Scottish football club Rangers has lodged legal papers signalling its intention to enter administration. The Glasgow 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 Scottish Premier League club awaits the verdict of a tax tribunal which could cost it around £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.
Whyte, who bought Murray's shares for £1 and pledged to pay off £18m of debt to Lloyds Banking Group, has seen his short tenure shrouded in controversy.
Last week, former Rangers chairman Alastair Johnston revealed he had asked the government's insolvency service to clarify "certain financial arrangements" relating to the takeover of the club.
Whyte had admitted securing funds of about £20m from the company Ticketus in a deal over future season ticket sales.
