Insolvency expert BDO has been brought into oversee the liquidation of the company's assets after a company voluntary arrangement (CVA) is expected to be formally rejected at a meeting of creditors today.
Yesterday, the company refused to rule out a fire sale of assets if former Sheffield United chief executive Charles Green fails in his bid to form a "newco" from the assets.
It could mean Rangers being forced to leave the club's home since 1899, and the land sold for redevelopment, along with Murray Park, its training ground built at a cost of £14 million near Milngavie, East Dunbartonshire.
The development came after joint liquidator Malcolm Cohen, of London-based BDO, had initially insisted his appointment "will not mean the end of football at Ibrox – only the end of the company that ran the club".
Mr Cohen, who has been appointed with colleague James Stephen, added: "The liquidators will seek to protect any remaining assets, maximise recoveries for the benefit of creditors and investigate the reasons behind the failure of the company."
Mr Green, the Yorkshire-based businessman who heads the Sevco consortium, became the preferred bidder with an £8.5m loan to buy the club through a CVA. But through a newco the sum is cut to £5.5m.
Despite Mr Cohen's claim, BDO was later unable to rule out a fire sale. It said the statement about the continuation of football at Ibrox referred to the success of Mr Green's newco.
The club's biggest creditor, HM Revenue and Customs (HMRC), which was offered just £1.9m of a debt perceived by the administrators to run initially to £21m, rejected a CVA, meaning the club will be wound down with assets placed in a newco.
Administrators Duff & Phelps plan to transfer the business to this vehicle, set up by Mr Green, in the next few days.
Some experts have questioned whether a fire sale would raise more money than the £5.5m put up by the Sevco consortium.
"We are at too early a stage to say what is going to happen," said a BDO spokeswoman.
"We don't have specific details yet of all the assets that could be looked as part of the liquidation. But it is our understanding that football will continue at Ibrox because the stadium will become an asset of the newco."
The Herald revealed yesterday HMRC was not contesting Mr Green's purchase and was not interested in forcing a fire sale as "the intention is not to wipe Rangers off the face of the map".
Meanwhile, Ticketus, one of the club's major creditors after it purchased season ticket rights from owner Craig Whyte, is today expected to raise concern over the move into liquidation.
It will join other creditors at a special meeting at Ibrox this morning to give their response to the administrators' 9p in the pound offer as part of the CVA.
Many of the 276 individuals or firms who are owed around £134m from the stricken Glasgow giant will not be attending after HMRC rejected the CVA.
A Ticketus source "It looks like that there will be less for creditors. I don't think that helps us."
Ticketus said it "has to do what is best for the investors and if there is more money on the table then great".
Meanwhile, local MP Ian Davidson said the fans must be consulted on the way ahead and it was important the club continues in some form. Mr Davidson, who represents Glasgow South West, said: "They will obviously want to have a view."