Breaking news: Rangers promotion means £500,000 Newcastle bonus
The breaking news this morning north of the border sees Rangers having to pay Newcastle United £500,000 if the Glasgow club are promoted.
The clause in the deal that took five Newcastle loan players to Rangers has been kept secret until now, but with the Scottish club issuing interim financial results the shock potential payment has been made public.
The total prize money for finishing second is only £342,000! Meaning that Ranger would be out of pocket even if they went up, purely in terms of prize money.
The audacious inclusion of this clause is sure to add fuel to the fire as to just how loaded previous arrangements have been in favour of Mike Ashley and Newcastle United.
Rangers were always certain to be at least in the play-offs with or without any signings in January, with a very good chance of progressing upwards regardless of any help.
With only Haris Vuckic playing any kind of meaningful part so far for Rangers, the idea of a potential half a million bonus for Ashley/NUFC will look outrageous to most.
With all the revelations in recent days about no medicals when the loan players signed in January and Gael Bigirimana’s situation, this bonus made public is the cherry on the cake.
Revealing losses of £2.89m for the six months up to 31 December 2014, the interim Chairman of Rangers Paul Murray:
“The new directors have been in place only a matter of weeks but have already started to repair the damage caused through recent years of neglect and disrespect for this club, its people and its history.
“The mismanagement of the club in recent years has been simply staggering.
“As the Interim Accounts prove, the new board has inherited major problems but while campaigning for change we all knew the club would be in need of major restructuring and repair on all fronts.”
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