Rangers' Kyle Bartley speaks to the press about the club's plight. Andrew Milligan/PA Wire/Press Association Images

Rangers director says liquidation 'inevitable'

Dave King also stated that the club will be unable to compete in Europe next year, as a result of its financial situation.

RANGERS DIRECTOR DAVE King believes liquidation is “inevitable,” amid reports that the club’s top earners will be forced to take 75% pay cuts.

King has issued a report, which also states that the club will be unable to meet its financial requirements by the UEFA deadline of March 31, and consequently, will be unable to compete in Europe next year.

He also said that “liquidation might extend that by another two years” and that a legal claim of £20m will be made by King, due to previous owner David Murray’s failure to reveal the extent of the club’s debt earlier.

He added:

“I intend to remain involved with the club, at least on my present basis, post-reconstruction if that is at all possible under the new ownership structure.

“I am however alert to the raw sentiment around the need for Rangers to have ‘fit and proper’ persons at its helm.”

In addition to Rangers’ top earners taking a 75% pay cut, The Guardian reports that players lower down the wage scale will be forced to take a 50% to 25% pay cut.

A number of redundancies are also set to be made at the club.

Meanwhile, two players, Gregg Wylde and Mervan Celik, have agreed to be released from their contracts without compensation.

Wylde told Scottish TV: “I was so tired I couldn’t really sleep at night. It was getting to me so I thought I would leave.”

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