The next day, the club officially entered administration after a dramatic court battle with Her Majesty's Revenue and Customs.
Within hours, the Scottish Premier League automatically deducted 10 points from the Old Firm giant, effectively ending its title challenge.
With fans demanding more answers, new owner Craig Whyte said he would be stepping back to give the appointed administrators, Duff & Phelps, room to complete the process as quickly as possible.
Supporters gathered outside the main entrance at Ibrox and told the Evening Times how they had been "betrayed" by Mr Whyte.
He was booed and heckled with shouts of "rat" and "traitor" as he said in a club statement that Rangers would "emerge a fitter and stronger club".
At the time he revealed the football club's final tax bill could amount to £75million.
Mr Whyte then created a fresh storm when he hit the headlines for boarding a flight to London, amid cries that he was deserting the club in its time of need.
Speaking at the time, Mark Dingwall, board member of the Rangers' Supporters Trust, told the Evening Times, Mr Whyte should "return to face the music."
We then reported that Glasgow City Council and the Scottish Government put behind their party differences to help secure the future of the crisis-hit club.
First Minister Alex Salmond said he was "very concerned" about Ranger's future and Scottish Sports Minister Shona Robison also said the Government was "ready to offer assistance to anyone affected by implications for jobs."
Whyte later insisted he had not taken a single penny out of Rangers since he became chairman in May 2011, despite controversy after the administrators said a £24.4m sum from London company Ticketus did not go through the club's books.
Mr Whyte said he had "absolutely nothing to fear" from any investigation into his takeover of the club and has not taken "a single penny".
On Saturday the 18th, a crowd of more than 50,000 packed into Ibrox to show their support for the team at their game with Kilmarnock.
But despite the club's turbulent week, Mr Whyte was conspicuously absent, and it was reported his seat was the only empty one in the stadium.
EARLY WARNING ... IN OCTOBER 2009
THREE years ago, the Ibrox club faced a similar crisis when its banker threatened to put Rangers into administration to tackle its mounting debts.
Lloyds Banking Group issued the ultimatum to the club's board as the only alternative after it initially rejected a "devastating" business plan based on swingeing cuts.
But top Evening Times sports writer Darrell King had predicted the club's turmoil six months before.
In a "wide-ranging conversation with a senior Rangers figure" at the close of the SPL title race, Darrell was given the first hints of what lay ahead.
Speaking about the 2009 championship, the source said it was, "probably the most crucial in Rangers' history."