Rangers have filed court papers signalling their intention to go into administration.
STV can exclusively reveal the Ibrox club lodged the notice at the Court of Session in Edinburgh at lunchtime on Monday.
It is understood the papers are the first step in any formal administration process. They now have ten days in which to declare administrators have taken over the running of the Glasgow-based club.
STV understands owner Craig Whyte, directors Ali Russell and Andrew Ellis had a meeting with manager Ally McCoist on Monday as the papers were lodged.
HM Revenue and Customs guidelines state that "The appointment of the administrator will take effect within ten business days of the date the notice of intention is filed."
This period allows the company to speak to creditors to see if they reach an agreement. If they enter administration the Scottish Premier League champions would automatically be docked ten points.
Rangers FC are currently awaiting the result of a £49m tax case with HM Revenue and Customs in relation to the club's use of an Employee Benefits Trust to pay players and staff. It is thought the decision to lodge court papers means the result of this tax case is likely to be known imminently.
The Court of Session confirmed to STV that papers signalling the intention to appoint administrators had been received from the club's solicitors acting on behalf of their directors.
I'm guessing this might've started before Craig Whyte bought the club. If not he's really driven the club into the ground. Those with more knowledge suggest it's a ploy by Whyte and it's a "calculate risk"...