Rangers intend to go into administration
Rangers have filed court papers signalling their intention to go into administration.
The Ibrox club lodged the notice at the Court of Session in Edinburgh at lunchtime on Monday.
It is understood the papers are the first step in any formal administration process. They now have ten days in which to declare administrators have taken over the running of the Glasgow-based club.
This period allows the company to speak to creditors to see if they reach an agreement without appointing administrators, which would see the Scottish Premier League champions being docked ten points.
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. It is thought the decision to lodge court papers means the result of this tax case is likely to be known imminently.
The Court of Session confirmed to STV that papers signalling the intention to appoint administrators had been received from the club's solicitors acting on behalf of their directors.
http://news.stv.tv/scotland/west-central/297387-rangers-to-go-into-administration/
I'm not sure I can find the words to express my pleasure at this news.