With potential fines and bans being imposed on the club after the latest meting-out of UEFA 'justice', the club is now in crisis. The punishment is quite severe, but this train has been coming down the tracks for a long time.
This will be a wake-up call for those supporters whose naivety has horrified the more politically aware within the Rangers support, because if it is not, the show will soon be over.
It is not, however, just the supporters who are in the dock. The bumbling amateurs who run the club will hopefully realise, finally, that there are people out there whose greatest wish is to close Rangers down.
What Martin Bain is coming to terms with now, the clued-up support has been telling him and his absent boss for many a long year. Maybe the apologists for this failing Murray regime will reflect on where we are now: it's certainly not in a good place.
As for a new owner of the club, today's revelation has moved the goalposts once again and one really has to wonder why anyone would want to buy Rangers Football Club.
This is the watershed. It is the end of an era. This is the time when Rangers will start to falter and crumble or it will be the moment when the club is re-born.
If it is to be the latter, and if we grow strong again, lessons must be learned. No more should the ownership of Rangers be left to chance. The support has to kick its apathy into touch and get a firm grip on reality.
If we can turn this corner, and there must be genuine doubt about whether we can do that, Rangers needs to become a ruthless and efficient machine - on and off the park.
When this chapter is concluded, and if there is to be a new one, there is one thing we must never lose sight of: we have a powerful and clever enemy.
If we get through this, we must make a promise to ourselves.
There will be payback for this.