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| Version 4 | Version 5 |
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| Rangers Football Club enters administration | Rangers Football Club enters administration |
| (40 minutes later) | |
| Rangers Football Club has entered administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League. | Rangers Football Club has entered administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League. |
| It follows an unsuccessful legal bid by HM Revenue and Customs (HMRC) at the Court of Session in Edinburgh to appoint its own administrator. | |
| London-based firm Duff and Phelps was appointed by Rangers at 14:50. | |
| It has now emerged that Rangers' game against Kilmarnock on Saturday may not go ahead unless police can be paid. | |
| In a statement, Strathclyde Police said it had a duty to make sure public resources were used appropriately. | |
| Public resources | |
| "We are seeking an urgent meeting with the administrators to ensure that any payment for policing costs at future Rangers games is guaranteed," said the force. | |
| "Until we have such a guarantee we would not be in a position to commit public resources to policing an event unless we had a reassurance that our costs would be met." | |
| Administrators Duff and Phelps will now take over the day-to-day running of the club while addressing its massive debt problems. | |
| Rangers owner Craig Whyte confirmed on Monday that the club had filed legal papers to appoint administrators. | |
| It was initially thought that the club had 10 days to make a decision on whether to proceed, but the HMRC action on Tuesday changed the dynamic of the situation. | |
| The two parties are at loggerheads over a disputed tax bill and penalties of up to £49m. | |
| HMRC believes the Ibrox club owes the cash over its use of Employment Benefit Trusts (EBTs) to pay staff over a 10-year period. | |
| It alleges the Ibrox club did not administer the scheme properly and underpaid tax. | |
| Rangers disputes this and has contested the claim in a first tier tax tribunal, which is due to report within weeks. | |
| After the club signalled its intention to go into administration, owner Craig Whyte said the eventual tax liability facing Rangers could be as high as £75m - a sum it would be unable to pay. | |
| He said the best outcome would be to reach a creditors agreement which would allow the club to continue trading. | |
| Mr Whyte is believed to be a secured creditor of Rangers and could collapse the club if HMRC block a creditors agreement. | |
| The chairman could opt to pursue the legal routes of receivership or pre-pack administration to avoid paying any tax liabilities. | |
| These routes would involve Rangers' assets being transferred to a new company or companies and the old club - formed in 1873 - being left behind with the unpayable debts. It would, almost inevitably, be wound up. | |
| In these cases, HMRC, as an unsecured creditor, would receive very little if anything. |