Kieran Maguire: Rangers could lose '10 per cent of their wage bill' as legal proceedings loom
The decision to pull out of the Sydney Super Cup could cost Rangers the equivalent of “10 per cent of their wage bill”.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the controversial friendly tournament in Australia.
Rangers were due to meet arch-rivals Celtic for the first time ever outside Glasgow in the Sydney Super Cup in November.
But after a huge backlash from fans of both clubs, Rangers have pulled out of the event, citing unfulfilled commitments from the organiser.
The Sun reported last Friday (1 April) that the Ibrox club could be left with a £5million breach-of-contract bill following their withdrawal.
Maguire put that figure into context and insisted that Rangers will be desperate to avoid the financial hit from the looming legal proceedings.
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“As far as Rangers are concerned, £5m is 10 per cent of their wage bill,” he told Football Insider‘s Adam Williams.
“It’s also 10 per cent of their overall income. Incurring that cost is something they will seriously want to avoid.
“My understanding is that it was a breach from the promoter rather than the backlash from fans that has ultimately caused them to abandon it.
“But there’s been a very severe backlash with regards to this match overseas. They will hope they have enough goodwill from the fans to offset that.”
Rangers, who trail Celtic by six points in the Scottish Premiership, are in action against St Mirren on Sunday (10 April).
They were beaten 1-0 away to Braga in the first leg of their Europa League quarter-final tie last night (7 April).