((HT: SkySports/youtube))
Overseas, it's called "administration..."
Either way, it's not good...
The 140-year-old Glasgow Rangers are seeking bankruptcy protection which, in turn, leads to a 10-point deduction in the Scottish Premier League standings. For those of you who follow those kinds of things, it means that the SPL title goes to rival Celtic.
Rangers have tax debts of £9-million (US$14-million) in only nine months of Craig Whyte's ownership. But the club is also awaiting the verdict of a tax case that could tack on up to £75-million more that needs to be settled.
Rangers is now being run by financial advisers Duff and Phelps, which has the task of saving the club from liquidation.
Whyte pledged to pay off debts of £18-million left over from the tenure of former majority shareholder David Murray. But Whyte could now be stuck with the extra £75-million if a judgement goes against Rangers- the numbers dating back over a decade.
Here's live coverage as it aired from our friends at SkySports...
Here's the STVNews version when the story rose...
And analysis from the STV's "Scotland Tonight" program...
Let's tack on additional coverage from BBC News...
Rangers have won 54 SPL titles in their existence- a world record.
Here's analysis from BBC2 Newsnight...
But they may not be the only one heading that way...
Portsmouth, in the Championship league, may be going back into administration after only a year out of it...
If they go back into administration, they would be in danger of dropping to League 1- the soccer equivalent to double-A baseball if you need a reference point...
This ain't over...
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