Financially-stricken Rangers struggling to see out season

Administrators last night warned Rangers would not finish the season unless they secured a quick sale or implemented “very severe” cost-cutting measures.

Duff and Phelps announced they were “accelerating” the sale of the club after failing to finalise a wage-reduction agreement with players that would have limited redundancies in return for cuts of 75% for the highest earners.

They had been optimistic of success after failing to finalise personal details with about half a dozen players on Tuesday night but no deal emerged yesterday and administrators then delivered a stark warning about the scale of the club’s financial problems.