RANGERS fans were last night given hope their club would be saved as administrators Duff and Phelps said in an updated statement they "hope to reach a stage as soon as possible where the club can emerge from administration".
It was also confirmed to The Herald that the conduct of the present owner Craig Whyte and all Ibrox directors over the past three years would come under scrutiny in an investigation carried out by the administrators.
The £9 million PAYE and VAT debt owed to the taxman since Whyte took ownership of the club in May, a failure to file accounts and questions over whether the club was doing deals while heading for administration, are to be addressed in a report to Business Secretary Vince Cable within the next six months.
A spokesman for Duff and Phelps said: "The administrators are fully aware of their obligations and those obligations will be carried out diligently."
Earlier, the firm said it had made "good progress" in the first 24 hours of being appointed and added: "Our first priority has been to ensure the football club continues to function."
Paul Clark and David Whitehouse, who were appointed to run the club on Tuesday, added: "In broad terms, supporters can be reassured that Rangers will continue as a football club and we hope to reach a stage as soon as possible where the club can emerge from administration."
They said they would hold meetings with staff on a weekly basis and plan to speak to supporters groups who, it emerged yesterday, are keen to push for a part-ownership model involving a consortium of fans and businessmen.
The administrators said: "We have had expressions of support across the political spectrum in Scotland within the last 24 hours and there is clearly a desire to see Rangers come through this situation successfully."
Former Rangers director Paul Murray, who told The Herald he supported "a more sustainable and broader ownership structure where all stakeholders have representation", is about to register his interest in masterminding a bid to take over the crisis-hit club.
Supporters were cautious about the update, raising concerns about the possibility of Whyte returning as owner. He was in London yesterday for meetings with the administrators. It was not clear when he plans to return to Scotland.
Andy Kerr, president of the Rangers Supporters Assembly, described the statement as "reassuring" but added: "I am sure a fan ownership model is a goer. As I understand it, the administrator is duty bound to take the best deal for the club. I am pretty certain Craig Whyte is working towards that end.
"But there is a swell of opinion that questions if there was a fit and proper person test at the time of the takeover, or now whether Mr Whyte would get past it. I would say, personally, the jury would still be out but a lot of people have already made a judgment on that and some of the response at Ibrox backs that up."
Asked if fans would want Whyte to return, he said: "If I took a straw poll now, I would expect the answer in the negative."
Mark Dingwall, of the Rangers Supporters Trust – which is keen on a model where fans call the shots – said: "If you garner the hundreds of thousands of people who support Rangers and get a contribution off them, it is a very powerful force."
A sign erected outside the Ibrox gates yesterday read: "Mr Whyte – We want answers."
Fans say they will be out in force to support their team at home against Kilmarnock on Saturday.
Rangers player Sone Aluko thanked the supporters on Twitter for their loyalty.
First Minister Alex Salmond said: "The most important thing is to get a sensible agreement
between Rangers and HM Revenue and Customs in terms of the extent of what's owed and how it can be paid off.
"The most important thing is that Rangers are able to continue as a football club. That's the absolute critical matter."
Donald McNaught, director of insolvency at Johnston Carmichael, said: "The statement doesn't rule out liquidation. It's still too early to tell what exactly will happen.
"There's obviously still an awful lot of discussion to take place between the club and HMRC and its other creditors."
Ibrox backroom staff are due to meet their union today to discuss the threat to their jobs.
The meeting follows a 30-minute face-to-face briefing with Whyte on Tuesday when they were told Rangers was going into administration.
Duff and Phelps was appointed after it emerged HMRC was chasing the club for £9m in unpaid PAYE and VAT which had accrued since Whyte bought the club.
Lord McFall, who as Labour MP John McFall chaired the House of Commons' Treasury Committee, called for the Financial Services Authority to investigate the affairs of Rangers that led to its insolvency.
He said: "It's the taxpayer who has lost out here. The tax has to be paid and football clubs have got to realise they have got to comply with the regulations.
"There are lots of questions. The case for an investigation by the Financial Services Authority is what supporters with an interest in Rangers should be looking at now."
Meanwhile, shirt sponsors Tennent's and club car supplier Audi Lomond Group will not be cancelling their deals. Another commercial partner, JJB Sports, has not yet said whether it will continue with its Rangers deal.
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