Dave King: 'Liquidation is inevitable'

"I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable," King said in a statement. "We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated. "It grieves me to state that it seems inevitable that the footballing institution will survive but the company won't. "This will entail many hurdles (that will be overcome) including 'Rangers (2012) Ltd' having to reapply for membership of the SFA (Scottish Football Association) etc. "It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible. "We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated. "We must remember that our footballing friends across the city came very close to the point that we now find ourselves in. "Scottish football needs a strong Rangers and Celtic - but perhaps in a slightly humbler form." The Scottish businessman also expressed his wish to take legal action against Murray as he feels that he has been manipulated by the former owner, pledging that any money he wins from the case will be ploughed straight back into the football club. King continued: "I seem to be one of the few people who actually invested cash into the club. I have made a claim of £20 million on the basis of non-disclosure by the then chairman, David Murray, of Rangers' true financial position as far back as 2000. "Other shareholders may feel deceived like I do and wish to take similar action. (David Murray will no doubt argue to the contrary and the merits of this will be dealt with in due course in the appropriate forum.)" "Any benefit I receive from my claim will be fully reinvested into the restructured football club. I remain 100 per cent committed to the Rangers football club and will do whatever I can to advance its interests." The SPL side's administrators are currently looking to finalise a wage-cut deal after failing to agree the final details following talks with players' agents on Tuesday night. Gregg Wylde and Mervan Celik became the first players to leave the club voluntarily and without redundancy pay on Tuesday in an attempt to resolve the club's current financial crisis.