I can vouch for this

I note with interest that the “Ally took a 50% pay cut” narrative seems to be a hardy meme in Planet Fitba.

The reality is much more interesting.

Earlier this year, after discussions with Philip Nash, Mr McCoist agreed to give up his bonus from last season and his unvouched expenses.

I am not sure, at time of writing, is ‘give up’ means he agreed to forego the bonus or merely defer it.

However I will try to ascertain that for you in the near future.

You may, dear reader, think that the expense thing is no big deal.

However you would be wrong on that one.

Under his contract Mr McCoist was due an annual expense allowance of £125,000 in unvouched expenses.

Unvouched means no receipts have to be presented, it is part of his overall remuneration package and is in addition to his annual salary of £750k.

I understand that these expenses are now restored to him.

This rather generous allowance was part of his new contract.

That is the one that he agreed with Charles of Normandy who was, at the time, besieged in the Ibrox keep by that somewhat uncouth pretender John de Bomber of Govan.

Mr Alistair has been rather costly to keep in the Big Bleak House.

A source close to the action took me through the numbers.

Mr McCoist received an annual salary of £750k pa for two years (£1.5m) and those unvouched expenses £125k pa also for two years (250k).

His league winning bonuses (two of them) were (conservatively) 50% of his annual salary so another £750k pa.

However they may (like those of Charles Green) been as much as 100% of his annual salary of £750k

So that could be around £2.5m for Mr McCoist since Charles of Normandy invited him to the Sevco banquet.

A number crunching buddy told me that the £125k pa figure for expenses made some sense of an item in TRFC that had been baffling him. He said that the figure for “sundry expenses” was very high indeed and this made the picture a lot clearer for him.

If Mr McCoist  is paid his full severance package  (another 750k) then  Super will have taken  around £3.25m out of RIFC/TRFC by the time he does walking away.

As I wrote today the accounts of The Rangers Football Club (formerly known as Sevco Scotland Limited) will shine a light on the true nature of McCoist’s remuneration.

If you will recall the RIFC year-end accounts stated that the company would require £8m to get through the year.

Well I have been assured that is, to use a well know term from accountancy, pish.

I am told that a far more realistic figure would be £12m.

As well as that the cost of a prospectus for the share issue –assuming they stick to the £8m figure- would be between £500k and £800k.

In other words the likely cost of the McCoist pay off.

For the avoidance of doubt RIFC/TRFC cannot pay off Mr McCoist because they simply do not have the money. They will have to access external finance or ask Super Ally to do walking away for free.

In the meantime Mr McCoist remains the manager of The Rangers Football Club.



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