Beyond the allegations of a conflict of interest, which have now prompted an investigation by the Insolvency Practitioners Association, it is the immediate future of Rangers that will determine how history assesses them.
The next five days will provide some clarity on who is likely to own the Ibrox club, and a vision of how Rangers will emerge from this financial crisis.
Duff & Phelps hope to publish their company voluntary arrangement (CVA) proposal tomorrow, when it is sent out to all Rangers' creditors. The document will detail the offer being made against a total debt that is currently £55m but with the big tax case verdict still to be delivered.
Charles Green, the former chief executive of Sheffield United, and his loose consortium are on the verge of becoming the new owners of Rangers, but there is still much uncertainty about what that means for the club.
Early on in the administration process, Paul Clark and David Whitehouse of Duff & Phelps pledged not to sell the club "to another Craig Whyte character". The inference was clear that they would take into consideration what the intentions of the new owner would be, and their means to deliver on those plans.
As administrators, their first obligation is to secure the best deal for creditors, but as one leading insolvency expert told The Sunday Herald, "you do not have to choose the highest offer, but the one you believe most likely to complete".
Despite the early pledge to be certain of the merits of the club's buyer, Clark admitted in an interview last week that "I don't know what the final make-up of the [consortium] will be. It's not something that's going to have a major impact for me".
Green has a controversial reputation in football, and he has revealed little meaningful information about his investors or their intentions, leaving Rangers supporters to wonder what the next chapter in this story will bring. "There are a number of backers, some of whose details we've seen in writing, others who have been verbally mentioned to us," Clark said. "I don't think Charles Green has ever suggested to us that he would be the controlling force, I think he's said that he will strive to have 10% or 15% of the [shareholding], which would suggest that there would be nine or 10 investors at least.
"I can't say we've seen the full list of everyone who is going to invest, but I don't understand how that can be likened to a Craig Whyte situation, who had full control of 85% of the business."
Doubts persist about the wherewithal of Green and his backers. It is believed that proof of funding does not extend beyond a letter of comfort from the bank used by Mike McDonald, the former Sheffield United chairman, and it is also thought that no formal arrangement has been reached among Green's various consortium members, some of whom will only invest if the club achieves a CVA. Yet on Friday, the players' wage cut agreements end and the club runs out of working capital, so Green and his consortium will have to provide funds to keep Rangers afloat until the CVA is voted on by creditors. If the proposal goes out tomorrow, that vote will be held on Wednesday, June 13.
"We have seen both confirmation in writing and access to bank statements that show funds," Clark said. "We've seen proof of funds very significantly in excess of the funds needed to conclude the CVA. Easily in excess of double.
"We've thought about what the various contingencies are [if Green's bid collapses], but on Monday we expect to be hitting the streets with a Charles Green-sponsored CVA proposal. We haven't had all of their monies in yet, but that's where we're looking to proceed."
It was reported yesterday that Green believes Her Majesty's Revenue and Customs has informally agreed to the terms of the CVA proposal. Clark was less emphatic, although the administrators have been in regular contact with the tax authorities and Ticketus, the other major creditor, whose votes would be enough to carry the CVA vote.
"We wouldn't have got to such an advanced stage if we didn't feel there was more than a strong possibility of a CVA being approved," Clark said. "But there is no deal until there is a deal, and that can't happen until there is a meeting of creditors."
