Corporate financial advisory firm Duff and Phelps has been appointed administrators of Rangers Football Club (RFC).

The appointment follows a petition for administration presented to the Court of Session in Edinburgh today (14 February) by HMRC following the non-payment of a GBP9m PAYE and VAT following the takeover of the Club in May 2011.

Paul Clark, partner, Duff and Phelps stated: "HMRC have been working closely with RFC in recent months to achieve a solution to the Club's difficulties.

"However this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained.

"We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned."

AS a result of entering administration, RFC will be docked 10 points - effectively ending the club's chances of winning this year's Scottish Premier League.