Rangers is applying to draw down the second tranche of the Sports Direct loan to keep its head above water - but has warned that it might not receive the cash.
The struggling football club was lent £10m by Sports Direct owner Mike Ashley at the start of the year for its urgent capital needs.
The first £5m was paid out in January, to cover costs for that month. The second load, similarly, is being used to “meet its cash requirements for the third week of March”.
The club will only be given the cash after due diligence by Sports Direct. However it also warned of “other conditions... which could impact upon the willingness of SD to release the funds”.
These include “a material and adverse change and/or significant adverse event condition”, Rangers said.
If Sports Direct refuses to stump up the cash, “alternative sources of external funding will be required”.
This is no straightforward process.
Ashley was fined £7,500 – 0.00002 per cent of his estimated wealth – by the Scottish FA for holding a dual interest in the club and has put the cat among the pigeons since taking an 8.9 per cent holding last year.
There have been claims that he used his influence to direct the manager as to which players he should select. Since becoming a significant shareholder, he has also brought on his friend Derek Llambias as chief executive.
Meanwhile chairman David Somers and non-executive director James Easdale have resigned in the run up to an EGM scheduled for this week, which is expected to be something of a showdown with shareholders led by former director and shareholder Dave King.
King is seeking re-election to the board and the removal of the remaining members of the board.
Unsurprisingly, the board is calling for shareholders to reject this. However, many of the club's supporters are in favour of the move.