Rangers intend to go into administration

Rangers have lodged an intention to go into administration with the Court of Session.

The Ibrox club lodged the notice in Edinburgh at Monday lunchtime.

They now have five days in which to formally declare administrators have taken over the running of the club.

Solicitors lodged the papers with the Court of Session on behalf of the club's directors on Monday.

Rangers FC are currently awaiting the result of a £49m tax case with HM Revenue and Customs in relation to the club's use of the Employee Benefits Trust to pay players and staff.

The Court of Session confirmed to STV that papers confirming the intention to appoint administrators had been received.

http://news.stv.tv/scotland/west-cen...dministration/

Jaysus

They have just today signed a player on loan until end of season?

Do ye not listen to me


Said two weeks ago there fcuked

Someone say something?

Could've easily been us........

Was all hanging on that fellow that was supposed to fetch 6-7 m to get them to end of season. Have the texts here if anybody wants them.

Tax evasion, double contracts and the lot

RANGERS chairman Craig Whyte has made the following statement:

The Club announces today it has served notice of Intention to the Court of Session to appoint administrators.

Since I took over the majority shareholding of the Club in May last year, it was clear to me the Club was facing massive financial challenges both in terms of its ongoing financial structure and performance and the potential consequences of the HMRC first tier tax tribunal.


I have taken the decision that the most practical way to safeguard the long term future of the Club is to go through a formal restructuring process. It may still be possible to avert this but that is not the most likely way forward.

What is of paramount importance is the long-term security, survival and prosperity of this great football club. That is the job I knew I was taking on when I became majority shareholder in the Club and it is in the best interests of Rangers that it is completed before the end of this season.

It has meant turbulent times. We have gone from a Club mired in excess of £20 million bank

A pound coin was thrown onto the pitch at Ibrox during the match yesterday, Police are trying to determine whether it was a missile or a takeover bid.