Sandy Easdale has told BBC Scotland that the finances of Sevco are fragile.
With details of the club’s 120 day review expected within the next 24 hours the transport tycoon has spoken out about the scale of the problems to the broadcaster that is banned from ordinary media access at Ibrox.
A combination of distrust for the current custodians and dissatisfaction over Ally McCoist’s playing style has seen season ticket sales plummet with the club looking for fans to renew their deals earlier than usual.
Easdale, who served a jail sentence for fraud in the 1990’s, hasn’t spoken out in public since before the December AGM painted a grim picture which should perhaps have been issued as a stock market warning.
Asked about the likelihood of liquidation Easdale told the BBC: “That’s a difficult question. And it’s a question that I hope I don’t need to answer or be in a position that this board would be forced into that situation.
“Again, I would say that in 140 years, the club’s gone into administration once; I don’t think it would survive a second one.
“So, I would ask [that] every loyal Rangers fan, and I pick my words correctly in saying loyal Rangers fan, supports the club at this time and gives it a chance.
“We don’t want to go back to the dark days of administration. Everything’s a possibility and at the moment we’ve got to look on a positive as a board, taking it forward.
“At the moment, there is a lot of noise around the [Rangers] Trust; we don’t know the situation with the Trust but, as a board, it’s business as usual. We’ve got to keep going forward.”
Despite assurances at the AGM that the club had no need for short term financing Mr Wallace held conceptual discussions with players in January about taking a pay cut- less than a year into players such as Nicky Law, Cameron Bell, Dick Foster and Steven Smith had signed lucrative deals. In February loans of £1.5m were secured against club assets.
Admitting to the seriousness of the situation Easdale said: “At the end of the day, the club is at a crossroads at the moment and a fragile position. It can either go forward with a strategic view, with a long-term view, steady as she goes, or be pulled apart in other directions.
“I don’t actually know the figures [for season ticket renewals] but I think there’s a couple of situations there; we’re a couple of weeks early. People are waiting for a report. At this moment in time, ticket sales are slow.”
Ally McCoist is hoping to find out his transfer warchest from Mr Wallace over the next 48 hours.