Rangers has filed legal papers at the Court of Session to appoint administrators. Rangers awaits a tax tribunal decision over a disputed bill, plus penalties, totalling £49m which the club would be unable to pay.
Celtic has announced a big fall in pre-tax profits for the second half of 2011, profits of only £180,000 compared to a £7m profit at the end of the previous year. Cash from player sales also fell from £13.2m to £3.1m. Bank debt is £7m.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-17009960
And in the east, Hearts still struggle off-field as much as they do on-field. Hearts owner Vladimir Romanov told RIA Novosti on Wednesday that all wage arrears with the debt-stricken Scottish club have been settled (Hearts players have suffered late wages since October), but admitted to an outstanding tax bill that threatens their future. British tax authorities lodged a petition with a Scottish court earlier this week saying Hearts had eight days to settle the bill, reported to be around £150,000 , or face liquidation. Romanov put Hearts up for sale in November along with Belarus' Partizan Minsk and Lithuanian side FK Kaunas, saying he wanted to leave the football business. Authorities in Belarus expelled Partizan Minsk from the Top League due to Romanov's refusal to keep bankrolling the team. Romanov's decision to withdraw cash backing to FBK Kaunas saw the Lithuanian FA demote the ten-times champions to the second tier.
http://en.ria.ru/sports/20120208/171218453.html
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