Ibrox chief plays down fears

Rangers chief executive Graham Wallace says there is no immediate threat to the club's finances despite their attempt to slash player wages.

Wallace calmed fears in an interview with the Daily Record after Ally McCoist's first-team squad booted out a proposal to cut salaries by 15 per cent across the board.

He said the proposal was more of an 'exploratory' discussion than a concrete offer and insisted it was not a sign of more financial chaos to come.

"All I am trying to do is look at options in order to move this club towards sustainability. That is my focus. This is not about a need for any immediate drastic action," Wallace said.

"Categorically, there is no threat of administration II.

"This simply sits alongside everything else that we are doing here right now - reviewing the business to put it on a sound footing for the future.

"I'm looking at everything and as we go through it we will make some changes, absolutely.

"We will build a business structurally and financially that equips us for future success. I have no doubt about that."