Wage cuts saved Rangers from 'decimation'

Rangers would have been "decimated" by the loss of 20 players if the first-team squad had not agreed to pay cuts, the beleaguered club's administrator Paul Clark said on Sunday.

Mass redundancies were prevented on Friday when all players accepted wage cuts of up to 75 percent for the rest of the season, while Mervan Celik and Gregg Wylde left voluntarily.

Clark told Sunday newspapers: "We were looking at the decimation of the squad.

"There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts.

"If we'd made eight to 11 redundancies we would have still needed 50 percent pay cuts from the players who remained.

"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."

It emerged also on Friday that a consortium led by former director Paul Murray was finalising an offer to save the stricken Scottish giants, who have already been docked ten points by the Scottish Premier League for entering administration.

Murray is leading the Blue Knights consortium, which is hoping to save the club from liquidation in partnership with supporters groups and London-based financial firm Ticketus.

The consortium are aiming for a situation whereby Rangers can emerge from administration via a Company Voluntary Arrangement (CVA) rather than see the club face the prospect of liquidation.

Administrators have already confirmed there is no realistic chance of European football next season because the club's finances would have to be in order by March 31 to gain a UEFA licence.

The Blue Knights want to avoid further exile from continental competition and are also determined to preserve the club's 140-year history - both of which mean avoiding liquidation.

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