Rangers players refuse pay cut as club makes attempt to cut costs Rangers players have refused to accept a 15% pay cut after an attempt by the club's board to slash costs. STV understands the squad were asked to consider taking the deduction in their salaries as new chief executive Graham Wallace tries to bring down outgoings. Wallace met with captain Lee McCulloch and manager Ally McCoist on Wednesday, where the cuts were discussed as one possible measure to reduce costs. The first team squad then met with McCoist on Thursday following their training session to discuss the matter and agreed they would not agree to any such proposal. Chief executive Wallace admitted at the club's recent AGM that their cost base was too high. A spokesman for Rangers told STV: "The chief executive and manager are continuing to look at ways as to how Rangers can live within their means." Rangers announced a £14.4m loss within their first 13 months of trading as a new company up until July last year. Manager McCoist recently accepted a 50% pay cut. His total playing budget currently stands at between £6m and £7m. Join in: For debate, chat, comment and more, join our communities on the STV Sport Facebook page or follow @STVSport on Twitter.