Breaking News: Scottish Premier League club Celtic penalized 10 points after filing for bankruptcy

Breaking News: Scottish Premier League club Celtic penalized 10 points after filing for bankruptcy

Rangers, the Scottish football champions, were forced to seek bankruptcy protection following a financial disaster.

The 140-year-old club received a 10-point deduction, effectively handing Celtic the title.Rangers, the most well-known European team to enter administration, are now 14 points behind their fierce Glasgow rivals following a legal battle with tax authorities over an estimated cost of up to £75 million ($A110 million).

Rangers holds the record for the most domestic league titles won by any side in the world, as well as the most successful in Scottish football.

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

Entering financial administration is the club’s final attempt to avoid liquidation.

“We completely acknowledge the wonderful history of this club and what it means to people all across the world.

” Administrator Paul Clark stated. “While this is a sad day for the Rangers,

It also addresses the looming uncertainty that has hung over the team.

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

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

and tax officials are proposing that delinquent taxes be settled over a number of years.

Rangers, founded in 1873, lost to Zenit St. Petersburg in the 2008 UEFA Cup final.

Despite winning the now-defunct European Cup Winners’ Cup in 1972, it served as the predecessor to the Europa League.

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

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

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