Rangers FC lodge papers to go into administration

SCOTTISH football’s bosses are on the brink of securing a revolutionary rescue package which will see Rangers play in the First Division next season.
SFA, SPL and SFL chiefs were locked in talks last night as a six-hour summit went on past midnight.
The meeting was aimed at reaching agreement on radical proposals to deal with the chaos created by the financial carnage at Ibrox.
SFA chief Stewart Regan hosted the secret gathering aimed at bringing an end to the Rangers crisis.
After days of talks between the three ruling bodies, Record Sport understands SFA chief executive Regan, SPL counterpart Neil Doncaster and SFL boss David Longmuir thrashed out a four-point blueprint to revolutionise football in Scotland.
The trio have been tasked with reaching a broad agreement over the future of Rangers as well as reforming the league structure.
This is to bring clarity to the current chaos as the clock ticks down to the SPL general meeting on July 4 when the members will vote on the Ibrox club’s fate.
But negotiations could now deliver a cast-iron deal which would allow the SPL to offer guidance on a way forward and that in turn would see the emotive vote become nothing more than a box-ticking exercise.
As Record Sport revealed this week, proposals are in place for Rangers to go to Division One and common ground has been reached on host of issues.
A key part of the plan would see SFL clubs handed compensation payments from the SPL as part of a deal with Sky to broadcast live Rangers games in Division One.
Clubs across the country will now get the chance to give historic plans the green light.
The four key points on the agenda were:
●Finding a mechanism that will allow Rangers to parachute straight into the First Division next season.
●A guarantee that play-offs are introduced immediately at the top of the First Division for a place in the SPL.
●The distribution of short-term payments to SFL clubs from the SPL to allow Rangers’ First Division games to be shown live on Sky.
●A timeline to form one body, the Scottish Professional Football League.
Regan has managed to unify both leagues and mediate over the squabbling which has been the stumbling block.
Assurances have been made to SPL chief Doncaster that the Sky deal will remain in place but he has been playing hardball over the amount paid to First Division clubs to have Rangers’ games broadcast live.
Longmuir’s battle for a fair deal for the SFL will have huge implications for lower league clubs as they will gain historic capital from a merger with the top flight.
Also on the agenda was the SFL’s bid to install a strong representation within a new SPFL set-up and a stumbling block has been the SPL’s insistence they get a 3-1 ratio in favour of board members.
The SFL demanded an even split on any new board which will also include a new chief executive as well as one independent sitting on the ruling panel.
Regan’s bid to deliver a broad consensus over the way forward also involved discussions over the appellate tribunal’s transfer embargo on Rangers.

Dempsey wrote: »

LOL, they only bought the intellectual property of another company, that doesnt include trophies or history.

A Dub in Glasgo wrote: »

Soups123 wrote: »

How can Rangers insist that valuable assets like players worth money to those owed be transferred to the Newco yet leave behind debt. If I'm owed money surely players worth anything should be resold to pay me?

Duff & Phelps had an agreement with Sevco to sell the assets of the old club to him for £5.5m if they could not exist administration with a CVA. Now it can be argued that the assets have not been sold properly to return as much money to creditors. I assume HMRC will look into that.