Charlotte Fakeovers · @CharlotteFakes
23rd Aug 2013 from TwitLonger
Ally McCoist, the man who threatened to walk away, is not a gambler. He hedges his bets.
Prior to the RIFC IPO in December 2012, he stated that he would resign if his salary was published in the forthcoming prospectus.
To overcome this, McCoist proposed that this be masked as £200k plus guaranteed bonus, effectively disguising his true level of remuneration.
This was dismissed by the Board, although after seeking further advice, a compromise was reached. As a result a figure was published which meant it was simply not possible to determine the actual salary with any real confidence.
What may not be known is that Mr McCoist and Charles Green both agreed to change their salary levels around July 2012. Charles went from £720k to £360k (+£360k bonus) if the club were successful in SFL3. Hardly a gamble. Ally on the other hand dropped from £750k to £600k per year. I am not aware if there was any bonus to be paid in addition to this amount.
This is where Ally appears to have hedged his bets. His agreement was verbal in nature. Towards the end of December 2012 Ally McCoists representatives let it be known that they wished reinstatement of the £750k salary as well as £62.5k to cover the shortfall in the previous 5 months.
The board argued the case that such a rise, immediately after the IPO, would not be good practice. Charles then had to relay to the board that only one contract remained in place and that quite clearly stated that Ally should receive £750k per year.
Should Ally once again go public with an offer to reduce his salary, it would be wise to ensure that HR are kept in the loop. If he's truly supporting of fan ownership, then perhaps he might consider transferring his 1,000,000 shares at cost price to the supporters trust. I'm sure they can gather £10k pretty quickly.