STICKING POINT
Ally still in hotseat as Ibrox exit talks stall
ALLY McCOIST is being left to sweat it out as Rangers manager following talks with the club hierarchy yesterday.
The Ibrox boss met with non-executive director Derek Llambias and Sandy Easdale, chairman of the football board, after handing in his notice last week.
It had been thought that a deal over the timing of McCoist’s departure could be produced at the meeting.
However, following 40 minutes of what were described as ‘ cordial’ discussions, it emerged that he would continue in charge for Saturday’s game against Livingston.
The Ibrox Annual General Meeting next Monday may now hold the key to his future.
‘Ally’s here and we’re looking forward to Saturday to the game,’ said Easdale as he left Ibrox last night.
But the Greenock-based businessman declined to comment on what might happen beyond the weekend or the possibility of a settlement on McCoist’s 12-month notice period.
Given the relative brevity of the meeting, it seems unlikely that any serious negotiations over a financial package to accelerate his exit took place with the Ibrox boss.
The club confirmed on Monday that McCoist had tendered his resignation and that they hoped an ‘amicable solution’ could be reached.
They also revealed that his salary would revert to £750,000 during his notice spell after he took a 50-per-cent
wage cut earlier this year. As it stands, the 52-year-old will be in the uncomfortable position of sharing the top table with club directors at what promises to be an extraordinary AGM. It remains to be seen whether his situation will change once that stormy event has passed. The Rangers board hope the AGM will provide approval for a new share issue — possibly underwritten by Mike Ashley — to help plug the £8million funding gap they face next year. Progress with a new financial plan may also provide the leeway required to negotiate a deal with McCoist (below). Meanwhile, Rangers have revealed another financial battle after opposing an SPFL bid to force them to pay a £250,000 fine the Ibrox ‘oldco’ received for its use of Employee Benefit Trusts. In February 2013, an independent commission headed by Lord Nimmo Smith handed down the punishment for use of the controversial tax scheme. Rangers believe that punishment was only applicable to the ‘oldco’ — currently in the process of being liquidated by BDO. However, the SPFL insist the club is bound by the terms of the five-way agreement signed in 2012 to transfer SFA membership and want to withhold broadcasting revenues until the debt is settled. A Rangers statement to the Stock Exchange read: ‘The board of the SPFL has determined that Rangers FC Limited is liable to pay the EBT Commission fine of £250,000 levied on RFC 2012 PLC (previously The Rangers Football Club plc) (in liquidation). ‘The SPFL has also decided that this sum will be recovered from the club by the SPFL withholding broadcasting money and other sums due to the club but which are paid in the first instance to the SPFL. ‘An appeal has been lodged with the judicial panel of the SFA which has confirmed that the decision of the SPFL is suspended pending the outcome of the appeal subject to the SPFL’s right to object. The board is advised that the sum is not due to the SPFL and the appeal will be pursued vigorously.’ The SPFL responded by claiming senior club officials at Ibrox had previously recognised that the fine would have to be paid. ‘Rangers FC Limited (“Rangers Newco”) signed an agreement under which they would be liable for sums such as this,’ said a statement from the governing body. ‘The chairman of Rangers FC, David Somers, and on one occasion the club’s then chief executive Graham Wallace, engaged in individual discussions with the majority of current SPFL board members several months ago acknowledging the liability and suggesting ways of paying the sums due. ‘Following such discussions, it was only when no sums actually arrived from Rangers that the SPFL board decided to offset this liability against future sums payable to the club.’ It creates a second area of conflict with the authorities after the SFA this week issued notices of complaint against Rangers and Ashley. They relate to alleged breaches of an undertaking about the Newcastle United owner’s level of influence at Ibrox. ‘The directors of Rangers will take legal advice with a view to defending the actions of the company and the club robustly in relation to those matters raised by the SFA,’ said a club statement. The case will go before a hearing on January 27 but is not expected to halt Ashley’s plans in relation to Rangers. Those may include underwriting a new share issue. It has been reported he plans to increase his stake to up to 29.9 per cent — which would give him effective control without triggering takeover rules — and that his legal team is ready to seek SFA approval for such a move.