• SPL

Rangers seek buyer 'in next few days'

ESPN staff
March 7, 2012
Without a buyer in the coming days, Rangers face an uncertain future © Getty Images
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The administrators in charge of Rangers FC have revealed they wish to sell the club in the next few days amid a "perilous financial situation".

Duff and Phelps have delayed a decision on player redundancies until Friday as they turn their focus to attracting buyers prepared to bail out the ailing Scottish champions.

The failure to reach a deal with playing staff over wage cuts after three days of negotiations, which saw midfielders Gregg Wylde and Mervan Celik walk away from the club, has left Rangers on the brink of collapse, with the administrators fearing the "severe cost-cutting" required as a result could derail any potential takeover.

Should Rangers fail to find a new owner prepared to take on the burgeoning debts, the club with the most top-flight league championships in the world could fail to complete its fixtures this season.

David Whitehouse, representing Duff and Phelps, said: "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 these discussions.

"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."

In an added blow to Rangers, the club's joint administrator Paul Clark has admitted that even if they come through the current troubles they are unlikely to be granted a licence to play European football next season.

© ESPN Sports Media Ltd.
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