Liquidation. The one word fans of the debt-laden Ibrox club feared most. And the one that yesterday chilled thousands of fans to their bones.
The decision by the taxman to reject the CVA brokered by the Charles Green consortium was yet another crushing blow to the Light Blue legions in what has been the darkest period in the club's 140-year history.
SportTimes takes a look at the implications of HMRC's decision and where it now leaves the various factions in the Rangers saga.
The Club: Founded in 1872, Rangers' claim to fame as a club is they've won more domestic titles – 54 in total – than any other club in world football. Their history, however, is now under serious threat as a direct result of yesterday's announcement.
As a result, the future of the club is as insecure now as it ever has been. One problem runs into another.
The SPL probe into the alleged misuse of EBTs could see the club stripped of titles and cups. The SFA appellate tribunal must now rule on the punishment for bringing the game into disrepute. This could include suspension or termination of Rangers' membership of the SFA.
The formation of a newco also means the club cannot participate in European competition for three years.
The Manager: Ally McCoist hasn't had his troubles to seek since he took over as manager and things don't look like improving any time soon. From firstly not being given the level of funds he first expected during Craig Whyte's ill-fated reign – to then being forced to sell his best player in Nikica Jelavic on the final day of the transfer window – things have gone from bad to worse for the manager.
As things stand, he doesn't have a clue what players he has to work with next term, if he will be in a position to sign new players and he doesn't even know what league the club will be playing in next term.
Having coined the phrase 'We don't do walking away', Ally's loyalty to the club is really being tested to the limit.
The Players There is an estimated £30million worth of talent on Rangers' books with Allan McGregor, Steven Davis and Steven Naismith making up around half of that figure. And they are all likely to explore the possibility of being free agents if a newco is put in place at Ibrox.PFA Scotland believes that to be the case and, privately, SFA sources back up the argument. Rangers' administrators Duff and Phelps have contested those claims but it could now become a legal battle after the CVA option was rejected by HMRC.
It's believed the Ibrox players have become more disillusioned recently with the actions of Duff and Phelps and believe their unselfish move to slash their wages has simply gone to paying the huge fees commanded for the services of the firm.
Presented with the chance of potentially leaving for nothing, and thus bank an impressive signing-on-fee at other clubs, is something the vast majority are unlikely to turn down. Certainly, their agents and representatives wouldn't be doing their jobs properly if they were not analysing the market and what moves may or may not be available to their clients.
The Fans: Throughout the darkest days in the club's history which has brought great embarrassment and shame on Rangers, the fans have remained defiant. That has continued to be the case from the initial shock of entering administration to failed takeover bids.
Liquidation, however, is the one thing they feared more than anything. To many, it is the end of Rangers as they know it – their history broken. Others, of course, will argue a newco will simply carry that over and move forward.
Rest Of SPL: Neil Doncaster, the SPL's chief executive, has already argued the point that a newco wouldn't represent a big difference from the existing club. He also gave examples of clubs south of the border that have gone down that route.
However, Rangers will require an 8-4 vote in their favour when it comes to an SPL vote and there is thought to be some fierce resistance to allowing them to retain their place at the top table of Scottish football.
However, can clubs live without Rangers? Celtic, certainly, have the financial clout and their chief executive Peter Lawwell has made it clear they don't need Rangers to survive; however, the loss of revenue could threaten the existence of other clubs.
Television deals, and the vital funds they bring in, could come under threat. So too could sponsorship deals as the financial fall-out of Rangers' downfall, if they weren't voted back into the SPL, hit home.