AN adviser to former Rangers bidder, US tycoon Bill Miller, has been accused of being "ill informed" after warning the Ibrox club "remains in serious jeopardy" if action is not taken to slash costs and increase revenues.

Jon Pritchett, chief executive of Club 9 Sports, who was advising the Tennessee entrepreneur who was preferred bidder for the Ibrox club, said they pulled out after uncovering a bleaker picture of financial mismanagement and spending than envisaged with no possible return on considerable investment.

He accused the club of elaborate spending with 45 staff having free cars and directors getting annual fees "to simply attend matches, socialise and run up a large food and beverage tab".

Mr Pritchett challenged the Sevco consortium led by Charles Green, which bought the club's assets in a £5.5 million deal before transferring them to a newco, removing tens of millions of toxic debt, to embark on what he sees as necessary cutbacks.

Rangers chairman, Malcolm Murray, described Mr Pritchett's assertions as "ill informed, misleading and scaremongering" adding: "There is no risk of the club going into administration and any suggestion otherwise is scandalous.

"I have been committed to ensuring this club lives within its means and never again comes to the brink of collapse."