RANGERS managing director Stewart Robertson (below) earned £233,000 in the last year including a £53,000 bonus - as the cash-strapped club made a £3.3 million loss.

The earnings of the former Motherwell secretary and director, revealed for the first time include a £179,000 basic salary with £1,000 benefit in kind.  He was the highest earning director of the football board.

The Herald:

New financial statements also reveal for the first time that former chief executive Graham Wallace who resigned in October, 2014 after 11 months in the position, earned £225,000 in his final four months at the helm in the year to June, 2015.

Finance and adminstration director Andrew Dickson had a £158,000 pay package for the last year including £120,000 basic salary with £26,000 bonus and £11,000 in pension contributions.

There had been widespread criticism over the salaries paid to directors and staff under previous ownership regimes at Rangers, and after South Africa-based businessman Dave King swept to power as the kingpin at the club in March, last year, it was stated that no remuneration would be paid to directors of Rangers International Football Club plc, the holding company and investment vehicle.

Both Mr Robertson and Mr Dickson are the only paid directors of the RIFC subsidiary, the club's operating company, The Rangers Football Club Ltd, which is responsible for the club's day-to-day business.

In October, it emerged that the club, which returned to the Premiership this season after a four-year absence, had seen losses cut by more than half from £7.7million in 2015.

Mr Wallace was understood to have been earning £315,000 a year with a 100 percent bonus but before he left, it was thought that he had had a scaled down cash payment of £100,000 ratified by the then board's remuneration committee.

The Herald:

He was brought in as the chief executive, in November 2013, by the then plc chairman David Somers to lead the restructuring of the club.

But he was criticised by the fans for failing to reveal the true state of the club’s fragile finances.

Rangers Supporters' Association general secretary Drew Roberton described the payment to Mr Wallace as "shocking" and said he hoped that details of the current remuneration of the highest earning executives would be put to shareholders.

Of the current salary levels, Mr Roberton said: "At the end of the day someone somewhere has decided that these are the salaries and the bonuses and it is for the shareholders to say whether they think it is right. One would have to assume that whoever authorised the bonus payments, have satisfied the objectives they were given. I'd like to think the bonuses were for performance in the job and objectives that have been met."

Of Mr Wallace's payment he added:"You have to look at the people who awarded the contract. I don't think he put in anything like what he got out."

Another Rangers fans group source said he could not understand how Mr Wallace received the payments he received.

"There was never enough transparency over what board members were being paid previously and and you do have to ask the question why Mr Wallace was getting so much money for such a short period of time.

"We at least seem to be gettin some transparency now regarding the payments being made to our most senior staff."

The new financial statements also show for the first time that Mike Ashley associates Derek Llambias (below left) and Barry Leach (right) who left as Rangers directors in April, 2015, received £46,000 and £35,000 respectively in the year to June, 2015.

The Herald:

Accountant and pension fund manager David Somers who quit as Rangers chairman in March, 2015, got £40,000 and former investment banker Norman Crighton, who left his role as a non-executive director in December, 2014, received £38,000.

Papers show that Rangers paid out £120,000 in severance payments in the year to June, 2015, but do not specify who the beneficiaries were.

South Africa-based businessman Dave King swept to power as the kingpin at Rangers in March, 2015, along with fellow nominee directors Paul Murray and John Gilligan as Mr Llambias and Mr Leach were both ousted.

The Herald:

Rangers were approached for comment.