According to reports, 54-time Scottish champions Rangers have this afternoon lodged a notice to go into administration.

Both STV and the BBC are reporting that the reigning SPL champions' solicitors have given notice to the Court of Session in Edinburgh of the club's intention to appoint administrators.

Rangers now have ten days to confirm administrators to the running of the team. If this is not achieved within the ten-day deadline, the side will be deducted ten points. The club currently sits four points behind their Glasgow rivals Celtic at the top of the SPL table.

The financial frailty of Rangers has been exposed consistently in recent times, while the club is also awaiting the verdict of a tax tribunal with Her Majesty's Revenue and Customs, as they are believed to owe around £49 million in back taxes over concerns centred around how Rangers has paid some of its players through a employee benefit trust scheme. If the Scottish giants lose the case, they could face liquidation and therefore need to reform and reapply to the SPL.

In contrast, prior to this afternoon's news, Celtic's chief executive stressed that Rangers' woes would have "no material effect" on the future on their fierce rivals.

"We look after ourselves," Lawwell told BBC Scotland. "We don't rely on any other club. We are in a decent position, we're very strong.

“Our aspirations and horizons are to dominate in Scotland but also beyond that; we want to compete at the highest level again in Europe. We have a stand-alone strategy, a stand-alone financial plan and a robustness hopefully that will take us through that.”