Former Rangers manager Walter Smith believes the current situation enveloping the famous club is the worst thing he has seen in football.
The Glasgow giants continue to deal with a crippling financial condition which led to two players, Gregg Wylde and Mervan Celik, having their contracts terminated yesterday in a bid to help the club save money.
Smith went through financial hardship when at the helm at Everton but suggests that this is the most difficult thing he has seen a club face as he hopes to help manager Ally McCoist in any way he can.
"This is painful for everyone who has been involved with the club at any time.
"Watching this scenario unfold is a sore one for us all.
"I don't think anyone could have imagined it would have got as bad so quickly.
"At the end of last season there was a new owner and no debt. The club was in its best financial position for a long time.
"All of a sudden, eight or nine months down the line, the club is in administration. That's a very difficult situation for anyone to try to quantify or explain.
"I wish somebody could bring some clarity to the situation. If we're believing what we read in the media at the moment it could get far worse."
He added: "I've obviously spoken with Ally but fortunately, in my long career in coaching and as a manager, I have never been in that situation and the majority of my colleagues are the same.
"I had two close calls while at Everton with administration but each time we managed to keep the club going so Alistair's in a position that I've never been in.
"It's very difficult to give someone advice about a situation you've never been in yourself.
"But Ally's handling it well, if you can handle it well.
"He's as concerned as anyone - moreso, given what might happen next.""I don't think we ever thought it was going to be this bad or as bad as it seems at the present moment," he told Record Sport.
