Ally McCoist’s men lodged legal papers with the Court of Session in Edinburgh that signal that they are ready to go into administration, but this has not come into effect as yet.
“The Rangers Football Club plc has today announced it has filed a notice of intention to the Court of Session in Edinburgh to appoint administrators,” an statement on the club’s official website reads.
“The club will conduct its business as usual and will not be in administration until it decides whether to formally proceed with an application to appoint administrators.
“Until such time, the club will not face any sanction from the football authorities in terms of points deduction within the Scottish Premier League.
“Sanctions such as a 10-point deduction will only apply if the club proceeds with the appointment of administrators. It is expected to be 10 working days before a decision is made whether to appoint administrators,” it concluded.
The financial issues are based around a tax case, that could leave the side having to pay over £50million, which the Glasgow-based team feel is impossible to fork out.
Rangers are currently four points behind Celtic in the race for the SPL title.
By Gareth McKnight