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Rangers squad decimated by financial meltdown
AP, July 6th, 2012 2:36PM

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Glasgow Rangers manager Ally McCoist says he has just six first-team players at preseason training as he and the Scottish club face a murky future. McCoist says "close to 21 players" have departed Ibrox since January, when the financial problems that have crippled the once-great club began to develop. It fell so far behind in tax payments many players took voluntary pay cuts, in some cases as high as 75 percent, so the club could finish the season.

It has been banned from competing in the Scottish Premier League and on July 13 will find out which of the country's three lower leagues it will join.

"We have (the threat of) a transfer embargo hanging over us but how can I operate with a transfer embargo when I only have six players? It's impossible and it's just madness,'' McCoist said. "I have in the region of six first-team players at preseason training right now, two of whom were regulars last season in the SPL. We need to bring in the region of 10, 12 or even 14 players ... We have to start rebuilding and replacing.''

A consortium purchased the club's assets last month in a 5.5 million pound ($8.6 million) deal and established a new company. Its officials were unable to persuade representatives of the other clubs it could operate in the SPL this season. The club's U.S. internationals Carlos Bocanegra, Maurice Edu and Alejandro Bedoya are looking into their options, including MLS.

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