Ally McCoist's squad accepted massive pay cuts when the club was plunged into administration in February.

As part of the pay deal, a number of first-team stars had clauses inserted in their contracts that could see them leave Rangers for just a fraction of their market value.

Now, with a newco inevitable, it seems they could become free agents.

Fans are clinging to the hope that McCoist will be able to convince his biggest stars to stay at Ibrox, and Rae understands the difficulty of the position the Gers squad find themselves in.

He said: "The administrators had been working towards trying to achieve a CVA and that would have been a step forward.

"It would have allowed the club to continue in its current form and then the new owners would have been hoping to get the season ticket revenue into the club.

"It is fine for me to sit here and say for the players to show loyalty, but they signed contracts in good faith. They are in a very difficult situation.

"I wouldn't like to be in their position. There is no doubt they are all big Rangers men and they love the club, but it is a horrible situation to be in. I had similar circumstances when I was at Millwall.

"I had to wait a year to pick up my money, but I was willing to wait that time to help the club.

"It is fine for people outside the club to say this and that about what the players should do, but the heart has been ripped out of the club."