Rangers' administrators have announced that the Scottish outfit will need to save £1m per month for the rest of the season in order to stay afloat in the SPL.

It was initially thought that the administrators, from London firm Duff and Phelps, were going to announce redundancies today but Paul Clark has confirmed that cuts will not be made until next week.

A statement on the club's official website said: "In short, the Rangers business is trading at a substantial loss and we have no alternative but to fill an approximate £4.5 million shortfall by the end of the season. It is therefore imperative that we find savings of approximately £1 million per month to ensure the ongoing viability of the business.

"As has been widely publicised, there have been a number of discussions this week in an effort to achieve the necessary cost reductions. We are determined that all realistic options should be explored and today discussions have been ongoing with Ally McCoist who, in turn, has been speaking to his players and the PFA Scotland.

"We would prefer to reach a consensual position but as the day has gone on and tomorrow's very important match against Hearts looms larger, it has been agreed that any final decisions have been postponed until early next week."

A number of members in the senior playing squad could be let go by Rangers.