Rangers has gone into administration after a court petition was lodged by HM Revenue and Customs (HMRC) over unpaid tax bill of £9m
Duff & Phelps have been appointed by Rangers to run the club, during a dispute with HMRC over millions of unpaid tax - accrued since Craig Whyte's takeover.
If a tax tribunal rules in favour of HMRC, the decision could result in liabilities and penalties of as much as £75 million, according to owner Craig Whyte.
The move, one of the most dramatic in the club's 140-year history, triggered an automatic 10-point deduction by the Scottish Premier League.
But what does this actually mean for the Scottish champions?
The administrators: these run a company that cannot pay its debts. In this case the administrators will be responsible for finding the money to keep the club going while seeking out a way of paying the creditors.
If the administrators cannot find enough money, the club will have to be liquidated and its assets sold to pay off the bills.
Are there any advantages for Rangers to go into administration?
Going into administration freezes the debt. It helps preserve the value of the business and keep it running while trying to reach a compromise with the people it owes money to.
What happens next for club financially?
Administrators will be looking for ways to pay the club's creditors, or seek a compromise with them. They will look at what assets the club has and what it owes. They could decide to sell off some assets in order to release enough cash to pay the debts. Duff & Phelps have said they will act "in the best interests of creditors" and with the interests of the club "firmly in mind".
What are Rangers' assets?
The Ibrox stadium, the Murray Park training ground, players, the Rangers brand, revenue from broadcast rights and the rights to sell club merchandise and catering at the stadium are all things that could theoretically be sold to release some capital.
These are offset by liabilities that include two tax bills, both in dispute, and more than £18 million owed to Mr Whyte.
Will the players be sold?
The administrator would have a duty to look at every aspect of the business, including the playing squad. In the event of administration, cost-cutting measures are likely to be implemented and a review of staffing levels take place.
Who are Rangers' creditors?
Creditors are split into two categories: secured creditors and unsecured, or ordinary, creditors.
A secured creditor, someone who has a legally enforceable claim on Rangers' assets, takes priority over other creditors. In Rangers' case, they include Mr Whyte.
Ordinary creditors, which include the HMRC, are then awarded a share of whatever else can be raised from the assets, in proportion to their share of the total unsecured debt.
A huge range of companies could be affected - they range from other clubs who are owed money from the transfer of players, as well as those who provide matchday security, as well as the players themselves who might be owed money for their wages.
Strathclyde Police said they have met the administrators and been "assured" they would be paid for policing this weekend's match.
What sanctions have been imposed?
The club has been docked 10 points by the Scottish Premier League.
If it remains in administration beyond this season, it will begin the new campaign on minus 10 points. Rangers will also be stopped from registering any new players with the Scottish Premier League, with the only exception being the signing of an emergency goalkeeper.
What about European football?
Rangers have to prove to the Scottish Football Association that its finances are in shape before 31 March or face expulsion from Europe next season.
Rangers need a Uefa club licence to compete in the Champions League and the Europa League next season - provided they qualify. Administration does not automatically exclude a club from getting a licence but a number of complex criteria would have to be met, meaning the chances of obtaining a licence would be low.
How long are Rangers likely to be in administration?
Rangers hope a period of administration would last no longer than a few weeks.
A company voluntary arrangement (CVA) is drafted to try to reach agreement with creditors in order to exit administration. The club has put forward a CVA proposal to HMRC in which creditors would be paid and provisions made for the HMRC case.
How do Rangers leave administration?
The club tries to reach an agreement with its creditors about how much money it can pay back, and over what timeframe. Everyone who Rangers owe money to can vote on the plan, and they need creditors who are owed up to 75% of the total debt to say yes. If the plans are approved, other creditors have 28 days to oppose them. If it is unable to strike a deal, the club faces being dissolved.
Would that be the end of Rangers?
Not necessarily. The insolvent company can create a new business to replace the one that has been liquidated. Every aspect of the old club would be put into the new club - but it needs to be approved by all the major bodies in the game. This is what happened with Leeds United in 2007.