The Scottish Rangers' second-largest shareholder says the football club faces "inevitable" liquidation as the Glasgow giants would be unable to solve their crippling financial crisis.
South Africa-based director Dave King said in a statement he plans to sue Rangers boss Craig Whyte after the Scottish powerhouses were forced into administration last month.
In a bleak assessment of the turmoil gripping Rangers, King said the "footballing institution" of the club would survive but the company would not.
Rangers would probably have to reapply for membership of the Scottish Football Association, King said, a prospect which could mean the club would have to work their way back to the top flight from the lower leagues.
Rangers were placed in administration last month after British tax authorities went to court to seek payment of an unpaid bill in the millions built up since owner Craig Whyte took control in May.
The 140-year-old club were docked 10 points for entering administration, a penalty which effectively handed the Scottish Premier League title to arch Glasgow rivals Celtic.
