RANGERS ARE ON the brink of entering administration.
The Scottish Premier League club have lodged legal papers signalling their intention to begin the process.
The Glasgow club now have five days in which to declare formally that administrators have taken over the running of the club. The Scottish champions would be deducted 10 points by league chiefs if they do so, putting Celtic 14 points in front.
The Ibrox club are awaiting the verdict of a tax tribunal which could cost club around £50million.
A club statement today reads: “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 wil lnot 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.”
Later, owner Craig Whyte claimed he took the drastic action to ensure Rangers did not die altogether under the potential burden of a “shocking” tax bill which may be closer to £75million.
