Scottish League 1 Rangers Manager Ally McCoist claims he agreed to a wage cut because it was "the right thing to do" and not for the benefit of the annual report, according to the BBC. Financial figures published last week "showed an operating loss" of £14.4M ($22M) at Ibrox over a 13-month period until the end of June. McCoist: "I would like to point out that my decision to take a wage cut has nothing to do with the accounts. The negotiations started well before the accounts came out." The results revealed McCoist's salary to be £825,000 ($1.3M) before agreeing to a wage cut, which the manager said is now closer to a 50% reduction reported in one newspaper on Friday and not, as some have suggested, a 15% cut. McCoist: "The only thing I ever wanted was an opportunity to manage the club. There was a contract put down which I can tell you in all honesty was not negotiated at all" (BBC, 10/4). In Edinburgh, Andrew Smith reported as the Rangers "inevitably progresses to the Premiership, so McCoist understands his wage will return to what it was when last he managed Rangers in the top flight." McCoist: "There is a proviso for those wages to go back up. What we have at the moment are one-year rolling contracts and there will be negotiation as we rise, hopefully, through the divisions. It’s not been agreed, to be honest with you, but that’s the general [flow] of it, without going right into the actual details and numbers" (SCOTSMAN, 10/6).
