It is just a matter of computing the weeks since March 9 and multiplying anything from 15,000 to 20,000 and then adding a £ sign. As they say in Bill Miller land, you do the math. It amounts to something between £180,000 to £240,00 by the end of this month.

The Scottish internationalist yesterday surveyed another week when his club has slipped nearer to the abyss and could be forgiven for believing his sacrifice has been in vain. Instead, he expressed frustration rather than regret.

"I don't think any of the players know enough to predict what is going to happen," Naismith said in the wake of Miller, the tow tycoon from Tennessee, relinquishing his preferred bidder status. "It's frustrating. The players thought by taking the pay cuts, come the end of the season we would see a bit more movement in terms of how the club is going to go forward. It's obviously not panned out that way. As a player I'm saying that, but speaking to the people who work at Murray Park, it's the same for everyone. We are really frustrated."

So has the 75% cut accepted by Naismith been in vain? "Well, no, because it did give everybody that extra bit of time to look a bit deeper into all the aspects of the football club. That was all we could have done, apart from trying to perform on the park and for the last few months the boys have definitely done that," said Naismith, who has been forced on to the sidelines in playing terms as he recovers from his cruciate knee injury.

There is an acceptance, though, by Naismith that matters at the club have reached "a critical point". He said all the right things about playing for Rangers, insisting he did not believe he had turned out for the last time for the club and claiming that there would always be a place for the Ibrox side on the football map.

Some felt there was a feeling of farewell about the walk around the park after the last match of the season against Motherwell. "I didn't really think of it like that, because I think there needs to be a Rangers somewhere: 50,000 fans turn up every two weeks, 100,000 go down to a UEFA Cup final. So there is a support there that needs to be supporting something, so no matter what there will be a Rangers. As a fan I just want it to get better as soon as. I think a lot of the squad are of that mindset."

Naismith, speaking at a conference to promote the work of Dyslexia Scotland, said the spirit of the club was picked up by more recent recruits. "There are maybe players who turn up thinking it's just another job, 'I'll get good wages and play in Europe'," he said. "But the more you're at the club, the more you fall in love with it. Everyone that works around the club tells you stories of the old days. When John Greig was around he told you stories and kept you on your toes if you needed to be brought down a few pegs, he was there to do it. It's these kind of guys that make you fall in love with the club.

"It is more than just a football club to the majority of the squad. They've been here for a long period of time and they've enjoyed a lot of success and that's definitely what everyone wants, a good outcome and for Rangers to be challenging again."

Naismith remains "hopeful" but the most likely option is that he has played his last game for the club he supports. He would not be drawn into speculation, noting all predictions about Rangers' future next season was "ifs and buts".

"We're going to find out over the summer where Rangers are going to be playing," he said. "As players, we've dealt with everything that's come our way and when there is a decision made, then the players will make decisions. Everyone has got their contracts. I've got three years left at the club and I'll be there for the next three years unless circumstances change."

He was also coy about the contract situation at Rangers, with administrators claiming players would be tied any newco but PFA Scotland saying they would be free to seek employment elsewhere. "Nobody has really spoken and said, 'right, that's it I'm off if there is a new company,' because it's not happened. Even when the preferred bidder was announced, he was only the preferred bidder, he'd not bought the club," he said. "So it's not gone that far."

Naismith believes the club can be saved and is braced for developments not only in the next few weeks but over the close season. "I am hopeful," he said. "Hopefully we can get back to the great days of Europa League finals and winning leagues and cups. That is what everybody has to be hoping for."

He soon switched to reality. Asked about the end of month deadline, when the administrators admit the money will run out, Naismith said: "It could be tight. It could be tough."

He has given up hundreds of thousands of pounds, but this verdict is undoubtedly bang on the money.