Administration-hit Rangers is not in a position to offer the Northern Ireland Under-21 international a new contract with a Company Voluntary Arrangement (CVA) proposal still to go out to creditors.

Hegarty, who turns 20 in August, has spent two years at Ibrox after being released by Millwall and tasted first-team action in a friendly against Linfield earlier this month.

And, with Rangers facing a 12-month transfer embargo, the teenager is keen to bide his time and make his mark in Ally McCoist's team.

Hegarty said: "I'm not in an ideal situation, I'm about a week away from my contract running out.

"But I think I owe it to the club just to wait and see what's happening.

"I sat down with my agent and we both agreed that the club has got bigger things to think about than me at the minute.

"So I'm just going to wait about and see what happens but I'm positive I'll be here next season.

"They will hopefully offer me a contract in June and backpay me or whatever. I don't know what happens."

With McCoist's top players able to leave for cut-price fees from June 1 and all players potentially free to go if Rangers re-emerge as a new company, Hegarty could find himself thrust into first-team action next season.

He lined up at centre-back alongside Ross Perry and Kirk Broadfoot in the win over Linfield.

"Running out at Windsor Park is something you want to do as a kid from Northern Ireland but doing it in a Rangers shirt is living the dream," he said.

"I'm really positive going forward to next season.

"I've been in and around the team. I've got half a sniff and I want more next year.

"If you're good enough, you are old enough. All the lads have shown what they can do.

"For me and the likes of Andy Mitchell and Lewis MacLeod coming through, we are all positive about getting a run-out next season. There are four or five of us ready to go in.

"The coaching staff keep us all level-headed and get us up for the games.

"You can't sit about and hope for your chance, you have just got to take it. They get you ready for the game.

"I don't think any of the lads will freeze. All the guys who have gone in, the likes of Rhys (McCabe), Jamie Ness, Andy Little, they have all done their job on the pitch."

However, Hegarty does not expect a mass exodus of experienced players despite the uncertainty over the club's future.

"Everyone is together," he said. "We have been together for the last six months, it was probably the hardest time any player could imagine.

"I think all of them will want to stay but it's not for me to say, it's up to them."

A number of Rangers players negotiated exit clauses after accepting temporary wage cuts at the start of March, which leaves the club exposed when the transfer window opens on 1 June - also the date when their wages are due to revert to normal levels.

Manager McCoist could lose even more players if the club's creditors do not agree to a Company Voluntary Arrangement as PFA Scotland argued it would not be obliged to transfer to any new company that is formed from the current club's shell.

Rangers last week lost its appeal against a 12-month transfer embargo imposed by the Scottish Football Association over their failure to pay $20.7 million in tax last season, meaning McCoist would only be able to bring in under-18s to replace any departing players.

With Rangers banned from Europe next season due to its financial mismanagement, Hateley thinks the loyalty of internationals such as Allan McGregor, Steven Whittaker, Steven Davis and Steven Naismith will be sorely tested.

"I'm always of the belief that as top pros you are always trying to make yourself the best you can be before your short career is over. That was my way of looking at things anyway," Hateley, who was at Ibrox to talk to schoolchildren at the Rangers Study Support Centre, said.

"Top players are always looking to become a better player and the players in this bracket - McGregor, Davis, Naismith, Whittaker - they are all top players.

"I think the question will be asked by their advisors - is staying at Rangers going to make you a better player?

"Possibly the circumstances from June 6 will determine those decisions but top players want to be the best they can possibly be and if those circumstances deny them that chance then the players have a question to ask themselves."

The club's administrator and prospective owner Charles Green had initially planned to send a CVA proposal with a target date for a creditors meeting of 6 June.

That did not happen with a spokesman for Duff and Phelps saying one would be sent some time this week, with two weeks' notice needed.

It remains a distinct possibility that a newco Rangers would be admitted to the Scottish Premier League without sanctions, but such an entity would be expected to inherit the transfer ban.

Hateley believes that could make it more difficult to reduce the wage bill, though.

"I find it very difficult to understand," the former England striker said.

"You are trying to get your football club back in order and the powers that be want the football club reeled back in.

"To do that you have to sell your top earners, bring the salary bill down and make it more manageable.

"But to do that you can't sell all your top players without being able to bring another player in.

"So what do you do? If not you have to try to keep all your top players and keep all the top salaries.

"I would say Alistair would like to keep everybody but the players are in a powerful position now because of what they negotiated with the administrators.

"The most important thing for me now is the decision from the SFA and SPL and the sanctions.

"That then gives Alistair a clear plan in which way the club is going and also with the players as well."

Hateley has given a cautious welcome to Green's intervention but admits concern will remain with only two if his consortium's financial backers having been announced.

"I think it will be an underlying worry with Rangers fans," he said.

"You want to see transparency and a business plan. We are waiting for deadlines, Rangers supporters seem to be waiting for deadlines for months.

"I think June 6 will be the defining moment in the outcome for Rangers Football Club.

"It's nice to have someone at the table. With a little time we will see more transparency and that's what Rangers fans are waiting to see.

"The names will be reassuring to Rangers supporters but we are still in a state of limbo."

Former Sheffield United chief executive Charles Green has signed an "irrevocable" agreement with Rangers' administrators Duff and Phelps and majority shareholder Whyte after weeks of negotiations.

But King's claims cast doubt over the anticipated sale of the ailing Glasgow giant to Green's consortium.

Whyte, who has an 85% stake, has dismissed King's comments.

"It was verbally agreed over lunch but is legally valid," King told BBC Scotland.

"It suited him at the time and I will hold him to it.

"I have first option on (his) shares and would not forgo this unless I was absolutely certain that any proposed transaction, that excluded me, was in the best interests of the club. I have yet to see such a proposal."

South Africa-based businessman King, the second largest shareholder in Rangers, added: "I stayed on because I also had my investment and those of the other minority shareholders to protect and I believe that my presence on the board prevented Whyte from getting away with more than he even did."

In response to King's comments, Whyte told BBC Scotland: "If the CVA (Creditors Voluntary Arrangement) is successful the minority shareholders will retain their shares in a club that will be a debt-free sustainable business and not the basket case that I inherited as a result of the mismanagement of the previous board."

Green has already indicated his consortium's £8.5 million ($13.7 million) bid is unaffected by sanctions imposed by the Scottish Football Association's judicial panel after Rangers lost an appeal against a 12-month transfer embargo on Wednesday.

The former Sheffield United chief executive, who named two members of his Sevco consortium, plans to hold talks with manager Ally McCoist as it aims to retain as much of the current squad as possible.

Several players negotiated clauses in their contracts allowing them to leave for cut-price fees when they accepted significant temporary wage cuts in March, but Green hopes their loyalty to McCoist and the club can keep them at Ibrox.

Green told RangersTV: "My understanding - and I'm going to sit down with Alistair next week when he comes back - is that a number of players reached agreements with the administrators to take reductions in salaries and vary their contracts.

"The payment, shall we say, in agreeing those variations is that they would be allowed to leave at a lower price.

"What I would expect, notwithstanding those agreements are in place, is that these players will have the opportunity to sit down with myself and the manager so that we can explain what the plans are for the club, what we plan to do over the next two or three years.

"Alistair has done a fantastic job this season with a 10-point deduction. To my mind, if we can't sign anyone but we can keep the existing players, why wouldn't we win the league?

"So we need the chance to speak with the players.

"Of course the big problem in all of this is the agents. I think the players respect Ally, they love the club and they have enjoyed playing here.

"I had the fortune - or misfortune as the case may be - of floating the biggest soccer agency in the world a few years ago so I understand the market and I understand the pressure that is put on players by their agents and it is difficult.

"However it is a challenge we will have to face.

"We are going to do whatever Ally wants to do. We are backing Ally and he knows that.

"I have had a number of meetings with him now and he understands where we are coming from and he is very happy, in my view, with what he has seen and heard.

"It's about building up trust. Whether it is the fan on the street or the manager of the club, everyone is suspicious of anyone who comes through these big front doors at Ibrox and I would be exactly the same."

On the SFA sanctions, Green added: "As an outsider looking in, as I have been, I felt that the original ruling was wrong but I felt it would have been difficult for them to over-turn it.

"We have got to now see the written report from the judge and sit down with our legal advisors and see what the best step is for this football club.

"If that remains in force, we understood that there was a likelihood when we made the purchase, then we will deal with it and we will work with Ally and his team to come out of it the best we can."

Green claims to have assembled 20 potential investors and named two of those as Indonesian businessman Jude Allen and Middle Eastern lawyer Mazen Houssami, with a Singapore family trust also included.

He added: "We have got an extensive list of interested parties and that list is growing daily.

"Since the announcement was made, we have had a number of people who were not in my original contact list and some of those are local people that we are speaking to.

"We have visitors today at the club and we had visitors yesterday - all of whom are interested in becoming investors.

"That's great news for me because, first of all, it shows there is a belief that this club can be rescued.

"I can assure fans that it is very easy to raise money, even in this financial market we are in, for an institution like Rangers."

Green earlier revealed he would freeze season ticket prices after talks with fans and that administrators Duff and Phelps had written to Ticketus to terminate its contract, which gave the investment firm the rights to sell £26.7 million worth of the tickets over three years.

Ticketus described the move as a formality after already being informed it would be treated as unsecured creditors in Green's attempts to secure a Company Voluntary Arrangement.

The decision will come as a crushing blow to the consortium headed by former Sheffield United chief executive Charles Green who had an offer to buy the club accepted last weekend.

Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill that had built up since current owner Craig Whyte took charge at Ibrox in May last year.

Entering administration meant Rangers were docked 10 points - a move that effectively handed the SPL title to Glasgow arch-rival Celtic, which was crowned champion.

However, worse was to follow on April 23 when the SFA hit Rangers with a 160,000 pound fine and the transfer embargo after finding the club guilty of several financial offences.

The SFA also issued a lifetime ban to Whyte from any future involvement in Scottish football.

The administrators immediately appealed the decision saying it could hinder chances of finding a new owner for the club.

Rangers' administrators took a significant step to securing the club's future this week when they confirmed a deal to sell the club had been signed with a consortium fronted by former Sheffield United chief executive Charles Green.

Green hopes to take the club out of administration through a Company Voluntary Arrangement (CVA) but that cannot be completed before early July.

Players took temporary wage cuts in March, which end on June 1, and some negotiated exit clauses allowing them to leave for a specific fee this northern summer.

And if creditors reject the CVA proposal, Green will push through a newco option that could see players leave for nothing under employment law.

However, the likes of Allan McGregor and Steven Naismith have stressed their desire to stay at the club and Edu is the same.

The United States international has a year left on his contract with negotiations on a new deal halted by the club's descent into administration in February. The club rejected an offer from Sochaux for the midfielder in January.

Edu told the club's online Blues News programme: "It has been a difficult situation lately and difficult circumstances too.

"Although there has been an announcement about a new owner maybe coming in, there is still a little bit of uncertainty.

"We've got guys who are eager to stay here though and with the manager and the staff we've got, that definitely bodes well for the future.

"When you see the way we played at the end of the season, we've got something there we can build on."

The former Scunthorpe striker grabbed a first-half hat-trick, one coming from the spot, as Neil Lennon's men demolished the much-changed visiting side.

Hooper struck twice more after the break, his fifth from a Georgios Samaras cross with three minutes remaining, taking his tally for to the season to 29 and joining Kenny Miller and Kris Boyd in players who have scored five goals in an SPL game.

The romp confirmed Celtic's supremacy this season with Neil Lennon's men finishing on 93 points, one more than last season when it finished second.

Old Firm rival Rangers defeated St Johnstone 4-0, Sone Aluko claiming a second-half hat-trick as the Gers cruised to victory.

And, on the day the football came to an end for now, the Glasgow giant will be hoping for a positive new beginning off the field after its administrator accepted an offer from Charles Green's consortium for the purchase of the club.

Lee McCulloch set the ball rolling at McDiarmid Park before Aluko netted three second-half goals, with the host failing to find the win that would claim a Europa League spot.

Stephen Craigan's final appearance for Motherwell ended in defeat as Dundee United claimed a 2-0 victory at Fir Park.

The Motherwell captain announced his retirement earlier in the week but he could not end on a high as goals from Johnny Russell and Jon Daly secured a comfortable victory for United.

Russell opened the scoring in the eighth minute after Darren Randolph had twice denied Stuart Armstrong and the midfielder turned provider with 10 minutes to go as he laid the ball to Daly to stroke home from close range.

Rangers administrators Duff and Phelps confirmed, on the eve of Rangers's final game of the season, that the group fronted by Green had been given the nod.

In a statement on the club's official website, joint administrator David Whitehouse said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.

"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalised at a creditors' meeting on June 6.

"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.

"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.

"Work on issuing a CVA proposal has already started and will proceed with utmost urgency.

"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA.

"We would like to thank Rangers supporters for their patience as a purchaser for the club has been found and hope they will now support a bid that has the capability to take the club forward.

"We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the Club could continue to function."

The 140-year-old club travels to St Johnstone for its final Scottish Premier League match of the season on Monday (AEST) in administration, with one prospective takeover bid having collapsed and the Glasgow side's future uncertain.

McCoist, asked if it had crossed his mind that Monday's game in Perth could be Rangers' last, replied: "It hasn't because I don't believe that will be the case.

"I'm not walking about with blinkers on. My eyes are very much open to the situation," he added.

"But the club has to go on. It will go on - it must go on. I am still of the opinion that our football club will continue with all the history we have had."

American businessman Bill Miller withdrew from the bidding process on Tuesday just days after being named preferred bidder.

Administration-hit Rangers was fined £160,000 ($256,000) and handed a 12-month transfer embargo by an SFA judicial panel last month after being found guilty of five charges in relation to its financial affairs and appointment of Craig Whyte as chairman.

The appeal panel will be chaired by Lord Carloway with Craig Graham and Allan Cowan also sitting on the hearing.

Duff and Phelps is evaluating three bids after American tycoon Bill Miller withdrew his offer earlier this week, just days after being named preferred bidder, and remains optimistic of a speedy sale.

Joint administrator Paul Clark said: "We have continued discussions today with the parties remaining in the bidding process and good progress has been made.

"We can also confirm that Craig Whyte has confirmed that he will transfer his shareholding in Rangers Football Club to two of the parties and has indicated he would not be an impediment to a sale of the club.

"We will issue a further update for supporters tomorrow and can say that every effort is being made to conclude the sale of the club as quickly as possible."

Press Association Sport understands one of the groups to have agreed a deal to take over Whyte's 85% shareholding is an English-based consortium.

The consortium held talks with Duff and Phelps this week and Whyte is hoping the group can strike a deal to take over the Ibrox club by Friday (local time) ahead of attempts to exit administration through a Company Voluntary Arrangement (CVA).

The new group contains figures who have been in involved at chief executive and chairman level at English Premier League and Championship clubs in the past and Whyte believes they are the only serious bidders.

Ng, who has supported the bankrupt Scottish club since boyhood, withdrew his STG20 million ($A32.28 million) offer last month in frustration at the bidding process. But the Hougang United chairman is now back in the race after the preferred bidder, US tow-truck magnate Bill Miller, pulled out over concerns about the club's financial position and anti-American vitriol from fans.

"It is really crazy," Ng told Singapore's Today newspaper.

"There were something like 20 missed calls from Scotland on my phone when I woke up.

"I am now told they are willing to accept 50 per cent of what I had initially offered. It seems they are now more receptive and no longer digging in their heels with unrealistic demands."

British reports say Ng is now competing with two British-based consortiums for the 54-time Scottish champions, who were taken to court over a STG9 million ($A14.53 million) tax bill and then docked 10 points for entering administration.

Rangers was also slapped with a 12-month transfer embargo and fined STG160,000 ($A258,270), while controversial former owner Craig Whyte was fined and banned for life from Scottish football.

According to the administrators, Rangers total debt could amount to STG134 million ($A216.30 million), with the venerable club awaiting the outcome of a tax tribunal case that could cost STG75 million ($A121.07 million).

In announcing his withdrawal, Miller said he had received the message, "Yank go home!" from Rangers fans.

However Ng said he had no concerns about getting similar treatment.

"I've been getting positive feedback from fans there, who know that I'm a lifelong Rangers supporter and have the club's best interests at heart," he told the Straits Times.

Duff and Phelps are evaluating three offers for the Glasgow giant after American tycoon Bill Miller withdrew his offer despite being granted preferred bidder status ahead of a rival bid from Brian Kennedy and the Blue Knights consortium.

Two of the three bidders are new to the process, said co-administrator David Whitehouse of Duff and Phelps, who remains optimistic of progress before Rangers plays its final match of the Scottish Premier League season at St Johnstone on Sunday.

Whitehouse did not wish to contemplate failure to find a buyer.

"It would be a pretty bleak picture," he told the BBC. "But those offers we have on the table and the proposals in place are all capable of being delivered before the end of the season.

"Whether it is likely, we are going to be in a better position to say that by midday tomorrow.

"The structure of deals being discussed vary, but all are working to timetable that they have to be completed by the end of the season."

Whitehouse revealed two of the three would-be purchasers have held discussions with Rangers manager Ally McCoist over player requirements and funding for next season.

Miller favoured a 'newco' route to create what he described as an "incubator" company while Duff and Phelps aimed to take the club out of administration through a Creditors Voluntary Arrangement.

Two of the three bids are planning a "similar" offer while a third favours a straight CVA, having proved to Duff and Phelps they have a means of securing current owner Craig Whyte's shares.

Whitehouse added: "One of the bids is for a stand-alone CVA and there are a number of hurdles which need to be overcome. Our view is that it is challenging, but it is not impossible.

"The purchaser who is talking to us about a stand-alone CVA has demonstrated to us that they have got a mechanism where Craig Whyte's shares are not an issue.

"The key issue is funding the business at the end of the season.

"In a stand-alone CVA there will be a period beyond the end of the season through which the business would need to be funded, to the point where the CVA effectively becomes unconditional.

"After the creditors' meeting there is a 28-day period where technically people could appeal the CVA. There is a level of vulnerability during that period.

"What we are saying to purchasers is if they want to do a stand-alone CVA, they have to put the funding in place to meet that period.

"That again is a period where it would be difficult, not necessarily impossible, but it would be difficult to use season-ticket sales.

"The attached burden is between £2 million and £3 million per month. That isn't a funding loss, that's a cash shortfall."

Miller withdrew after conducting due diligence and described information he received in preliminary discussions as being "more optimistic than reality".

The American businessman also pointed out opposition to his takeover bid by Rangers fans as a reason for his withdrawal.

Whitehouse maintains the club can recover quickly, but was reluctant to reveal more about the three bidders.

"If you wanted to be prudent, it would be quite deliverable to manage a cash scenario which would be break even, during that first year of domestic football," Whitehouse said.

"There are lessons to be learned from the Bill Miller bid. He would have received probably a more favourable response if he had engaged closer with the fans at an earlier stage.

"But I think there is a balance to strike between putting your head above the parapet and becoming involved in what is a very intense media scenario, and actually focusing in the first instance on getting a bid which is aligned to the interest of creditors and is actually deliverable.

"The other parties that we are talking to would not be as reluctant as Bill Miller, in our opinion, to engage more openly once their position is verified."

Further doubt was cast over the survival of the Glasgow giant when preferred bidder Bill Miller informed administrators he was withdrawing his offer.

Duff and Phelps is now urgently evaluating three other bids in the hope of completing a sale before the end of the season.

The events of the last 24 hours have meant further uncertainty for the players, who agreed in March to accept wage cuts of up to 75% until the end of the season.

But Naismith - whose campaign was ended by a cruciate ligament injury in October - remains hopeful of fulfilling his Ibrox contract beyond this term.

Asked if he believed he had played his last game for Rangers, the forward said: "I've not thought about it too much to be honest and, personally, I don't think I have.

"I would like to think there is a team there for the 50,000 who turn up every two weeks and the 100,000 who travelled with the team to a UEFA Cup final.

"All these people need a team to support and, hopefully, at the end of this, there is a team there for them.

"It's not just a job, to come in and train every day and then play your games. It means more to everybody and it has shown in the results.

"I'm contracted to Rangers for the next three years and if the circumstances don't change then that's where I'll be. Definitely."

Naismith was the subject of a failed bid from West Bromwich Albion - reported to be in the region of £2 million ($3.2 million) - which was rejected by administrators last month.

He said: "There was a lot of speculation about it and the manager spoke to me and said there had been a bid made and it had been rejected.

"For me, there was nothing else to deal with, nothing else to do.

"The club had rejected an offer for me and that's fair enough.

"The administrators are there to run the club in the best way possible.

"Although it was flattering that someone would make a bid when I was injured, it was nothing I ever really had to consider as the bid was rejected."

With wages set to revert back to normal in June and administrators yet to find a buyer, it was put to Naismith that Rangers may have no option but to sell its top players come the northern summer.

He said: "Hopefully Rangers don't need to go down that route.

"As players, we want the best for the club. We have shown that in the past with everything that's been put in front of us.

"We decided to take wage cuts because we thought it was best for the club.

"The boys have gone out and performed in the last few months to give the fans something back for all their fantastic work and support.

"There is no one player who is bigger than the club.

"To be honest, unless circumstances change, the players will be right behind the club.

"But if different things come up, there will be decisions to be made. We will just have to wait and see what happens on that front."

Miller's £11.2 million ($18 million) bid favoured a 'newco' route to create what he described as an "incubator" company while Duff and Phelps aimed to take the club out of administration through a Company Voluntary Arrangement.

PFA Scotland chief executive Fraser Wishart believes players may be free to walk away from Ibrox under such circumstances, while boss Ally McCoist wants clarification on the issue of whether players would be obliged to fulfil their contracts or not.

With a 'newco' yet to be ruled out, Naismith was reluctant to be drawn on the subject until he, too, has more information about players' rights.

He said: "To be honest, it's pretty vague. It's all ifs and buts.

"Some people are saying these are the rules and other people are saying differently.

"It's all up in the air, there is no one way that it's going to go.

"The players have shown what they are about by going out and performing when there's not much to play for. They just want a solution.

"Even the boys who weren't Rangers fans before they joined, they have seen what it means to people.

"They become fans. I would say the majority of the squad are now Rangers fans.

"In future, if they were to leave or retire, they will still look at Rangers' results and want them to do well. It definitely means more to the squad than just a job.

"We want the best for Rangers and hopefully that can come at the end of this.

"It's just frustrating that we are not further forward."

Miller - who was named preferred bidder last week - informed Duff and Phelps of his plans to withdraw from the process.

"As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency," David Whitehouse, joint administrator, said.

The Ibrox club's administrator Duff and Phelps was granted an adjournment to the SPL's vote on financial fair play sanctions until 30 May.

New rules would see greater penalties for clubs in administration and clubs who undergo an "insolvency transfer", which would see them docked 10 points for two seasons and 75% of their SPL income for three years.

The vote was previously adjourned for seven days during which time USA businessman Bill Miller assumed preferred bidder status from the administrator.

Miller plans to move Rangers's assets, including its share in the SPL, players and premises, to a 'newco' whilst the debts of the existing business are dealt with by Duff and Phelps, with the hope that the two companies are merged at a future date.

However, perhaps the most significant thing to emerge from the meeting, at which Rangers was not represented, was that a rule change will see all the clubs vote on whether or not a Rangers newco is allowed into the SPL.

Under current rules, an application for transfer of share to a newco would be ruled upon by the SPL board, which comprises Doncaster, chairman Ralph Topping, Celtic director Eric Riley, Dundee United chairman Stephen Thompson, St Johnstone chairman Steve Brown and Motherwell director Derek Weir.

With an 8-4 voting system being put in place, it would need five dissenting clubs to deny entry to a Rangers newco - an unlikely scenario despite the bad feeling towards the Ibrox club in some quarters.

"What the clubs have agreed to is that any decision on the transfer of share to a newco should go before clubs rather than the board," Doncaster said.

"I think there is a real recognition, particularly from the club representatives on the board, that it puts them in a very difficult situation.

"So the unanimous view of the 11 clubs who were represented in person today was that the right thing to do was let the clubs make that decision.

"Currently the rules state that the decision should be made by the board. The current rules will remain in play until May 30.

"There is 21 clear days' notice to change the rules so there will be a further general meeting on May 30, there will be a rule decision changed to take that decision back to the clubs.

"If an application for a transfer comes in before the 30th May then clearly the board will have to consider that application under the current rules but the board have indicated that they will bring all the clubs together at that point and consult fully with them and take their views on board.

"So ultimately the clubs will have a say."

The club had dedicated the match to the fans - with the number 12 jersey to be retired from next season in honour of the support - but the Light Blues faithful left without the win they craved.

As well as taking a point from this clash, third-placed Motherwell also claim the UEFA Champions League spot which has been denied administration-hit Rangers next term.

Rangers had the best of the chances early on but it failed to convert the superior possession into a goal before the break.

The Glasgow giant should have opened the scoring when Sone Aluko's corner was met by Carlos Bocanegra but Andy Little inadvertently blocked the header from finding the back of the net.

Maurice Edu pounced on the rebound but goalkeeper Darren Randolph was up to the task again with another fine save as the match finished goalless.

Jamie Masson and Dean Shiels exchanged goals in either half as Kilmarnock and Aberdeen drew 1-1 at Rugby Park.

Masson netted on the half-hour, applying the finishing touch to a cross from Josh Magennis, with the latter also hitting the post before the break.

Shiels then equalised eight minutes into the second half, scoring with a diagonal finish following a pacy counter-attack and pass from William Gros.

Aberdeen piled on the pressure in the closing moments and forced home goalkeeper Cammy Bell into an important save from Ryan Jack, but the teams had to settle for a share of the points.

Richie Foran's header five minutes from time earned Inverness a 1-0 victory over St Mirren in Paisley.

The Inverness captain rose to head home Greg Tansey's free-kick to ensure the visitor left St Mirren Park with all three points.

Chances were limited throughout the match but Saints had gone closest during the first half - Ryan Esson producing wonderful stops from Jeroen Tesselaar and Steven Thompson.

St Mirren's final home match of the season also marked Hugh Murray's final appearance at St Mirren Park after 16 years' service.

Miller is seeking to buy the assets of the club, which could have debts of up to £135 million (A$213 million), and form a new company while bidding to take the current club out of administration.

The club was forced into administration in February over unpaid VAT and PAYE bills accrued since the takeover of Craig Whyte a year ago.

Whyte completed his deal by paying off the club's £18 million (A$28.4 million) bank debt with money sourced against future season ticket sales after buying the 85% stake of Sir David Murray.

Murray had previously underwritten a £50 million (A$78.9 million) share issue scheme after debts reached more than £80 million (A$126.2 million).

The club could face a further tax bill of up to £75 million (A$118.3 million) over the use of employee benefit trusts for a decade.

Miller released a statement through the club which described his opportunity to buy "one of the UK's most venerable football clubs" as a "great honour and privilege".

The American added: "What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.

"This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA financial fair play regulations but also such that Rangers will never have to suffer this kind of anguish again.

"From now on, Rangers will live within its means - no excuses."

Miller's £11.2 million (A$17.1 million) plans have been criticised by some fans who fear the end of the club formed in 1872.

The towing-truck tycoon's plans involve merging his new company with the old company at a later date, but that would involve agreeing a Company Voluntary Arrangement and possibly dealing with Whyte.

But the 65-year-old has pleaded with fans to support his plans and insists the history will remain intact.

"I have fought hard to try and offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history," he said.

"Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club.

"I wouldn't have it any other way."

The tow-truck tycoon was vying for control with the Blue Knights consortium, led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy, and now appears to have won the race to succeed Craig Whyte as owner.

Miller last month unveiled plans for an £11.2 million ($17.5 million) bid for Rangers that would create what he described as an "incubator" company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.

After surviving an early scare, the Gers, who were docked 10 points for entering administration in February, scored three goals in 15 first-half minutes to end the game as a contest by the 20th minute.

Steven Whittaker fired Rangers into a fifth-minute lead before Sone Aluko doubled its advantage with a superb solo goal 12 minutes later.

The Nigerian had his second of the game in the 20th minute and only a combination of poor finishing and good goalkeeping stopped Rangers adding more before the break as it laid siege to the United goal.

Jamie Ness got his first goal of the season in the 57th minute and substitute Alejandro Bedoya added a late fifth to end any hopes Dundee United had of catching Motherwell in third place and qualifying for the UEFA Champions League.

At Ibrox, Rangers made two changes to the side that lost to Celtic, with starting spots handed to Ness and Algerian Salim Kerkar.

United started the game knowing only a win would be enough if it was to catch Motherwell and Garry Kenneth tested Allan McGregor with a 25-yard free-kick that the visiting keeper tipped round the post.

Rangers lined up in an attacking 3-5-2 formation and it did not take long for it to pay dividends.

Rhys McCabe played in Whittaker down the right channel and he curled the ball around Dusan Pernis from 10 yards.

United had the chance to equalise five minutes later when the ball broke to Gary MacKay-Stevens in the box but his fierce strike was tipped over by McGregor.

The home side always looked a threat going forward and Pernis had to be alert to stop McCabe's deflected shot sneaking in before Aluko doubled it lead with a sensational goal.

The Nigerian international went on a mazy run and skipped past a few United challenges before racing into the box and firing past the helpless keeper.

Just over three minutes later, Aluko claimed his ninth of the season when he cut into the box from the right and fended off some hapless challenges to slot the ball into the bottom-left corner.

United made a double substitution at half-time in a bid to get back into the game but it was Rangers who continued to cause problems, with Aluko forcing Pernis into a decent save after racing in to the box.

Ness, in only his fourth appearance of the season, made it 4-0 in the 57th minute when he took advantage of confusion in the United defence to race into the box and calmly finish past Pernis.

American international Bedoya replaced Aluko late on and he added a fifth in the 84th minute when Maurice Edu found him with a neat pass and he beat Robbie Neilson to the ball to stab home from 12 yards.

In the battle to avoid relegation, Inverness secured its top-flight status in a nervy goalless draw that left last-placed opponent Dunfermline with a mountain to climb to escape the drop after second-bottom Hibernian beat Aberdeen 2-1 at Pittodrie.

Hibs broke the deadlock when a Leigh Griffiths cross was turned into his own net by Mark Reynolds after seven minutes and Sean O'Hanlon doubled the lead when he headed home 10 minutes later.

Aberdeen were much improved in the second-half and Scott Vernon pulled a goal back after 53 minutes with a neat finish from close range, but despite a late rally from the host, it was Hibs who held on for a vital victory that leaves it five points above Dunfermline ahead of Monday's clash between the two.

In the night's other game, first-half goals from Paul McGowan and Steven Thompson helped St Mirren to a 2-0 victory over Kilmarnock at Rugby Park.

And Miller would have taken comfort from Neil Doncaster's comments on the subject of newco clubs with the SPL chief executive arguing there was little difference between that route from administration and the Company Voluntary Arrangement preferred by the Blue Knights.

The SPL clubs agreed to adjourn their talks on potential new punishments for clubs which suffer insolvency events until next Monday.

Proposals had suggested increasing points deductions from 10 to the greater of 15 or a third of the previous season's tally, while newco clubs would lose 10 points for two seasons and 75% of their income for three years.

Duff and Phelps would not comment on the outcome of the meeting but the SPL revealed the decision was taken unanimously at the behest on an unnamed club other than Rangers.

Miller wants assurances his new club would not be hit by sanctions and, with an appeal pending over a Scottish Football Association fine and transfer embargo, the absence of an SPL decision provides no further clarity.

But Doncaster admitted any new rules would not come into place until the day after the end of the season, and Duff and Phelps claimed at the weekend that a newco exit from administration could be completed by May 11, two days before the SPL finale.

In that case, the current rules state that the SPL board has the discretion over how to deal with the request for the transfer of a club's share. Further delay on an SPL vote would give Miller even more time.

Doncaster would not speculate on the possible sanctions the SPL board could take and claimed they had been "very much on the fringes" of discussions between bidders and administrators.

"At the point where a preferred bidder comes forward, then you can have meaningful discussions," he told BBC Scotland.

However, the former Norwich chief executive stressed there was "remarkably little" difference in outcomes to a CVA and a newco.

"Clubs can shed a huge amount of debt already," Doncaster said.

"Clubs can theoretically shed £100million of debt, agree a CVA at a penny in the pound and come back in with all that debt shed. Clubs can do that now within the rules.

"Oddly enough you might end up with more money going to creditors through the newco route than through a CVA."

He added: "In Scotland we have never had a newco at any time but in England, whenever a club goes into administration, a newco is the natural consequence.

"That just seems to be the accepted way that clubs now emerge from administration.

"So the likes of Crystal Palace recently and Plymouth in the last few years took their points deduction for going into administration but in terms of coming out the newco was the preferred route.

"Clubs continue over a course of many, many years. The fact that those clubs happen to exist within several different corporate structures over the period of their life, frankly doesn't seem to concern people south of the border."

A recent fans' survey came out overwhelmingly against a new Rangers being accepted into the SPL and even Rangers manager Ally McCoist claimed it might be morally correct for a new entity to start in the Third Division, although he argued his club was a special case.

Doncaster said: "What is that we are trying to stop here? Is it that we are trying to get clubs to live within their means?

"If it is, the way to deal with that is to make sure clubs pay their players and the taxman on time, and if they should go into administration, hit them with a heavy penalty.

"Actually stopping clubs from emerging from administration is another thing entirely.

"Once you talk to supporters and explain the reality of what a newco is and what a CVA is, it does put a different complexion on things."

Doncaster was asked why the SPL did not already have a heavier penalty than a 10-point deduction when the Scottish Football League have demoted teams such as Livingston and Gretna two divisions and deducted 25 points from Dundee.

"The SPL's rules have been pretty consistent with both the English Football League and Premier League on which they are based," he said.

Rangers' liabilities currently total around £60 million (A$93.5 million) but its could face an additional tax bill of up to £75 million (A$116.9 million), depending on the outcome of a tribunal.

Miller's £11.2 million (A$17.4 million) offer was in pole position at the weekend after the Blue Knights and Shale Sharks owner Brian Kennedy were told their bid - reportedly worth £5 million (A$7.8 million) - was unlikely to be acceptable to creditors.

The administrators have previously stressed they need unconditional bids. The Knights' proposal is dependent on a Company Voluntary Arrangement (CVA) being agreed by creditors and the acquisition of Craig Whyte's shares.

Kennedy and the Blue Knights consortium - fronted by former Ibrox director Paul Murray - are in the running for a takeover of the stricken club, with American tycoon Bill Miller another bidder.

Administrators confirmed it had received formal offers from both interested parties on Friday.

Kennedy's spokesman said: "Brian Kennedy has asked me to advise you all that a revised bid has been submitted to the administrators."

The Northern Irishman sat in the stand serving the second of a two-match touchline ban and was delighted with the way the champion dismantled its great rival to go 21 points clear at the top of the Clydesdale Bank Premier League.

Goals from Charlie Mulgrew, Kris Commons and Gary Hooper gave Celtic a comfortable win in what could be the last Old Firm league meeting for several years, if administration-hit Rangers drop out of the SPL, a scenario that could unfold if the Govan club goes into liquidation.

Afterwards, the former Celtic skipper spoke about the different take he has on the fixture from others.

"As a player you would miss them terribly," said Lennon. "As a manager they are horrible. Honestly.

"Even yesterday, there was no real pressure on the game but you are always apprehensive going into it.

"They were three brilliant goals but I am thinking 'I don't want Rangers to score and get back into the game' and everybody else is thinking four or five.

"In the fallout, you boys [the media] will be saying that I got my tactics bang on, my team were up for it and all that nonsense.

"I couldn't ask any more from the team. We played well but I don't buy into the tactical stuff, I got one over him and he got one over me.

"We just won the game and I am thrilled with that.

"But I don't want to see the back of them [Old Firm games], it really whets the appetite."

Lennon, though, is adamant that Rangers should receive the appropriate punishment by the authorities for whatever misdemeanours it is found guilty of committing.

The Ibrox club has appealed last week's decision by the Scottish Football Association to hit it with a 12-month ban on signing players as well as fines totalling £160,000 ($249,000) for breaching regulations.

Video: Celtic v Rangers

The club announced the move on its official Twitter account tonight after the 3-0 Clydesdale Bank Premier League defeat by Celtic at Parkhead.

A brief statement read: "The club has tonight been made aware of racial abuse directed at one of our players. We have reported this matter to the police."

Goals from defender Charlie Mulgrew and midfielder Kris Commons, his first of the season, gave the rampant champion a commanding interval lead.

Striker Gary Hooper scored with a thumping drive soon after the break and it looked for a spell as if the home side was going to hand out a real hammering to the Govan men.

However, three goals were enough for the celebrating Celtic fans, who can brag of a 21-point lead over its old rival, an indication of its superiority this season, even in light of the 10 points Rangers was deducted in February for entering administration.

Kenny McLean's strike kept Hibernian firmly in relegation danger as Pat Fenlon's side slumped to a 1-0 defeat against 10-man St Mirren in Paisley.

McLean finished from the edge of the box midway through the second half and St Mirren survived Marc McAusland's 77th-minute red card without any major scares.

Hibs, without top goalscorer Garry O'Connor, suffered another blow to their survival hopes in injury-time when Lewis Stevenson was sent off.

The Blue Knights brushed off the loss of Ticketus as a partner by forming a new grouping with Sale Sharks owner Brian Kennedy, who had previously fallen short with solo attempts.

Soon after the new collaboration confirmed tits formal bid, Duff and Phelps revealed an offer from American trucking tycoon Bill Miller.

The Blue Knights' bid is conditional on a Company Voluntary Arrangement being accepted by creditors and acquiring Craig Whyte's 85% shareholding.

Miller, who plans to transfer the assets to a new company, has stated he needs "written assurances" from the football authorities that his new club would be free of sanctions next season. Duff and Phelps previously stressed it needs unconditional offers and joint-administrator David Whitehouse admitted more information was needed to proceed.

Whitehouse revealed Miller's bid, which the American had previously valued at £11.2million ($17.4 million) was "conditional on securing greater comfort and clarity from the football authorities in relation to sanctions".

Rangers was fined £160,000 ($249,000) and handed a 12-month embargo by a Scottish Football Association panel, a punishment the club has appealed against.

Whitehouse said: "However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.

"Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week."

More potential sanctions could follow though when Scottish Premier League clubs vote on fair play proposals, which would see a newco club docked 10 points for two seasons and deducted 75% of its league income for three years.

The investment firm had been in talks with Paul Murray, who is spearheading the Blue Knights' bid, over helping to finance a takeover deal.

However, it no longer feels it can justify its involvement to the investors with this week's Scottish Football Association sanctions adding another obstacle to the process.

A statement from the London-based firm read: "Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus today confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement.

"Consequently Ticketus is no longer able to play a role in the consortium's bid for The Rangers Football Club PLC at this stage."

The 12 clubs will meet on Monday to vote on financial fair play resolutions which would have an impact on clubs which go into administration or face the prospect of liquidation - a scenario which has not yet been ruled out for the Ibrox side.

If passed, the new rules would mean a 'newco' Rangers being deducted 10 points for two seasons if accepted straight back into the SPL, as well as seeing league payments slashed by 75% for three seasons.

Smith said: "The sanctions don't include Rangers not being in the league so there is a certain hypocrisy among the whole lot of them there.

"They have a situation where they still want the money that Rangers bring to the SPL but they will try to impose sanctions that will make it impossible for them to be competitive, or as competitive as they should be.

"I think the SPL have to be very careful in terms of how they handle the overall situation in case something similar could happen to other clubs."

The former Rangers manager also warned that relegation from the SPL would be a real possibility for his old club if the Scottish Football Association implement punishments handed down by its judicial panel.

The Glasgow giant has been hit with a fine of £160,000 and a 12-month embargo on registering players over 17 after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

Smith said: "Rangers would be in danger of getting relegated.

"You can't play a team of kids in the SPL and hope to survive, never mind be successful.

"You would be looking at a year where people in the SPL would have a year of Rangers supporters' money going around the country and then they would be faced with, to my mind anyway, a fair chance of getting relegated."

He added: "I don't think we've seen the worst. If the sanctions that were imposed take place, and there are no new owners at the club, then there is obviously worse to come."

Smith called for the football authorities to take into account the reasons for Rangers' financial plight, after it was forced to call in the administrators over an unpaid tax bill accrued since Whyte's takeover.

He said: "If Rangers had been unable to pay their bills, then that would have been one instance to look at for going into administration, which would have been the same as the majority of Scottish clubs who have had that problem over recent years.

"But Rangers, at the end of May last year, had no debt whatsoever due to the fact that the bank debt had been paid off and they were paying all their bills.

"This situation that Rangers find themselves in is not an inability to pay their bills, it was from one person refusing to pay any bills. There is a difference.

"This situation has been created to cause the problem of administration.

"The SFA will need to take that into consideration. It's not a normal circumstance, it's not one where the club had an inability to pay their way.

"It has been the choice of an individual to take the club down that road and that's where there should be a different outlook."

Administrator Duff and Phelps has said the prospect of more sanctions has delayed further its hopes of naming a preferred bidder, with American tycoon Bill Miller and the Blue Knights still in the running to take over the club.

Asked if he felt liquidation was now almost inevitable for Rangers, Smith said: "The longer the situation goes on, it starts to become more inevitable it will happen.

"I don't think there is any doubt about that. I think everybody would like a quick resolution.

"That's one of the things about the sanctions that have been put in place, the timing of them makes it very difficult for the club.

"If there is an [SFA] appeal, when will it take place?

"I read yesterday that it may take place next week but that's a week or 10 days that's lost at a vital time for the administrators to try to find a buyer which, first and foremost, is going to determine where the future of Rangers will lie.

"It's not helping the club overall at this time to have these things going in the background at the same time."

The SFA revealed last night that Strathclyde Police has given security advice to the three members of the independent panel after their identities were revealed.

McCoist had demanded the trio be named after the administration-hit club was handed a £160,000 ($250,000) fine and a 12-month embargo on signing players for bringing the game into disrepute since owner Craig Whyte's takeover last May.

In a statement, McCoist said: "I would not for one moment want anyone to interpret my remarks as a signal to engage in any form of threatening behaviour.

"Such activity disgusts me and anyone who engages in it does Rangers Football Club nothing but harm. No Rangers supporter should get themselves involved in it - not now nor at any time."

The administration-hit Glasgow giant was handed a £160,000 ($249,693) fine and 12-month embargo on registering players aged over 17 by the panel after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

An SFA statement read that the three panel members in question had been subjected to 'abusive and threatening communication' after their identities were 'compromised'.

A Scottish FA spokesperson said: "We are deeply concerned that the safety and security of Judicial Panel members appointed to a recent Tribunal has been compromised by a wholly irresponsible betrayal of confidential information.

"The Judicial Panel consists of volunteers from across the spectrum of sport and business in Scotland. They are appointed on the basis of anonymity yet all three panel members have reported intrusion into their personal and work lives, including abusive and threatening communication.

"This has been extended to directors of the Scottish FA, whose private details have been published on internet sites and who have, themselves, been victims of abusive communication.

"This culminated tonight in a visit by Strathclyde Police, who are taking seriously the threats made towards the individuals involved. We are thankful for their advice and support in these matters"

Rangers manager Ally McCoist earlier claimed the judicial panel's decision could 'kill' the club and called for the three members to be named.

McCoist told Rangers TV: "Who are these people? I want to know who these people are.

"I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.

"Make no mistake about it, this is an SFA decision.

"They have appointed the panel so therefore they are working for the SFA, but who are they?"

The Ibrox boss added: "In terms of our supporters, again they have received another kicking and we just feel it's time to start fighting back.

"You can guarantee we will be fighting back."

Rangers fans' groups have raised the prospect of protests outside Hampden and boycotts of SFA sponsors, while calling on players to boycott the national team.

SFA chief executive Stewart Regan earlier clarified the disciplinary process, saying the judicial panel tribunal, which sat in a three-day hearing last week, was an independent body made up of three members appointed from a list of more than 100.

Regan stressed the process was approved unanimously by member clubs last year and the SFA had acted on the advice of clubs to implement a 'robust disciplinary system that reflected the demands of the modern game'.

Rangers' administrators have called for an immediate appeal hearing as they challenged the punishment, which they say has undermined attempts to sell the club, and Regan said the SFA would act with 'integrity and the best interests of the game at heart'.

The bulk of the monetary punishment and the transfer embargo came for a disrepute charge which apparently centred on the non-payment of tax since Whyte took over in May last year.

The 25-year-old was ruled out for the rest of the campaign after suffering anterior cruciate ligament damage in a Scottish Premier League game against Aberdeen in October.

Boss Ally McCoist revealed on Friday the forward was given the all clear by his surgeon last week but Naismith is unsure whether he will return to action ahead of the final game at St Johnstone on 13 May.

He told Blues News: "Things have gone well and I've upped my training now so that I'm doing the majority of things.

"I've not done a lot of contact stuff with the physios or the other boys who are coming back from injuries as that's the next stage.

"I'm hopeful I'll be back training normally before the end of the season but we'll need to wait and see if I get game time or not.

"From a professional point of view, it's probably safer to wait until next season but I've missed it for so long and I'm dying to get back on the park again.

"You never know but the physios will have the final say. So far it has been great but we've a bit to go yet."

Naismith suffered a similar injury to his other knee in 2008, which kept him out of action for eight months.

And, having successfully overcome that setback, he sees no reason why he cannot return stronger from this latest injury.

He added: "I'm going to work hard to get back to where I was and I'm hopeful I can score more goals and take more of the chances I get.

"I want to come back as a better player than I was. That was the case after my first operation and it's no different this time.

"I certainly think I'll be coming back properly at a good time in pre-season.

"I'll be fairly fit, perhaps even at a better level than everyone else as they won't be match fit.

"There is still work to be done and I'll be looking to get my sharpness back because with these kinds of injury, you need to put a lot into it.

"When I return, I'll probably stay back and do more extra sessions because the key for me now is kicking on again."

The Glasgow giant has been hit with a £160,000 ($249,988) fine and 12-month embargo on signing players aged over 17 after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

Administrators Duff and Phelps have requested an immediate expedited appeals process, saying the punishment could further hamper their hopes of naming a preferred bidder.

McCoist fears the SFA sanctions could prove to be the fatal blow to the stricken club's hopes of survival.

He told www.RangersTV.tv: "Plain and simply, I think it is an absolutely shocking decision.

"Like everyone else involved - our team, our supporters, our staff and a lot of neutrals - I am staggered at the severity of the punishment.

"This decision could kill our football club, simple as that. Make no mistake about it.

"This panel is not totally to blame for the death of our football club, if it happens, but this particular decision could kill our football club.

"You would hope there would be sympathetic ears within the SFA over an appeals process, but you just don't know what is coming next.

"It is complete and utter guesswork."

McCoist also called for the three members of the judicial panel tribunal to be named, while claiming the SFA must share responsibility for the verdict with the independent body.

He said: "I found out the decision last night and I was shocked and absolutely appalled by the way this supposedly independent judicial panel was coming down on us in this form.

"Who are these people? I want to know who these people are.

"I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.

"Make no mistake about it, this is an SFA decision.

"They have appointed the panel so therefore they are working for the SFA, but who are they?

"I think we have a right to know who is handing out this punishment to us, I really do."

The Ibrox boss added: "In terms of our supporters, again they have received another kicking and we just feel it's time to start fighting back.

"You can guarantee we will be fighting back."

The Scottish Premier League is set to meet on Monday to vote on financial fair play proposals relating to clubs in administration and clubs who face the prospect of liquidation.

And McCoist admits, as a result of tougher sanctions which could be imposed by both the SFA and the SPL, he is now more open to the idea of a 'newco' Rangers playing in the Third Division, rather than re-applying to the top-flight.

He said: "Some fans have been suggesting this and I am leaning towards it myself.

"Make no mistake about it, it would be an unbelievably drastic measure and it will have an incredible impact on Scottish football - and not for the good.

"But if they are going to continue to impose sanctions on us and make things extremely difficult for us to defend ourselves then maybe, just maybe, it might be the right thing.

"We are hanging by our fingertips. We're really at the do-or-die stage and I can't reinforce that opinion enough.

"This is unbelievably serious. We do not have any time and we now have a problem where we must appeal this but that again is going to take time which we don't have."

McCoist also wants answers over outstanding issues relating to Whyte's takeover of the club last May, which was completed with the help of money from investment firm Ticketus, which was used to clear bank debt.

He added: "The people within the club - the supporters and the staff - deserve answers and I believe there is a police inquiry going on into the purchase of our football club.

"As a supporter, I want to know about that. I want to know the results of the inquiry and about the dealings with Ticketus, Craig Whyte and Lloyds Bank.

"I certainly want to know about the dealings with one or two members of the previous board and what their involvement was.

"We need answers, we deserve answers and it's time we got them."

Rangers received its registration embargo and a £100,000 ($156,243) fine for bringing the game into disrepute, a charge which appears to relate to unpaid taxes accrued since Whyte took control of the club.

His withholding of tax payments sparked Rangers' descent into administration in February, with the bill now more than £14 million ($21.88 million).

McCoist is furious Rangers is being punished for what he claims are the actions of one individual, with Whyte indicating he has no intention of paying his own fine.

McCoist said: "I think Mr Whyte had been fined £200,000 ($312,502).

"Call me an old cynic but I would like a phone call from Mr Regan (SFA chief executive) when he receives it.

"He has also been banned for life from being involved in any Scottish football club.

"Again, call me an old cynic but I don't think he will be taking any sleeping pills to get to sleep tonight.

"We are suffering from the actions of an individual - the playing staff, the workforce within this great football club.

"That's the reason we are being punished - there is no other reason.

"It seems as though the non-payment of PAYE is the main bone of contention.

"None of us were aware that this was not being paid, everyone was stunned when we learned this.

"Deductions were made from the salaries of everyone at the club and no-one at the club did anything wrong, to my knowledge.

"But we have been made to suffer for it - it's an incredible situation.

"There are already one or two nails in our coffin - through no fault of this judicial panel and indeed the SFA - but this might be the final one."

Rangers' administrators warned the SFA that the sanctions could have a detrimental effect on Scottish football as a whole.

Duff and Phelps claim news of the punishment could delay further their attempts to named a preferred bidder to take over the administration-hit club, with American businessman Bill Miller and the Blue Knights both still in the running.

David Whitehouse, joint administrator, said: "We have today written to the chief executive of the Scottish Football Association requesting an immediate expedited appeals process over the sanctions imposed on Rangers by the Association's judicial panel last night.

"The decision of last night's judicial panel is in our opinion quite extraordinary.

"Not only in our opinion do the panel fail to have properly apportioned culpability between the club and Craig Whyte, they appear to have rendered a penalty which could have a very detrimental effect on the ability of the administrators to achieve a sale of the business or a Company Voluntary Arrangement.

"This, in turn, cannot be in the interests of Rangers Football Club or Scottish football in general."

SFA chief executive Stewart Regan said: "The sanctions imposed by the judicial panel tribunal last night are subject to appeal.

"As the Scottish FA is the appellate body, it is inappropriate to discuss the findings of this particular tribunal at this stage.

"I can fully understand the fear and frustration felt by all Rangers fans throughout the most difficult period in the club's history.

"The Scottish FA has a responsibility to all its members and must implement its rules without fear or favour."

Lafferty was suspended for two weeks for failing to report for last weekend's Scottish Premier League clash against Hearts, which Rangers won 3-0.

Asked if Lafferty - who has been troubled by injury - could work his way back into his plans, McCoist told Blues News: "Of course, absolutely.

"I obviously have a problem with him at the moment but the one thing I will never do as a manager is hold grudges.

"I appreciate people do make mistakes and nobody made more of them than me as a player.

"But you have to learn from them and I have told Kyle on numerous occasions that now is the time he has to start learning.

"We all think he is a smashing lad and we all know the talent he has got but we want to see it at this club.

"If it's not at this club, he's running out of time for it to be somewhere else."

The 24-year-old will miss SPL games against Celtic, Dundee United and Motherwell.

And McCoist is furious that Lafferty's latest indiscretion has come at a time when the administration-hit club is dealing with a number of off-field problems.

He said: "There was unfortunately yet another breach of discipline from Kyle and, as you can imagine, it's absolutely the last thing we needed.

"He was in the squad to travel (to Edinburgh) and we were due to leave on Friday to go through to Tynecastle.

"But there was a failure to show for the travelling party. I phoned him and left a message because I couldn't get him and I asked him to get back to me.

"He didn't do that so I felt there was no other action to take and I didn't take that action lightly.

"We have had to take the action of suspending him and he has obviously taken his medicine. He has taken advice from the PFA and I spoke to his representative.

"I also know his agent and his previous agent have been speaking to a Championship manager down south, which I'm not sure is allowed.

"I think he has been winding us up the wrong way and the supporters and, certainly, the players deserve a lot, lot better from one of their own.

"We have a great set of boys and you don't want to disrupt them but those lads in that dressing room deserve better.

"I am really disappointed in Kyle's actions and sadly the thing is it's unfortunately not the first time."

The former Burnley forward, who joined Rangers in the northern summer of 2008 for a fee of more than £5 million ($7.82 million), is out of contract at the end of next season.

But Lafferty, who has scored 38 goals for the club, is likely to have secured an exit clause to allow him to leave for a specific fee this northern summer after agreeing to temporary wage cuts with the rest of his team-mates last month.

Players are due to revert to their original contracts on 1 June with doubts continuing over the prospect of administrators Duff and Phelps naming a preferred bidder in the coming days.

The club would not expand on the reasons for the punishment but reports today claimed he had failed to report for the weekends Bank Premier League clash against Hearts, which Rangers won 3-0, after being troubled by a hernia problem.

The Northern Ireland international came off the bench in the previous game, a 3-1 win over St Mirren two weeks previously.

Speaking on Friday at the club's pre-match media conference, McCoist said: "Obviously Lafferty hasn't done a lot of training again but we'll have to wheel him out.

"He is basically just getting by game to game."

However, Lafferty was not among the 18 players who were stripped for the Tynecastle clash.

Rangers later confirmed on their website that Lafferty had been suspended for a "breach of discipline".

The article referred to a "fall-out between the Northern Ireland striker and manager Ally McCoist ahead of Saturday's game at Hearts".

It continued: "Lafferty has been struggling with hamstring and groin problems since the start of 2012 after being plagued by back issues in the second half of last year."

The 24-year-old will miss SPL games against Celtic, Dundee United and Motherwell.

The club added: "Although he could be available for the friendly game at Linfield and the final SPL fixture at St Johnstone, he is lacking fitness and is therefore unlikely to be picked."

Lafferty's Ibrox career now looks to be at an end. The former Burnley forward, who joined Rangers in the northern summer of 2008, is out of contract at the end of next season.

But Lafferty, who has scored 38 goals for the club, is likely to have secured an exit clause to allow him to leave for a specific fee this northern summer after agreeing to temporary wage cuts with the rest of his team-mates last month.

Players are due to revert to their original contracts on June 1 with doubts continuing over the prospect of administrators Duff and Phelps naming a preferred bidder in the coming days.

Administration-hit Rangers has also been fined a total of £160,000 ($249,904) while Whyte, who had already been deemed unfit to hold an official position in the game by the SFA, was handed fines totalling £200,000 ($312,380).

The SFA said its judicial panel would issue reasons for its findings in 'early course' while both parties have three days to appeal after receipt of those reasons.

Whyte was defiant when asked for his reaction to the punishment on him and Rangers.

He told Press Association Sport: "Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.

"It's a joke.

"It is very harsh on Rangers. I am surprised at how harsh the SFA have been on a club which is going through tough times at the moment.

"Stewart Regan (chief executive) and Campbell Ogilvie (president) should resign and get out of Scottish football.

"The SFA want to kick Rangers when they are down and I hope people remember that. They are playing to the media."

Duff and Phelps, joint administrators of Rangers Football Club, condemned the ruling as 'draconian' in a statement.

Paul Clark, joint administrator, said: "All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.

"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.

"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.

"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.

"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.

"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.

"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.

"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."

Rangers received its registration embargo and a £100,000 ($156,190) fine for breaching rule 66 - bringing the game into disrepute.

It received a £50,000 ($78,093) fine for going into administration and was fined £10,000 ($15,619) for failing to 'procure' that Whyte acted within rules concerning fit and proper officials. The Gers chairman failed to notify the SFA that he had been disqualified as a director for seven years in 2000.

Rangers' fines are payable within 12 months.

Whyte was fined £50,000 for bringing the game into disrepute but a charge of not acting in an improper manner and against the interests of football was not proven and was handed three more identical fines on separate counts of failing to follow directions from an SFA tribunal.

Whyte, who has been told to pay his fines within 30 days, was also expelled for life from 'any participation in Association Football in Scotland'.

Rangers faced six charges in all and was found guilty of five. Charges that it had failed to abide by rules concerning fit and proper officials were not proven.

The club was also found guilty of acting in an improper manner/against the best interests of football and also of failing to pay Dundee United gate receipts from its Scottish Cup meeting. It was 'censured' on both counts.

The ban on registering players in particular will cast doubt on the prospect of administrators achieving a sale of the club.

However, American Bill Miller earlier stated he was 'moving forward' with his bid, which involves buying the club's assets and transferring them to a new company, and he said he had held discussions with the SFA on Tuesday.

Miller's bid was dependent on the club receiving no penalties next season with the SPL meeting next Monday to vote on financial fair play proposals.

Administrators Duff and Phelps earlier said that both Miller and rival bidders the Blue Knights had raised their 'strong desire to attain greater clarity on potential footballing sanctions' with such issues remaining to be resolved.

The club has been in administration since 14 February, when it was forced to take insolvency action after court action from Her Majesty's Revenue and Customs. Its debts could reach £134 million ($209.29 million), according to a report from Duff and Phelps.

Duff & Phelps said on Friday that they would look to proceed with USA businessman Bill Miller's £11.2million ($A17.5 million) bid on Monday if no other offers were forthcoming.

However, the Blue Knights consortium, led by former Ibrox director Paul Murray, are back in talks over submitting a fresh proposal and, in broad terms, both bidders have asked for more time to look at issues such as funding and potential sanctions.

The Blue Knights were in line to become preferred bidders more than a week ago but could not immediately pay the £500,000 ($A781,832) exclusivity fee and then stepped back after discovering potential partners Ticketus was negotiating with Bill Ng's Singapore group, who has since withdrawn.

Ticketus, the London-based investment firm whose money helped Craig Whyte buy Rangers from Sir David Murray last May, are owed £26.7million ($A41.7 million) by the club but they, like Whyte, have been ignored by Miller.

The towing tycoon's plans involve transferring assets to a new company and trying to achieve a CVA (company voluntary agreement) with the existing company.

However, there remain huge questions over his bid given it is dependent on receiving written assurances from the football authorities that a new Rangers would not be punished next season.

The Scottish Premier League clubs are due to vote on April 30 on proposals that would see 'newco' clubs deducted money and points for several seasons.

Duff & Phelps, who has previously stated it requires unconditional bids, will release an update statement later on Monday.

Businessman Miller unveiled plans for an $17.4 million offer, explaining that he would form an "incubator" company to buy Rangers' assets and the existing club would exit administration through a Company Voluntary Arrangement at a later date.

Miller claimed the plan would preserve Rangers' history as the two companies would eventually merge.

However, the tycoon left the door open for rivals by suspending his bid until Monday and Paul Murray's Blue Knights consortium held further discussions with administrators and potential backers Ticketus.

There is a huge amount of uncertainty about the feasibility of Miller's bid given he has attached the condition that he receives written guarantees that his new Rangers would not be hit with penalties next season.

But, as Singapore businessman Bill Ng earlier withdrew his bid and Sale Sharks owner Brian Kennedy had a revised verbal offer rejected 24 hours earlier, it appears the Blue Knights are the only potential rival.

Clark told Clyde 1 Super Scoreboard: "If there is no better offer we would be looking to proceed with Mr Miller very early next week."

The Blue Knights were set to be offered exclusivity seven days ago but could not immediately raise the $700 thousand fee and stepped back from the process.

But Clark said: "We have been in ongoing contact with the Blue Knights and they tell us they are back in and keen to pursue their interest."

"I have had discussions with Paul Murray and various Blue Knights advisors today and made it clear I would be prepared to continue those discussions over the weekend.

"The door is still open but Monday really is the last day and we really will have to proceed one way or another. It really is a last-chance weekend."

The Straits Times said Ng has released a statement in which he says he has become "increasingly uncomfortable and frustrated with the process of dealing with club administrators" but could relaunch his bid if Duff and Phelps fail to strike another deal.

Ng's decision leaves American Bill Miller as the most likely candidate after Brian Kennedy had a verbal offer rejected and the Blue Knights announced they were stepping back from the process.

Rangers faced five charges and Whyte two with the SFA's judicial panel hearing the third and final day of evidence and submissions on Friday.

The SFA said: "The judicial panel have advised that, due to the schedule of evidence and final submissions in respect of the tribunal involving Rangers FC and Craig Whyte, there will be no announcement of determination today.

"The panel chairman has advised that a period of deliberation will follow today's hearing, with an announcement anticipated in early course next week."

Kennedy, who already owns English Premiership rugby club Sale, saw a previous offer to take control at Ibrox rejected last month.

However, he said he would return with another bid if he felt the club's future was in jeopardy.

Kennedy has now contacted administrators Duff and Phelps with a fresh bid.

Kennedy told Thursday's Scottish Sun: "I have made a substantially improved verbal offer and am waiting for the administrators to come back to me."

This week the Blue Knights group, fronted by former Rangers director Paul Murray, appeared to take a step back from the bidding process and so leaves the path clear for a straight contest between two businessmen, American Bill Miller and Singaporean Bill Ng, for control of Rangers.

But despite optimistic words from the administrators that a deal could be done this week, a lack of unconditional offers appears to be delaying any possible sale.

Meanwhile Murray told the Daily Record the Blue Knights could reactivate its bid if the club continues to linger in the limbo of administration.

"On Monday I made it clear that, in the best interests of the club, the Blue Knights were prepared to take a step back from this process," Murray said.

"We did so because we did not want to further delay the absolutely crucial task of selecting a preferred bidder.

"But we also made it clear our offer was still on the table.

"Now, in the light of the lack of activity over the subsequent 48 hours, I am reconsidering our position.

"This situation has to be resolved with maximum urgency as we are now heading beyond the point of no return.

Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill of STG9 million ($A14 million) built up since owner Craig Whyte took charge at Ibrox in May.

That meant Rangers was docked 10 points - a move that effectively handed this season's Scottish Premier League title to arch Glasgow rival and recently crowned champion Celtic.

However, the administrators released a report earlier this month saying Rangers' total debt could amount to STG134 million ($A208.4 million) with the club awaiting the outcome of a tax tribunal case that could cost them STG75 million.

Wishart has warned administrators that any bidder looking to transfer the club's assets to a 'newco' could find themselves losing players.

Wishart has also urged Duff and Phelps to speed up the process of appointing a preferred bidder amid frustration among his members, who took wage cuts of up to 75% last month.

Duff and Phelps had been expected to award exclusivity to one bidder last week but there have been several twists and turns since then with Brian Kennedy re-entering the race and the Blue Knights consortium stepping back from the process before having second thoughts.

US businessman Bill Miller, who remains in the frame along with a Singapore-based group, is believed to favour liquidating the club, whose debts could reach £135million, and any newco could start the season with a 10-point penalty and lose 75% of its income under Scottish Premier League proposals.

Wishart said: "There has been a lot of chat about possible transfer from old Rangers to a newco and discussions about the implications in terms of creditors and football regulations, points penalties and financial penalties.

"One of the things that has been forgotten about is our members.

"It's not necessarily the case, in our opinion having taken legal advice, that the players have to go across to a newco.

"Should a newco be formed the players do not have to go across."

Wishart pointed to employment laws, namely paragraph 4.7 of the Transfer of Undertakings (Protection of Employment) Regulations 2006, which protect employees if a company's assets are transferred to a new firm.

"They have the right to object to that transfer," said Wishart, who has not yet discussed the issue with the Scottish Football Association.

"There may well be complications in terms of FIFA regulations and football regulations.

"I don't think the football authorities have any right to force someone to go and work for a new company should they not wish to.

"And it will be a new company, whatever it is dressed up as.

"Our position I think will be supported by the football authorities."

Wishart added: "If players do go across their contracts are protected. The newco would have to take their whole contract, wages, terms and conditions. They may all wish to go across.

"The players are aware of their individual rights but none of them have come back to me. I don't think anyone is actively searching for a way out.

"But we are hitting real tight time deadlines. In three weeks' time the season finishes, players go on holiday.

"They don't know whether they are coming back, some of them who are out of contract. They don't know what state Rangers are going to be in.

"There is a lot of talking to be done and the players are getting frustrated.

"I think it's so important, given the size of the debts Rangers have, that someone is given exclusivity as soon as possible."

The Sale Sharks owner saw a previous bid rejected last month for being too low but said at that time he would return to the table if he felt the club's future was in jeopardy and yesterday he contacted administrators Duff and Phelps.

Kennedy confirmed he had made the new "substantially improved" offer in the Scottish Sun and he also urged administrators to make a decision soon.

"I have made a substantially improved verbal offer and am waiting for the administrators to come back to me," he said.

"Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.

"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability.

"Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."

American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.

However, despite "intensive discussions" taking place, the takeover saga shows no signs of reaching a conclusion any time soon with Duff and Phelps frustrated in its attempts to get an unconditional bid on the table.

While it is not yet quite clear what Edinburgh-born Kennedy is offering, it is believed some of the conditions attached to bids from Miller and Ng cannot be fulfilled or guaranteed by the administrators who are continuing to work towards a resolution.

The apparent impasse is not good news for Rangers fans or manager Ally McCoist who on Tuesday called for the administrators to name a preferred bidder as soon as possible after expressing concerns over the protracted nature of the bidding process.

The source said: "The administrators are acutely aware of the desire to get a deal done as soon as possible.

"They want to accept unconditional offers but all bids have conditions and some of them can't be fulfilled by administrators."

It is believed one of those conditions involves Ticketus, the London-based investment firm whose money allowed Craig Whyte to buy the club from Sir David Murray last May.

Ticketus, which has rights to £27 million ($41 million) of season tickets at Ibrox for the next three seasons, confirmed it is still speaking to the Blue Knights and Ng, but will leave it to the administrators to chose the preferred bidder.

A spokesman for Ticketus told Press Association Sport: "Despite some reports [to the contrary] we have been talking to Paul Murray by phone on and off since Monday, we are still talking about a possible joint bid. We are also still in discussion with the Singaporean bidders."

The Sale Sharks owner saw a previous bid rejected last month for being too low but said at that time he would return to the table if he felt the club's future was in jeopardy and on Wednesday he contacted administrators Duff and Phelps.

The source said: "Brian Kennedy has spoken to the administrators with a view to making a proposal. He is back in the frame."

American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.

However, despite 'intensive discussions' taking place on Wednesday and into the night the takeover saga shows no signs of reaching a conclusion soon with Duff and Phelps frustrated in their attempts to get an unconditional bid on the table.

While it is not yet quite clear what Edinburgh-born Kennedy is offering, it is believed some of the conditions attached to bids from Miller and Ng cannot be fulfilled or guaranteed by the administrators who are continuing to work towards a resolution.

The apparent impasse is not good news for Rangers fans or manager Ally McCoist who on Tuesday called for the administrators to name a preferred bidder as soon as possible after expressing concerns over the protracted nature of the bidding process.

The source said: "The administrators are acutely aware of the desire to get a deal done as soon as possible.

"They want to accept unconditional offers but all bids have conditions and some of them can't be fulfilled by administrators."

It is believed one of those conditions involves Ticketus, the London-based investment firm whose money allowed Craig Whyte to buy the club from Sir David Murray last May.

Ticketus, which has rights to £27 million ($41.78 million) of season tickets at Ibrox for the next three seasons, confirmed it is still speaking to the Blue Knights and Ng, but will leave it to the administrators to chose the preferred bidder.

A spokesman for Ticketus told Press Association Sport: "Despite some reports we have been talking to Paul Murray by phone on and off since Monday, we are still talking about a possible joint bid.

"We are also still in discussion with the Singaporean bidders."

The Rangers Supporters Trust shared a statement it says is from Kennedy on its official Twitter and Facebook pages, where the Sale Sharks owner indicates he has 'substantially' increased his offer to administrators.

The statement read: "I confirm that today I have improved my offer to the Administrators substantially, with the objective of accelerating the choice of preferred bidder, preventing the possibility of a newco acquisition, and flushing out pretenders constipating the process.

"I await a response from the Administrators.

"I will not rest until I have stretched every sinew to breaking point in safeguarding the future of this great club."

Kennedy was quoted in the Scottish Sun urging the administrators to make a decision soon.

Kennedy said: "I have made a substantially improved verbal offer and am waiting for the administrators to come back to me.

"Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.

"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability.

"Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."

Duff and Phelps say they hope a deal for the Glasgow giant can be concluded 'without any further delay'.

Former Ibrox director Paul Murray's Blue Knights consortium took a step back from the race to buy the club on Monday night, leaving Bill Ng's Singapore consortium and American tycoon Bill Miller still in the running.

Paul Clark, joint administrator, said: "We would like to inform all Rangers supporters that today (Tuesday) discussions have been held between members of the administration team and the two remaining bidders in the sale process.

"A number of issues have been examined and we have made it clear to all those involved in the bidding that it is of paramount interest to the football club that a satisfactory deal be concluded without any further delay.

"It is our intention to announce a preferred bidder this week and we can assure all supporters of the club that we are doing everything in our power to make that happen."

Manager Ally McCoist called for a quick resolution to the bidding process, claiming his ability to plan for next season was being hampered.

He told Blues News: "There obviously have been developments and it looks like the preferred bidder status has moved away from the Blue Knights and perhaps headed to either the American bid or the Singaporean bid.

"Obviously, like all Rangers fans, I think the sooner the preferred bidder status is announced would be a big, big step in the right direction.

"The uncertainty and the lack of clarity about the future is obviously really concerning and worrying for everyone, be that players, staff or fans.

"I can totally understand everybody's concern and that's why I'm hopeful that it will be sooner rather than later.

"I won't lie to you. I'm really concerned and really worried because we have a lot of planning to do.

"We have pre-season games and hopefully we'll try to arrange pre-season tours. All these things and players coming and going makes it concerning."

Duff and Phelps also confirmed they have instigated legal proceedings against owner Craig Whyte's former lawyers - a claim which Press Association Sport understands to be in the region of £25 million ($38.28 million).

Clark added: "We can also confirm that we have instigated legal proceedings against Collyer Bristow, the former lawyers of the club, and The Rangers FC Group Limited in the High Court in London for substantial damages suffered by Rangers Football Club."

Davis limped off early in the club's most recent game, a victory over St Mirren 10 days ago, and will miss this weekend's trip to face Hearts.

Manager Ally McCoist told the club's official website: "Davo is struggling a little bit. It's not been confirmed yet in terms of the extent of the injury, but it looks like he'll probably need a wee operation towards the end of the season.

"When he gets that done will be decided after a chat with the medical staff, but he won't be involved at the weekend, that's for sure.

"Missing our remaining games is a possibility and that's a concern, but he's going to see a specialist."

McCoist, though, has some cause for optimism ahead of the remaining five Scottish Premier League matches.

"It's certainly calmed down a lot since he came off in the game against St Mirren," McCoist said. "It's still a niggle for him, but we'll know more once he's seen the specialist."

Fullbacks Steven Whittaker and Lee Wallace should return against Hearts after missing the Saints game through injury.

"Steven is already back training with the team and we're hopefully going to have Lee joining in on Wednesday or Thursday," McCoist said.

"I would be very hopeful that both lads will be involved at the weekend."

The loss of Davis could offer an opportunity for midfielder Rhys McCabe, who received a Scotland Under-21 call-up on Tuesday after breaking into the first team last month.

McCoist said: "Rhys obviously played well in the Celtic game and we had him on again when Steven came off against St Mirren.

"We have one or two others who can play in that position, though.

"Maurice Edu has been doing all right and we have other options in there but Rhys would certainly come in to our thinking.

"He hasn't looked out of place at all, and he's a confident lad. He still has miles and miles to go, but he's had a few good games."

The former Ibrox director's Blue Knights consortium, a Singapore group fronted by Bill Ng and American tycoon Bill Miller, remains in the running to take over the ailing Glasgow giant despite proposed changes to Scottish Premier League rules.

If passed, the resolutions will mean tougher sanctions for clubs who go into administration in future or face the prospect of liquidation - an option which has not yet been ruled out for Rangers.

Administrators Duff and Phelps announced a delay in choosing a preferred bidder so "parties" can further explore the likely penalties with the SPL.

The Daily Record claims that delay was at the behest of Miller and Ng and quoted Murray as saying: "I urge the administrators to choose a preferred bidder and allow one of us to get on with the job.

"Whether it's me or anyone else does not matter - just choose.

"This is becoming more and more difficult. I am extremely concerned about the timetable.

"The longer it goes on the more difficult it will be to avoid liquidation.

"Any new buyer needs to be able to start talking to the players in order to renegotiate the clauses which were recently inserted into their contracts.

"We need to make sure these guys know there is a future at Ibrox. It wouldn't surprise me if some have already instructed their agents to find new clubs.

"If these guys leave in big numbers the cost of replacing them and keeping the team competitive will run into tens of millions. That would alter significantly any business plan."

The SPL revealed on Tuesday proposed rule changes which would see a phoenix Rangers hit with massive financial penalties and 10-point deductions over each of its first two seasons.

Miller, a Singapore-based consortium led by Bill Ng - who yesterday indicated he has no plans to withdraw his offer - and former Ibrox director Paul Murray's Blue Knights are in the running to take over the Glasgow giant.

Administrator Duff and Phelps said on Wednesday it was forced to delay announcing a preferred bidder as a result of the SPL resolutions, which will be considered on 30 April.

If Rangers is liquidated, a 'newco' would be deducted 10 points for two seasons if accepted straight back into the SPL and would also face financial penalties in the form of league payments being slashed by 75 per cent for three seasons.

Miller has no qualms about the proposed regulations.

"I have responded to Duff and Phelps that I am in favour of a CVA (company voluntary arrangement) exit from administration," he told the Scottish Sun.

"After carefully reading the proposed SPL sanctions, it appears the only penalty that could impact the club is if Duff and Phelps was unable to complete the CVA by the start of the season.

"Consequently, my bid continues to be in place.

"In reviewing the proposed sanctions, it is clear any club going into administration in the future, including Rangers, would be severely penalised.

"In my view, this falls in line with the appropriate efforts of the various governing bodies to ensure clubs are operating within their means and are not mortgaging the future with excessive debt.

"I hope the Rangers representative at the SPL meeting votes in favour of all of the proposals as I believe they are in the best interest of the league and its members - including Rangers."

Ng's Singapore-based consortium, American tycoon Bill Miller and former Ibrox director Paul Murray's Blue Knights are in the running to take over the Glasgow giant.

However, administrators Duff and Phelps said it was forced to delay announcing a preferred bidder as a result of the SPL resolutions, which will be considered on 30 April.

If passed, the proposals will mean tougher sanctions for clubs which go into administration in future or face the prospect of liquidation.

If Rangers is liquidated, a 'newco' would be deducted 10 points for two seasons if accepted straight back into the SPL, and would also face financial penalties in the form of league payments being slashed by 75 percent for three seasons.

Ng told BBC Scotland: "My bottom line is to ensure Rangers' continued survival. We stand by what we promised.

"A change of rules does affect the finances of the club, but it does not affect our passion.

"It is better to know the changes early than to get surprises after we have done our budget."

Meanwhile, Rangers coach Ian Durrant has told fans they can expect to see another youngster, Lewis MacLeod, make his debut before the end of the season.

A number of young players, such as Ross Perry and Rhys McCabe, have made the breakthrough to the senior side this term as a result of injuries and suspension to first-team regulars.

Midfielder MacLeod, 17, was an unused substitute for the recent 2-1 win over Motherwell at Fir Park, while fellow youngster Barrie McKay has also been tipped to impress.

Durrant told Blues News: "Due to injuries and suspensions, the likes of Rhys McCabe and Ross Perry have come in and done great jobs.

"Young Lewis was so close to playing [against Motherwell] but he'll be there before the end of the season.

"Rangers fans will get a glimpse of him and I think he's one of our top talents. Barrie McKay is in the squad too and the lads are getting a chance because they're due it.

"They have come in and shown the manager they can train with the first team. If you can cope with that, the next step is to play with them too.

"The two of them are not too far away and I'm looking forward to seeing Lewis playing for Rangers.

"When I see him in training and in under-19 games, I can see he is going to be a top, top talent if everything goes well for him.

"A lot of people think you've got to be 20 or 21 to get a chance but if a player is good enough, he'll get his chance. The manager knows the script there."

Meanwhile, the Rangers Supporters Trust (RST) has threatened to call for a boycott of away fixtures next season as a result of the SPL proposals, which the fans' group believe would result in 'excessive and draconian penalties' if passed.

A statement from the RST read: "The board of the Rangers Supporters Trust, like other fans of the club, are not in the least surprised by the actions and timing of the SPL decision to vote on rule changes which has now further delayed a future takeover of Rangers.

"Given the severity of the possible sanctions, and their impact on any club who may also fall on hard times through mismanagement, it leaves us little option but to give serious consideration of calling for a boycott of away fixtures by Rangers fans next season; specifically targeting those clubs who have rushed through the proposals to punish our club with these excessive and draconian penalties.

"We will discuss this in the near future with our sister organisations, the Rangers Supporters Association and Assembly, to maximise impact and collate ideas on how a boycott could be facilitated if deemed necessary.

"There appears to be a change in attitude within our support and a unified determination not seen before as we again see another attempt to persecute our club whilst we are at our most vulnerable.

"It may also be important to consider how these severe penalties, currently aimed at one club in particular, will impact future league and club sponsorship and have a secondary impact on all clubs, reducing the stature of Scottish football as a whole.

"With this in mind we will contact several of the main sponsors to seek their thoughts on how these sanctions would affect their level of investment given the obvious inevitable decreasing level of competitiveness in the SPL in future."

The 12 SPL clubs will vote on a number of resolutions relating to financial fair play at a general meeting on April 30, which could result in tougher sanctions for clubs in administration and those facing liquidation.

Administrators had hoped to announce yesterday the acceptance in principle of an offer for the purchase of the Glasgow giants, with Paul Murray's Blue Knights, American businessman Bill Miller and a Singapore consortium fronted by Bill Ng still in the running.

However, the announcement of a preferred bidder has been delayed as bidders now digest the SPL's plans and whether their own bids will be affected.

Paul Clark, joint administrator, said: "As administrators we had hoped to announce [on Wednesday] the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.

"We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage.

"However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable."

Liquidation remains an option in the event that Rangers are unable to exit administration via a CVA (Company Voluntary Arrangement).

If the SPL proposals are passed, a "newco" Rangers would be docked 10 points for two consecutive seasons, as well as seeing SPL payments slashed by 75 per cent for three seasons, if allowed straight back into the top flight.

Clark added: "The effect of such revised measures being considered at this juncture is that we, as administrators, are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider.

"Failure to do so would constitute material non-disclosure on our part, which is a serious matter.

"Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand.

"The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can.

"We hope to issue a further update by the end of this week."

Meanwhile, Rangers defender Lee Wallace is hoping to be fit enough to face former club Hearts next weekend.

The fullback was sidelined for Saturday's 3-1 win over St Mirren with an ankle problem.

Rangers has a free weekend with William Hill Scottish Cup semi-finals taking place on Saturday and Sunday, before resuming league business with the visit to Tynecastle on April 21.

Wallace told Blues News: "It's definitely my aim to be fit for the Hearts game.

"We are stepping up my rehab day by day and I've got the rest of this week and all of next week to get ready."

Profits after costs from the friendly will go to the cash-strapped Glasgow giant, who is battling to exit administration.

Rangers boss Ally McCoist said: "The Rangers supporters have been magnificent in the past few months and our fans in Northern Ireland will be rewarded with a game at Windsor Park that will also help the club in difficult times.

"We always enjoy great support from Belfast and we look forward to playing there once again next month.

"On behalf of everyone at Rangers, I would also like to thank Linfield for supporting us by agreeing to take part in this match."

Skipper Steven Davis added: "It is an honour and privilege to be captain of Rangers and Northern Ireland so it will be nice to return to Windsor Park on club business.

"We have received unbelievable support from fans worldwide in recent months which we all appreciate and the players are all looking forward to returning to Belfast on May 7."

Linfield Chairman Jim Kerr said: "Linfield Football Club has had a long cordial relationship with Rangers Football Club and is delighted to assist during this difficult time.

"We hope that all Linfield and Rangers fans in Northern Ireland and from further afield will show their support."

The 65-year-old, who owns a business making tow trucks and recovery equipment, is one of the three contenders to secure Craig Whyte's shareholding at the administration-hit Ibrox club along with the Blue Knights, headed by former Light Blues director Paul Murray, and Bill Ng's Singapore consortium.

Miller revealed he was the sole bidder remaining from the consortium put together by Chicago-based Club 9 Sports and says McCoist has a crucial part to play if his takeover bid is successful.

"I will be speaking with Ally and he clearly fits into my plans for the future of Rangers," Miller told a number of newspapers.

"I believe my plans are the best for Rangers Football Club's long-term success.

"I can assure you that I would not be interested if I did not have the best interests of the fans, team and club at heart.

"My aim is to save the club, put it on a stable footing - making profits and not losing money so it qualifies for European competition - and ensure it can have a strong future to match its history."

While administrators Duff and Phelps are keen on Rangers exiting administration through a CVA (company voluntary agreement), with potential debts of £134 million ($206 million) there remains real fears that the club could be liquidated.

On Sunday morning (AEST) at Ibrox when Rangers take on St Mirren, around 50,000 fans will take part in a red-card protest to show their unity against liquidation.

Fans' groups are also threatening to boycott the club should a new owner go down the 'newco' route but Miller claims his bid is structured around ensuring Rangers exit administration through a CVA.

He said: "My preference is a CVA exit. It has not been determined yet as to how this or another structure may work.

"I am working with the administrators and lawyers to find a creative solution that protects the history and future of the Rangers but does not have the club hampered by large amounts of debt going forward.

"Any Rangers fan should be alarmed by this (potential debt).

"It totally hampers the club's ability to be successful in the future.

"It is my intention to clean this up. Any time you negatively affect the future revenues by mortgaging the future of a team, you are endangering its very survival."

Bill Ng, the chairman of Hougang United, told journalists he is leading a Singapore-based consortium that hopes to be the winning bid for the Glasgow giant.

Administrators have received four bids for the venerable 140-year-old club including one fronted by former Rangers director Paul Murray and from groups based in Singapore, Germany and the United States.

The administrators said they would consider three of the four bids submitted.

"The weakness lies in the people who run the club and I feel that we can do something better," Ng was quoted as saying by the New Paper.

Neither Ng nor staff at his Singapore club were available to confirm the bid when calls were made to Hougang United.

The New Paper said Ng's group submitted a bid of around 20 million pounds ($31.4 million) for Rangers and the bulk of the money would be used for paying off its creditors.

The bid by Ng's Singapore-based consortium marks the second time investors from the wealthy city-state have attempted to buy a British football club.

Singaporean billionaire Peter Lim in 2010 attempted unsuccessfully to buy English football club Liverpool for an equivalent of $498.17 million.

Whyte has been described by administrators as "irrelevant" despite owning 85.3 per cent of the club's shares, which he bought from Sir David Murray for £1 in May last year.

Administrators have claimed there is no evidence that Whyte has put any money into the club but the businessman says he has cash on the line, although he may walk away with nothing.

Duff and Phelps has set a deadline of Wednesday for final bids for the club with the Blue Knights, American investors Club 9 Sports and a Singapore-based group all tipped to compete for preferred bidder status.

Whyte completed his takeover with money received from Ticketus from future season ticket sales in May and then sold more in September to take the total income from the group to £30.5 million ($46.9 million) including VAT.

But he insisted he is not irrelevant, as administrator Duff and Phelps has claimed.

"They can describe me this way if they like, but I would disagree with it," Whyte said. "I am still the owner.

"But I am willing to walk away if it is for the good of the club. I wouldn't make anything out of it.

"I have £30 million in cash and guarantees on the line but I would walk away if it is best for Rangers.

"I have been in touch with a couple of bidders. If I can help any of them I will."

Murray was responding after Paul Clark, of administrators Duff and Phelps, warned over the weekend that "it is certainly possible Rangers would be liquidated" when new owners take charge.

The Blue Knights, American investors Club 9 Sports and a Singapore-based group are all expected to make formal bids for the Ibrox club by Wednesday, the deadline set by the administrators before they choose a preferred bidder.

Murray, a former Rangers director, claims he is closer to an agreement to include in his consortium Ticketus, the investment firm whose controversial £24.4million ($A37.6 million) season ticket deal allowed Craig Whyte to complete his takeover of the club in May last year.

And if Ticketus, who own the rights to a tranche of future season tickets at Ibrox, can be brought on board then Murray is hopeful Rangers can come out of administration with a company voluntary arrangement (CVA).

"It seems the other groups are pushing to put the club into liquidation," Murray told the Scottish Daily Mail.

"That is not what I want to do. They have their own reasons for wanting that - but it's not part of my plan.

"Paul Clark was misquoting me if he said I was considering that. I didn't say that.

"I'm a little bit surprised and concerned, in fact, that the administrators seem to be almost moving things towards liquidation in the last couple of days.

"From my point of view, first and foremost, we want to reach agreement with creditors - a CVA.

"That's the whole reason I'm talking to Ticketus. Those talks are ongoing and we're getting closer, although it's not done yet.

"I'm trying to put in place a restructuring deal that involves a CVA. I think the football and financial benefits of that outweigh the liquidation option.

"So I don't know why Paul Clark seems to be briefing in that direction. It is certainly not my intention to put the club into liquidation."

Five parties notified Duff and Phelps of their interest in a takeover of the Scottish champion, although Sale Sharks owner Brian Kennedy has since dropped out of the running after being told his bid was too low.

The administrators indicated they have yet to identify a preferred bidder from the short-list at this stage in the process.

The current squad saw its monthly pay slashed by up to 75% in an agreement with administrators Duff and Phelps earlier this month in a bid to avoid widespread redundancies.

But as far as former Ibrox defender Amoruso is concerned, anyone who has ever played for the Glasgow giant would be happy to do the same out of love for the club.

He said: "If you play for Rangers, you know what it means to play for Rangers, so I don't see it as a sacrifice, I see it as an action that should be done if you care about the club.

"For me it's not a sacrifice, it's something you do because you fall in love with this club."

Amoruso is one of a number of ex-players taking part in Friday's Rangers Legends match against AC Milan Glorie at Ibrox, with former manager Walter Smith returning to the dugout.

Smith admits he is still struggling to come to terms with what has happened to the club he quit at the end of last season after Rangers was forced to call in the administrators on February 14.

Smith said: "Bewilderment is the word. It's been quite amazing what has happened.

"I never thought we could see it happen at a club like Rangers but it has and we have to show a reaction to that."

Smith had nothing but praise for the way supporters have responded to the crisis, with the Rangers Fans Fighting Fund raising £250,000 ($383,000) to help the stricken Scottish champion.

Smith added: "Rangers have got a great support, they've got a demanding support if you're a manager or a player.

"That's the way you would want it, great clubs have got to have that.

"I'm fairly certain when the problems did arise that there was a call made to every one of them that they would get behind the team and they would get behind the club and they would do anything they could to get the club back into decent circumstances."

Another former Rangers defender, Marvin Andrews, is relishing the prospect of sharing the pitch with legendary names in Friday night's clash and helping his old club.

He said: "It was always a pleasure for me to watch Franco Baresi playing for Italy and AC Milan so this game will be a pleasure for me.

"I'm so happy to be part of this, especially for the cause and the betterment of Rangers Football Club.

"It's a great honour for me to be here and to show my support in helping Rangers."

The Scottish champion was plunged into administration last month and has endured a number of other problems since.

The Scottish Football Association confirmed it has agreed to adjourn a hearing into whether owner Craig Whyte and Rangers breached several of their rules until next month.

The Glasgow giant is also under investigation by the Scottish Premier League over allegations that the club made undisclosed payments to players.

The claims surround the use of employee benefit trusts (EBTs) during Sir David Murray's reign and stripping Rangers of titles won since the SPL's inception in 1998 is one of the more severe sanctions which could be handed down.

Italian defender Amoruso said: "They are investigating everything now. They want to try to take away the trophies we won.

"One thing is for sure, even if they want to take the trophies away from this club, we won the trophies on the pitch. So they can do anything they want.

"The metal cup won't be here anymore if they do that, but we know for sure that we won the trophies on the pitch, with sweat and running and shouting and co-operating with team-mates and the gaffer.

"Nobody will take that away from us and the fans.

"I know what you're saying about the trusts and the money but I don't care. At the end of the day, we won on the pitch, not because of the money.

"We won the trophies on the pitch because we were better than the other teams, that's it."

Amoruso is back in Glasgow for the Rangers Legends match against AC Milan Glorie at Ibrox and has been stunned by the turmoil surrounding his former club.

He added: "It's amazing to see Rangers in this situation. But at the moment we can't really complain about what has been the problem and why the whole situation has developed, now we have to face the problem.

"What we need is for somebody to come in who will be passionate, like the players who have worn the jersey for so many years and won trophies for the club.

"He has to try to win his trophy - which is basically saving the club. That's the thing the fans would like to get from the next owner of Rangers."

Sale Sharks owner Brian Kennedy has dropped out of the running to buy Rangers and urged administrators to opt for a rival bid from former Ibrox director Paul Murray and his Blue Knights consortium.

As well as bids from Kennedy and Murray, United States-based Club 9 Sports, a UK-based consortium and a Singapore-based consortium have also indicated their interest.

Former Rangers boss Walter Smith's own preference is for Murray to be given the green light, but he says a willingness to invest in the ailing club is essential for whoever takes over.

He said: "As long as the person who takes over has the best interests of the club at heart, that's the biggest thing more than anything else.

"I know Paul Murray from the previous board so I'm going to be slightly biased towards that, but that would be unfair on anyone else who is hoping to come in.

"I don't have any knowledge of any other consortiums who are coming in. Although I don't know Paul that well, I worked with him over the last two or three years.

"He has made no secret of the fact that he would like to take over the club and I would hope he could do that.

"The best way ahead for the club is to get an owner who will invest in the club. That's without a doubt the best way.

"We don't need figureheads, we don't need anything else. We need a level of finance to get us back on the straight and narrow again and that's what I hope would happen.

"It's going to be a difficult task for the administrators to sort it all out but that's what we need more than anything else.

"A few weeks ago, once the players decided to take a cut in wages, they seemed to be past a critical point and everything seems to have settled down a little bit.

"I think the next critical point is just coming up in terms of a new owner stepping in. We will just have to wait and see.

"The sooner that happens, the better it will be for everyone at the club."

Smith will manage the Rangers Legends Friday (Saturday AEDT) and, with proceeds going to the club, as well as Rangers' and AC Milan's respective charity foundations, the veteran boss is hoping for a big crowd.

He said: "These are strange circumstances, ones that you would never have thought would happen to the club, but they have happened.

"People have shown a terrific reaction and I think something like this brings everyone who's got the club at heart together.

"I'm sure because of that aspect we will get a big crowd tomorrow night and one that I hope will be entertained."

AC Milan legend Franco Baresi said: "I'm very happy to be here for the Foundation. When we had the chance to play the game against Rangers we said yes.

"We will also help the people of Rangers who are in trouble at the moment so we are doubly happy."

Withey, a former partner in the London law firm Collyer Bristow, brokered the Rangers takeover deal in May 2011 when Craig Whyte paid a nominal £1 ($1.53) for Sir David Murray's 85 percent shareholding.

McGeoch and his business partner Paul Davies, who have expressed interest in taking over the Paisley-based Scottish Premier League club, are alleged to have met Withey in the St Mirren boardroom in November.

A statement, published on St Mirren's official website, www.saintmirren.net, read: "During the meeting Mr Withey had sight of and inspected commercially sensitive documents of St Mirren Football Club.

"At one point during the meeting the club's general manager (Brian Caldwell) was brought into the meeting and asked various questions including whether or not the club used Employee Benefit Trusts (EBTs).

"As a director of the company, Mr McGeoch had every right to inspect such documents.

"The board, however, consider that his decision to show these documents to an office holder of another SPL club is a serious breach of trust and an error of judgement.

"In light of the information available to the board, they have asked Mr McGeoch to resign his position as a director of the company with immediate effect.

"Should he fail to do so within the next 48 hours, we regret the company shall be forced to call, at the club's expense, an Extraordinary General Meeting of the company to consider this matter further."

St Mirren was put up for sale in 2009, with a selling consortium established which included chairman Stewart Gilmour, among others.

The board statement added: "The selling consortium of St Mirren directors were not informed of Mr Withey or Collyer Bristow's involvement with Mr McGeoch until January 2012, at which point it had concerns over the involvement of Mr Withey."

McGeoch was not initially available for comment.

Rangers went into administration on 14 February as a result of an unpaid £9 million ($13.76 million) tax bill accrued during Whyte's tenure.

An EBT scheme at Rangers was the subject of a tax tribunal in January and could cost the Ibrox club £49 million ($74.93 million).

McCoist's side claimed a 3-2 win over title-chasing Celtic in a tumultuous derby which brightened the mood at Ibrox after Rangers entered administration last month.

McCoist told Rangers' Blues News: "I'd have to say I thought the atmosphere created by the Rangers fans was one of the best I've ever heard at Ibrox at the weekend.

"I was talking to the gaffer (Walter Smith) about it afterwards and we were both in agreement about it. The atmosphere from the Rangers fans was absolutely fantastic.

"Two of the best games I've been involved in were against Dynamo Kiev and Leeds United but as Old Firm games go, that took a bit of beating.

"The fans needed a wee break and thankfully the players gave them one. It was a welcome result."

Meanwhile, the Rangers Fans Fighting Fund has reached £250,000 ($381,212).

The Rangers website reported the sale of Union flags at the Celtic match generated over £47,000 ($71,669), while one of the club's corporate clients donated £10,000 ($15,249).

Victory would have allowed the Hoops to clinch the trophy at the home of their greatest rival - the first time since such a scenario would have taken place since Rangers won the championship at Parkhead in 1999.

However, Celtic's celebrations were put on hold as the beleaguered Scottish champion claimed victory on a day when three players saw red and Celtic boss Neil Lennon was sent to the stand.

McCoist said: "I know you won't believe me but I didn't want to win the game to stop Celtic winning the title.

"I'm not interested in that to be honest with you.

"I wanted to win the game because we were playing our biggest rivals in one of the biggest fixtures of the season. There was no more pressure, no more desire.

"I've been really fortunate to have been involved in so many Old Firm games and it would be wrong of me to tell you that I wanted to win one more than another because that's not the case.

"I've wanted to win every one as much as the previous one and the next one."

According to McCoist, if there was any extra motivation to win this game, it was the chance to reward supporters for the way they have rallied around since the club was plunged into administration on 14 February.

He added: "That's what we wanted more than anything.

"In the current times, when we are having a struggle with one thing and another, we all feel that our support has been absolutely magnificent in their support of the club and the team in what is a traumatic and very difficult time.

"We really, really wanted to win that game for the support today. Also for the players as individuals and as a team, but we wanted to win for the supporters.

"We didn't want to stop Celtic doing this, that and the next thing - we wanted to win the game for ourselves and the support, who deserved it. Hopefully they will be going home happy."

Administrators Duff and Phelps are keen to find a buyer for Rangers, with four bidders having already expressed an interest in taking over the club so far.

And McCoist believes this battle between the Glasgow giants can only help the club's search for a new owner.

He said: "Regardless of the result today, the welfare of the club is the most important thing by a country mile.

"I would say, if there are any potential buyers watching today, it would be difficult to argue anything other than they would be impressed by what they saw, in terms of the team, the game, the stadium, the support and the club in general.

"I would be very hopeful that today would be a positive step in somebody stepping forward to take the club forward."

Celtic was reduced to nine men when Cha Du-Ri was sent off for a foul on Lee Wallace on the edge of the box, before Victor Wanyama was dismissed for a challenge on Steven Whittaker, with Lennon also sent to the stand at half-time.

Rangers then saw its own numbers reduced when referee Calum Murray sent off Carlos Bocanegra for a foul on Georgios Samaras, before skipper Scott Brown converted from the resultant penalty.

Lennon was unhappy with the performance of the match official afterwards, claiming Cha should not have been shown a red card, while describing Wanyama's dismissal as 'borderline' and his own punishment as 'a joke'.

Asked for his own thoughts on the match's flashpoints, McCoist said: "The game has changed. The problem is that we probably need to change with it.

"I'm not saying it has necessarily changed for the better because unfortunately nowadays there is no such thing as a foul - it's either a yellow or red card.

"The referee is only applying the laws the way he sees it.

"Did he (Cha) prevent a goalscoring opportunity? Probably. Is it a soft sending-off? Probably.

"Did Wanyama go in with a two-footed tackle? Probably. Did he set out to harm the player? Definitely not in my opinion.

"With Bocanegra, is he last man preventing a goal-scoring opportunity? Again, probably.

"I think the referee certainly has a case to say he was right in every decision but the reason managers and coaches probably get a little bit upset about it is just because the game has definitely changed.

"In my opinion, not really for the better. It's difficult now just to see a free-kick because there is something else involved, a yellow card or a red card, and I don't necessarily think that's good for the game."

Sone Aluko opened the scoring when he grabbed the only goal of the first half, before Andy Little netted within seconds of coming off the bench and Wallace claimed Rangers' third.

Celtic then mounted a late comeback with Brown's penalty, before Thomas Rogne added to its tally in injury-time, but it was not enough to avoid defeat.

McCoist said: "The win was the most pleasing thing for me.

"In what has been a bizarre and strange season all round with one thing or another, I would argue that our two best performances of the season have been against Celtic at home.

"It's been well-documented that it's been a strange season but today's performance and the performance against Celtic in the first game here have been real high points of a difficult season."

A judge at the Court of Session in Edinburgh would not give directions on the administrators' request to tear up the contract because Duff and Phelps held back information on bids so as not to undermine the process.

Administrators welcomed indications they would have the right to refuse to honour the deal if it was in the best interest of creditors.

But Ticketus questioned whether that scenario could arise given the 'strength' of the bid from Paul Murray's Blue Knights consortium, for which it is providing initial financial backing.

The judge's written ruling clarified the exact nature of the deals between Ticketus and Rangers chairman Whyte.

Documents showed that Whyte received more than £20 million plus VAT in May last year as previously stated, for season tickets over three years.

Rangers then sold tickets from another season - 2014-2015 - receiving more than £5 million on or about 21 September. With VAT added, the total payments Rangers received under Whyte were £30.5 million.

Having sold season books from the current campaign, Ticketus now owns the rights to tickets worth £27 million over the next three years, the company confirmed.

The only other publicly confirmed bidder of the four interested parties, Brian Kennedy, was considering the implications of the complex ruling.

Administrators had initially argued that the deal could put off potential investors as they look to sell the club, which went into administration last month over the non-payment of around £9 million in PAYE and VAT after Whyte's takeover.

Lord Hodge declined to give Ticketus preferential treatment saying its rights 'were purely contractual rights and were not trust rights which would prevail over ordinary creditors in an insolvency'.

Duff and Phelps described that as a 'significant step towards clarifying the future' of the club.

A statement from joint-administrator Paul Clark read: "Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets.

"It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally."

Clark accepted the judge's refusal to give guidance because details of the competing bids were not divulged.

"This would most certainly not have been in the interests of creditors or the football club, particularly since the party which were subject to the legal proceedings also have an active interest in a bid for the club," Clark's statement continued.

Clark added: "To date, our discussions with bidders have been very constructive and we will continue these discussions with all parties, including the consortium in which Ticketus is involved, in an effort to achieve a successful outcome.

"We intend to create a shortlist of bids at the earliest opportunity and have no doubt today's decision will have a significant bearing on the proposals put forward by bidders to date."

Ticketus welcomed the lack of clear authority to tear up the agreement.

A statement from the firm read: "The court has made it clear that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the administrators are able to significantly improve returns for creditors and improve the chance of returning the club to a going concern.

"Given the strength of the Blue Knights Consortium's bid, and Ticketus' role in this with its contract remaining valid and enforceable, we question the ability for this to happen."

The finance firm said it would 'do everything necessary' to ensure the contract is honoured and its investors' interests were protected.

On the Blue Knights bid, the statement added: "We are confident that the consortium's bid is in the best interests of the club, its fans and creditors by guaranteeing the future of Rangers and ending this period of uncertainty for the club.

"Collectively, the consortium has the ability to provide the club with the financial stability it needs to continue to perform at the highest level of competition.

"The consortium is committed to providing Rangers' loyal fan base with the transparency and disclosure it deserves, as well as exploring ways for fans to have a closer relationship with the management of their club."

Sale Sharks owner Kennedy said: "I am taking legal advice to find out what the court ruling means with regard to the indebtedness of Rangers Football Club and until that is clarified I will be making no further comment."

An American consortium is thought to be behind a third bid, while administrators have given no information on those behind a subsequent offer.

The written ruling also indicated there may be further legal wrangling over the season ticket agreement (STA) given that the initial cash injection was used to pay off the club's £18 million bank debt, a key part of the takeover deal.

Lord Hodge said: "The administrators' legal advisers have asserted that the STA is illegal on the ground that it was an agreement for the giving indirectly by Rangers of financial assistance for the acquisition of its shares contrary to section 678 of the Companies Act 2006.

"The existence of this challenge is not however relevant to the directions which I have to give as I must assume at this stage that the Ticketus agreements are valid."

The Light Blues boss believes Kilmarnock's Scottish Communities League Cup triumph over the Hoops last weekend proves that some matches are impossible to predict no matter how clear-cut the outcome may seem beforehand.

Neil Lennon's men were on course for a domestic treble ahead of that clash at Hampden but could still clinch the Scottish Premier League title at Ibrox on Sunday afternoon (Monday morning AEDT) depending on Motherwell's result 24 hours earlier.

Rangers saw its own hopes of retaining the championship all but ended when it was docked 10 points by the SPL after entering into administration last month.

Since then it has lost three out of four matches and also faces the possibility of a fourth consecutive home defeat for the first time in the club's history, with Celtic tipped by many to come out on top.

McCoist said: "I would maybe suggest they were bigger favourites on Sunday against Kilmarnock.

"Once that first whistle goes, you don't know who's favourites and who's second favourites. It's a game of football that anybody could win.

"The fact that Celtic are favourites for the game doesn't bother me in the slightest.

"In no way, shape or form does it have a bearing on me in terms of my team selection and how I'll approach the game.

"I'll look at Celtic as I would any opposition and we will put a team together that can hopefully win the game.

"I do take the point about Celtic being favourites for the game.

"It's not often that an away team in an Old Firm derby are strong favourites.

"They were strong, strong favourites on Sunday and Kilmarnock proved that favourites don't always win."

McCoist claims his preparations will not be affected by the outcome of Motherwell's visit to Kilmarnock either.

If the Steelmen fail to take all three points from the meeting at Rugby Park, a Celtic victory will secure the SPL crown at the home of its biggest rival.

McCoist said: "We've already got personnel and a couple of teams lined up that we are very hopeful can win the game.

"The result down at Rugby Park will not influence at all our decision on the selection or the formation because we will be putting out a team that we believe can win the game."

The last Old Firm derby title-decider was at Celtic Park in 1999 when Rangers was crowned champion in what proved to be an explosive encounter between the Glasgow giants, with three players sent off and referee Hugh Dallas struck by a missile.

McCoist said: "I'm going to state the obvious - I want our boys to be celebrating at the end of the game after hopefully picking up a hard-earned three points.

"The importance of the Old Firm at any time is massive and it's really important we go out and play with pride and play in a fashion that does Rangers proud.

"Hopefully we can win the game. We've had one or two injuries and suspensions but the fact of the matter is we believe we can win the game."

Kyle Lafferty is back in training after recovering from a hamstring tear which has sidelined the striker since 2 January.

But McCoist has yet to decide the extent of the role the Northern Irishman could play this weekend if he makes his long-awaited return.

The manager said: "He is in contention. I'm not saying he won't start but he has been out since January 2 and that's a long time not to be playing any football.

"I'm of the opinion that you can maybe get away with it a little bit more in defensive areas.

"Defenders would probably argue but they don't run about just as much as your front guys would.

"Certainly, the way Lafferty plays the game, he is very mobile and he does make some lung-bursting runs.

"Whether we start him and see how far we go with him or whether he's on the bench, we will decide later."

The Hoops could clinch the Scottish Premier League title at Ibrox depending on Motherwell's result 24 hours earlier, while Rangers is aiming to avoid a fourth consecutive home defeat for the first time in its history.

And manager McCoist is well aware he must shoulder the responsibility of the outcome of matches, despite admitting his frustration at being unable to have a major influence on the action on the park.

Asked about the differences between being a player and a manager, Rangers' record goalscorer said: "The obvious one would be that the buck stops with you.

"When you're manager there's nothing you can do really when the players cross over the white line.

"You can make tactical changes and things like that but it's out of your hands.

"The players are in total control of the game so you have to accept that. I won't lie to you - I found it difficult to accept early on.

"You have to appreciate the players have got a job to do and you send them out to do that. That's probably the hardest part.

"With the result, the onus is on you as manager whether you win, lose or draw."

Being plunged into administration last month - and immediately docked 10 points by the SPL as a result - effectively ended Rangers' hopes of retaining the championship.

But, as far as McCoist is concerned, pride is always at stake in the famous fixture.

"It's everything, really. It's bragging rights until you play each other again. It's putting one over on your biggest rivals. It's all that," he said.

"I've got mates who are Celtic supporters as well and I've been at both ends.

"You can give them a bit of stick and obviously when things don't go your way, you get a bit back. To supporters it means absolutely everything.

"These are the biggest days in the footballing calendar and there's nothing better than putting one over on your biggest rivals."

Honours are even between Rangers and Celtic in derby clashes so far this season.

McCoist drew first blood with an emphatic 4-2 win at Ibrox in September, before Neil Lennon's men hit back with a 1-0 victory at Celtic Park in December.

Four indicative bids have been tabled with Duff and Phelps for the stricken Scottish champion, who was forced into administration last month.

Kennedy and former Ibrox director Paul Murray's consortium are the only confirmed bidders with an American consortium also reported to be among the interested parties.

Manager Ally McCoist was also at the stadium this afternoon, as Rangers attempts to resolve its off-field issues, while trying to ensure a return to winning ways on the park.

It suffered a third defeat in four games since going into administration when it lost against Dundee United on Saturday.

The loss at Tannadice means rivals Celtic could clinch the Clydesdale Bank Premier League title at Ibrox on Sunday if Motherwell drop points to Kilmarnock on Saturday.

However, David Healy believes the Light Blues must take confidence from its last home meeting with the Hoops – an emphatic 4-2 victory at Ibrox in September.

The striker said: "It's going to be a tough challenge and it's always a big game, the Old Firm.

"I know everybody here is looking forward to it and Celtic will be looking to bounce back after their disappointment in the [Scottish Communities League] cup final.

"We lost at Dundee United and Celtic lost in the cup final so we'll both want to bounce back – and there's everything that goes with the Old Firm in terms of the passion, and Celtic might have the chance to win the league.

"But we beat them earlier in the season, which was an incredible game and performance.

"The atmosphere that day was electric so I know there is going to be a huge, passionate support for both sides on Sunday and everybody is going to be looking forward to it.

"The gaffer, from now up until the end of this week, will be getting us all prepared in terms of what way we are going to play, who is possibly going to play and the dangers we will face against Celtic.

"They have got a good squad and good players, players that can hurt you.

"But come Sunday hopefully we will have done enough during the week to know how we can go out and get the right result."

The club revealed the total raised by supporters contributing to the Rangers Fans Fighting Fund broke through the £150,000 barrier this afternoon.

And Healy believes fans deserve a victory against their biggest rivals this weekend after rallying around the club during a difficult period.

He told www.rangers.co.uk: "It's not been an easy time, especially for the supporters, because results have gone against us for whatever reason.

"It's been three or four weeks since everything has settled down a bit and it's time for the players on the pitch to go out and give the supporters, who have backed us 100 per cent, something to cheer about.

"But it's not been easy, going to Dundee United with a makeshift back-four is tough because they are a good side which they proved in the cup against us.

"No disrespect to the lads who played at the back because they probably played well but Jig [Lee McCulloch] filled in at centre-half and he's also played in midfield and as a striker this year.

"That's sort of where we are with the squad at this minute and to go to Dundee United at any time during the season is tough.

"To go there with four of five young boys starting was always going to be a difficult task.

"But the gaffer said he can take a lot of positives from the game and I'm sure he'll watch the video again and hopefully he can pick the right team for the biggest game of the season so far."

Suggestions the Old Firm clubs will attempt to leave the Scottish Premier League have surfaced again after Rangers went into administration.

One idea would be that Rangers could re-form as a new club and play in England but Scudamore insisted he could not see it happening - and the Old Firm in England's top flight would go against Premier League regulations.

Scudamore said: "Our rules are simple. It says we're a league formed for clubs that play in England and Wales.

"I don't see that ever changing. I don't see that changing on my watch, not that my watch may last for long.

"There's more in it for them than there is for us."

The Premier League clubs voted overwhelmingly against allowing the Old Firm clubs into a two-tier Premier League as part of a proposal put forward by Bolton Wanderers chairman Phil Gartside in November 2009.

The main attraction for a move by Celtic and Rangers would be finance - even the bottom club in the Premier League earns several times more in television money than the two Old Firm clubs.

Murray's consortium submitted its takeover proposal on the day administrators had set as a deadline for first indicative bids.

Murray's 'Blue Knights' consortium of wealthy individuals - backed by fans' groups and investment firm Ticketus - are one of only two confirmed interested parties along with Sale Sharks owner Brian Kennedy.

There are also reports of definite interest from Chicago-based Club 9 Sports, who previously failed with investment offers in Sheffield Wednesday and Tranmere, and administrators would only reveal that "several" bids had been made.

Duff and Phelps admitted prospective purchasers were looking for more clarity and discussions will continue early next week, although another bid is expected over the weekend.

But former Rangers director Murray believes administrators can make some form of decision before the club's clash with Celtic on March 25.

Murray claimed the absence of an outcome on January's tax tribunal over Employee Benefit Trusts need not slow up the process despite the prospect of a £49 million ($73 million) bill.

Rangers already owe Her Majesty's Revenue and Customs close to £15 million ($22 million).

Murray told BBC Radio Scotland: "It seems a bit odd to say that it's now a red herring but I think it actually may well be.

"I think the administrators used that phrase as well, because with the club now being in administration, effectively liabilities are just piled on to each other.

"If the club were to lose the case, which is still not certain, then that liability is added to the liabilities that are there at the moment.

"In very simple terms, if there is £50 million ($75 million) for creditors at the moment and that rises to £100 million it just simply affects the pence in the pound that is available for the creditors."

Murray believes his co-operation with Ticketus, who will provide initial financial backing without receiving ownership rights, is a huge advantage.

A £24.4 million ($36 million) cash injection from Ticketus allowed Craig Whyte to complete his £1 buyout by paying off the club's bank debt, and a Court of Session hearing over their rights to the club's future season tickets has been continued until Monday.

But Murray said: "By entering into a partnership with Ticketus, you essentially remove Ticketus from the pot.

"So our offer is worth considerably more than any others because Ticketus is not part of the CVA."

Whyte has claimed he is the secured creditor, even though administrators have seen no evidence of him putting any money into Rangers, and still holds a majority stake.

Murray said: "You would like to think he would look at the whole situation and actually have a bit of dignity and humility and do one last act to help the club.

"There are two things that are important - Craig Whyte's security, which the administrator has said he regards as being worthless.

"The second thing is wrestling the 85% shareholding and that's up to the administrator to deliver."

Reports also claim an American consortium has submitted a bid for the Ibrox club on the day Duff and Phelps had asked for first indicative bids.

Murray's 'Blue Knights' consortium revealed it had lodged a formal bid in a statement released by financial backers Ticketus.

"We firmly believe that our bid is in the best interests of the club and its fans," former Rangers director Murray said.

"We're ready to go, we have the finances in place and we want to get the club stabilised as quickly as possible.

"Like every other Rangers fan, I'd love there to be some certainty about the future of our club before next weekend's Old Firm game.

"It would provide a massive boost to the team and its fans ahead of such an important game. To our mind there is no reason why that can't be achieved - we hope the administrators will agree."

Kennedy's bid was confirmed by his Sale Sharks rugby union club.

A brief statement read: "Brian Kennedy confirms he has lodged his bid with the administrators."

Duff and Phelps later revealed that more bids could be on the way amid "worldwide interest".

Joint-administrator David Whitehouse said: "We are very pleased to announce that to date we have received several indicative bids for Rangers Football Club.

"We believe the level of interest in purchasing the club from around the world reflects the pedigree and history of the club and the fact the financial position of the business is beginning to clear and will continue to do so over forthcoming weeks.

"However, it is evident from our preliminary assessment of the expressions of interest and indicative bids that prospective purchasers are looking for clarity on certain issues at the earliest possible opportunity prior to submitting more detailed formal bids.

"There are complex issues to be resolved and there is no doubt they are having a bearing on the bidding process. At this stage we have indicative and conditional bids only.

"Our next step is to review more thoroughly the bids we have received and to determine which could offer the best return for creditors.

"We will also consider the terms and conditions that any party has attached to their bid.

"This process will involve further discussions between ourselves and interested parties and will begin early next week with a view to clarifying the content of each offer.

"The key element of the bidding process thus far has been to give prospective bidders the opportunity to demonstrate their funding capability.

"We cannot, under our remit, exclude the possibility of a bid by any other party and interest was expressed by a party today suggesting a bid will be made over the weekend."

Only two parties had publicly declared their hand on the eve of the deadline, which was set by administrators Duff and Phelps.

One of the bidders, Sale Sharks owner Brian Kennedy, declared himself a reluctant runner and the financial backers of the other bid, Ticketus, were yesterday involved in a court dispute with Duff and Phelps.

Double glazing tycoon Kennedy, a Hibernian fan, has held talks with manager Ally McCoist and former manager Graeme Souness, his friend, but he claims his interest is only out of a sense of duty rather than desire to be Rangers owner.

Kennedy said: "I hope to get something in by Friday (Saturday AEDT) purely as a fallback for the administrators, should the other bids fall over or not be acceptable.

"If I am going to be in a position where they ask me to press on with it, then I want to know more about it.

"The administrators will be looking to get the best possible deal, that is their duty."

Kennedy would be happy to concede to Paul Murray, whose fan-backed Blue Knights consortium has been planning a bid since the start of the process.

The initial capital will come from Ticketus, whose $A30.3 million cash injection allowed Craig Whyte to pay off the club's bank debt and thus complete his takeover in May last year.

Ticketus on Thursday faced Duff and Phelps in the Court of Session where they insisted they had a legally binding agreement with Rangers, with the administrators looking for direction from the judge after arguing the deal would deter bidders.

Duff and Phelps have previously revealed interest from America and the far east.

Meanwhile Rangers can start preparing for an SFA hearing on 29 March after being charged with five offences on top of its non-payment of gate receipts to Scottish Cup opponent Dundee United.

The cases will be heard by an SFA judicial panel, who will also decide on two alleged rule breaches by Whyte.

The club and Whyte have both been hit with two identical charges - disrepute and acting improperly.

The Scottish champion has also been hit with two charges over the SFA's rules regarding fit and proper officials - Whyte did not declare his previous disqualification as a director.

Rangers could also face action over rule 14(g), which states that membership may be suspended or terminated, or a fine may be issued, where a club suffers or is subject to an insolvency event.

The club also faces a Scottish Premier League inquiry over alleged non-disclosure of payments to players before Whyte took over.

However, Murray's financial partners, Ticketus, were in court arguing against administrators Duff and Phelps over their rights to future season ticket sales.

Administrators have set Friday as a deadline for first indicative bids but the Court of Session hearing is set to continue.

Former Ibrox director Murray is also backed by supporters' groups and his consortium includes businessmen such as motoring tycoon Douglas Park, whose personal pledges would act as security for the money put up by Ticketus.

Hibernian supporter Kennedy is a reluctant bidder, claiming he could not watch Rangers die but admitting he had little desire to be the owner.

The double glazing tycoon says he has met Rangers manager Ally McCoist and discussed the club's situation with former Ibrox boss Graeme Souness.

In a statement issued by his Aviva Premiership rugby union club, Kennedy said: "I think there is a big job to be done at Rangers.

"It will be like starting from scratch and if I was to get involved then I would utilise the expertise and experience of people who know football and Rangers in particular far better than I do.

"Graeme Souness is a personal friend, so I have talked to him about Rangers.

"But I have not taken it any further than that, because we need to see how the next 24 hours develops.

"I also met Ally McCoist last week and that was just a getting-to-know-him exercise. He is such a lovely lad and very capable."

Kennedy added: "I hope to get something in by Friday purely as a fallback for the administrators, should the other bids fall over or not be acceptable.

"If I am going to be in a position where they ask me to press on with it, then I want to know more about it.

"The administrators will be looking to get the best possible deal, that is their duty."

Murray previously declared his team were in "good shape" for a bid by the deadline, although it is unclear what effect this latest court action will have.

Duff and Phelps are looking for direction on the agreement with Ticketus, whose cash injection allowed Craig Whyte to pay off the club's bank debt and thus complete his takeover in May last year.

Ticketus insist they have a legally binding agreement to receive their money back but Murray has revealed their deal would see the investment firm provide the financial power to take over the club and they would then renegotiate a more relaxed repayment deal.

Administrators have argued the deal could put off potential bidders.

There has been no confirmation of other bids, although Duff and Phelps have previously revealed interest from America and the Far East.

Reports claim New York investment group Fortress are interested, although sources at the company played down any likelihood of a takeover offer.

Chicago-based Club 9 Sports, who failed in a bid to buy Sheffield Wednesday in 2010, are also reported to have held talks.

The former Rangers company secretary and director insisted he had no involvement in drawing up player contracts after the mid-1990s but he admitted profiting from the club's controversial Employee Benefit Trusts (EBTs), which were in use from 2001 to 2010.

The EBTs, which typically allow employees to receive benefits from a discretionary fund, are the subject of an ongoing tax dispute.

Her Majesty's Revenue and Customs is claiming £36.5million ($54.5 million) plus interest and penalties from Rangers and a verdict is due soon on a tribunal held two months ago.

The offshore funds, which cannot typically be stipulated on contracts for tax reasons, are also the subject of a Scottish Premier League investigation into the "alleged non-disclosure of payments to players by or on behalf of Rangers" from 1998.

Former Rangers owner Sir David Murray insisted this week that there were no dual contracts following claims to the contrary from former director Hugh Adam, who left in 2002.

Ogilvie, who left Rangers in 2005, said in a statement: "I was aware of the EBT scheme in operation at Rangers during my time at the club and, indeed, was a member. The existence of the scheme was published in Rangers' annual accounts.

"My role at Rangers, until the mid-90s, included finalising the paperwork for player registrations.

"As confirmed by Sir David Murray, it was never my role to negotiate contracts during my time at Rangers.

"It is also worth noting that, since the mid-90s, I was not responsible for the drafting or administering of player contracts.

"I ceased being company secretary in 2002 and became general secretary responsible for football strategy, in effect becoming the main point of contact between the club and the respective league and governing bodies.

"In relation to the recent investigation, I can confirm that I asked to be excluded from the Scottish FA's independent inquiry into Rangers.

"In the interests of good governance it was absolutely right that this was the case."

The Scottish Football Association's recent inquiry into Rangers briefly incorporated allegations of undisclosed payments until the Scottish Premier League took over the case.

Ogilvie, who was elected to his role in June last year following a spell as vice-president, added: "I am proud and privileged to be president of the Scottish FA during an exciting period in its history.

"I have an excellent relationship with our chief executive, Stewart Regan, and the board of directors.

"I would like to thank them for their support throughout this process and look forward to new and exciting challenges ahead at the Scottish FA."

Ogilvie has come under pressure after the SFA and then the Scottish Premier League vowed to investigate the alleged non-disclosure of payments to Rangers players during his spell at Ibrox.

The former Rangers company secretary confirmed he had been a member of the Employee Benefit Trust (EBT) scheme, which was the subject of a tax tribunal in January and could cost the Ibrox club £49 million ($73.5 million).

Ogilvie moved to clarify his role at the club and insisted he would 'look forward to new and exciting challenges ahead at the Scottish FA'.

Ogilvie, who was employed at Ibrox from 1978 until leaving for Hearts in 2005, spoke out after his position was questioned given the ongoing investigation into Rangers' financial affairs.

Ogilvie protested his innocence over the contracts issue although he admitted benefiting from the controversial EBT scheme.

In a statement published on the SFA's website, Ogilvie said: "In light of today's comments by (former Rangers owner) Sir David Murray, and the ongoing speculation surrounding my role as president of the Scottish FA and my previous employment as a director of Rangers FC, I would like to take this opportunity to clarify the following points.

"I was aware of the EBT scheme in operation at Rangers during my time at the club and, indeed, was a member. The existence of the scheme was published in Rangers' annual accounts.

"My role at Rangers, until the mid-90s, included finalising the paperwork for player registrations.

"As confirmed by Sir David Murray today, it was never my role to negotiate contracts during my time at Rangers.

"It is also worth noting that, since the mid-90s, I was not responsible for the drafting or administering of player contracts.

"I ceased being company secretary in 2002 and became general secretary responsible for football strategy, in effect becoming the main point of contact between the club and the respective league and governing bodies.

"In relation to the recent investigation, I can confirm that I asked to be excluded from the Scottish FA's independent inquiry into Rangers.

"In the interests of good governance it was absolutely right that this was the case."

The SFA's recent inquiry into Rangers briefly incorporated allegations of undisclosed payments to players after claims by former Ibrox director Hugh Adam.

Adam claimed some payments were not included in official contracts that were registered with the football authorities, with the 86-year-old 'pretty sure' similar payments were being made as early as the mid-1990s.

The EBT scheme ran from 2001 to 2010 and followed a similar offshore payments programme from 1999-2003, which sparked a separate £2.8 million ($4.2 million) claim from Her Majesty's Revenue and Customs. Rangers last year conceded this case but Craig Whyte did not pay the sum after taking over in May.

The SFA dropped its investigations into the issue after the SPL announced an inquiry into the alleged non-disclosure of payments to players from 1998, although the main governing body would hear any appeal.

Ogilvie is determined to carry on in his role, which he was elected to in June last year after a spell as vice-president.

"I am proud and privileged to be president of the Scottish FA during an exciting period in its history," he said.

"I have an excellent relationship with our chief executive, Stewart Regan, and the board of directors.

"I would like to thank them for their support throughout this process and look forward to new and exciting challenges ahead at the Scottish FA."

Former director Paul Murray has stressed his commitment to submitting a takeover proposal on Friday, the deadline for first indicative bids.

However, another potential bidder, Sale Sharks owner Brian Kennedy, admits he is 'reluctant' to follow through his interest.

Kennedy told BBC Scotland: "I don't really want to buy the club, but I don't want to see Rangers die.

"I've said from the start that if the administrators view my offer as the best one for the club, I'm happy to take it on."

Administrators Duff and Phelps have previously revealed there was interest from the Far East and America.

Rangers did not seek the consent of the Financial Services Authority when it went into administration on 14 February as required but administrators have described the new hearing as a procedural issue rather than a fundamental problem.

The striker netted on his first SPL start of the season as Rangers won 4-1 at Inverness last month.

The 22-year-old has endured hip and knee injuries over the past 18 months and did not want to leave Ibrox before making his mark.

The Northern Ireland international told Blues News: "It certainly went through my head (to leave) and I'm sure a few of the others who are out of contract thought the same.

"But for me the biggest factor was I've had an awful time with injuries lately and now I'm finally getting my chance at Rangers.

"The gaffer has gladly given me my chance and I have really enjoyed playing in the last two games. I'm feeling good.

"I couldn't say goodbye to that. I've been dying to get my chance at Rangers ever since I arrived here five and a half years ago.

"Now that I'm getting a proper shot at the team, there was no chance I was just going to turn away and leave.

"You obviously don't want your chance to come in the situation we are in which is as bad as it is.

"But things have maybe worked for me in that sense. I feel I really need to grab this chance and I've done okay in my first couple of games, but now I need to do that consistently."

Murray insists he was 'duped' by the Motherwell-born businessman before he handed over his majority shareholding to him for £1 ($1.49) last May.

Since then the club has collapsed in chaos. Rangers entered administration on 14 February after HMRC lodged its petition over non-payment of about £9 million ($13.4 million) in PAYE and VAT after Whyte's takeover.

Whyte, previously disqualified as a company director for seven years, admitted selling tranches of future season tickets to the London investment firm Ticketus for £24.4 million ($36.32 million) to effectively finance his takeover, using the money to wipe off Rangers' £18 million ($26.8 million) bank debt to Lloyds Banking Group.

Last Friday administrators Duff and Phelps confirmed management and players had agreed a wage-reduction deal ranging from 75 percent to 25 percent to secure jobs throughout the club, which needs to save £1 million ($1.49 million) per month to stave off the threat of liquidation while new owners are sought.

At a press conference at his Edinburgh offices the former Rangers owner distributed a letter from Whyte's solicitors, Collyer Bristow, dated 3 January, assuring Murray that obligations were being met by Whyte, who last week was found by the Scottish Football Association not to be 'a fit and proper person' to run a football club.

The letter was signed by Gary Withey, who has since quit as a partner at the firm.

Whyte's pledges included paying off the bank debt and investing money in the squad and stadium but joint-administrator Paul Clark said at the weekend that they could see 'no evidence of any investment by Whyte into Rangers'.

"I was primarily duped," said Murray. "My advisers were duped, the bank was duped, the shareholders were duped. We've all been duped."

Asked why he thought Whyte was the right man to take the club forward, after previously saying he would only sell to someone with Rangers' best interests at heart, Murray replied: "Because he met the criteria that were in his offer document. He's quite affable and plausible.

"I always remember someone said, 'Does it pass the sniff test?'

"He was Scottish, he wasn't a foreigner, he was supposedly a Rangers supporter, he had the money.

"There is a Stock Exchange offer document there. If you can't believe that, what can you do?

"Craig Whyte made a statement that the club was never in better financial state when he took it over.

"This is a guy saying he's going to spend money on players, on health and safety, do the ground up. That is a legal offer document. You would expect that to be honoured.

"The letter on January 3 is quite dynamite, because what they've done is confirm that they would deliver the deal they signed up to."

Murray insists he had no idea that Whyte had used Ticketus money to buy the club.

"The first I knew about Ticketus was when Martin Bain (former chief executive) asked me to do a precognition on his defence (in a legal case) against Craig Whyte, and it was brought to my attention at the end of December," he said.

"I signed a precognition in January with our lawyers present.

"But if we'd known of the Ticketus thing, we'd not have done the deal."

Murray was at a loss as to how Whyte was able to raise money from Ticketus before he bought the Ibrox club.

"That's a good question," he said. "People can be puzzled. But genuinely, none of us knew."

Murray was then asked if alarm bells did not ring when former chairman Alistair Johnston and former director Paul Murray warned that the deal with Whyte was not the right one for the club.

Paul Murray failed in his bid to buy Rangers before Whyte took over but now heads the Blue Knights consortium who have expressed their interest in rescuing the club from the threat of liquidation.

"We did check, to the best of our ability," he said.

"After someone has been disqualified for seven years, it's not that easy to check.

"And it is also down to the individual, is it not, to make us aware of that?

"I'm not defending me - because I've made a huge mistake here.

"And I deeply regret, I deeply regret, selling the club to Craig Whyte now. Deeply.

"And if the information had been available to me at the time I wouldn't have done it. I did it in good faith."

The steel magnate, who lost both legs in a road accident, tried to put his disappointment about the way things have happened at Rangers into some context.

"It's ironic you should meet me today: it's 36 years today since I had my accident, March 13," he said.

"I'm not trying to be some tough or arrogant person, but I've had quite a few obstacles put in my life. And I would say that I'm very disappointed.

"Again, I can only apologise how this has turned out. And if I could turn the clock back, of course I would. There's not much more I can say than that."

Murray, who took over Rangers in 1988, admits the state the club finds itself in has tarnished his legacy.

"Of course it has," he said. "It's 22, 23 years, and I think the first 15 or 16 were fantastic.

"Then we went into a tight period financially when I put a lot of money into the club.

"I have genuinely put just short of £100 million ($148.86 million) into Rangers in my tenure.

"We all enjoyed a lot of success together. Now all of a sudden it's all my fault.

"I accept at the end of the day I was the captain of the ship, and I take my share of criticism."

Collyer and Bristow refused to comment. Whyte was unavailable for comment.

Manager Ally McCoist and his predecessor Walter Smith were joined by former defender Sandy Jardine in endorsing the move to urge supporters to make donations to help the club during administration.

Smith, Jardine, supporters liaison manager Jim Hannah and Rangers Supporters Assembly president Andy Kerr will control the bank account and pass on donations to administrators Duff and Phelps as and when the money is required.

Rangers' two home games since it entered administration on 14 February, against Kilmarnock and Hearts, were sold out and manager McCoist hopes the latest initiative is well received.

McCoist told the club's official website, www.rangers.co.uk: "I encourage all fans to back the Rangers Fans Fighting Fund and help the club in any way they can, as they have done in recent weeks.

"Our fans have been fantastic. They are showing their true colours and have not walked away during these times of need.

"On behalf of everyone at the club I would like to thank our supporters for all their efforts and I ask them to keep backing us and keep filling Ibrox for matches as their support will make a difference."

Smith, who led Rangers to three successive Scottish Premier League titles before stepping aside for McCoist last northern summer, added: "It has been an extremely difficult time for everyone associated with Rangers but the supporters have shown unbelievable commitment to our club throughout the administration process and deserve great credit.

"I encourage all fans to make a donation and back this campaign as their support will help safeguard the club's future."

Murray's previous involvement in the club appears to be in contradiction with criteria laid down in the Scottish Football Association's rules over 'fit and proper' club officials.

Although Murray left the Rangers board nine months before it went into administration on 14 February, the insolvency raises doubts over him playing an official role in any Scottish club.

The SFA's rule 10.2(j) in its Articles of Association appear to exclude anyone who has been a 'director of a club in membership of any national association within the five-year period preceding such club having undergone an insolvency event'.

However, it is understood the SFA's legal team is unsure whether the specific rule would be enforceable given Murray had already left. Any individual also has the right of appeal.

Although the clause is clear, the rule states the board 'reserves its discretion' as to whether a person is fit and proper after 'due consideration of all relevant facts'.

And even if he were deemed unfit, Murray could still play an active role in takeover talks and any new ownership structure, although his ongoing influence might have to be unofficial if he succeeds.

Murray, who was unavailable for comment, was removed from the Rangers board on 24 May last year, weeks after failing to prevent the takeover of Craig Whyte. The club's failure to pay £9 million ($13.36 million) in VAT and PAYE accrued under Whyte saw Rangers forced into administration.

The SFA last week deemed Rangers chairman Whyte not fit and proper - he had been previously disqualified as a company director.

A current Rangers director, Dave King, is backing Murray's 'Blue Knights' consortium, and has written to the SFA seeking clarification on whether he meets the criteria given he has been involved in a tax dispute in South Africa.

King said last week: "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 view of my own well-publicised and acrimonious legal disputes with the authorities in South Africa I have taken it upon myself to approach the SFA in that regard in advance of considering an increased role in the club going forward.

"I will be guided by the SFA's response in that regard."

Given King was on the Ibrox board when it went into administration, he too might be unable to continue in his role under the same SFA rule, which was introduced in 2004 after the likes of Motherwell went into administration.

Late Motherwell chairman Bill Dickie continued in his role until 2008 despite being on the board when the club went into administration in 2002.

The SFA's definition of a club official includes 'all office-bearers, secretary, directors or members of the board of management or committee'.

Murray earlier revealed some of the individuals who have expressed interest in joining his consortium. They include motoring tycoon Douglas Park, fund manager John Bennett of the Henderson Group and property adviser Scott Murdoch of CWM.

The banker had previously revealed he had the backing of Ticketus and supporters' groups and promised to reveal more names in the coming days amid ongoing talks.

Murray also defended his decision to combine with Ticketus, whose £24.4 million ($36.24 million) cash injection allowed Whyte to pay off Lloyds Banking Group, a key pledge of his £1 ($1.49) takeover.

Administrators have promised clarity over the firm's right to the season tickets it bought but sources close to Ticketus insist it has sound legal advice from Scottish and English lawyers that the contract is valid.

Murray, who argues the prosperity of Rangers is in the interests of Ticketus and a long legal battle is not, revealed that Ticketus would back his group's cash offer and provide working capital until they completed a fans' share issue.

Administrators Duff and Phelps have set Friday as the deadline for first indicative bids, which must include 'absolute proof of funding' and revealed there were potential bidders from the Far East and America.

Meanwhile, one of the parties who have laid claim to money discovered in an account of Whyte's London-based lawyers has announced it handed over funds in advance of a potential loan.

The Worthington Group released a statement outlining its Jerome Group Pension Fund's claim to more than £2.9 million ($4.31 million) of the £3.6 million ($5.35 million), which Duff and Phelps claims belongs to Rangers.

It said the trustees of the fund had 'provided funds amounting to £2.925 million ($4.34 million) to solicitors acting for the club when considering the possibility of making a fully secured loan.

"These funds were being held to the specific order of the trustees.

"The trustees gave no authority to the club's solicitors to release the funds and the sums held until recently in the club's solicitors account (and since transferred to the administrators' solicitors' account pending resolution of the current litigation) include the fund of £2.925 million held to the trustees' order.

"However the trustees now understand that the funds may have been the subject of an unauthorised release to the club in breach of this undertaking prior to the club entering administration."

Worthington confirmed Liberty Capital, which was formed by Whyte, owns 7.5 percent of the shares but that the Rangers majority shareholder had no involvement in the management of the group or the pension fund.

The statement added: "The trustees have been advised by their lawyers that they have a very good claim for recovering the funds."

Other groups laying claim to the money include Her Majesty's Revenue and Customs and the case will be heard in the High Court in London on 30 March.

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

Bids are being invited in a bid to save the stricken Scottish champion and Clark is eager to identify "serious" suitors as soon as possible.

Clark told the club's website: "What we want is to have only serious bidders left by the end of the week.

"So anybody who has just been talking - and there are a few out there who have done a lot of talking - we want to seek them out and, as it were, put their money where their mouth is.

"Let's get them round a table so we know how many parties we've got. I don't care how many bidders we end up with but I want to know who they are, what they are and what their worth is, so then we can have more serious conversations about achieving the end goal which is to get Rangers under new ownership.

"This is the problem we have got, we have one or two parties prepared to talk to the media and then you have other parties who have been quietly and slowly and diligently getting on with their business behind closed doors outside of the glare of the media and we are taking them just as seriously as anybody who is on the front page of the newspapers saying, 'I'm going to buy Rangers, you just watch'.

"If somebody wants to involve the media, that's fine. And if they become the owner then they can sit on the front page of all the papers saying, 'I did it'. But don't be surprised if that owner isn't one of the people who is media friendly.

"By the way, I am not ruling anybody out in this process, absolutely not. I'm just saying that nobody should assume that the only serious bidders are the ones who are in the public domain."

Clark added: "I don't want to be specific about bidders but there is at least one party from the Far East and we've had some interest as well from the American continent.

"We're talking about Scotland, wider UK and some overseas parties. There's been a number of meetings over the last few days and more planned for next week. I've got two calls to two different parties over the weekend. We have an online data room for those parties so they can go in and take information over and above what we've told them in our meetings.

"You've got different people asking different questions. We hope and believe that a new owner will be installed before the end of the season so that it's not us in charge at season's end. That's our objective.

"What we've done so that people realise they need to speed themselves up is to say that on Friday we want to receive absolute proof of your funding so we understand who you are and which camp you are in because some people have feet in various camps.

"We want to know who exactly has your money. More importantly, we want some form of indicative bid, so that will distil down however many parties we have got at the moment to the final few."

Clark has revealed the squad would have been "decimated" to save £1 million ($1.5 million) a month.

Mass redundancies were prevented on Friday when all players accepted wage cuts of up to 75 per cent 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 pr cent 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."

The London-based financial firm emerged as a surprise backer for the consortium, who are one of several interested parties holding talks with the club`s administrators Duff and Phelps.

Ticketus also had a key role to play in current owner Craig Whyte`s takeover of the Scottish champion last May.

A statement issued on behalf of the company confirmed: "The "Blue Knights", led by Paul Murray, today confirm that they are finalising an offer for Rangers Football Club in partnership with fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus."

The consortium is 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 also hope to preserve the club's 140-year history - both of which mean avoiding liquidation.

The statement continued: "The members of the consortium are united in their belief that a collaborative approach is essential in securing the club's future through a CVA, thereby achieving a fair and fast resolution that will put the club on a secure financial footing.

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

Murray said: "I believe that the Blue Knights, working in collaboration with the fans and Ticketus, are able to deliver an attractive solution that will see the club emerge from administration with a clear plan for the future that will bring the financial stability that the club needs.

"We firmly believe that a CVA is the best way forward and we are working hard to offer a solution that will enable this to happen.

"As the Administrators have stated, the alternative route of putting the club into liquidation is much less attractive for creditors, supporters and players, with its capacity to destroy value.

"Under current UEFA rules, a football club is banned from European competition for three years in the event of liquidation.

"Taking this route would have a significant impact on Rangers' future revenues and the overall financial viability of the club, so it is something we want to avoid."

Ticketus paid £24 million ($35.5 million) last year to secure the right to sell the club's future season tickets, with part of the cash used by Whyte to complete his takeover.

Administrators confirmed money from the deal was used by Whyte to pay the club's £18 million ($26.6 million) debt to Lloyds Banking Group when he purchased Sir David Murray's majority shareholding.

The revelation came several days after Rangers were forced to call in the administrators on February 14 over an unpaid tax bill of £9 million ($13.3 million) accrued during Whyte's tenure.

A statement from Ticketus tonight read: "We believe that the Blue Knights understand very clearly what needs to be done to stabilise the club, and represent the most attractive long-term solution to Rangers' financial situation.

"We are therefore backing their bid and will be an active partner, contributing to a successful outcome.

"We believe working alongside the Blue Knights and fans' representatives offers the best chance of the club surviving and becoming a viable business."

The consortium say they are "confident that the club can achieve financial stability through appropriate restructuring and the appointment of a new and experienced board with a sensible business plan."

They will meet with administrators on Monday to discuss the proposed deal in detail and told Duff and Phelps today that they will be working together to buy the club out of the CVA process.

Duff and Phelps say there are minor issues to be resolved but a deal is in place to keep the playing squad intact and prevent redundancies among the general workforce.

In a statement, joint administrator Paul Clark said: "We are pleased to announce today a package of cost-cutting measures has been agreed with the Rangers playing staff that enables the club to move forward."

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.

The statement continued: "The agreement on very substantial wage reductions and voluntary departures from the club represents a major sacrifice by the Rangers players.

"The discussions have been lengthy and by no means easy for anyone involved but the most important objective in all of this process has been to achieve an outcome that will help save the club.

"There are a small number of matters still to be dealt with over the weekend but we do not believe these will be insurmountable in the completion of an agreement.

"The players deserve great credit and we are in no doubt that this agreement is the best way to achieve the necessary cost savings to ensure the continuing operations of the club while preserving the fabric of the playing squad.

"The agreement has also directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park.

"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."

Some cuts have been made, namely the closure of the London office, which was opened in January with the appointment of global partnerships director Misha Ser.

The statement confirmed: "As regards non-playing staff, job losses will be kept to a minimum.

"The recently opened London office will close and another recently appointed employee will leave the business."

Clark added: "Everyone involved in the process, the Duff and Phelps team, the manager, the PFA Scotland and, most importantly, the players themselves made every effort possible to reach a consensual position where job losses among the playing staff were either prevented or kept to the minimum.

"This required a commitment to very substantial temporary wage cuts and we're very pleased to say that after all our discussions this has been achieved.

"The considerable sacrifice the players at Rangers have made has saved the jobs of other people at the club and we fully recognise the football staff are paying a very heavy price for the greater good.

"It is to their eternal credit the players and the management have sought to find a solution that helps protect the fabric of the club.

"We are especially grateful to the manager, Ally McCoist, who has put the interests of the club, his players and the staff first and foremost at all times.

"Senior first-team players have also been very helpful in trying to secure a successful outcome."

Clark later revealed the hold-up to securing all the signatures was mainly down to the fact some players were not present. The likes of John Fleck and Kyle Hutton are out on loan.

Speaking at a media conference broadcast live by Sky News, he said: "Some of the players just weren`t available today, for instance some of them are no longer in Glasgow.

"So we haven`t got every single signature but there are very, very few and we expect them to be dealt with in the next couple of days.

"We believe there is complete consensus, it`s simply people that are not available to sign the documentation."

Clark expressed confidence that Rangers would fulfil their Clydesdale Bank Premier League fixtures.

He stressed they had needed to find balance between retaining value in the club and also cutting costs.

Interested party Paul Murray had urged the administrators not to cut players and make a new owner`s rebuilding job more expensive.

He said: "It would have been all to easy to simply cut players. That would have been the easy option.

"It may have destroyed value within the club and also the ability for the club to succeed on the field."

Rangers will earn around $1.8 million more should it finish second in the SPL rather than third. The club is currently three points above Motherwell.

The statement added that the club remained in a "perilous" position but repeated the administrators' belief that the future of Rangers could be secured.

Clark told reporters: "The prospect of people buying Rangers Football Club remains our primary objective.

"That`s something we have continued talks about in the last few days and there are a number of further meetings taking place next week.

"We have set a date of next Friday that the buyers should prove their worth and place indicative bids so we can decide which of the parties are really serious about acquiring Rangers Football Club."

Little over an hour after a players' wage-reduction deal was announced, former director Paul Murray confirmed he had joined with fans to formulate an offer with the company that facilitated Craig Whyte's takeover.

Ticketus, whose $36 million cash injection in return for rights to sell future season tickets was used by Whyte to pay off the bank debt he himself had pledged to settle, are now attempting to help finance the Blue Knights consortium.

Administrators Duff and Phelps revealed the wage deal, which sees some players lose 75% of their pay until the end of the season, had prevented redundancies among staff at Ibrox and Murray Park.

The $1.4 million monthly savings will allow Rangers to finish the Clydesdale Bank Premier League season and provide "breathing space" for sale attempts.

Joint administrator Paul Clark said: "We have set a date of next Friday that the buyers should prove their worth and place indicative bids so we can decide which of the parties are really serious about acquiring Rangers Football Club.

"The plan from the outset is to avoid any talk of liquidation."

Talks have been ongoing on two fronts - with players over a wage-reduction agreement and with interested parties over a speedy sale of the business.

Administrators say that, if no deal is struck with the squad or no assurances made over an imminent bid, the playing squad will be cut.

Players have agreed to take wage cuts - the top earners would lose 75 per cent of their salary - but some want more secure guarantees that workers will not lose their jobs and some want exit clauses in their contracts.

Joint administrator David Whitehouse promised redundancies if a deal was not struck, although he had previously set Monday as a deadline.

His colleague from Duff and Phelps, Paul Clark, later expressed some optimism over a deal with players after renewed discussions with agents and said some players would get exit agreements.

He added: "I don't think that should be considered that any or all of the players are considering that they want to leave the club in the summer.

"It's just a safety mechanism from their point of view, in exchange for the very substantial amounts they're giving up, to give them some flexibility depending on what the new ownership structure looks like when the club comes out of administration."

Administrators have claimed their reluctance to make cuts so far has been out of a need to preserve some value to the playing squad in order to attract buyers.

Clark told BBC Scotland: "We've got several parties who appear to be asking all the right questions and we are looking for them to move forward to make some bids to us, we hope at some point next week."

Duff and Phelps were appointed by Rangers in a court hearing after working with owner Craig Whyte, and suspicion has lingered over their links with the majority shareholder.

However, they have publicly questioned Whyte's actions on numerous occasions and Clark insisted there was no benefit for the owner in Rangers moving into liquidation.

Clark also expressed hope of sealing a wage-reduction deal with players and reported "very positive" talks with potential buyers.

Fears have grown that Rangers will go into liquidation and speculation has intensified over Whyte's actions and motives since buying out Sir David Murray for £1 (A$1.48).

Whyte pledged to invest £9.5 million (A$14.14 million) immediately and pay off the club's £18 million (A$26.8 million) bank debt - but he paid the latter with finance secured on future season ticket sales.

It has been unclear what rights Whyte has to the assets of Rangers and as a creditor but Clark told BBC Scotland: "There is a security that remains on the public record in favour of Craig Whyte. My view is that security has no value.

"There's no obvious signs, or information, or clarification we've seen that would suggest he's actually paid any personal money into Rangers Football Club and therefore I don't see at the moment that he has secured creditor status.

"Liquidation tends to be the death of a business, or a football club in this case, and death tends to destroy value, so I don't fully understand why it's felt Craig Whyte, or indeed anyone, could benefit or profit from that."

Clark said they would include exit clauses for certain players in return for wage cuts of up to 75%, as talks continue over a deal to avoid redundancies.

But he added: "I don't think that should be considered that any or all of the players are considering that they want to leave the club in the (northern) summer.

"It's just a safety mechanism from their point of view, in exchange for the very substantial amounts they're giving up, to give them some flexibility depending on what the new ownership structure looks like when the club comes out of administration."

Meanwhile Clark is encouraged by talks over a quick sale.

"We've got several parties who appear to be asking all the right questions and we are looking for them to move forward to make some bids to us, we hope at some point next week."

Administrators last night accelerated attempts to sell the club after failing to finalise a consensus on wage reductions among the playing staff following several days of talks.

Duff and Phelps also warned that Rangers would not finish the season unless a quick sale or severe cost-cutting measures were made.

Those developments came after Ibrox director Dave King said in a statement yesterday that he believes it is "inevitable" the club will go into liquidation.

Regan told the BBC: "[The administrators] are sending out a message that if they are not able to reach an agreement then the club is facing liquidation. That would be a disaster.

"It is a pretty desperate time for Rangers Football Club.

"Having had the club go into administration on February 14, it would appear that there's a succession of negative pieces of news emerging almost on a daily basis.

"Last night the news that the club is running out of cash and may be unable to fulfil their fixtures is the final piece of news that will send Rangers fans into despair."

Regan was speaking as the SFA's own investigation into the running of Rangers, and whether there have been any potential breaches of its Articles of Association, neared a conclusion.

The football governing body announced the inquiry on February 17 – three days after the Scottish champions were forced into administration – and a statement on its findings is expected soon.

Asked if he was sure that Rangers would be able to play its remaining matches, Regan said: "I don't think you can say with total confidence that that will happen.

"All we can do is work with the administrators. They are dealing with a massive issue.

"They are trying to put fires out on a number of different fronts.

"There are a number of investigations going on, they are trying to sell the club, take costs out of the business and there is also the threat of not being able to compete in Europe next season.

"It is a really, really difficult time for the club and I'm sure the administrators will be working around the clock to come up with a solution."

The Rangers squad has agreed in principle to a series of structured wage cuts of up to 75 per cent but administrators could not finalise an agreement with about half a dozen players following talks late into Tuesday night.

Joint administrator David Whitehouse said on Tuesday night that they had been unable to agree to "personal conditions sought by the advisors to the players" but they hoped to solve those issues "first thing in the morning".

However, it is believed that the main condition some players were looking for was a guarantee that no workers at Rangers would lose their jobs if they agreed to the cuts. Other issues are thought to have included stipulations over transfers.

Planned meetings with some players' representatives are understood to have been postponed at short notice yesterday morning, with further attempts from the advisors to reschedule talks being frustrated throughout the day.

Duff and Phelps are now attempting to push through a quick sale of the club after warning Rangers were in danger of not finishing the season.

Whitehouse last night confirmed the whole squad had committed to wage "waivers" of up to 75 per cent.

"But there were a number of situations where, as a condition of those waivers, other requirements were put in place which in our opinion, having spent the best part of this morning talking to interested parties and other stakeholders, would materially impact on our ability to achieve a sale of the business," he said.

"Those conditions, in the wider good of the club, I don't think could be met.

"We have met those players again and they are reconsidering their position.

"We would hope we may be able to reach a resolution, but we can't rely on that so we have to look at other options."

Those options centre on meeting prospective buyers and pushing through a quick sale before they are forced to make significant cuts to the playing squad.

Whitehouse told Rangers TV last night: "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."

Meanwhile, Duff and Phelps today continued action in the High Court in London in a bid to recover more than £3 million from a solicitors' account.

"There is a risk that the club will fail to fulfil its fixtures," said Mark Phillips QC, for Rangers' administrators Duff and Phelps.

"There is a risk that the club could go into liquidation and be demoted by the Scottish League, which would eliminate any realistic prospect of a sale of the club for any sum worthwhile to creditors."

Mr Phillips gave Mr Justice Warren details of the dangers facing Rangers at a hearing in the Companies Court, during the latest round of litigation in the wake of the club's financial crisis.

Administrators want to secure £3.6 million which was held in an account belonging to club owner Craig Whyte's London-based solicitors.

Mr Phillips said administrators thought the sum would make a "significant contribution" to the survival of the club.

But the judge was told that a number of other organisations – including tax authorities – had staked a claim on chunks of that cash.

A judge is due to decide who should get what after a High Court trial in London later this month, when lawyers will make arguments on behalf of organisations claiming cash.

Prime Minister David Cameron's official spokesman declined to comment on Rangers' plight at a daily media briefing in Westminster today.

But he said: "Clearly, football clubs play an important role in this country and in local communities."

Joint administrator Paul Clark vowed to seek special dispensation from the football authorities - it must apply to the Scottish Football Association, which uses UEFA rules to determine whether licences are issued.

But he added that the stewardship of Craig Whyte had left Rangers with almost no chance of meeting the criteria before the 31 March deadline.

Clark said: "As regards the club playing in European competitions next season, there is no realistic prospect of the club being able to fulfil its obligations prior to the March 31 deadline set by UEFA."

Clark outlined four major reasons for the assertion before suggesting there was hope of Rangers competing in Europe next term.

He said: "As administrators, we will make every effort to seek dispensation from the footballing authorities given the extraordinary circumstances in which the club has been placed."

However, it is understood there can be no special dispensation if the required financial criteria, stipulated by UEFA, are not met.

Next term will, therefore, almost certainly be the first time Rangers has not participated in European competition since the 1980-1981 season.

Motherwell is in pole position to secure the second spot in the UEFA Champions League qualifiers along with runaway Scottish Premier League leader Celtic.

With nine games remaining, third-placed Motherwell is 11 points above St Johnstone and Dundee United and is only three points behind Rangers, which was deducted 10 for going into administration.

Referring to the likelihood of Rangers being without European football next term, Clark added: "There are four main reasons for this and they lie in the stewardship of the club prior to going into administration.

"First, as we have stated from the outset, the likelihood of the club being able to emerge successfully from administration before this deadline as indicated by the chairman was, at best optimistic given the perilous financial situation at the club at the time of insolvency.

"Second, the company accounts cannot realistically be signed off by auditors in a manner that would meet the criteria required by the footballing authorities.

"Even if the audited financial statements are issued prior to the end of March 2012, we would expect them to be qualified by the auditors such that under UEFA requirements the club will have to satisfy a going concern test confirming how it will continue to be funded until the end of next season.

"Without knowing who will be the owner of the club at March 31, it is impossible to provide suitable comfort in this respect.

"Thirdly under UEFA regulations, the club must have paid or come to a satisfactory settlement with all social taxes that were outstanding at December 31, 2011.

"We estimate those social taxes (being PAYE and NIC) to be at least £5 million ($7.46 million).

"We cannot now see a scenario where those taxes will have been paid or compromised to the satisfaction of HMRC by the end of March 2012.

"The final major hurdle is that the club must have paid or compromised all of its outstanding 'football creditors' prior to the deadline of March 31, 2012. That issue is again extremely unlikely."

Rangers owes money to the likes of Dundee United and Dunfermline and administrators this week announced a deal had been struck to pay off the Pars in two stages with the second payment on 12 April.

Duff and Phelps announced they were 'accelerating' the sale of the club after failing to finalise a wage-reduction agreement with players that would have limited redundancies in return for cuts of 75 percent for the highest earners.

They had been optimistic of success after failing to finalise personal details with about half a dozen players on Tuesday night but no deal emerged on Wednesday and administrators then delivered a stark warning about the scale of the club's financial problems.

The dramatic confession over the dangers of not fulfilling its final nine Scottish Premier League fixtures came after Ibrox director Dave King claimed liquidation was 'inevitable'.

Joint-administrator David Whitehouse said: "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."

Administrators, who took control on 14 February, have stated the need to slash £1 million ($1.49 million) from expenditure each month.

However, one of the interested parties, former director Paul Murray, warned that making significant cuts to the squad would leave Rangers less attractive to buyers as it could cost £20 million ($29.76 million) to replace the lost players.

Administrators had set a 16 March deadline for first indicative bids and they warned that failure to achieve a quick sale would have serious consequences.

Whitehouse added: "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."

There remain many obstacles to a quick sale, not least the outstanding verdict from the so-called 'big tax case'. Rangers could be left with a bill of £49 million ($72.92 million) over its use of employee benefit trusts from 2001-2010.

There is still no clarity over the status of the liability to Ticketus, whose £24.4 million ($36.32 million) cash injection for the rights to season ticket sales was used by Craig Whyte to pay off the club's £18 million ($26.79 million) bank debt when he took over.

King said Whyte had told him Ticketus had 'no recourse' to the club but administrators would not comment as the issue is subject to 'ongoing discussion and examination'.

Administrators are trying to source the remainder of the Ticketus money and a hearing is scheduled for the High Court of London on Thursday where they will seek a permanent order to seize £3.6 million ($5.36 million) from an account of Whyte's lawyers, Collyer Bristow.

It is also unclear what rights Whyte would have in any creditors' agreement.

Former director Paul Murray earlier expressed his intention to make a takeover proposal to Duff and Phelps on their previously set 16 March deadline for indicative bids, but he cancelled a scheduled radio appearance on Wednesday night as he digested the administrators' comments.

Murray, an ally of King in any potential takeover consortium, disagreed with the South African-based businessman's assertion that liquidation was a near certainty.

Speaking to talkSPORT before the administrators' statements, he said: "I'm working with administrators flat out on a CVA (Company Voluntary Arrangement) solution to this particular issue.

"Any insolvency process is very complicated. The administrators are three weeks into the process and working through some pretty complex legal situations.

"But I've met with them twice and they've been pretty helpful in terms of giving information."

Administrators later said they remained 'very confident' Rangers would not cease to exist despite their warning over finishing the season.

Joint-administrator Paul Clark said: "If a Company Voluntary Arrangement is not possible for any particular reason, any buyer of the club and its assets would complete that purchase through a sale by the administrators allowing the football club to continue to operate with the old company then being placed into liquidation prior to dissolution.

"We are, however, doing our best to ensure the company trades viably during administration and this will require a rigorous cost-cutting programme."

Whyte also had his say, in a statement which read: "There is absolutely no necessity for Rangers Football Club to go into liquidation.

"I believe we will come out of administration by way of a Creditors Voluntary Agreement. That is in the interests of all the stockholders."

Fears over the club's future overshadowed more dramatic news that King was taking legal action against former owner Sir David Murray seeking back his £20 million investment.

King said in the midst of a lengthy statement: "I have made a claim of £20 million on the basis of non-disclosure by the then chairman, David Murray, of Rangers' true financial position as far back as 2000."

The Murray Group responded with 'incredulity' to King's statement and vowed to 'vigorously defend' any claim.

A statement added: "It is difficult to understand his motives, given he has been a director of Rangers Football Club since the year 2000.

"Throughout the period of his directorship, Dave King has attended and participated in regular board meetings, including those approving the annual audited accounts, received board papers quarterly, had full access to the executive management of the club, and been privy to the same detailed financial and commercial information as every other board member."

South Africa-based director Dave King said in a statement he plans to sue Rangers boss Craig Whyte after the Scottish powerhouse was forced into administration last month.

"I do not believe that there is a reasonable prospect that the company can come out of administration," said King. "I believe that liquidation is inevitable."

In a bleak assessment of the turmoil gripping Rangers, King said the "footballing institution" of the club would survive but the company would not.

King said it was more than likely that Rangers would need to reapply for membership of the Scottish Football Association, a prospect which could mean the club would have to work their way back to the top flight from the lower leagues.

"It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible," King said.

"We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated."

Meanwhile talks aimed at preventing redundancies at Rangers were due to resume on Wednesday, a day after breaking up without result after plans to introduce wage cuts were rejected by the agents of several players.

Negotiations involving the club's administrators, players and their agents, manager Ally McCoist and Scotland's Professional Footballers' Association lasted most of the day but no agreement was reached.

The administrators said failure to settle on players' personal terms had prevented a deal being done on Tuesday, although they were optimistic of reaching an agreement when talks resumed.

Gregg Wylde and Mervan Celik became the first players to leave Rangers after administrators rejected a proposal by the squad to have wages deferred.

It is understood midfielders Wylde, 20, and Celik, 21, had their offers for voluntary redundancy with no pay-off accepted although the final details have still to be worked out.

Rangers was placed in administration last month after British tax authorities went to court to seek payment of an unpaid bill of $13.48 million dollars built up since owner Craig Whyte took control at Ibrox in May.

The 140-year-old club was docked 10 points for entering administration, a penalty which effectively handed the Scottish Premier League title to arch Glasgow rivals Celtic.

Talks between administrators, players and their agents, manager Ally McCoist and PFA Scotland lasted from morning until late in the night but saw no final resolution.

Administrators revealed that negotiations around personal details had stalled a package of wage cuts but they retain hope that a resolution can be reached on Wednesday.

Joint-administrator David Whitehouse delivered a statement to waiting reporters at Murray Park just before 10.30pm on Tuesday night, local time.

Whitehouse's statement read: "Today unfortunately has been a very frustrating day.

"Earlier in the day we believed that we had agreed in principle a basis of cost cutting measures with the players accepting substantial pay cuts.

"We are very grateful for their efforts in reaching that point.

"Sadly this evening we have been unable to reach agreement on the personal conditions sought by the advisors to the players in respect of those wage cuts.

"There is still some hope that these issues can be solved first thing in the morning but it's extremely disappointing we haven't been able to get there tonight."

But no wider agreement was struck over the make-up of £1 million ($1.49 million) monthly savings.

Administrators, who took control on 14 February, had set Monday as a final deadline to reach a consensual agreement but they reconvened on Tuesday morning to discuss another proposal from players.

Talks are believed to centre on a series of wage reductions which would see top-earning players accept 75 percent cuts and lower-paid players losing 25-50 percent of their salaries.

Sources inside Murray Park revealed both parties were close to a deal in the early evening.

However, issues such as the length of time players would receive reduced wage packets, sell-on clauses and summer transfers all contributed to a continuing stalemate.

Several players were believed to be seeking assurances over such details, with some of the high earners among those locked in negotiations.

Captain Steven Davis, Scotland fullback Steven Whittaker and forward Steven Naismith, who is undergoing rehabilitation from a serious knee injury, all left Murray Park after 9.30pm on Tuesday night.

Goalkeeper Allan McGregor earlier moved to deny reports he had refused to accept wage cuts.

McGregor is among the highest paid players and signed a six-year deal last northern summer.

In a statement released to Press Association Sport, his solicitor Margaret Gribbon of Bridge Litigation said: "Contrary to some media reports Allan has not refused to accept a salary reduction.

"These allegations are false and Allan has instructed me to make clear if these allegations are reported as fact he will have no option but to resort to legal action.

"Allan along with many of his fellow players is committed to making personal salary sacrifices to ensure the club survives.

"Allan has and will continue to extend his full co-operation with the administrators at this very difficult and challenging time for the club."

There has been no official confirmation about players leaving but Celik is believed to have secured his departure.

Celik only joined Rangers in January, the club's sole signing during the transfer window, but struggled to make an initial impression.

The 21-year-old arrived under freedom of contract from GAIS, but the Swedish club was due compensation.

Wylde arrived at Rangers' Murray Park training ground in mid-afternoon after it emerged that he had offered to leave.

The 20-year-old, who has made 47 appearances for the club, told STV: "I wanted to help out the club by keeping people in a job.

"I was so tired I couldn't really sleep at night. It was getting to me so I thought I would leave."

It is understood that the pair could be the only two players leaving if an agreement can be struck on Wednesday.

The Ibrox club is battling to stay afloat with administrators Duff and Phelps looking to cut £1 million ($1.49 million) per month from the budget.

To that end, some players could be leaving amid ongoing talks and Gregg Wylde and Mervan Celik have reportedly volunteered to walk away.

During a BBC Scotland programme, Scottish Football: The Debate, Petrie said: "Scottish football needs successful clubs who are well-managed.

"There are a lot of clubs in the SPL who have taken their own share of pain and have budgets and who have adhered to their budgets.

"The thing that needs to be maintained right throughout is sporting integrity.

"We need to ensure that the competition is fair.

"Each club has its own budgets and its own resources. If you have a plan and can finance it then fine.

"The important thing is sporting integrity and we have to make sure that the competition is balanced and fair.

"We are going to see Rangers continue to play with a depleted squad against clubs who they played against earlier in the season when they had a stronger squad.

"We need to make sure the fixtures are fulfilled and it is a fair and balanced competition."

Rangers faces Dundee United, Celtic, Motherwell and St Mirren before the league splits into two.

Smith guided Rangers to three consecutive titles despite financial cutbacks in his second spell at Ibrox, before handing over the reins to assistant McCoist for what was meant to be happier times.

With new owner Craig Whyte pledging to pay off the club's £18 million ($26.81 million) debt and invest in the playing squad, Smith felt McCoist would inherit a positive situation.

After mentoring McCoist with Scotland and Rangers, Smith has remained on hand for advice after retiring last May.

But since McCoist inherited the top job the club has into administration after accruing a £9 million ($13.4 million) bill in unpaid tax since the takeover of Whyte, who has admitted using future season ticket income to pay off the bank debt.

Smith told BBC Radio Scotland: "Leaving at the end of last season and seeing colleagues that you have worked with, especially Alistair, getting an opportunity to take over and seeing the circumstances that are unfolding in front of him in his first year ... it's really, really disappointing on all fronts.

"But especially for Alistair himself, who would have been looking forward to a far more stable situation than he has found himself in.

"While I speak to him, I have no experience in this.

"I had two close calls at Everton on administration but each time we managed to keep the club going.

"Alistair is sitting in a position that I have never been in.

"It's even very difficult for me to speak to him. It's him speaking to me more than anything else.

"It's very difficult to give someone advice when you've never been in that position."

Smith was speaking as already lengthy wage negotiations continued between players and administrators in a bid to prevent job cuts.

But Smith's sympathies lie mainly with the general workforce.

"It's a tragic situation for these people," the 64-year-old said.

"Most of the players who play for Rangers know they will be good enough to gain employment elsewhere if the worst comes to the worst.

"The staff outside the football staff are maybe not that fortunate, especially in today's climate.

"I would hope if there are redundancies they are restricted to the footballing side.

"But I have to stress I just hope there are very few even in the footballing side."

Smith praised 20-year-old Gregg Wylde, who has offered to leave the club to save jobs.

"If that's the case, it's a great gesture from him," Smith said.

"The sympathy he has shown towards the rest of the workforce at the hope he can save jobs is a great gesture."

The Fife club last week only paid players a proportion of their wages after the unpaid £84,000 ($124,926) bill sparked a short-term cashflow problem.

The money was due from tickets sold to Rangers fans for the Scottish Premier League clash between the clubs on 11 February, three days before the Ibrox club went into administration.

But talks between Dunfermline chairman John Yorkston and joint administrator Paul Clark led to a deal.

A club statement read: "Following discussions with the administrator at Rangers FC, the club has agreed to accept part of the outstanding ticket money of £84,000 today with the remaining balance due by the 13th April, 2012.

"This has allowed DAFC to pay in full the February salaries to all staff.

"The only outstanding sums due are for players' bonuses, which we are confident of addressing in the next 10 days."

Pars chairman John Yorkston said: "Dunfermline are quite happy with our discussions with the administrators.

"We have come to an agreement with them. They are happy and we are happy, but there is not an immediate fix."

Duff and Phelps had set Monday as a deadline after more than a week of talks aimed at achieving monthly savings of £1 million ($1.49 million) but talks broke up early on Monday evening without a decision.

Administrators will consider an offer from the players as they seek to strike a balance between wage cuts and potential job losses.

Players left Murray Park in quick succession shortly after 5.30pm, local time, after arriving in the morning for talks aimed at preventing redundancies, and Duff and Phelps soon released a statement confirming another delay.

Joint administrator Paul Clark said: "Everyone involved in the administration process has been attempting to reach a consensual solution in regard to job losses within the playing squad.

"The prime reason for this has been to achieve essential cost savings while preserving the fabric of the first team.

"This has not been an easy balance to strike and we would like to thank the manager Ally McCoist, his players and the PFA Scotland for attempting to find a solution that would be workable for all. Every realistic option is being explored.

"Regrettably, it has not been possible thus far to reach a consensus where players could accept the necessary level of wage cuts to prevent job losses within the squad.

"We do not for a moment criticise the players for this as the wage reductions that would be required are very substantial and would have a significant impact on each individual.

"For clarity, we cannot enforce wage cuts. The players have to agree to this course of action.

"The players have asked us to consider a final proposal overnight for discussion in the morning and we have agreed to this request."

The top earners in the playing staff were reported to have been asked to accept cuts of 75 percent, with others asked to lose 25-50 percent of their wages.

However, no deal was struck and administrators will now discuss the players' counter proposals before resuming negotiations.

Administrators had previously rejected the offer of wage deferrals until the end of the season, insisting they had to lower costs to make the club attractive to potential buyers, who have been set a deadline of 16 March to make first indicative bids.

However, one of the interested parties, former director Paul Murray, then urged administrators to leave the squad intact as he claimed replacing 10 players could cost a new owner £20-30 million ($29.75-$44.62 million).

Away from Murray Park, Rangers faced fresh problems after the Scottish Premier League launched an investigation into alleged non-disclosure of payments to players since the tournament began in 1998.

The probe follows confirmation from the SFA on Friday that it was looking into allegations from former Ibrox director Hugh Adam that Rangers players received payments that were not included in their contracts.

Some positive news emerged though as administrators struck a deal with Dunfermline that will see the Fife club paid the £84,000 ($124,926) in owed ticket money.

Collyer Bristow was unavailable for comment but Withey, who was a partner at the London-based firm, has been removed from the staff list on its website.

Authoritative legal journal The Lawyer reported on its website that Collyer Bristow confirmed Withey had left for 'family and personal reasons' and that the company did not know his whereabouts.

A further court hearing will be heard on Thursday as Rangers' administrators seek a permanent order over the £3.6 million and further information from Collyer Bristow over payments made from the account.

Duff and Phelps previously revealed that a £24.4 million ($36.29 million) cash injection from Ticketus for rights to future Rangers season tickets was placed in a Collyer Bristow account.

From this money, £18 million ($26.77 million) was then used to pay off the debt to Lloyds Bank that owner Craig Whyte had pledged to settle when he bought his majority shareholding for £1 ($1.49).

Administrators Duff and Phelps continued discussions with manager Ally McCoist after his team's 2-1 defeat by Hearts on Saturday in a bid to find a compromise solution over wage cuts and redundancies, but have set a deadline of Monday for a final decision to be made.

Joint administrator David Whitehouse revealed on Saturday that job losses were "likely" and insisted PFA Scotland's offer for wage deferrals was unacceptable.

Whitehouse said: "Deferring wages is sustaining the high level of cost base, which we have to address to make the business saleable."

McCoist will not deliver the bad news personally to any players who will be made redundant, but he has promised to be waiting outside the room to offer his support to those who are axed.

Speaking after Saturday's 2-1 defeat at Ibrox, McCoist said: "It's not my job, I'm not making anybody redundant, I'm not telling anybody they have lost their job.

"I won't be [in with the players] but I will be waiting outside if and when it happens. My job is to support and be there, which I will be."

McCoist, who refused to confirm whether he had offered to work for free until the end of the season, paid tribute to the entire workforce at the club.

He added: "Morale and an inner strength to keep going and be there for each other, to me, is really evident and very strong. That will help us get through it."

The administrators said they hoped the cuts would make the club more attractive to interested parties, who have been set a deadline of March 16 to make first indicative bids.

Whitehouse said: "We have now got a significant level of interest in terms of potential purchasers.

"The vast majority have expressed a desire that they would wish to formulate their plans to make a bid for the business based on a materially reduced cost structure from that which currently exists, so that they can approach the business with a cleaner sheet of paper in terms of new investment."

However, Whitehouse was less optimistic about the club's hopes of playing in Europe next season, saying a route out of administration before the March 31 deadline to obtain a club licence would be "highly problematic".

Rangers' lead over third-placed Motherwell was cut to three points as the Lanarkshire side won 2-0 against Dunfermline.

Discussions have been ongoing this week between Duff and Phelps and manager Ally McCoist - as well as PFA Scotland - regarding cuts to the playing staff.

Joint administrator David Whitehouse, speaking ahead of the Scottish Premier League game against Hearts, said: "There are likely to be some job losses.

"We will still have ongoing discussions over the next 48 hours and we are going to carry on those discussions after the match today.

"We will be talking to Ally again tomorrow and we are very hopeful we can reach a consensual agreement which we can get delivered probably on Monday."

The administrators confirmed earlier they had won an initial court order to seize £3.6 million ($5.31 million) held in an account of Rangers owner Craig Whyte's lawyers, Collyer Bristow.

But, according to Whitehouse, a decision on whether that cash does belong to the club will not be made in time to save jobs.

He said: "No, it's most unlikely that cash will be released to the club in time to address this issue."

When asked how competitive a team Rangers will be able to put on the park once the cuts are made, Whitehouse added: "That is the balance to strike.

"Ultimately, it's a football club and we want it to perform very well on the pitch. But it's also got to survive off it.

"We've had a very difficult week in terms of trying to work with Ally and the rest of the management team in trying to look at playing cuts and redundancies.

"Those steps are ongoing and we are very confident they will be satisfactorily concluded tomorrow.

"There are a lot of stakeholders. We are working with the SPFA, with Ally, and there is a very clear balance that we've got to strike between what's for the good of the club on the pitch and what needs to happen off the pitch as well."

PFA Scotland said in a statement the previous night that Rangers players had agreed to substantial salary deferrals until the end of the season in the hope of saving jobs.

But Whitehouse says such a move is not a realistic option.

He said: "No, it wasn't acceptable to the administrators. Deferring wages is sustaining the high level of cost base, which we have to address to make the business saleable."

He added: "Ultimately the decision is ours. We are obviously listening to the players, management, the SPFA and, in particular, Ally McCoist.

"All of those have been very co-operative and constructive in the manner in which they have approached it. But basically it is a very difficult subject that we are trying to address."

On interest from other parties regarding a takeover, Whitehouse said: "Since we last spoke there is a material level of interest and we have invited best offers by March 16 so we would hope to get some real progress."

Whyte again claimed this week that every penny was accounted for and with the club.

Whitehouse said: "We are not going to comment on his particular comments. What I can say is that we are continuing to investigate monies which we believe should have been brought into the club."

PFA Scotland revealed its first-team members at Rangers had given them a mandate to negotiate "immediate and substantial" salary deferrals to last until the end of the season.

But administrators Duff and Phelps said no consensus had been reached and a final decision had been delayed until "early next week".

PFA Scotland chief executive Fraser Wishart and Rangers manager Ally McCoist held another day of talks with administrators Paul Clark and David Whitehouse in a bid to avoid job losses.

Redundancies had been expected earlier in the week but McCoist has his squad fully intact for the Premier League clash with Hearts at Ibrox.

However, Wishart revealed the administrators were "highly unlikely" to accept the players' offer.

Wishart said in a statement: "At yesterday's meeting the union and their solicitors were concerned that they were only being furnished with skeletal financial information.

"Nevertheless, and despite the lack of visibility on the club's full finances, the players voted to accept significant salary deferrals in the full knowledge that there remains a risk that these sums may never be repaid should not come out of administration."

The former Rangers full-back added: "Unfortunately, the administrators indicated that it was highly unlikely that they would be able to agree to our members' proposal and the meeting concluded without agreement."

The club's administrators will not make an announcement on staffing levels until Friday at the earliest, amid speculation that a number of first-team regulars could be heading for the exit door.

So far, director of football Gordon Smith and chief operating officer Ali Russell have been the only casualties of the administration process after their departures were confirmed last Thursday.

Administrators Duff and Phelps have yet to make any cuts to the playing squad with news of any redundancies likely to be made ahead of Sunday's (AEDT) Clydesdale Bank Premier League game against Hearts.

A statement from the administrators read: "Duff and Phelps, the administrators of Rangers Football Club, advise all media there will be no announcement today in relation to staffing levels in any department of the club.

"Discussions are ongoing regarding potential cost-saving measures and announcements will be made at the earliest opportunity, most likely tomorrow."

Despite the ongoing uncertainty surrounding the Glasgow giant, assistant manager Kenny McDowall was keen to keep the focus on football.

He says the players felt as though they let their fans down by losing 1-0 to Kilmarnock in front of the biggest crowd of the season at Ibrox in their first match after being forced into administration on February 14.

McDowall believes Rangers must make amends by replicating last weekend's impressive 4-1 win at Inverness in front of what the club hopes will be another packed house on Sunday.

McDowall told Blues News: "The players were really disappointed for letting the supporters down against Killie.

"Things that had gone on during the week had really taken their toll.

"We never really got going about our business in the first half but, with 10 men in the second, we played very well.

"After losing the goal, it was too big a climb for us to overturn the scoreline and that was hard to take.

"Hopefully this weekend, with something close to a full house again, we can give the fans a performance like the one we had on Sunday there instead."

The businessman was disqualified in 2000 for seven years but Rangers did not announce this until 30 November, six weeks after the Insolvency Service had confirmed the fact in a BBC documentary.

Whyte has dismissed the fine, and public censure, as an 'irrelevance' as the Scottish champion battles to sort its finances out after being forced into administration over an unpaid tax bill of £9 million ($13.25 million) accrued during Whyte's tenure.

But a lengthy statement from PLUS, which last month suspended trading on the club's shares over its continuing failure to publish audited accounts, outlined several reasons why it felt the failure to disclose was 'a particularly serious breach' of its rules.

Whyte responded by giving a phone interview from Monaco live on Sky Sports News, in which he continued to claim he would not walk away and that Rangers would emerge stronger from administration.

On the disqualification, Whyte said: "That was disclosed as soon as I was made aware that it needed to be disclosed.

"It was always a matter of public record relating to events some 16 years ago.

"Really, this is an irrelevance with everything else that is going on."

PLUS revealed Rangers had sought to challenge the ruling on 14 February, the day it went into administration, but administrators Duff and Phelps withdrew the referral to the disciplinary committee last week. Failure to pay the fine within 28 days could result in permanent exclusion.

PLUS issued a number of reasons why it took such a dim view of the breach of its rule, which states newly-appointed directors' previous disqualifications must immediately be disclosed.

It said disclosure was important information for investors and others doing business with the club; that failure to do so impeded its regulatory functions; the disqualification could affect the club's ability to raise funds and generated adverse publicity.

It is also unhappy that Rangers delayed making an announcement after a request for disclosure in a meeting with Whyte on 8 November, something it viewed as a 'deliberate, negligent or reckless attitude' to its rules.

The stock exchange also criticised Rangers for failing to disclose the information to other parties including the Takeover Panel and the Scottish Football Association.

The statement finished: "The amount of the regulatory fine has been determined taking into account a range of factors including, but not limited to, the seriousness of the rule breach and the circumstances of Rangers FC."

The SFA has launched an independent inquiry into the activities of the club and whether there have been any breaches of its rules regarding its 'fit and proper person' requirement for club officials after being frustrated by the club solicitors' failure to share information.

There was little new information to be gleaned from Whyte's television interview.

When asked about 'missing millions', Whyte appeared to laugh and said: "There will be absolute clarity from the administrators. There are no missing millions.

"There has been some outrageous and malicious reporting, particularly in the Scottish media, but I can assure Rangers fans that every penny has been accounted for and will be accounted for."

Administrators Duff and Phelps have previously stated that a £24 million ($35.32 million) cash injection from investment firm Ticketus for rights to future season ticket sales had not been paid into club accounts.

Whyte later admitted using that money to complete his takeover, a fact he had previously denied, while administrators were unclear over what happened to the remainder of that money after Whyte had paid off an £18 million ($26.49 million) debt to Lloyds Banking Group.

Strathclyde Police is examining information given to it by the administrators.

Whyte could offer no timescale on when Rangers might exit from administration and did not want to discuss interest from other parties.

On the subject of potential redundancies, Whyte said: "I'm not aware of exactly what the plan is there but I would hope, like every other Rangers fan, that it's kept to a minimum.

"But there will be more pain and the administrators are acting in the best long-term interests of the club."

Whyte claimed he hoped to be in Glasgow very soon and added: "I have media following me everywhere. This is one of the toughest jobs I've ever taken on. But I'm not shying away from it.

"I'll be back in London in the next couple of days and getting on with the job in hand."

Whyte also repeated much of his previous comments about the club's descent into administration, claiming it would emerge stronger and could not keep over-spending.

Whyte, who bought Sir David Murray's shareholding for £1 ($1.47) in return for pledges to invest his own cash and pay off the Lloyds debt, said: "I'm a stand-up guy. Ever since I bought Rangers back in May last year, I've been a stand-up guy.

"I took on a club with huge financial difficulties and have been working since then to solve these difficulties.

"I'm in regular contact with the administrators and I'm working as hard as I can to help resolve the issues."

Meanwhile, Rangers announced that its planned 'legends' friendly against AC Milan would provide funds to ensure the club's future.

Proceeds from the game on 30 March will be split between the club, the Rangers Charity Foundation and the AC Milan Foundation.

Manager Ally McCoist said: "It is a tremendous gesture by the Rangers Charity Foundation to forego the majority of the proceeds of the legends match to benefit the club."

Paul Clark, joint administrator, added: "It goes without saying, it is absolutely vital to the administration process that fans continue to support the club directly by coming to Ibrox.

"Right now, it is quite simple - income generated now will help secure the future of Rangers."

Davis set the Light Blues on its way to a 4-1 victory over Inverness CT in the Highlands when he swept home Salim Kerkar's low cross in the sixth minute.

Rangers is 20 points behind Clydesdale Bank Premier League leaders Celtic but the win was significant for the respite and cheer it gave everyone associated with the club as they adjust to being in administration.

Sone Aluko, Andrew Little and Lee McCulloch were also on target as Rangers defied its off-field concerns with an emphatic display.

Davis said: "It's a bit of a release when you're playing. Through the week there has been so much going on.

"It's hard to get away from it but you can do that on the pitch when you're playing.

"That's what we enjoy doing, that's what we are paid to do."

Rangers had suffered more misery in its first match after going into administration when they lost 1-0 against Kilmarnock the previous weekend.

"Usually after a defeat you go in and there is a lot of frustration and maybe a little bit of anger," Davis said.

"But after the Kilmarnock game everyone was really low after everything that has been going on at the club.

"The manager gave us a couple of days off away from the training ground and everything that has been going on and it did us the world of good.

"It was good to get the win and hopefully we can enjoy it."

There will be little time to savour the victory as players and other workers at the club await news from administrators over potential job cuts.

Director of football Gordon Smith and chief operating officer Ali Russell have already been told they are going.

Davis said: "I don't really want to go into it too much.

"The problem is we know as much as everyone else. There is so much uncertainty and everything is up in the air.

"The administrators are in charge and they make the decisions and we just need to see what that is."

The Northern Ireland midfielder assumed the club captaincy when David Weir left last month and finds himself with even greater responsibility as players look for answers.

"It's as difficult for me as it is for everyone else," he said.

"Everyone is in the same boat.

"It's probably one of the most difficult times to be captain but it's something I enjoy doing. I'm really proud to wear the armband.

"Everyone at the club just has to stick together."

Meanwhile, Inverness boss Terry Butcher was scathing of his players.

Inverness was three down inside 36 minutes and Steve Williams' headed goal failed to spark a fightback.

"I'm bitterly disappointed that once again when the cameras are here and the whole world is watching we let everyone down," Butcher said.

"Rangers comfortably won the game and we were lucky it was only 4-1.

"There will be no days off this week for anyone."

Officials are reportedly looking into alleged offensive behaviour by some fans at the game, with the contents of the match delegate's report being studied.

Any action would add to the Glasgow giant's ongoing troubles at present, with financial problems completely overshadowing action on the pitch.

Rangers' head of safety and security David Martin told rangersfc.co.uk: "We are disappointed the club is now the subject of an investigation by the SPL regarding the behaviour of some fans at the match against Kilmarnock.

"Our fans have made tremendous progress in eradicating offensive singing over the last few seasons and this has been widely acknowledged by members of the Joint Action Group set up by the Scottish Government last year, politicians and the police, to name a few.

"Last Saturday's match was one of high emotion following an extremely difficult week for the club and the fans' representatives themselves approached the club prior to Saturday's match highlighting the raw emotion anticipated at the game on Saturday, the variety of protests being considered and their concern that many people attending may not have been to Ibrox for some time.

"The club held a number of meetings and conversations with the football authorities, police and administrators prior to the match and everyone agreed that the priority on Saturday was to ensure there was no disorder around the match due to the highly-charged atmosphere that was anticipated.

"This was achieved before, during and after the match with 50,000 fans safely attending the game.

"To be clear, I am not saying there was an excuse for any offensive behaviour but, overall, the fans gave very positive support to the team and this should not be overlooked.

"The club has been consistent in its condemnation of such behaviour over many years and we are working with Strathclyde Police to identify individuals whom we know were engaged in offensive behaviour around the ground and we will take swift action against them, as we always do.

"No one is more disappointed than the fans themselves that some people's behaviour seems to have marred the tremendous support of the fans last Saturday."

Both will remain with the Scottish champion until the end of the month at the request of the administrators.

Decisions regarding staffing in all other departments will not be taken until next week.