Glasgow Rangers Football Club 'To Go Into Administration'
Rangers Football Club, which alongside Celtic dominates the Scottish Premier League, has shocked fans by announcing it intends to go into administration.
According to reports the club, which plays at Ibrox, lodged the notice at the Court of Session in Edinburgh on Monday.
The club has been locked in a legal battle with HM Revenue and Customs over it's use of Employee Benefits Trust to pay players and staff.
The trusts were in place before Craig Whyte took over from Sir David Murray last May. A tribunal verdict is imminent but it appears that the Ibrox club have pre-empted any decision.
The implications of going into administration are serious for the club as it risks losing points as a punishment.
It is believed the Ibrox side now has five days in which to declare formally that administrators have taken over the running of the club.
With 54 league title, Rangers - who famously play in blue - have won more national titles than any other club in the world
Reacting to the new, Lord Sugar tweeted
Fans were also quick to pass comment
Whyte, who bought Murray's shares for £1 and pledged to pay off £18 million of debt to Lloyds Banking Group, has seen his short tenure shrouded in controversy.
Last week, former Rangers chairman Alastair Johnston revealed he had asked the government's insolvency service to clarify "certain financial arrangements" relating to the takeover of the club.
Whyte had admitted securing funds of about £20 million from the company Ticketus in a deal over future season ticket sales.
Johnston told the BBC: "Rangers' stakeholders are now demanding full transparency.
"I have had numerous approaches following the recent revelations in the press about the acquisition of Rangers Football Club and the use of future season ticket money.
"I am not in a position to answer all the questions put to me but I do recognise the issue is causing much concern.
"I believe this is a prevalent view amongst Rangers' stakeholders who are now demanding full transparency about the funding of the acquisition of the club, its current financial status, and most importantly, the way forward."