Rangers' administrators said today they were looking to sell the Glasgow giants within "days" in a frantic bid to keep the financially stricken Scottish champions operating as a going concern.
Administrators Duff and Phelps added that the uncertainty surrounding Rangers meant there there was a real risk the club could fail to fulfil the remainder of its Scottish Premier League fixtures this season - a move that could see the club forced to drop into the lower leagues.
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 earlier today without a deal being done.
The administrators reportedly wanted to implement a scheme where the highest-earning players accepted a 75% wage cut, with those lower down the pay scale agreeing to salary reductions of between 25-50%.
But the administrators said failure to settle on players' personal terms had prevented an agreement.
Duff and Phelps were called in on February 14 after UK tax authorities went to court to seek payment of an unpaid bill of £9m sterling built up since owner Craig Whyte took control at Ibrox in May. Rangers are also awaiting the verdict of a tax tribunal that could leave them with a bill of up to £75m.
The 140-year-old club were docked 10 points for entering administration, a penalty which effectively handed the SPL title to arch Glasgow rivals Celtic.
Administration is the process whereby a troubled company calls upon independent expert financial help in a bid to remain operational
But earlier today, Rangers' second-largest shareholder said the scale of the club's cash crisis was so great they faced "inevitable" liquidation.
South Africa-based director Dave King, who has threatened legal action against Whyte, said Rangers might have to reapply for membership of the Scottish Football Association. King added this could mean Rangers having to work their way back to the top flight from the lower leagues.
