Rangers FC signal intent to go into administration

[Graham]

Rangers FC signal intent to go into administration
Rangers Football Club has lodged legal papers signalling its intention to go into administration.

The Ibrox club lodged papers at the Court of Session in Edinburgh on Monday, notifying an intention to declare an administrator.

It now has five days to confirm whether administrators have been appointed to take over the running of the club.

The moves comes while Rangers awaits a tax tribunal decision over a disputed bill plus penalties totalling £49m.

It is understood the papers relating to administration were lodged by Rangers' lawyers on behalf of directors.

If the club is formally put into administration it faces an immediate 10-point penalty from the Scottish premier League.

That would place the Ibrox club 14 points behind first-placed Celtic in the race for the championship.

[Graham]

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pay up or goodbye