Administrators Hope For Quick Rangers Sale

Administrators at Rangers Football Club have delayed a decision on player redundancies until Friday while it attempts to speed up the sale of the Scottish champions, following another day of failed negotiations with playing staff to agree cuts.

Duff & Phelps, the administration company at the Scottish club, have revealed it fears the severe cost-cutting it is contemplating could deter interested parties.

Joint administrator David Whitehouse said in a statement: ‘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 underestimated. 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.’

On Tuesday, wingers Gregg Wylde and Mervan Celik agreed to leave the club voluntarily, but it has been reported that seven or eight players have yet agreed to deals being offered by the administrator.

Some players have agreed reduced terms to stay but with incentives – including free transfers in the summer or being allowed to leave for reasonable offers – as the club attempts to make monthly savings of £1m.

Now the administrators are pinning their hopes that a buyer will come forward before it is forced into widespread cuts.

Paul Clark, Joint Administrator, added: ‘As regards the Club playing in European competitions next season, there is no realistic prospect of the Club being able to fulfil its obligations prior to the March 31 deadline set by UEFA.’