THE formation of a new Rangers is emerging as an increasingly likely scenario as administrators accelerate sale attempts after raising fears over their ability to finish the season.
Duff and Phelps made the warning that the club would not fulfil their Scottish Premier League fixtures unless one of three scenarios developed.
They are still in talks with players over a wage cut deal but will spend today and tomorrow attempting to sell the club quickly.
The alternative will be "severe" redundancies in order to meet their target of £1million monthly savings.
A quick sale of the business as it stands now would be problematic for numerous reasons, including the difficulty in securing a creditors agreement and uncertainty over the tax outcome.
Director Dave King yesterday claimed liquidation was inevitable and administrators appear to be preparing fans for the possible formation of a new company.
Joint-administrator David Whitehouse said: "In any scenario, we would envisage that Rangers could operate as a football team."
A new Rangers company would be able to acquire the current club's SPL share, subject to the approval of the league's board, while the need for a quick sale could be avoided if all players and administrators agree over wage cut compromises.