Rangers director Dave King believes that the SPL champions will fail to come out of administration and that liquidation is "inevitable".
The second-largest shareholder of the Scottish club has released a statement criticising owner Craig Whyte for his conduct, which subsequently led to the Gers falling into administration.
"I do not believe that there is a reasonable prospect that the company can come out of administration," said King. "I believe that liquidation is inevitable.
"It grieves me to state that it seems inevitable that the footballing institution will survive but the company won't. It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible.
"We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated."
Rangers youngsters Gregg Wylde and Mervan Celik left the club yesterday without redundancy packages.
The administrators from London firm Duff and Phelps could not come to an agreement with the players over wage cuts but they remain hopeful that a decision will be made in due course.
Danielle Joynson
