Scottish Premier League club Rangers deducted 10 points after seeking the protection of bankruptcy

Scottish Premier League club Rangers deducted 10 points after seeking the protection of bankruptcy

Scottish football champion Rangers have been forced to seek bankruptcy protection after a financial meltdown,

triggering a 10-point deduction for the 140-year-old club and effectively handing the title to Celtic.

Rangers, the most well-known European team to enter administration,

are now 14 points behind their fierce Glasgow rivals after a legal struggle with the tax authorities over an anticipated cost of up to £75 million ($A110 million).

Rangers holds the record for the most domestic league titles won by any team in the globe in addition to being the most successful in Scottish football.

In addition, the group has triumphed in 27 Scottish League Cup finals and 33 Scottish Cup finals.

Entering financial administration is the last attempt to save the club from liquidation.

“We fully recognise the great history of this club and what it means to people throughout the world,

” administrator Paul Clark said. “Whilst today is a sad day for Rangers,

it also addresses the terrible uncertainty that has been hanging over the club.

“I can assure all Rangers supporters that all aspects of the administration will be carried out with the interests of the club firmly in mind.

Nevertheless, Whyte has not been able to resolve the club’s financial issues,

and tax officials are requesting that outstanding taxes be settled over a number of years.

Founded in 1873, Rangers fell to Zenit St Petersburg in the 2008 UEFA Cup final,

which was the precursor to the Europa League, despite winning the now-defunct European Cup Winners’ Cup in 1972.

Rangers’ deficit in the Scottish Premier League standings was four points.

With 51 points after the 10-point penalty, the team will be in second place, nine points clear of Motherwell in third.

Get more related news on  https://sportviewers.com