it’s not an easy sell.”

Another bone of contention is that the directors have set their own remuneration, to which Mather replied: “It was a decision taken by the remunerations committee and the chairman at the time, which was Malcolm Murray.

“So Malcolm Murray decided the remunerations for Charles Green and Brian Stockbridge and unfortunately the directors are duty bound to honour those scenarios historically. I can assure you on my watch that won’t be happening.

“If you look at my pay, there was talk about £500,000 but the actual amount I agreed to in the end was £300,000. Brian Stockbridge was on £200,000 plus a contractual bonus. Again, quite openly he’s agreed to waive that contractual bonus of his own accord.”

The accounts reveal that £6.75 million was used to purchase trade and assets. Some critics have suggested that Charles Green’s consortium did not buy Rangers, but rather that the club itself did.

“That’s categorically untrue,” said Mather. “It’s just mischief making. The club was bought by the Green consortium and I wasn’t part of it at that juncture. Monies were paid in good faith for those trading assets, full stop.”

As to the Ally McCoist’s wages, Mather said: “I’m not suggesting Alistair become the lowest paid manager but he’s very happy to take a pay cut of his own volition. It’s a substantial pay cut.”

[Redwhiteandblue 3,330]

Another nail in the cofin of minico.

[Ozzie Col 5]

This little man MM is like a fly round shite!..... Just piss off!....

[TheBluebells 6,898]

This little man MM is like a fly round shite!..... Just piss off!....

Eh....

[Non_Sucumbi 876]

Wonder if MM was pished when he agreed the renumeration packages? Still all can be forgiven, he paid the electricity bill.

[Ozzie Col 5]

Eh....

Just keeps on hanging about when not wanted!...(explained)

[General Smiley 494]

Oh good.

[Blue Atheist 194]

Makes sense given Murray was chairman at the time.

Paul Murray and Malcolm Murray are not needed at Rangers.

There's only one Murray who'd be any use to us, and it ain't these two.

[SE5 107]

“Under normal circumstances, people in the City would take a view of somewhere up to 7.5 per cent is a normal cost of raising funds. This wasn’t normal and I’m not trying to defend the people involved - I wasn’t there, I wasn’t party to it - but it’s obvious that you have to look at what you can offer the investor in return for the investment.

“If you can’t tell them if you’re going to be able to kick a football, or if you’re going to be able to play in a certain division or get membership of the SFA it’s not an easy sell.”

The IPO was in December. Is Mather a moron or does he think we are? There was no uncertainty around which league we would play in. It was known on July 13 last year what league we would be playing in so going by Mather's own reasoning there is no justification for outrageous fees, charges and commissions after July 13. The Devil really is in the detail pity Mather is part of actions to stop us finding out exactly how much, how many more frankly Satanic payments are there from Rangers back to investors like the total of £300k paid back to Eurovestech and Richard Bernstein made in December?

Malcolm Murray was on the remuneration committee. Mather didn't mention who else was... And Murray took nothing. What does that tell you?

People really are so blinded by their hatred of Paul Murray and co that they will accept any old nonsense spouted by the club. Also passing the blame elsewhere for any financial mess is not attractive, not attractive one little bit. Not impressed with Craig here. Another one i simply cannot trust.

[californiadreamin52 339]

Mather is on £100,000 more than Stockbridge really Mather does this man ever consider what he says pot kettle black

[ScottBF2 3,540]

Makes sense given Murray was chairman at the time.

Paul Murray and Malcolm Murray are not needed at Rangers.

There's only one Murray who'd be any use to us, and it ain't these two.

Ally would play Ian Murray at CM though.

[AlBear. 8,499]

How convenient.

Let the MM bashing begin...again.

I posted last night in jest that someone should blame MM as it's the easiest thing to do.

[CaptainofIndustry 921]

How convenient.

Let the MM bashing begin...again.

I posted last night in jest that someone should blame MM as it's the easiest thing to do.

Malcolm Murray was Rangers chairman. If he couldn't bring his influence to bear on the remuneration committee, which he also chaired, what was he doing at the club? If he was just some hapless Green stooge, as it seems we're being asked to believe, what's the point in him returning to the club as a non-exec? If he couldn't achieve anything as chairman, WTF could he possibly achieve as a non-exec?

[CaptainofIndustry 921]

“Under normal circumstances, people in the City would take a view of somewhere up to 7.5 per cent is a normal cost of raising funds. This wasn’t normal and I’m not trying to defend the people involved - I wasn’t there, I wasn’t party to it - but it’s obvious that you have to look at what you can offer the investor in return for the investment.

“If you can’t tell them if you’re going to be able to kick a football, or if you’re going to be able to play in a certain division or get membership of the SFA it’s not an easy sell.”

The IPO was in December. Is Mather a moron or does he think we are? There was no uncertainty around which league we would play in. It was known on July 13 last year what league we would be playing in so going by Mather's own reasoning there is no justification for outrageous fees, charges and commissions after July 13. The Devil really is in the detail pity Mather is part of actions to stop us finding out exactly how much, how many more frankly Satanic payments are there from Rangers back to investors like the total of £300k paid back to Eurovestech and Richard Bernstein made in December?

Malcolm Murray was on the remuneration committee. Mather didn't mention who else was... And Murray took nothing. What does that tell you?

People really are so blinded by their hatred of Paul Murray and co that they will accept any old nonsense spouted by the club. Also passing the blame elsewhere for any financial mess is not attractive, not attractive one little bit. Not impressed with Craig here. Another one i simply cannot trust.

Whereas some people are so blinded by others' unquestioning support of Paul Murray that they feel compelled to present others' views as their own.

[Guardian 4,281]

How convenient.

Let the MM bashing begin...again.

I posted last night in jest that someone should blame MM as it's the easiest thing to do.

Wasn't he in charge at the time or is going to claim he was powerless anaw ?

Is that a Murray trait ?

[RFC Eagle 4,888]

How convenient.

Let the MM bashing begin...again.

I posted last night in jest that someone should blame MM as it's the easiest thing to do.

As Chairman he signed off on them. Can't see why he shouldn't take the blame or a portion of it. If hr wasn't happy about them he could have refused to sign or resigned in protest.

Why di didnt he act?

[Guardian 4,281]

“Under normal circumstances, people in the City would take a view of somewhere up to 7.5 per cent is a normal cost of raising funds. This wasn’t normal and I’m not trying to defend the people involved - I wasn’t there, I wasn’t party to it - but it’s obvious that you have to look at what you can offer the investor in return for the investment.

“If you can’t tell them if you’re going to be able to kick a football, or if you’re going to be able to play in a certain division or get membership of the SFA it’s not an easy sell.”

The IPO was in December. Is Mather a moron or does he think we are? There was no uncertainty around which league we would play in. It was known on July 13 last year what league we would be playing in so going by Mather's own reasoning there is no justification for outrageous fees, charges and commissions after July 13. The Devil really is in the detail pity Mather is part of actions to stop us finding out exactly how much, how many more frankly Satanic payments are there from Rangers back to investors like the total of £300k paid back to Eurovestech and Richard Bernstein made in December?

Malcolm Murray was on the remuneration committee. Mather didn't mention who else was... And Murray took nothing. What does that tell you?

People really are so blinded by their hatred of Paul Murray and co that they will accept any old nonsense spouted by the club. Also passing the blame elsewhere for any financial mess is not attractive, not attractive one little bit. Not impressed with Craig here. Another one i simply cannot trust.

You think the IPO was organised the same week it was issued.

When it comes to blaming others, few can compete with mini.

If it was an Olympic sport he'd win gold for sure.

How can you greet about one off costs yet ignore the lies and greed from Paul Ticketus. ?

No sane bear could support him now surely. It was bad enough before, but now he's been proven a liar yet again, there can't be anyone defending him now.

Surely not.

The accounts are out, they aren't bad considering, we aren't going bust and the money is not all gone.

It's time to unite and move on and put minico and their divisive shite behind us.

Don't they realise even if they did get in, they would come unsure the same scrutiny if not more ?

Calls to get behind them would never be heeded.

[trublusince1982 768]

don't know why he's lying about the club not paying for itself when it clearly did? Would be far better just to put hands up and say yeah we did and it's tough titty, would have more respect for that than trying to treat us like idiots.

[OLE SUPER WILBERT 2,475]

I don't mind Mather but he says this like it's ok.

“If you look at my pay, there was talk about £500,000 but the actual amount I agreed to in the end was £300,000"

[8Ace 49]

You think the IPO was organised the same week it was issued.

When it comes to blaming others, few can compete with mini.

If it was an Olympic sport he'd win gold for sure.

How can you greet about one off costs yet ignore the lies and greed from Paul Ticketus. ?

No sane bear could support him now surely. It was bad enough before, but now he's been proven a liar yet again, there can't be anyone defending him now.

Surely not.

The accounts are out, they aren't bad considering, we aren't going bust and the money is not all gone.

It's time to unite and move on and put minico and their divisive shite behind us.

Don't they realise even if they did get in, they would come unsure the same scrutiny if not more ?

Calls to get behind them would never be heeded.

And what if you are wrong and have believed their hype?

[8Ace 49]

I don't mind Mather but he says this like it's ok.

"If you look at my pay, there was talk about £500,000 but the actual amount I agreed to in the end was £300,000"

That's not bad for a cardboard box maker and failed sports agent, with no proven track record to be in the position he is in.

[j1mgg 3,766]

I don't mind Mather but he says this like it's ok.

“If you look at my pay, there was talk about £500,000 but the actual amount I agreed to in the end was £300,000"

He could easily of taken £500k but he didn't and took a lower wage. We can't expect to pay our top staff £20k a year.

[OLE SUPER WILBERT 2,475]

He could easily of taken £500k but he didn't and took a lower wage. We can't expect to pay our top staff £20k a year.

Of course we can't.

That's still too much though.

[five stars 1,767]

So who was on the remuneration committee? Malcolm Murray has to take some of the responsibility but if you remember back he was at odds with Green from a very early stage.

How much was M.Murrays wages/bonuses, did the remuneration committee by any chance have Stockridge/Green and Ahmed on it?

It sad to see we are divided as ever as a support, why don't we try and get as much information as possible then make up our own f@cking minds?

[nachothelegend 1,932]

“Under normal circumstances, people in the City would take a view of somewhere up to 7.5 per cent is a normal cost of raising funds. This wasn’t normal and I’m not trying to defend the people involved - I wasn’t there, I wasn’t party to it - but it’s obvious that you have to look at what you can offer the investor in return for the investment.

“If you can’t tell them if you’re going to be able to kick a football, or if you’re going to be able to play in a certain division or get membership of the SFA it’s not an easy sell.”

The IPO was in December. Is Mather a moron or does he think we are? There was no uncertainty around which league we would play in. It was known on July 13 last year what league we would be playing in so going by Mather's own reasoning there is no justification for outrageous fees, charges and commissions after July 13. The Devil really is in the detail pity Mather is part of actions to stop us finding out exactly how much, how many more frankly Satanic payments are there from Rangers back to investors like the total of £300k paid back to Eurovestech and Richard Bernstein made in December?

Malcolm Murray was on the remuneration committee. Mather didn't mention who else was... And Murray took nothing. What does that tell you?

People really are so blinded by their hatred of Paul Murray and co that they will accept any old nonsense spouted by the club. Also passing the blame elsewhere for any financial mess is not attractive, not attractive one little bit. Not impressed with Craig here. Another one i simply cannot trust.

Oh look somebody's not happy

What's the matter don't you want stability at the Club?