Rangers’ administrators said on Wednesday they were looking to sell the Glasgow giants within “days,” in a frantic bid to keep the financially stricken club operating as a going concern.
Administrators Duff and Phelps added that unless the uncertainty surrounding Rangers was brought to a swift end, there was a real risk the club could fail to fulfill the remainder of its Scottish Premier League fixtures this season.
Duff and Phelps had hoped to persuade the first-team squad at Ibrox to accept a package of salary cuts, but two days of talks broke up on Wednesday without a deal being done.
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,” he added.
“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,” Whitehouse said.
Duff and Phelps are seeking to make reported savings of ￡1 million (US$1.57 million) per month and Whitehouse said: “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 fulfill 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,” he added.
“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,” he said.
Duff and Phelps were called in on Feb. 14, after British tax authorities went to court to seek payment of an unpaid bill of ￡9 million built up since owner Craig Whyte took control at Ibrox in May last year.
Rangers are also awaiting the verdict of a tax tribunal that could leave Rangers with a bill of up to ￡75 million, according to Whyte.
The 140-year-old club were docked 10 points for entering administration, a penalty which effectively handed the Scottish Premier League title to Glasgow archrivals Celtic.
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