It was announced on Monday that the Ibrox club were in the process of trying to foot a tax bill that could be as much as £75million, and with no way to pay the amount, administrators Duff and Phelps have come in to help the side fulfil a deadline set by Court of Session in Edinburgh.
The Glasgow-based team had been set a deadline of 3.30pm on Tuesday to officially appoint administrators, as the process of removing the debt begins.
Rangers owner Craig Whyte has stated that the move will benefit the club in the long run, and is the start of a long recovery process.
“This was the best way to take the club forward and end the uncertainty that’s surrounding Rangers at the moment,” he told Sky Sports.
“What we’ve done today is the start of a road to recovery. Rangers will always be around, Rangers will always be here at Ibrox and this is the start of the healing process.
“We will get over this and we will come out fighting and come out stronger, there’s no question about that,” he defied.
The decision as good as hands the Scottish championship to Celtic, who were already four points clear of their bitter rivals at the top of the SPL.
By Gareth McKnight