Rangers players have been left reeling after being asked to take a 15-per-cent pay cut - but the Ibrox stars will not even contemplate any agreement unless the stricken club’s directors reduce their wages first.

The squad attended a lunchtime meeting at Murray Park yesterday at which skipper Lee McCulloch, accompanied by manager Ally McCoist, outlined the proposal from chief executive Graham Wallace.

Wallace is poised to implement swingeing cuts on behalf of the board after the club racked up a £14.4million loss in the last financial year.