Breaking news coming in from Sky Sports - Scottish giants Rangers, who are drowning in debt, have served a notice to go into administration. Rangers Football Club have signed the legal papers at the Court of Session in Edinburgh today, notifying the intention to go into administration. The countdown clock has been running against the club for the past several months and it looks like their financial woes have got the best of them, and there is grave possibility that they could be on the verge of collapsing altogether. When the inevitable happens and Rangers are put into the hands of an administrator that would mean all their assets are put up in a sure-fire sale, including all the footballers and assets. It would also mean an immediate 10-point penalty from the Scottish Premier League that would put the Ibrox club 14 points behind first-placed rivals Celtic in the race for the title, though survival is the big priority right now. The club now has five days to confirm whether administrators have been appointed to take over the running of the club. This injunction is said to be separate to the waiting of a tax tribunal decision over a disputed bill plus penalties totalling £49 million.