By Wayne Veysey

8th Oct, 2023 | 8:00am

Sources: Rangers pay-off to Michael Beale revealed after termination

Rangers have made a multi-million pound Michael Beale payout for the second time in a year, sources have told Football Insider.

It is believed a significant seven-figure compensation sum was paid to Queens Park Rangers upon his appointment in November 2022.

But Beale was sacked last week (1 October), meaning Rangers have been forced to pay the manager in excess of £1million.

The Ibrox club also confirmed coaches Neil Banfield, Damian Matthew, Harry Watling and Jack Ade have had their contracts terminated.

Vastly-experienced midfielder Steven Davis has been placed in interim charge of the Glasgow club, flanked by coaches Alex Rae, Steven Smith, Brian Gilmour and Colin Stewart.

Davis suffered defeat in his first game in charge, losing 2-1 away from home at Aris Limassol in the Europa League on Thursday (5 October).

In the Scottish Premiership, the Gers are already seven points adrift of rivals Celtic after just seven games.

Beale took charge of 43 games at Ibrox, winning 31 and losing eight.

Failure to qualify for the Champions League group stages was compounded by early-season losses against Celtic and Aberdeen in the Scottish top flight.

The former Chelsea youth coach also failed to bring any silverware to Ibrox, with Ange Postecoglou’s Hoops side scooping a domestic treble in the 2022-23 campaign.

Football Insider revealed on Friday (6 October) that ex-Everton and Chelsea boss Frank Lampard is on the shortlist to become the next manager of Rangers – and is “keen” to land the role.

The Gers are next in action against St Mirren on Sunday (8 October).

In other news, youngster arrives for trial at Scottish club after quitting Rangers.