THE decision to place Rangers into administration raises questions over what will happen to the club's considerable assets, which are said to be worth £120 million.

According to the last financial details released by the club on June 30, 2011, after the takeover by Craig Whyte, Rangers possessed £116m of "tangible assets" – the stadium, surrounding ground and the Murray Park training complex.

The club also had £8.6 million of "intangible assets", which refers to the value of the playing staff in terms of their contracts.

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Redevelopment of Ibrox into something other than a football stadium would rate among the fans' biggest fears, as it would bring an end to more than 100 years of history in Govan.

Although part of the iconic building is B-listed, and therefore protected by heritage laws, developers could salvage the historic parts and incorporate them into any new design.

This was the case when Arsenal's Highbury stadium was converted into flats in 2005, when the art deco east stand was retained while the rest was demolished.

Russell Rutherford, a partner at property specialists Ryden, said any attempt to redevelop Ibrox would first have to surmount a number of challenges.

But he warned that such a scenario had "moved a pace" closer following developments yesterday.

A spokesman for Historic Scotland said that only Ibrox's Edminston Drive stand was protected under the listing scheme, and that Glasgow City Council would be responsible for any decision on its fate.

He said: "Part of Ibrox Stadium, The Stand by Edmiston Drive only, is Category B Listed. Given its listed status, any proposals for development would go to Glasgow City Council in the first instance. One of the key considerations for any developer would be to consider the historical significance of the building.

"B Listed properties are buildings of regional or more than local importance, or major examples of some particular period, style or building type which may have been altered."

However, supporters can take hope from one stumbling block which blocked plans to redevelop the land around Ibrox four years ago.

In 2008 a proposed supermarket development on ground near the stadium failed to materialise as it was contrary to the local authority's guidelines on the amount of commercial development that can take place in the area.

Similarly, the training ground at Murray Park, in Milngavie, sits on ground that has not been designated for residential use, meaning it could not currently be converted into homes.

The 38-acre site, which comprises training pitches, a gym, a headquarters and an all-weather pitch, cost £14m to build and was opened in 2001.

Of greater concern to fans will be the fate of the team. It is unclear how their contracts will be affected by the club going into administration, but as the most obviously saleable assets, the administrators may look to the players as they seek to pay off creditors who will now be looking to recoup their losses.

While top scorer Nikica Jelavic left during the January transfer window for £5m, goalkeeper Allan McGregor could be worth up to £8m in the transfer marker, while midfielder Steve Davis has been valued at around £2m in the past.

Other stars with considerable market value include Scotland international Steven Whittaker, American midfielder Maurice Edu, and goalscorer Kyle Lafferty.