Rangers lodge administration papers (From St Albans & Harpenden Review)
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Rangers lodge administration papers
3:56pm Monday 13th February 2012 in National News © Press Association 2011
Rangers Football Club has signalled its intent to enter administration
Rangers Football Club has lodged legal papers signalling its intention to enter administration.
The Glasgow-based club lodged the notice with the Court of Session in Edinburgh at lunchtime on Monday. It is believed the Ibrox club now has five days in which to declare formally that administrators have taken over the running of the business.
The court has confirmed that solicitors lodged the papers on behalf of the club's directors. The paperwork officially confirms the club's "intention to appoint an administrator".
The move comes as the Clydesdale Bank Premier League club awaits the verdict of a tax tribunal which could cost it around £49 million.
The HM Revenue & Customs case centres around the use of employee benefits trusts (EBTs) which were in place before Craig Whyte took over from Sir David Murray last May. The tribunal verdict is imminent but it appears that the Ibrox club has pre-empted any decision.
Earlier this month, Mr Whyte admitted Rangers could be about to face the "toughest few weeks" in the club's history. Team manager Ally McCoist said that, because of the club's finances, the welfare of Rangers was presently more important than results on the park.
Rangers said it could be 10 working days before a decision is made whether to proceed with the appointment of administrators.
In a statement, the club said: "The Rangers Football Club plc has today announced it has filed a notice of intention to the Court of Session in Edinburgh to appoint administrators.
"The club will conduct its business as usual and will not be in administration until it decides whether to formally proceed with an application to appoint administrators. Until such time, the club will not face any sanction from the football authorities in terms of points deduction within the Scottish Premier League.
"Sanctions such as a 10-point deduction will only apply if the club proceeds with the appointment of administrators. It is expected to be 10 working days before a decision is made whether to appoint administrators."
