THE fuse has been lit for a battle for Rangers that will be bloody but, according to financial experts, must be brief.

The departure of Walter Smith as chairman of the club yesterday was the latest twist in the struggle for control of the club and a City expert, with close ties to Rangers share­holdings, last night said: "There is a cash-burn [the rate at which a new business spends its initial capital before it becomes profitable or needs additional funding, used by investors as a measure of a company's ability to survive, or the rate at which a mature business spends its accumulated cash and liquid securities] at the club.

"There are a host of different fronts for Rangers and differing factions but time is not on anyone's side, particularly if there are those with the best interests of the club at heart."

City figures - "blue-tinged" rather than outright Rangers supporters, as another source described them last night - want a clean, quick break with the Charles Green era by buying his shares and those of his supporters.

It is believed Malcolm Murray, a former Rangers chairman, would be considered a candidate to return to the board to protect investments and see the club embark on a severe cutting exercise.

It has been reported that Green would not sell to anyone linked with Murray, an adversary during their brief time together in the Blue Room, but the City source said: "He will sell for the best price. Period. This is not a battle for the soul of Rangers. It is about making a profit."

Those acting for institutional investors are dismayed both by the public bloodbath on the board but by "the cash-burn". They have warned that a crisis is imminent.

"The figures are not adding up," said the City source. "Rangers are paying out too much to too many and it is likely that there will have to be some sort of re-investment this season. The League Cup defeat closes one revenue stream but matters were already concerning. Looking at all of this from London, I would say that whoever wins this struggle will immediately have to make cuts."

Rangers rely heavily on season-ticket income and it was significant that Green made his return to Ibrox as a consultant in the wake of the sale of 36,000 such tickets. "The club will need more investment as the season progresses," added the City source, but he would not comment on speculation suggesting another share issue was an option. If the Green faction takes control, any such initiative would almost certainly founder in regards to supporter participation with the Yorkshire businessman increasingly becoming distanced from fans' groups.

Institutional investors, too, would be wary of committing to Rangers, particularly given the events of recent months.

The sources, talking to Herald Sport on condition of anonymity, last night insisted that the simplest way for a further crisis at Rangers to be avoided was for Green to sell up to institutional investors, though they conceded the appetite among some for further involvement with Rangers was limited. "They may have to bite the bullet on this to protect their investment," one said. "They have faith in Murray

to be steady at the helm and to do what is necessary to make the club a viable entity."

Craig Mather, the club's chief executive, added to the air of mystery and intrigue last night when he said of Smith's departure: "Walter has his own reasons for this decision but exactly when he discloses them to everyone is up to him."

The fog of war has still to clear at Ibrox but time is still the enemy.