Duff and Phelps have admitted that they must sell Rangers or the club will fold.
The dramatic announcement was made after the clubs administrators conceded that they have been unable to strike a deal with players over cost cutting and that redundancies will have to be made.
Selling the club seems highly unlikely with the outcome of a tax bill that could reach £50m still to be declared.
After three days trying to agree a deal with players Duff and Phelps have issued a grim warning about the future of the club put into administration by Craig Whyte.
Today’s statement from David Whitehouse reads: “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 thesediscussions.
“If however it becomes apparent that the sale process cannot be accelerated there will be no choice but to implement very severe cost cutting measures at the Club.”
Rangers have only one home match this month, against Celtic, either side of away days to Dundee United and Motherwell.
CLICK HERE for Duff and Phelps ‘we can’t enforce wage cuts’
CLICK HERE for Dave King ‘liquidation is inevitable’
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think i’ll have some of the most succulent lamb, followed by Jelly & Ice Cream
Nah, this really isn’t good. I want them to suffer, but this is too much, far too much. We are being unrealistic if we think they won’t get stronger as a resultof this. they can fold, start-up again in a different name, have zero debts, and go from strength to strength.
There are a lot of hun fans out there, like the two currently being protected from trying to murder our manager that we all want to see suffer badly. These two will get off. We know they will. The system is bending over backwards to get them off, but fans like this deserve every hurt available to mankind. However, there are real fans out there who bleed blue for their club, unlike the bigots, sandy jardine etc, who make comments expected from infats who have just been brainwashed by a bigoted dad!
I hope they survive, I really do, but not until they pay their debts to society. To see them die and the debts die with them, would be a massive travesty, and yet another mocve along the path to giving them the edge, AGAIN!
I am loving their pain and discomfort. Never loose sight of the fact they would love to see Celtic in a samilar position.
HAIL HAIL
Does Craig Whyte still own Ran*ers though? Surely it’s up to him to sell
Come, Watson, come! The game is afoot.
Sherlock Homles in “The Crooked Man 1893”
would make a great book present for the hun in your life
Hail hail
Correct dean we should not forget who and what they are these are the people who constantly go on abt child abuse,call our stadium the glitterdome and attack everything catholic let’s not forget that and any Celtic who wants them to survive SHAME ON YOU let them die a slow and painfull death and we can rejoice in there demise. Hail hail
Neil Doncaster’s comments last night made liquidation sound like a route out of administration and back into the SPL. It sounded so easy you wondered why more clubs don’t do it
Anything that makes it look as if you can win 3 leagues on the bounce, amass unsustainable debt, walk away from your creditors and then start again with a clean slate in the same division will make the SFA and the SPL even more of a laughing stock than they were already
Given what was known about the dreadful state of Rangers finances last July the SPL should have been carrying out due diligence before the season started to determine whether the club was at risk of not fulfilling their fixtures
Doncaster and Regan are looking more like Morecambe and Wise with each day that passes.
No good whatsoever comes out of Govan.All you hear is anti catholic bile and hatred.Not much football songs at all.Its all just hatred and badness.And the establishment will bend over backward to help them,enough said.
I can see Dumb & Dumber pushing through a quick sale to Paul Murray / Dave King and trying to force creditors to accept a small percentage of the actual debts. HMRC should now take a strong stance and demand FULL payment, refuse to negotiate any sale until April when new powers would ensure such debts are simply passed on to the new owners.
Anything less and it’s a carve up by the administrators to favour Whyte and the new owner with the UK taxpayer getting shafted.
No-one in their right mind would buy into a black hole which is what Rangers are just now. Nor for that matter should Paul Murray & King be considered fit & proper having BOTH been heavily involved in the current huge debt situation / dual contract debacle. That would throw a major spanner in their plans.
Sinister whispers around the dark corridors of Scottish power are deafening. Nudges here, winks there funny handshakes rattling windows alongside threats couched in good advice. Propaganda, misinformation and outright lies dressed in doublespeak objectivity.
All the forces of the empire at the ready. Positions of power having their collars felt while listening to ‘sound advice’ from colours red, blue, white and orange.
No mere SFA rule book will ever stand in the way of the one Scottish institution that is as much as what the UK stands for as the British monarchy from being allowed to survive and grow.
Someone will fund someone to fund someone to make sure of that. After all, Ipox does bring on youth in great swathes every year to sing and believe in pro-Queen and Country crapp while hating everything that rejects their Power and Privilege society. Listen and watch carefully!
If Rangers are just let straight into the SPL then it’s the green light for Hearts and Dundee Utd etc. who have not won any titles in a number of years to go out and run up £100million in debt to win the league, go into Admin and get rid of the debt and back to were they are now, what a prospect and precedent this would set.
They have 2 days to find someone with money willing to take on £50million of debt in the next month or 2 from HMRC, after accepting the £15million tax that is owed over the last year – great buy. If they manage to sell the club as is then they will be straight back into administration when the big tax bill arrives, liquidate and be done with them.
Is this what Scotland’s about? Crooked back room deals! Winks! Protection, when none’s warranted? What a joke! Anything less than a multi year rebuild for this “Institution”, is a travesty!!! Pitiful!!!