Rangers owner Craig Whyte has insisted he feels “enormous sympathy” for those who are set to lose their jobs as part of the attempts to cope with the Scottish champions’ financial meltdown.

Administrators Duff and Phelps are set to make an announcement Friday regarding job cuts, amidst speculation several first-team players could be on their way out of Ibrox.

“Clearly I’ve got enormous sympathy for anyone who’s losing their job in this process,” Whyte told Scottish Television (STV) on Thursday.

“But, what I would say is, that Rangers were a company in enormous financial distress long before I came along.

“This is part of solving the problem to make Rangers a stronger business when it comes out of administration, which we are all working very hard to do.”

Rangers were placed in administration last month after British tax authorities went to court to see payment of an unpaid bill of 9 million ($14m) built up since Whyte took control at Ibrox in May.

However, the businessman reiterated no financial wrongdoing had taken place while he’d been in charge of the Glasgow giants.

“Every penny is in the club and every penny is accounted for.

“I’ve got to meet the administrators now and they will confirm all of that in due course.”

Rangers’ administrators revealed last week that part of the 24 million raised from future ticket sales had been used to pay off a club debt of 18 million owed to Lloyds Banking Group last May.

Whyte had previously denied money from the deal was used in the takeover but subsequently admitted he had not been “completely open” about the transaction.

Pressed about the issue again on Thursday, Whyte said: “I’ve got enormous financial commitment to the club, bigger than anybody else.

“I’m working very hard to get Rangers through this administration process and out the other end as quickly as possible and make sure that Rangers are a successful and strong business going forward and that’s what we are working towards,” added Whyte, who bought the club from former owner David Murray.

Rangers are also awaiting the verdict of a tax tribunal that could leave Rangers with a bill of up to 75m, according to Whyte.

The 140-year-old club were docked 10 points for entering administration, a penalty which effectively handed the Scottish Premier League title to arch-rivals Celtic.

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