Rangers manager Ally McCoist has said there are "absolutely no personal agendas" within the playing staff on the subject of wage cuts at the club.

Administrators Duff and Phelps announced they are accelerating the sale of the football club after failing to finalise a consensus on wage reductions.

They had originally set Monday as a deadline as a date to reach an agreement, but the talks spilled over and ended again without resolution.

The administrators, who took over on February 14, have been trying to achieve a monthly saving of £1 million through cuts which could see some of Rangers' highest earners taking a pay cut of up to 75%.

They are now set to hold discussions with prospective buyers over the next few days.

Duff and Phelps warned that Rangers would not finish the season unless they achieve a quick sale or make severe cost-cutting measures.

In a statement, joint administrator David Whitehouse said: "The club is in a perilous financial situation and that should not be under-estimated.

"Regrettably, we have been unable to agree cost-cutting measures with the playing staff on terms that will preserve value in the business.

"We understand the players' position as the scale of wage cuts required to achieve these savings without job losses were very substantial indeed.

"In view of this, we are faced with a situation of making redundancies within the playing staff on such a scale that would materially erode the value of the playing squad."