Heraldscotland.com and social networking sites have been buzzing since the news Rangers were poised to enter administration.
While Ibrox fans bemoaned the humiliation, rivals revelled in the club's misfortune.
Not all the ire was reserved for Rangers chairman Craig Whyte, with many online noting the problems pre-dated his arrival as majority shareholder.
Peter Gillespie wrote on heraldscotland.com: "About time. A sad postscript to the Murray era. Hopefully Craig Whyte does have a clear plan on how to resolve things and move on from this. If he doesn't, he'll be tarred with Murray's hugely tainted brush."
Others expressed optimism that pre-Whyte Rangers could be resurrected, with fan Stephen O'Donnell writing: "I fully expect Murray, or a Murray appointee to be at the helm of a new Rangers in 2012, as the phoenix rises from the ashes."
Support came from Celtic fans, including Sarah Rosson who felt "very sad" at the news, describing it as "a sad day for Scottish football",
There was less sympathy from other non-Rangers fans. John Graham wrote: "I don't think there will be many tears shed. This is an opportunity to move on for Scottish football and a warning to all clubs to live within their means. A sad day for decent Rangers fans who, as is always the case, have done nothing wrong, but will be the ones to suffer together with the taxpayers in the whole of UK if they dodge paying their dues."
An anonymous post noted: "Biggest Scottish football club, going bust. Bodes well for Scots' ability to survive as independent country doesn't it?"
Glasgow-born lingerie tycoon Michelle Mone wrote on her Twitter page: "Very sad to hear Rangers are taking steps to go into administration. Sad for the team, staff, fans and Scottish football as a whole. Ally's a good friend. Thinking of them all."
Broadcaster Andrew Neil wrote: "Don't know much about football but I know Rangers going into administration is a huge story! Move has feel of pre-pack admin. Avoids tax. Not sure Ibrox worth anything to property developer. It's a listed building. And in Govan."
Lord Sugar also said on Twitter: "News Glasgow Rangers may go into administration. If they do they will have points deducted, could be a mess."
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