Bain gets pay rise

[alanmidd 0]

Rangers chief executive Martin Bain has received a �£165,000 pay rise in the past year.

 

Mr Bain, the highest-paid director at Ibrox, received a 35% increase in his salary from �£468,000 to �£633,000, according to the clubâ��s latest annual accounts.

 

His wages for the 12 months to June 30 included �£55,000 of contributions to a money-purchase pension scheme.

 

The accounts also showed total boardroom pay at Rangers increased from �£695,000 to �£832,000.

 

The SPL champions said their long-term loan and overdraft facility with Lloyds Banking Group stood at �£22.3million at June 30.

 

This was down �£3.7m from a year earlier, a situation enabled by the clubâ��s Champions League participation.

 

Chairman Alastair Johnston said in the annual report: ââ?¬Å?A balance has to be struck between debt reduction and remaining competitive on the playing front.

 

ââ?¬Å?To this end, we agreed a business plan with Lloyds Banking Group in recent months, and while we continue to look for new investment, this has enabled an allocation of funding for new players, while at the same time retaining the nucleus of the squad that has served us so well in the past two seasons.ââ?¬Â

 

Rangers moved from an operating loss of �£17.3m to a �£5.1m profit in the year to June 30, as Champions League participation helped boost its turnover by �£16.6m to �£56.3m.

 

Net operating expenses decreased by �£4.4m to �£43.9m, reflecting reduced salary levels and efficiencies.

 

Rangers Supporters Trust spokesman Stephen Smith praised Mr Bain for his work, but questioned whether such a pay increase was merited.

 

He said: ââ?¬Å?An increase of salary like that canââ?¬â?¢t ever be justified.ââ?¬Â

[H1ndy 0]

in our times of trouble im pretty shocked at how much bain gets paid

 

if we are making anymore cut backs im sure bain should be 1st to go

[Guest Buzz]

in our times of trouble im pretty shocked at how much bain gets paid

 

if we are making anymore cut backs im sure bain should be 1st to go

 

Whilst I think sacking our chief exec is a little extreme, I agree that his wage rise is far too much considering the clubs financial position.

[maineflyer 0]

I'm the last guy to criticise executive salaries but an increase of this magnitude seems close to outrageous at a time when our chairman is announcing further belt tightening will be required. Hardly the most consistent or credible message to send to the support.

[pete 2,499]

Well so much for the financial crisis. Just a few months ago we were hearing that the board had a narrow vote in favour of not going bankrupt. Players wages being slashed from deals agreed to by MR Bain. He is not responsible for all the debt but he has certainly had a helping hand in the surging costs. Mr Bain certainly has a heart for the club.

[wabashcannonball 0]

FFS he deserves every last penny, don't you know it's tough at the top.

[ascender 352]

To be fair, we don't know the reason for this, is it possibly a performance-related clause in his contract?

 

Regardless, it's the wrong message to send out although I'm not surprised one of our tabloids has chosen to run it as a major story.

[metlika 0]

He did take a pay cut but he is nearly at his previous salary, tough times? Not for Mr Bain....

[maineflyer 0]

I think I'll offer to do the job at half the salary. Apart from the obvious saving to the club, we would immediately improve gate receipts by converting most of the press seats for use by paying fans.

[andy steel 0]

That's just astonishing.