Rangers director Gordon Smith and chief operating officer Ali Russell have agreed to step down from the Scottish club.

Joint administrator Paul Clark has revealed that the high-profile executives have been forced to step down due to the financial turmoil surrounding the club.

"As part of this programme, Ali Russell, the club's chief operating officer and Gordon Smith, director of football, have agreed to leave the club," said Clark.

"Administrators met Ali and Gordon and during the meetings they expressed their deep disappointment regarding the position in which the club has been placed. There is nothing to suggest that either of them did anything but strive to act in the best interests of Rangers Football Club during their terms of office.

"At our request, both agreed to stay on and assist the club until the end of this month and we are very grateful for their co-operation and willingness to do what they can during this difficult period for Rangers. Meetings have also been held with Ally McCoist and we had discussions regarding the potential impact of the administration process on the football department and we will continue to consult fully with him.

"It is clearly understood by all, including the players, that the football department costs will come under review as is the case with all departments within the business. No decisions regarding staffing in any department have been taken at this point and will not be taken until next week."

Both men were appointed by Rangers owner Craig Whyte last year.