SOME observers had all but issued the footballing equivalent of the last rites when Dundee stumbled into administration for a second time in October 2010.

The Dens Park club were given little better than a 50/50 chance of survival, and hit with a 25-point penalty which all but robbed them of their hopes of promotion to the top flight.

It is perhaps the irony of ironies, then, that it is they who stand to profit the most should five of the Scottish Premier League's 12 member clubs decide that transferring the league share to a post-liquidation 'newco' Rangers is just too unpalatable to consider.

Although there remains the distant possibility that the SPL will limp along with 11 members next season, a scenario which would mean top-flight sides having a rota of free weeks, Dundee (and Falkirk) were alert enough to cover all bases last season as they stayed on the coat tails of Irn-Bru first division leaders Ross County and submit an application to rejoin the top flight. Dunfermline Athletic are out of the picture, their share having been directly transferred to County upon relegation, but the situation in SPL boardrooms is so volatile right now that the prospect of Dundee staging a return to Scotland's top division after an eight-year absence should hardly be discounted.

Such an outcome would certainly be a remarkable conclusion to a saga during which administrator Bryan Jackson made nine players and four non-players – including manager Gordon Chisholm and his assistant Billy Dodds – redundant then won a CVA vote, despite the opposition of HMRC, in which creditors accepted just 6p in the pound. Although Scot Gardiner, a former Rangers employee, is now chief executive, effectively those same fans who once raised the entire CVA pot now run the club.

If it was the onset of insolvency which proved new manager Barry Smith's greatest opportunity, the former Celtic defender has hardly looked back since. He has spent the last few weeks persuading SPL-quality players to join his squad, in the form of former St Johnstone striker Carl Finnigan and Raith Rovers duo John Baird and Iain Davidson, to join a group which already includes goalkeeper Rab Douglas, defenders such as Matt Lockwood and Neil McGregor and midfielders Ryan Conroy, Kevin McBride and Nicky Riley.

His squad assembly work is not because of any inside information; merely with a view to gaining promotion this season. Anything else would be a bonus. Too many things have gone wrong in the club's recent history for Smith to fear anything other than the worst.

"Our planning is the same as it always has been since the end of last season, to try to get promotion," Smith told Herald Sport. "Every year the club wants promoted, this year is no different. We will just concentrate on what we have to do just now and if anything happens then we will comment upon it then.

"The club is still run by the fans and we still need them to continue buying season tickets to help the club out financially. Although we are safe enough now we always need funds coming into the club so we can move forward."

For his part, Chisholm – now back in the game as assistant manager to Gordon Durie at East Fife – never received what he was owed by the club, but if they were to be the recipients of this unlikely gift of promotion he would at least be happy for the likes of Smith and the club's supporters. "Dundee would benefit and the league would benefit because no doubt they are an SPL club set-up," Chisholm told Herald Sport. "Boys like Barry and Rab Douglas went through quite a time there so I would be pleased for them. Not that I want anyone to benefit from Rangers downfall, but if they do Dundee are definitely an SPL club in terms of support and the facilities. The fans dug deep – for a second time – I don't think they were short in coming forward to support the club."

Now it is Rangers who are at death's door. And Dundee who could yet become the high rollers.