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SBD Global/December 12, 2013/Franchises
Scottish League 1 Rangers Finance Dir Brian Stockbridge To Return $328K Bonus
Published December 12, 2013
Scottish League 1 Rangers Financial Dir Brian Stockbridge has agreed to pay back his controversial £200,000 ($328,000) bonus "in a bid to retain his place on the Rangers board," according to the SCOTSMAN. A club spokesperson confirmed that Stockbridge "was in the process of paying back money to the club after it emerged that major shareholder Laxey Partners had demanded the gesture in return for its support at next week's annual general meeting." Of the five Rangers directors bidding for re-election on Dec. 19, Stockbridge "has come under the most pressure after it emerged he had doubled his salary by claiming the bonus for the club’s Third Division title win," despite presiding over operating losses of £14.4M ($24M) (SCOTSMAN, 12/11). In Glasgow, Scott McDermott wrote the Sons of Struth on Tuesday "demanded the Rangers board prove" Stockbridge handed back his £200,000 bonus. The board claimed that "Stockbridge will now give up the cash but The Sons of Struth want proof." Spokesperson Craig Houston said, "If Stockbridge is to return his bonus we would call for him to do so prior to the AGM on December 19. We feel he may not survive the election process as Laxey are only one of a number of shareholders voting and we would like to see proof of the funds returning to the club." Earlier, the group that met Kingsnorth -- Rangers Union of Fans -- "issued a statement after they had tried to convince the hedge fund to change their mind and vote off the current board." It read, "Despite broad agreement on fans' concerns (regarding Stockbridge) Mr Kingsnorth indicated Laxey were unlikely to change their already submitted and publicly stated vote. We remain unclear on the reasoning behind this" (Scotland DAILY RECORD, 12/11).