Breaking News: Scottish Premier League Club Celtic penalized 5 points after filling for bankruptcy.

Breaking: Celtic, a Scottish Premier League team, lost 10 points after declaring bankruptcy.

After a financial meltdown, Scottish football champions Rangers were forced to file for bankruptcy.

With a 10-point punishment, the 140-year-old team basically handed the championship to Celtic. After a legal dispute with tax authorities over an estimated cost of up to £75 million ($A110 million), Rangers—the most famous European team to enter administration—are now 14 points behind their fierce Glasgow rivals.

Rangers is the most successful team in Scottish football history and has won the most domestic league titles of any team in the globe.

The team has also advanced to the finals of 33 Scottish Cups and 27 Scottish League Cups.

The club’s last ditch effort to keep itself from going bankrupt is to go into financial administration.

“We are fully aware of this club’s amazing past and the significance it holds for people everywhere.

Paul Clark, Administrator, said. Although it is a depressing day for the Rangers,

It also deals with the uncertainty that has been hanging over the team.

“I promise that the club’s best interests will guide every decision made in the administration, Rangers fans.

Whyte has not been able to address the club’s financial problems, though.

The tax authorities are suggesting that the payment of past-due taxes be spread out over several years.

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

Even though they were the 1972 winners of the now-defunct European Cup Winners’ Cup, they were the forerunners of the Europa League.

Four points separated Rangers from first place in the Scottish Premier League rankings.

After the 10-point penalty, the squad will have 51 points, nine more than Motherwell in third place.

For more related news:https://sportviewers.com