Administration looms for Rangers

[DexteR]

Rangers have served notice to go into administration. The Ibrox club lodged papers at the Court of Session in Edinburgh on Monday, notifying an intention to declare an administrator.

Rangers now have five days to confirm whether administrators have been appointed to take over the running of the club.

The announcement comes with Rangers awaiting a verdict in a tax tribunal with Her Majesty's Revenue and Customs (HMRC) that could land the club with a bill of £49 million. If they lose their case then it is feared the SPL champions could go into liquidation.

Rangers will be hit with a 10-point penalty if they do enter administration. They are currently four points behind city rivals Celtic in the SPL table.

The huge news comes on the same day Rangers announced the signing of striker Daniel Cousin, who played for the club in the 2007-2008 season, on a deal until the end of the season.

[*jamshed*]