IT is that time of year again.

Craig Whyte finds April and May to be the months when the planets align and he appears in the Rangers story with a flash, bang and a considerable wallop. Two years ago he was walking up towards Ibrox to take the cheers of the crowd as he confirmed his ownership of Rangers, one year ago he was apparently passing on control of the club to Charles Green and Co - and now he has come back to haunt the club, plunging it into its biggest crisis since, well, the last one.

There are at least two outcomes for Whyte and Rangers. They could be called the dream scenario and the nightmare option for the club.

Rangers sources were last night understandably keen to parlay the dream scenario. This goes something along the lines of: "Move along. There is nothing to see here." The departure of the chief executive in this version is a little local difficulty that was unavoidable after tapes linking Green with Whyte, the P-word row and the increasing tensions within the club, particularly with the manager, Ally McCoist.

These optimists envisage a future when everything calms down, Green and others are safely ensconced in another land and Rangers are playing in the top division with European ambitions.

Whyte, they claim with some justification, always threatens to sue, never does and has an undeniable capacity for grievous mischief but no ability to bring the club down. Learned counsel have been consulted and the Whyte threat is limited, perhaps negligible.

However, the nightmare scenario was voiced last night in the unmistakeable tones of the City. What if Whyte has a claim on Rangers assets? What if Sevco 5088 Ltd is the true owner of such as Murray Park, Ibrox and that now celebrated car park? What if investors have plunged in and merely bought a name?

Preposterous? This would be the verdict from Ibrox where some state that any Whyte claim will have to be settled with Green and associates, not the club. However, the possibility of legal action from Whyte being declared valid is worrying some in the City with Rangers shares in their portfolio.

The impact on the share price would be obvious and Rangers again would be at the mercy of financial forces over which they have little control.

There is another scenario, however, and it falls between dream and nightmare. It is this: Green returns to England with his major shareholding which he can unload at will. The lock-in arrangement –whereby Rangers' substantial shareholders commit to holding shares for a specified time – seems to have been observed more in the breach than in the observance.

But what to do with Whyte? If his legal claim is considered at least viable, there would be a temptation to pay him money to go away, and quickly. How this would help the venture capitalist is hard to fathom at the moment because Ticketus would surely be interested in any increase in the funds available to Whyte.

Whyte this month was ordered to pay £18m to the finance firm after he lost a claim against him at the High Court in London. The firm provided nearly £27m to help Whyte buy Rangers. The businessman, who seems to have an already full diary, has until the end of next week to appeal.

The outcome, therefore, for Whyte may involve walking away from Rangers with cash. It is as certain as anything can be in this tangled web of a story that Green certainly will make money from a year in the increasingly bizarre world of Scottish football.

The English businessman, though, made two grievous errors. He underestimated the scale of scrutiny at Rangers. Incontinent in word and transparent in deed, Green became a caricature and was vulnerable if the tide turned against him.

This eventuality occurred when he took on Malcolm Murray, the chairman of the club. For a man who was praised for his game of business poker over the Rangers purchase, Green played his hand badly when trying to oust Murray. Institutional investors made their unease known as Murray remains. The subsequent cost-cutting at Ibrox not only caused tensions with McCoist but worried supporters.

And this is the nub of the matter. Whatever scenario plays out, whatever theory one attaches to the likely future of Rangers, the board has to retain the financial support of both institutional investors and the fans.

Green, after a sticky start, played bluntly to the supporters' sentiments, portraying himself as a bluff advocate of the Rangers case.

However, he could not survive any perceived close association with Whyte. The Scottish businessman is what is known as box office poison. Any suggestion that Whyte could or would profit from the sale of Rangers would be met by a communal reluctance to commit to season tickets.

Rangers this morning have no chief executive but a host of nervous investors and a supporter base that is increasingly frustrated and alarmed by events at the club.

The team will troop out in front of them this afternoon to play an Irn-Bru Third Division match with Peterhead. Green will not be there but can consider himself richer in both experience and in financial terms for his year on the front line.

The precise whereabouts of Whyte is unknown but his presence lingers at Ibrox.