Situation is escalating fast....
http://www.rangers.co.uk/news/footba...rticle/2638789
Duff & Phelps, the Administrators of Rangers Football Club, today issued the following statement.
David Whitehouse, Joint Administrator, said: "We are announcing today we are accelerating the sale of Rangers Football Club.
"The Club is in a perilous financial situation and that should not be under-estimated. Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business. We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.
"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad. We are striving to strike a balance where cost-cutting measures can be implemented but do not destroy the fabric of the playing squad to the extent that it will inhibit the prospect of a sale.
"However, no one should be in any doubt that in the absence of sufficient cost-cutting measures or receipt of substantial unplanned income,
the Club will not be able to fulfil its fixtures throughout the remainder of the season.
"As a result, we are expediting the sale process and over the next few days we will be holding discussions with prospective purchasers who have declared their interest. The Manager, Ally McCoist will play an integral part in these discussions.