Rangers accepts McKay offer

The transfer, if completed, would give Rangers a much-needed injection of cash and reduce its wage bill as administrators look to cut costs at the club.

A statement on the club's official website read: "Rangers have confirmed today that a fee has been agreed with Busan but that negotiations on the transfer are still continuing."

Scottish football has been reeling since Rangers was placed in administration last week following the non-payment of taxes since Craig Whyte's takeover of the club in May 2011.

The Old Firm side was immediately docked 10 points by the Scottish Premier League to all but end its hopes of clinching a fourth title in a row.

Administration is the process whereby a troubled company calls upon independent expert financial help in a bid to remain operational.