Glasgow Rangers have lodged papers with Edinburgh’s Court of Session announcing their intention to enter administration.
Rangers, who are awaiting the result of a tax tribunal that could cost the club £49m, now have five days to formally declare that administrators have taken control of the Glasgow club.
Owner Craig White bought the club for £1 off David Murray last year and pledged to pay off an £18m tax bill.
The Glasgow club are the most successful club in Scottish history, winning 54 league titles. 33 Scottish Cups, 27 Scottish League Cups and one UEFA Cup Winners’ Cup.
The club now enter administration and could be deducted ten points.
Four Scottish Premier League sides have entered administration in Motherwell, Dundee, Livingston and Gretna, although none of these teams were deducted points.
Gretna went out of business following their financial problems, however.
Rangers have endured a tumultuous season. Ally McCoist’s men led Celtic by 15 points at one stage this season but now trail by four. Rangers also lost their main goalscorer Nikica Jelavic on transfer deadline day.