EDINBURGH -- Scottish powerhouse Glasgow Rangers _ which features three U.S. National Team players _ took its first step towards administration Monday, as the club awaits a decision on whether it owes $77 million (£49 million) in taxes.

The Scottish champion has lodged what is known as a "paper of part" -- which is a notice of intention to appoint an administrator -- at the Court of Session in Edinburgh. Rangers features New Jersey's Alejandro Bedoya, midfielder Maurice Edu and defender Carlos Bocanegra, who serves as their vice-captain and the U.S. National Team's captain.

It is believed the club now has five days in which to declare formally that administrators have taken over its operations. Administration is a last-gasp financial rescue mechanism in the UK allowing insolvent companies to hand over the reins to specialist accountants who continue running the business while attempting to pay off creditors.

Rangers are involved in two separate tax disputes with HM Revenue and Customs. The verdict of the tax tribunal case is believed to be imminent. The club, which has won a world record 54 league titles, was sold last May by Sir David Murray to Craig Whyte for just £1.

The legal case against the team centers around the use of employee benefits trusts (EBTs) which were in place before Whyte took over at Ibrox Stadium. Rangers faces a 10-point deduction under Scottish Premier League rules if it enters administration, a penalty that would all but hand the title to its leading rival Celtic.

Rangers has not commented but team officials are expected to make a statement on the team website later on Monday.

As one of the best supported clubs in the UK, Rangers has had an average home attendance this season of more than 45,000.

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