VOICES from the city tend to be restrained, even sober, except perhaps around annual bonus time.

But an interested financial observer described developments at Rangers International Football Club yesterday as "a clear and present danger" to the Ibrox club.

The statement by Worthington Group plc was businesslike. It states that Worthington "has now entered into a Conditional Fee Agreement in relation to claims that Law Financial, through its subsidiary Sevco 5088 Ltd and separately, has to all of the business and assets of The Rangers Football Club ("Rangers") which were purchased from the Administrators of RFC 2012 Plc by Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012".

It is, basically, the first shot in the battle over who owns Rangers.

There will be attempts to dismiss the move as another sign of Craig Whyte's desperation, even delusion. However, a City source, speaking on condition of anonymity, said that the development had unwelcome implications for Rangers.

"The view is that anyone who says he knows what is going on does not know what they are talking about," he said. "No one seems to have a full grasp of what is happening and has happened at the club. There are plenty of questions but where are the answers?"

This view is given credence by the club statement that read: "Rangers International Football Club plc has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries."

It is reasonable to suppose that Malcolm Murray, the chairman, is not paying in an attempt to find out what he does not already know.

The claims and counter claims between Green and Whyte may now be tested in court. This means that Rangers face an extraordinary turbulence at a crucial time.

There have been suggestions of shares changing hands, with speculation that Sandy and James Easdale, the latter the owner of a bus company, had already bought Green's shares. Dave King, a former director, is also reported to be waiting in the wings.

However, the City source said Green had not sold his shares, adding: "The share price is in free fall. This is not a time to jump into a deal to buy them. Why not await the report by Pinsent Masons or even the outcome of any court action and then see what you are buying? You are unlikely to pay more in the future than you would today."

The immediate danger for Rangers is that the Worthington move adds to the loss of certainty and focus that is besetting the club.

The long-term implications of any Whyte victory would move the story into unprecedented realms, even for a club that has endured a baffling, confusing and draining 18 months.

The situation is that Rangers are certainly "in play", meaning such as the Easdales and King are interested in acquiring the club. However, any party contemplating a definitive move for Rangers will be concerned at both the prospect of a protracted legal fight with Whyte and any negative results that may come from the inquiry by Pinsent Masons.

The added worry for the club is that they are in turmoil at a time when fans are contemplating buying season tickets.

Rangers are thus in a position where the club has no strong leadership, where buyers may be circling but are unlikely to make a definitive offers, and where cash flow is compromised severely by fans who are reluctant to spend their money.