Rangers boss Walter Smith admits sacrificing success and silverware is the price the Old Firm may have to pay in a bid to attract major investment. The Rangers manager has spoken out on why he believes both the Ibrox club and Celtic must quit the Clydesdale Bank Premier League, and why forming a European league with other big clubs in small countries is the most realistic option.

With the likes of Feyenoord, PSV Eindhoven and Anderlecht providing the competition, Rangers and Celtic would be less likely to be challenging for honours every year.

"You've got to handle that situation.

"You make your choice. I don't see any problem with that. You would need to ask the supporters how they would feel about that.

"From my own point of view, that's the point of going into another league. You're not going to gain an increased level of finance without overcoming what would be looked upon as problems.

"Rangers and Celtic win on a regular basis in Scotland, as do other bigger clubs in small countries. It's something we would all have to adjust to.

"Managers' jobs are to win games regardless of where they are anyway. The thing that matters is that we start to raise the profile of our country's football."