Former Scotland bruiser Lee McCulloch will be placed into administration this afternoon.
The Rangers captain has been struggling recently and was made the scapegoat for the shock cup loss to Forfar Athletic earlier this month.
At one point it looked as though McCulloch would be liquidated but this now seems unlikely after last minute crunch talks between Ally McCoist and Chief Exec Craig Mather.
The Ibrox side have also attempted to enter themselves into the Fringe comedy festival in Edinburgh, to try and capitalise on their joke existence.
Crack administrators Duff & Phelps have been brought in to see through the complex administration procedure.
McCulloch is believed to be distraught at the move but willing to work “more than 100%” with the bean flickers.
Gers chief Mather said in a statement: “Unfortunately we had to take the step of placing Lee McCulloch into administration this afternoon.
“As of now he will be operated by Duff and Phelps until he comes back stronger and fitter with absolutely no remorse or indeed guilt.
“We remain on course to play in England, as they will surely welcome a club of our depleted standing and dark history.”