DAVIE Weir today warned of more financial armageddon for Scotland's biggest clubs if Hearts follow Rangers out of the top flight.

Weir has been shocked to see his former club go into administration as a result of massive £25million debts this week.

The stricken Tynecastle club will automatically be docked 15 points at the start of the 2013/14 campaign and will be unable to sign any players.

There are concerns the Jambos will go out of business altogether and suffer the same fate as the Gers and be demoted to the bottom tier.

And the former Rangers captain fears for our national game if that happens.

He said: "We can't afford to lose clubs like Hearts and Rangers from the top level of Scottish football.

"They are our top clubs. There is no getting away from it. Along with a few others, they are the ones who historically do best, produce the best players and who the most fans want to go and watch.

"If that is what happens and the top flight is reduced then the whole game is going to suffer.

"It will be a massive loss and will not be for the good of the game."

Weir was speaking just days after taking his first step in management at Sheffield United.

He had been youth coach at Everton since last year and will be working under a tight budget at the League One club.

And he believes the problems at Dunfermline, Hearts and Rangers have underlined the fact that Scotland's top clubs must live within their means.

He said: "The fact Hearts are not the first one to experience these problems shows it is clearly a big problem and something that needs to be addressed in football.

"I was aware through the football rumour mill that Hearts were paying big wages and I did think that was not a sustainable business model with the crowds they were getting."

Weir added: "Every job is tough and I know Sheffield will be no different. Being a football manager does not just mean having a bottomless pot of money that you can dip into whenever you want a player.

"You need to understand the financial side of it, appreciate the business model you are operating in and try to buy into that.

"That is maybe where clubs have gone wrong in the past. They have spent money they don't have and promised to pay it back whenever without really worrying about the consequences.

"There maybe needs to be a bit more realism in regards to looking long term and seeing what might happen in the future.

"What has happened at Rangers, Hearts and Dunfermline should serve as a warning."