Duff and Phelps: Rangers may not be able to fulfil it's fixtures

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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