DUFF & PHELPS administrators could cut 11 players at Scottish football club Rangers.
Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed to the club on 14 February.
However, the report claims that Clark and Whitehouse have offered two alternative options including; eight players taking redundancy and other players take a 50% wages cut; or all staff taking a 75% cut to their wages.
It is reported that the club needs about £10m to continue operating until the end of the season.
The administration follows a petition for the club’s winding up from HM Revenue & Customs following non-payment of about £9m in PAYE and VAT after its takeover in May 2011 by Craig Whyte.
HMRC are also involved in a long running tax tribunal with the club over how players were paid.
Rangers FC and the taxman are battling out a compensation case over the club’s use of Employee Benefit Trusts (EBTs).
HMRC claims it is owed £24m in unpaid PAYE due to the club using EBTs, which provide employees with non-repayable interest free loans.
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HMRC filed 3,484 winding up petitions in 2015, up from the 3,074 applications filed the previous year