"Fragile" Rangers facing second administration

Fallen Scottish giants Rangers are still in a precarious financial position and in danger of entering adminstration for a second time, major shareholder Sandy Easdale revealed Thursday.

Chief executive Graham Wallace is due to release the findings of his review into the League One champions` books on Friday.

But Easdale, chairman of the club`s football board, jumped the gun to admit the picture was not bright and admitted he was not sure if the club would enter administration again.

Easdale told the BBC: "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."

Rangers made a £3.5million loss for the six months up to December and when asked if a supporter season-ticket boycott, encouraged by former director Dave King, could place the club at risk of another administration, Easdale said: "That`s a difficult question.

"And it`s a question that I don`t want to answer or be in a position that this board would be forced into that situation.

"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 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."

However, Rangers boss Ally McCoist insists he is not panicking yet.

"I wouldn`t say I`m worried," said the manager. "We will react to what we are told we can and cannot do.

"But worries are something that have been with us in one shape or another for the last couple of seasons. We will just have to wait and see what happens and react to it accordingly."

Responding to Easdale`s comments, the Union of Fans released a statement saying: "The financial position of the club is not down to lack of support or loyalty from any of our fans, it is down to two years of mismanagement and the squandering of huge sums of money, which Mr Easdale has been a part of for the past seven months."