Scottish Premier League champions Rangers have lodged legal papers stating their intention to enter administration.
The Ibrox club, winners of the Scottish title a record 54 times, lodged the notice at Edinburgh's Court of Session on Monday.
They have 10 days in which to formally declare administrators have taken over the running of the club.
Rangers are currently awaiting the result of a 49-million-pound tax case relating to the club's payment of players and staff.
The club's financial problems are well documented and led to star striker Nikica Jelavic's sale to Everton in January.
On the field, Rangers are locked in another battle for the SPL title with bitter rivals and league-leaders Celtic, who they trail by four points.
Should Rangers head into administration, an automatic 10-point deduction will be enforced by the SPL.