Rangers players have accepted a 75 per cent cut in wages to prevent the squad being decimated by up to 15 redundancies.
At one stage the club’s administrators threatened to axe the club’s top five earners, plus 10 others, as they tried to reduce monthly outgoings by $2 million.
It would have left manager Ally McCoist with an Ibrox squad made up mainly of youth-team players, but was avoided when the stunned players agreed to have their pay docked by three-quarters.
It meant the club’s biggest earners, midfielder Steven Davis and keeper Allan McGregor, had their weekly wage of about $50,000 slashed to $12,000.
The revised deals will be in force until Rangers come out of administration or find new owners.
As a sweetener, many agreements contained extra clauses, such as a minimal buy-out figure so they could join another club for a nominal fee.
by Terrence Johns