In a week that Celtic secured the SPL title you have to ask will the phoenix rise again from the ashes of a debt mountain to add to Rangers 54 league championships.
Rangers' debt may rise to £134m, according the club's administrators on Thursday.
Duff & Phelps revealed in a joint administrators' report and proposals statement to creditors that monies owed by the ex-Scottish champions stand at £55.4m.
Rangers also owe £4m to Her Majesty's Revenue and Customs for the "Small Tax Case" and could face a further bill of £75m, including interest and penalties, if they lose a dispute with the tax authorities, widely known as the "Big Tax Case".
Clearly until a new owner is found that can satisfy creditors Ally McCoist's squad is unlikely to get stronger and should the club not exit administration before the start of next season another 10 point penalty would apply and even finishing second in the league would not guarantee Champions League football.
Rangers need a UEFA club licence to play in the Champions League or Europa League, administration itself does not automatically exclude a club from receiving a licence.
However, the criteria is complex and detailed and the likelihood of a club in administration satisfying the requirements for a licence are low. The club would have to prove it owes no money to other clubs, to its employees, and to HM Revenue and Customs.
The SPL need a club with the support of Rangers to survive and challenge Old Firm rival Celtic once again for the title.