Another day of talks aimed at preventing redundancies among Rangers staff ended without conclusion on Tuesday night.
Talks between administrators, players and their agents, manager Ally McCoist and PFA Scotland lasted from morning until late in the night but saw no final resolution.
Administrators revealed that negotiations around personal details had stalled a package of wage cuts but they retain hope that a resolution can be reached on Wednesday.
Joint-administrator David Whitehouse delivered a statement to waiting reporters at Murray Park just before 10.30pm on Tuesday night.
Whitehouse said: "Today unfortunately has been a very frustrating day.
"Earlier in the day we believed that we had agreed in principle a basis of cost cutting measures with the players accepting substantial pay cuts.
"We are very grateful for their efforts in reaching that point.
"Sadly this evening we have been unable to reach agreement on the personal conditions sought by the advisors to the players in respect of those wage cuts.
"There is still some hope that these issues can be solved first thing in the morning but it's extremely disappointing we haven't been able to get there tonight."
Some players are set to leave the club - Swedish midfielder Mervan Celik is understood to have negotiated his release while Scotland Under-21 winger Gregg Wylde has offered to leave and his departure should be confirmed when final details are ironed out.