The formation of a new Rangers is emerging as an increasingly likely scenario as administrators accelerate sale attempts after raising fears over their ability to finish the season.
Duff and Phelps made the dramatic warning on Wednesday that the club would not fulfil their Clydesdale Bank Premier League fixtures unless one of three scenarios developed quickly.
They are still in talks with players over a wage cut deal but will spend Thursday and Friday meeting interested parties in a bid to achieve a quick sale. The alternative will be "severe" redundancies in order to meet their target of £1million monthly savings.
Copyright (c) PA Sport 2012, All Rights Reserved.