Rangers FC, one of Scotland's two biggest clubs, has filed papers at the Court of Session in Edinburgh indicating that they intend to go into administration. Rangers currently sit in second place in the Scottish Premier League behind Celtic, and they will be deducted 10 points if they do make the decision to go into administration. They have five days to notify the court whether or not they have made the decision to hire an administrator.
The club are currently disputing a tax bill that could put them on the hook for £49 million. With television revenues having dropped in Scotland over the last decade while the team has struggled to compete in European competitions, their revenues have dropped sharply. Star striker Nikica Jelavic was sold to Everton for £5 million on deadline day, but that sale was apparently not enough to keep the club afloat on their own.
Rangers have won 54 league championships, 33 Scottish Cups, 27 League Cups and the UEFA Cup Winners Cup once in their storied history.