GLASGOW: A consortium led by former director Paul Murray is finalising an offer to save stricken Scottish league giants Rangers only hours after players agreed to accept massive wage cuts.
Murray is leading the Blue Knights consortium, which is hoping to save the club from liquidation in partnership with supporters groups and London-based financial firm Ticketus.
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."
Ticketus also played a key role in current owner Craig Whyte's takeover of the Scottish champions last May and has emerged as a surprise backer for the consortium, one of several interested parties holding talks with the administrators Duff and Phelps.
Earlier Friday players accepted pay cuts of between 25 and 75 percent, with administrators insisting that the wage-reduction deal has secured jobs at the club.
Joint administrator Paul Clark said: "We are pleased to announce today (Friday) a package of cost-cutting measures has been agreed with the Rangers playing staff that enables the club to move forward."
The consortium are 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 are also determined 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.
"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."
Administrators were called in on February 14 after British tax authorities went to court to seek payment of an unpaid bill of #9 million ($14m) built up
since Whyte took charge last May.
It meant Rangers were docked 10 points -- a move that effectively handed this season's Scottish Premier League title to arch Glasgow rivals Celtic.
Clark refused to name the players who had agreed to a 75 percent cut, but some media reports suggested that two were Steven Whittaker and Steven Naismith. (AFP)