With Rangers in such dire straits, recalling the club's greatest moments is a somewhat bittersweet experience.
The club's administrators, Duff & Phelps, are apparently confident a deal can be struck to rescue the stricken football team, but there remains whisperings that Rangers could still go into liquidation.
However, prior to the monumental lows of the Craig Whyte era, Glasgow Rangers have enjoyed some breathtaking highs.
Let's look into the top five.
For many 'Gers fans, this is the game that sticks in their memories.
After a thrilling cup final against Celtic, in which the Bhoys had taken the lead twice, a young Peter Lovenkrands got on the end of a Neil McCann cross in the 89th minute to seal a remarkable cup victory.
For some, the euphoria experienced at Hampden that day will never be bettered.
It was an almost unbelievable triumph.
However, they came up against a strong Zenit St.Petersburg side in the final, which proved to be a step too far as they succumbed to a 2-0 loss.
This was Rangers' 10th league title win in 11 years, but this particular triumph was perhaps the most enjoyable for the supporters of the Ibrox club.
The game was marred by brawls, pitch invaders and the shocking image of referee Hugh Dallas' face pouring with blood after he was hit by a coin, but Rangers prevailed over their bitter rivals 3-0 in one of the fiercest matches of all time.
This scheduling nightmare will probably never happen again.
The 1988-89 season was to start one of the most successful spells in Rangers' history.
Under the command of Graeme Souness and subsequently Walter Smith, the two managers won an astounding nine league titles in a row, matching the achievement originally set by their bitter rivals, Celtic.
However, like Celtic, Rangers were unable to capture that elusive ten-in-a-row league trophy as they lost out on the final day.
24 May 1972.
The day that Glasgow Rangers won the European Cup Winners' Cup Final against Dynamo Moscow.
A double from Willie Johnston and an early goal from Colin Stein gave the 'Gers a 3-0 lead, but the Russians almost clawed it back to a draw.
However, the game ended 3-2 to the Glasgow side and Rangers' sole European honour remains their greatest triumph.