Rangers’ administrators say they are looking to sell the Glasgow giants within days in a frantic bid to keep the financially stricken Scottish champions operating.
But any new owner will face the prospect of Rangers missing out on much-needed European football income for the first time in over 30 years after administrators said the cash crisis meant there was no “realistic” way the club could gain the necessary UEFA licence by the European football governing body’s March 31 deadline.
Administrators Duff and Phelps added the uncertainty surrounding Rangers meant there was a real risk the 140-year-old club could fail to fulfil the remainder of its Scottish Premier League fixtures this season – a move that could see it forced to drop into the lower leagues.
They had hoped to persuade the first-team squad at Ibrox to accept a package of salary cuts but two days of talks broke up Wednesday without a deal.
Rangers manager Ally McCoist tried to defend his squad against charges from fans that well-paid players had put their own position ahead of that of the club as a whole.
“Everybody has the club’s best interests at heart and there are absolutely no personal agendas within the playing staff or any other staff,” McCoist told Rangers’ website.
“Nobody should underestimate the sacrifice that the players have been asked to make,” the former Rangers and Scotland striker added.
Joint administrator David Whitehouse, in a statement earlier Wednesday, said: “We are announcing today we are accelerating the sale of Rangers Football Club.
“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.
“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.”
He added: “Over the next few days we will be holding discussions with prospective purchasers who have declared their interest.”
Meanwhile Paul Clark, the other joint administrator, all but closed the door on Rangers’ participation in either the lucrative Champions League and/or the second string Europa League in 2012/13.
“There is no realistic prospect of the club being able to fulfil its obligations prior to the March 31 deadline set by UEFA,” Clark said.
That means next term is set to be the first time Rangers – who effectively ceded the Scottish Premier League title to arch Glasgow rivals Celtic after being docked 10 points for entering administration – have not featured in European competition since the 1980/81 campaign.
