Rangers fans were left in a state of shock after the club lodged legal papers signalling their intention to enter administration, according to Rangers Supporters Assembly president Andy Kerr.
The Scottish champions filed the notice with the Court of Session in Edinburgh at lunchtime on Monday. Craig Whyte, who took over ownership from Sir David Murray last May, is waiting on the verdict of a tax tribunal which if it goes against Rangers could, according to the club, "result in liabilities and penalties substantially more than the £50million reported".
Part of a long statement released by Rangers said: "It is extremely disappointing the club finds itself in this position but decisions have to be taken to safeguard the long-term survival and prosperity of the club both on and off the field."
Kerr told Press Association Sport that the news was perhaps expected but no less devastating. He said: "I am shellshocked. Every message I have had on my mobile has mentioned how sad it is.
"Some of us fans had expected that we might face this day but that it has happened so quickly has been shocking. It is devastating and it leaves us with more questions than answers. I wonder what the trigger was? People want to know what it means.
"How quickly can we get out of the situation? Where do we start with the debts and playing squad? There are around 200 employees at Ibrox, what will happen to them?"