Chris Sutton has claimed Rangers need to follow the lead of their rivals and prepare for wage cuts.
The former Celtic forward believes the Ibrox club will need to follow in the footsteps of clubs like Hearts, who asked staff to take a 50% wage cut.
Sutton feels it would be "bordering on reckless" for Rangers not to consider cutbacks.
Speaking in Record Sport, Sutton said: "Celtic are preparing for wage cuts as they the first big step towards protecting themselves against a massive coronavirus hit.
"Next thing we heard is that the SFA are doing the same.
"Surely Rangers have to follow suit shortly.
"Unless Dave King left a giant pit of money as big as the gaping hole in football’s finances as he walked out of the door, given what is happening around the globe at the moment, the Light Blues hierarchy have to be making a similar move.
"If they aren’t, they must be the richest club in Europe and we just didn’t know it."
Sutton went to on to say that "in November last year the club announced losses of £11.3million in their annual accounts, revealed they needed a fresh cash injection of more than £10m to get to the end of the season and confirmed Dave King and Douglas Park had converted a staggering £35m in soft loans into shares over the past 18 months.
"So I think I can safely assume they simply do not have enough cash in the bank to just ride this out for six months as if it a couple of matches lost due to a waterlogged pitch.
"It is not that long ago that Rangers had a financial meltdown and ended up down the leagues.
"That came about through blatant mismanagement and not doing things properly when situations arose.
"That’s not just my opinion, that's a fact given the way things turned out with the administration.
"It is not a sign of weakness to accept these cuts are going to have to happen.
"But it is a sign of playing a very risky financial game if you do not.
"As tough as it may be to tell employees, Celtic, Hearts, Aberdeen, Hibs and others are doing the right thing to look at implementing cutbacks.
"In find it inconceivable bordering on reckless that Rangers won’t do the same thing."
