Rangers FC declare intention to go into administration (From The Northern Echo)

Rangers FC declare intention to go into administration

4:09pm Monday 13th February 2012 in News

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 today.

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.

The court has confirmed that solicitors lodged the papers on behalf of the club's directors today.

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 about £49m.

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 have pre-empted any decision.