Glasgow Rangers players have dismissed the option of a voluntary pay cut.
Sky Sports reported the news via Twitter:
BBC Sport's Alasdair Lamont claims that manager Ally McCoist has been told he must make cuts to his playing staff's wage bill, which currently stands at between £6-7 million per year.
Graham Wallace, the club's CEO, has been looking at the side's finances with an eye on reducing them in order to help the club back on to an even financial keel.
A spokesman played down the news in a statement to BBC Sport:
The CEO Graham Wallace outlined his strategy at the AGM and nothing is going to deflect him from getting Rangers back on an even keel.
Graham and Ally are reviewing the football budget, as part of the overall business review and it would be inappropriate at this time to discuss any figures.
Tom English of The Scotsman reports that Wallace has a difficult job on his hands to fix Rangers' finances, and he could spend years righting the wrongs of previous regimes.
Being forced to lose some of their high earners and top performers is unlikely to harm Rangers' immediate future on the pitch. Seventeen points clear of Dunfermline in the League One table, promotion to the Scottish Championship is all but assured.
However, it could leave the Glasgow giants in a sticky situation ahead of next season and further down the line.
In order to fully establish themselves on a sound financial footing, they must return to the Scottish Premier League—and then European football—as soon as possible in order to maximise their profits.
But to do this, they need to put together a side capable of achieving that, and it is not cheap to do.
If McCoist is not able to achieve results on a shoestring budget then they must find someone who can. Rangers' rich history and heritage puts them in a position where they should be able to tempt a manager capable of these feats.