Rangers face the possibility of being docked ten points by the Scottish Premier League after the club signalled its intent to go into administration.
Papers were lodged by the club at the Court of Session in Edinburgh on Monday afternoon, the first step in the formal process required to enter administration.
SPL rules state a club which suffers an insolvency event will automatically be hit with a points deduction. As Rangers have not yet entered administration, the deduction has not yet been imposed.
If and when Rangers formally appoint an administrator, the club must inform the SPL. The league will then move to deduct ten points from the club's current tally.
It will also impose a registration embargo, meaning no players can be signed, with the exception of a goalkeeper on an emergency basis.
A statement from the SPL read: "If an SPL club is the subject of an Insolvency Event, which would include the appointment of administrators, a ten point deduction would apply immediately to its total points in the League Championship.
"The club would also be embargoed from registering any new players with the SPL.
"A notice of the intention to appoint administrators alone does not trigger the sporting sanctions - it is the actual appointment of administrators which does.
"If administrators are appointed we will seek an early meeting with them to discuss their plans for Rangers FC".
Should the deduction be applied before the next round of SPL games, Rangers would remain in second place but would drop to 51 points, nine ahead of third placed Motherwell, who have a game in hand.
- Rangers intend to go into administration
- What really happens when a football club goes into administration
- Rangers statement in full
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