Allan McGregor, Steven Davis reject 'newco' contract

Rangers skipper Steven Davis has reportedly become the latest player to reject the transfer of his contract to the 'newco' version of the club.

The 27-year-old has reportedly been joined by goalkeeper Allan McGregor in refusing to transfer the terms on their contracts.

The Gers are likely to be banned from competing in the Scottish Premier League next season following their off-the-field troubles, and a host of players have already announced their intention to leave.

Davis joined the club from Fulham in 2008.