Scottish champions Rangers were on the brink of financial collapse after their intention to go into administration was announced by an Edinburgh court on Monday.
The Glasgow giants have lodged papers with the Court of Session notifying an intention to declare an administrator.
Rangers are awaiting the verdict of a tribunal which could leave them with a bill of as much as £49 million ($77.5 million) should they lose their dispute with British tax authorities.
The Ibrox club were forced to sell star striker Nikica Jelavic to English side Everton on last month's transfer deadline day in a bid to bring in some cash and owner Craig Whyte said on February 5: "This has the potential to be the toughest few weeks in the club's history.
"I wouldn't say crisis is the right word. Not at the moment. But we're certainly in the toughest time in the club's history."
Rangers and arch-Glasgow rivals Celtic are Scotland's two most successful clubs, both in terms of trophies won and the number of supporters they attract.
Source: AFP
