Rangers Players Take 75% Pay Cuts To Save Jobs

A "large number" of players at struggling football club Rangers have agreed pay cuts of up to 75% to save the jobs of non-playing staff, administrators have said.

The package of cost-cutting measures, announced earlier by administrators Duff and Phelps at a news conference, were described as crucial to securing the future of the Ibrox club.

But the firm said the club remained in a "perilous" position and without "substantial" cost reductions, it would not survive until the end of the football season.

It comes a month after the Scottish champions said they were heading for administration .

Players have agreed cuts ranging from 25-75% while coaching staff have also accepted reductions, while administrators confirmed midfielders Mervan Celik and Gregg Wylde had volunteered to leave the club.

A Duff and Phelps statement said: "This has been a difficult week for everyone at the club and we are pleased that we can now move forward and focus on the next steps in the recovery process."

Meanwhile, former director Paul Murray has confirmed his Blue Knights consortium was finalising an offer for the club in partnership with supporters' groups and 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.

"Through a CVA rather than liquidation, the club will benefit from being able to qualify for future European competition and access the significant revenues associated with this," a statement said.

"Preserving this revenue stream, and the club's 140-year-old legacy, is paramount and in the best interests of all parties."