Perhaps more so than ever before, the Ibrox club find themselves lost in the financial fall-out of years of mismanagement.
There are, undoubtedly, more questions than answers. The implications of each individual problem has a knock-on effect on the other.
And the fact a newco has now been formed, prompting a fresh battle between Walter Smith's consortium and new owner Charles Green, only makes the situation all the more complex.
The question now is: What next for Rangers?
In truth, no-one is qualified to answer that at this moment in time.
There is currently an SPL investigation into the alleged wrongful use of EBTs and the SFA have yet to determine a punishment, if any, for the Ibrox club over their financial affairs. The Ibrox club could also be hit by further sanctions by the SPL for reforming as a newco.
The most pressing and concerning issue of all is whether or not the players' existing contracts with the club would automatically transfer over to a newco. It could, if they were to become free agents, leave a black hole of around £30million in lost revenue.
With no European football for three years, and the almost essential money that brings into the club's coffers no longer being available, it would seem inconceivable that tougher times do not lie ahead for Rangers.
That in itself has prompted a debate over whether or not the club would be better off starting all over again in the Irn-Bru Third Division – if, indeed, the option is open to them.
As opposed to struggling to compete in the top flight, many believe it could allow a more natural return to better times to start at the bottom and work their way up. Costs could be slashed and then built up again as they progress through the divisions.
There has also been a suggestion changes to the league set-up could be rushed through and the new Gers could be handed a place in what is currently the First Division.
It would, and could, make a sensational story all the more dramatic. But it has been done before. It has happened to some of the biggest clubs in the world – and the perfect example is Italian side Fiorentina.
Unable to pay the players' wages and with crippling debts, the club was made bankrupt in August, 2002, before being resurrected under a new identity the following month, only having to start out in Serie C2, the bottom tier in Italian football.
Promotion was immediately won to Serie C1. However, an increase to the teams competing in Serie B afforded Fiorentina another promotion on "sporting merits" and, having won a dramatic play-off at the end of that campaign, their return to Serie A was complete within three years.
Italian journalist Gabriele Marcotti explained: "Fiorentina were only allowed to remain in the professional league after their owner at that time made various promises and vowed to invest a lot of money into the club. So the club gained entry to Serie C2.
"Promotion was won at the first time of asking into Serie C2 but because of various issues, such as a few Serie B teams going bankrupt and other teams not having the finances to accept promotion, Fiorentina were then promoted. That year, they won a play-off to go back into Serie A.
"The great story in that situation was Angelo Di Livio, the former Italian international.
"He did not leave. He stayed and played for a nominal fee. He became an even bigger legend at the club as a result of that.
"Napoli, too, have been relegated and come back. I suppose it is possible and, if Rangers were to go down the divisions, then they can look at how some clubs in other countries, such as Italy, have come back from it."
In Italy, however, there would be no vote among top- flight clubs to see if a liquidated club should retain their status in the division.
"If a club goes bankrupt, they are gone," said Marcotti. "The club would have to start all over again in the amateur leagues. It is not possible to stay in Serie A or even accept going down to Serie B.
"And, as might happen with Rangers, all the players instantly become free agents. When a club goes bankrupt, the players can sign for any team they like."
He went on: "In the past, before new rules were put in place by the Italian FA, if a club were bankrupt then it would be down to the mayor of the city in which they were based what clubs they would be sold to and for how much.
"So, for example, if Rangers were to be declared bankrupt it would have been up to the mayor of Glasgow (the Lord Provost) to sell the players on.
"Now, though, they become free agents and it is up to each individual where they go.
"In Italy, the clubs don't own their stadiums, they lease them, so there is never the situation about the selling off of the club assets.
"Now, there are strict licensing systems in place to make sure the clubs cannot carry unguaranteed debts, to basically avoid what has happened with Rangers.
"Interestingly though, when Napoli played in the lower divisions they were still attracting crowds of 40,000-plus.
"But in Italy, Rangers would already be completely out of the game. It wouldn't even come down to a vote."