Ally McCoist says he is willing to take a pay cut if the Rangers board believes it will help to protect the club's financial future.

The Ibrox manager made the pledge at the same time as Dave King, the Scottish businessman and former Rangers director based in South Africa, reiterated his grave concerns about the club's cash flow.

Brian Stockbridge, the Ibrox financial director, insisted at a meeting with fans on Thursday that the club's finances were sound.

Stockbridge revealed the accounts will show £10 million in the bank. This includes most of the projected £8m in season-ticket income, as well as £1.5m from commercial partner Sports Direct.

This suggests the vast majority of the £22m raised in last December's Initial Public Offering of shares has been spent, prompting growing concerns at the amount of cash that has left Ibrox in the past eight months.

This includes the salaries of the management team, who all remain on the wages they were paid - as with other existing staff - before administration. McCoist is believed to earn in the region of £700,000, but now says he is prepared to take a cut if it is required to protect the club.

"Have I been asked to take a pay cut? No. Would I be prepared to do so? Yes," McCoist said. "Brian said the club is all right in the respect it's not losing money every month. Some months it is making money.

"I would be very hopeful we are not haemorrhaging money and going down the same road as we did before. It would concern me greatly if there was a chance [administration] could happen."

King was a lone voice last year when he insisted that Rangers Football Club plc would be liquidated, which is what eventually happened.

He has closely monitored developments at Ibrox since the consortium fronted by Charles Green bought the business and assets last summer before floating Rangers International Football Club last December on the Alternative Investment Market (Aim).

King is one of several wealthy Rangers supporters approached in recent weeks by a London broker claiming to be able to sell 6.4m shares, with an asking price of 50p. King believes that a more true reflection of their worth, taking into account the club's financial position, is a net asset value closer to 25p.

He would like to lead a group of fan investors who will provide funds for the club in return for new shares being issued, which would dilute the stock held by the current shareholders but provide fresh capital.

"I believe Rangers will run out of cash within six months," King said in an interview with the Sunday Herald.

"They have the season-ticket sales to bail them out for a few months, but they can't make Christmas without new cash ... and who will supply that? Fan investors.

"I see no other source when the cash runs out. We don't need 'Administration 2'. I believe that [Walter Smith's departure as chairman last Monday] is an early signal we are heading towards the next crisis.

"It seems that the 'original' shareholders [the consortium fronted by Green] will not make their shareholding available other than at a substantial profit.

"That goes against my desire to get new funding into the club rather than to reward investors who got shares on the cheap and want to exit after running up massive losses and creating another looming financial crisis.

"We need a changing of the guard at the shareholding level in favour of people whom the fans would regard as a safe pair of hands but that can also fund the structural deficit in the funding plan. I would like to lead such a group."

King has long maintained that Green's business plan would eventually require additional funding. He believed this would occur when Rangers returned to the top flight, since Green's intention was to run the club at minimal cost. However, the operating expenses and costs associated with the IPO appear to have eroded Rangers' cash balance.

This prompted a group of shareholders, including the major financial institutions which took stock holdings last December, to requisition a general meeting calling for Stockbridge, the chief executive Craig Mather and the non-executive director Bryan Smart to be removed from the board and replaced by Paul Murray, the former Rangers director, and Frank Blin, the former executive chairman of PricewaterhouseCoopers.

They are backed by Jim McColl, the leading Scottish businessman whose stature, experience and business contacts would be utilised in the rebuilding of Rangers.

Their intention is to stabilise the club, deliver a business plan that allays the concerns of the financial institutions, and so be able to seek the additional funding that Rangers require.

They also want to repair a board, described as dysfunctional by Smith, that forced Green to stand down last May, invited him back last week as a consultant and has now pledged to meet again this week to discuss sacking him again following a furious reaction among fans.

King believes the fixation on personalities diverts attention from the critical issue, which is the need for additional investment, with the football infrastructure in particular needing funded.

"Based on the club's massive ­revenues compared to its opposition in the lower leagues, we should be repaying the fans' loyalty by building reserves for the re-emergence into the top flight when a significant cash injection will be required to compete with Celtic," King said.

"The ­opposite is happening. Celtic are building reserves by selling top players that they won't need until Rangers are back competing with them. The way our finances are being run we could end up with a gap that is too large to bridge."

If appointed to the board, Blin would instigate a forensic investigation of the club's transactions, in particular the costs associated with the IPO and commercial deals.

Alistair Johnston, the former Rangers chairman, said last week that Smith had told him "you'll be astonished at what's going on with regards to share transfers".

The wage bill remains the second highest in Scotland, but McCoist is adamant he is acting within the boundaries set by the board.

"The wages are down again this year," said McCoist, who only attends the section of board meetings on football matters. "It's the board's job to keep an eye on the finances. If someone said to me, 'your wage bill is too high or your staff is too high', then I can do something about it.

"[The comments of King and Johnston] have to be a concern. I definitely have a healthy respect for those two gentlemen, not just in the business sense but as Rangers men. They have voices that should be listened to."