When asked if liquidation was inevitable, given that Rangers only have enough cash to survive until the end of the month, a spokesman for the firm running Rangers said: "No, it is not inevitable.

"It is quite possible to complete a purchase of the club over the next few days."

The administrators were then asked at what point the business becomes unsustainable, leaving liquidation the only option.

The spokesman said: "The latter does not automatically follow the former. Funding is in place until the end of May and there are appropriately funded parties ready to take over the football club business."

When asked whether, with hindsight, it was a mistake to renegotiate player contracts and potentially allow the high value players to leave for reduced fees, the spokesman replied: "Quite the reverse.

"Players are still contracted to the club, they still have a value to the club and a new owner. It would have been a mistake to make players redundant, which would have ensured they had no value to the club.

"Furthermore, the team would also have been less competitive on the park, potentially leading to a lower league placing and so decreased prize money, as well as lower crowd attendances.

"It must not be forgotten that as administrators we were not able to enforce salary cuts on the players.

He said players could be sold to keep the club afloat between the end of the season and a new owner being named, should the sale not be completed by the end of the season.

He said: "Given the uncertainty of the SFA penalty of the transfer embargo, a sale of players would be one of a number of options available if funds are needed in June.

"However, we expect the sale process to be resolved by then and new owners to be in place."