Rangers cut Lee Wallace fee to Hearts by £100,000

The deal was agreed earlier this month between the clubs, with Rangers shaving £100,000 off the £500,000 they had been due to pay in June.

Wallace joined the Glasgow club in a £1.5million move in August 2011 and, despite the oldco Rangers being liquidated, the newco has been settling its debts to other teams.

Hearts accepted an earlier but lesser payment to ease their financial concerns, with manager John McGlynn admitting that he and the coaching staff remain in the dark about the exact  economic state of the club.

McGlynn said he had not been briefed about the fate of Hearts’ former shirt sponsor Ukio Bankas, which was recently put into administration. There are fears that the collapse of Ukio could have a knock-on effect as the club used the bank for some services. It is also understood that a £6.8million Ukio loan was secured against Tynecastle.

McGlynn said yesterday: “I don’t know anything about that. It’s way above the level I’m working at. I don’t have anything to do with Ukio or Ubig.

“The financial situation at the club has been a struggle all season and it’s very difficult because you’re having to do the job with less and less players and our  injury and suspension situation is not helping.”

McGlynn was speaking as winger Andy Driver left for Houston Dynamo. David Templeton and Ryan McGowan had already moved on as Hearts tried to bridge a funding gap which at one stage threatened the club’s ability to fulfil its fixtures. Fans’ fundraising efforts have at least postponed that threat.

McGlynn added: “I think we’re still going to get over the  winning line at the end of the season. We’ll probably limp  over the finishing line if we’re fortunate.”