Rangers have accepted an offer for Matt McKay from South Korean club Busan I'Park.

The player's transfer, if completed, would give Rangers a much-needed injection of cash and reduce their wage bill as administrators look to cut costs at the club.

Alejandro Bedoya is also believed to be set to exit the struggling club.

Meanwhile, Craig Whyte has admitted that he regrets ever becoming involved with Rangers.

The absentee owner of the club has overseen an escalating financial crisis since taking over last year, and it is though that he could eventually face criminal charges for aspects of his running of the business.

"I will admit there have been times when I wished I'd never entertained the idea of taking over Rangers," he said in a statement that many Ibrox fans will echo.

Whyte has been exposed this week for inconsistencies in his account of how he funded the takeover, and Rangers Supporters Trust chiefs believe he has now left himself open to a police investigation.

The Gers owner contradicted himself when he finally admitted he had used funds obtained by selling season-ticket rights to buy the club.

It has also emerged that Whyte cashed in on an historic link between Arsenal and Rangers by selling the Ibrox shares in the London club.

Rangers have held shares in Arsenal since 1910, when Rangers helped out the English giants, who were then struggling. The 16 shares were cashed in by Whyte for £230,000.