Glasgow, Scotland – Scottish Premier League champions Rangers entered administration Tuesday, which automatically penalized the storied club 10 points, and essentially handed the title to rival Celtic.
Rangers needed to enter administration because of a dispute over taxes, which could total around $100 million. The 54-time Scottish champions fell 14 points behind Celtic in the table, all but ending their current three-year title run.
"It remains our firm belief that the club's future can be secured and we hope this period of administration will be as short as possible," Rangers chairman Craig Whyte said in a statement.
"As chairman and a Rangers fan, it is very painful to see the club being deducted 10 league points but I would urge all Rangers supporters to rally round Ally McCoist and the team in these difficult times."
In addition to the tax woes, "the club has been loss making for many months," according to Whyte.
Considering all the problems, the Glasgow club had "no option but to formally restructure its financial affairs," Whyte added.