The Times reported that HMRC has publicly recognised that it claimed too much tax from the club and accordingly, up to £50 million is set to be removed from the club’s bill.

It has been reported that accountancy sources now believe that the outstanding bill for the club’s use of an offshore account to pay players and staff is likely to amount to £20m. This number is equivalent to £2m for the 2001 to 2020 period that the tax avoidance scheme was in place.

John McClelland, former Rangers chairman, said that uncertainty over the tax burden repelled investors and facilitated the collapse of the club.

Mr McClelland said that if a £20m tax bill had been agreed during his tenure it would have been relatively simple for the Ibrox club to find a credible buyer.

He said: “At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then, in my opinion, the outcome would have been different. I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers.”