During my career I was at two clubs in a similar boat, one where administration didn't happen but it would have done if we hadn't taken cuts, and another where it did happen even after the players deferred their wages.
When things like this start happening, the board will naturally insist that administration will never happen, just like Ibrox chief executive Graham Wallace did this week. They have to say that or else the share price will tumble further. But I would be really worried, just with the way things are all happening. Even Ally McCoist saying he has personally been told it won't be administration number two doesn't put my mind at rest because he probably has been assured, just like I was assured. Boards always say the same things, but being asked to take pay cuts is usually the first sign of long-term problems.
When myself and other senior players were asked to take a salary drop at Dundee United, Eddie Thompson and Stephen Thompson admitted later the club would have gone into administration if we didn't. Some of us agreed to play for an extra year in order to receive the full terms of our deal and the club just about got back on an even keel.
At Dundee, it was called a cash- flow problem at first, then along came the wage deferrals, and eventually the inevitable happened. Now, I am not saying this will happen at Rangers, but I would be worried; the signs aren't great.
I don't blame the players for rejecting the suggested 15% drop, because how much more can they take? You have to remember some took wage cuts or deferrals the last time, and it still ended in liquidation. So nobody is pointing the finger at the players, but some of the board members - and again not all - over the last few years should hang their heads in shame. You can't tell me that some of these investors haven't thought "we are not going to be here for long so let's get what we can". Although the club are overpaying for the division they are in, anybody who thinks the players' wage bill has put the club on the brink is seriously deluded.
I would be scared to estimate what has gone out of that club and into the hands of certain businessmen.
One way to raise capital and trim the wage bill is by letting players go in January, but that is hardly an easy process. There are maybe only two or three saleable assets. I really don't think they would get a huge amount for Lee Wallace, why should they when Hearts never got the full amount? But he is on the best part of £10,000 a week, so they might at least be able to get him off the wage bill, assuming he agrees to leave. Wallace is probably worth a couple of million under normal circumstances, but if it turns into a fire sale then around £500,000 from a Championship club might become realistic. If it really is rip it up and start again time for Rangers that would be incredible.
While the club are at fault for handing out large contracts they now seem unable to honour, Ally McCoist is blameless, because it is not his job to say I think we could get this player or that for a grand a week less. The way football clubs work is that you have to be able trust your board. And you spend the budget that they give you.
If it is to be administration again, would that be a disaster? Not as long as they ultimately get the right board in place, people who want to stabilise the club,.
Only the board know whether the finances have gone too far, but if they have I wouldn't be surprised if it has crossed their minds to take that 25-point hit and still win the League One title.
Maybe we are all mistaken. Maybe Graham Wallace has just come in and thought straight away, this is the way the club has to be run now, a new broom to get the club on an even keel. That is absolutely the best Rangers fans can hope for. But taking past history into account, that isn't what wage cuts usually mean to me at all.