Alex Rae has admitted he is saddened by Rangers' financial plight and criticised the rudderless board.

The former Ibrox midfielder spoke out after businessman Dave King re-ignited his feud with the club's hierarchy on Friday. "I think Dave King, possibly deep down, would have known that this month they didn't have a plan going forward," Rae said. "He gave them that little bit of time knowing they were probably going to hang themselves.

"I think any Rangers fan would be extremely naive to give them their money now. There is no guidance, no direction and it saddens me because we're back to square one."

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