The Glasgow club, league champions a world record 54 times, went into administration last month owing nine million pounds in payroll and sales taxes and current director Dave King said in a statement they were facing certain liquidation.
However, former director Paul Murray, who is now working with the administrators to save the club, criticised King and said that was certainly not the only likely outcome.
Players and coaching staff have been in negotiations with the administrators over wage cuts in a bid to save one million pounds a month.
Last week joint-administrator Paul Clark of Duff and Phelps said the club faced a 4.5 million pounds shortfall by the end of the season.
However, in his statement on Wednesday King said it was unlikely Rangers could emerge from administration.
"I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable," he said.
King also accused he club's owner Craig Whyte of "abusing the loyalty" of fans.
"I met with Craig Whyte during my recent visit and he provided clarity on the funding position," he said in his statement.
"His true financial commitment was not by way of cash [as he had previously advised me] but rather guarantees that he and/or companies associated with him had given to Ticketus.
"The harsh reality is that Craig Whyte has abused the loyalty of the fans by trading that future loyalty for cash in a manner that has excluded the club's ability to provide the very product that the fans were expected to pay for."
King also said that there was no prospect of the club meeting UEFA's financial regulations and therefore would not have the benefit of European football.
HIGH PROFILE
Rangers are the highest profile club in Britain to be placed in administration but its future is far from straightforward with one of the club's former directors, Paul Murray disagreeing with King's assessment of the problem.
Murray told Talksport radio station that he disagreed and that liquidation was not inevitable.
He said: "From my point of view and talking to the administrators, I'm certainly not working on the basis that liquidation is inevitable.
"I'm surprised Dave King has actually released that statement, as he certainly didn't clear it with me. I agree with a lot of what he said, but with regard to liquidation I'm not sure I agree with that.
"It's a pretty comprehensive statement but Dave lives in South Africa and I think he's currently in China on business, so he's a little bit distant from the detail here."
