Football club could go under.
The Glasgow club has five days to confirm whether administrators have been appointed as it awaits a tax tribunal decision over a disputed bill plus penalties totalling pounds 49m.
If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish Premier League leaving it 14 points behind rival Celtic in the battle for the championship.
Craig Whyte, who bought the club last year from Sir David Murray, said recently that administration was a possibility if it lost the tax case.
It is understood the papers lodged in Edinburgh yesterday relating to administration were lodged by Rangers' lawyers on behalf of directors.
The case relates to the use of employment benefit trusts (EBTs) to pay players and other staff.
It is thought that HM Revenue and Customs believe the club misused the scheme and avoided paying significant sums in tax.
Whyte is understood to be the 139-year-old club's main secured creditor via a floating charge over its assets.
This would allow him to pursue other avenues such as receivership or pre-pack administration to satisfy the debts which the club owes him.
CLUB IN TROUBLE Rangers could be facing an off-pitch battle as tough as any against rivals Celtic