Rangers F.C. has officially entered into administration.
This is sometimes a death sentence for a club. Some of the more fortunate clubs have overcome their financial woes and built their organization back up to contend. Leeds United went into administration in May of 2007 and after being relegated to the third tier of English football have fought their way back up to the Npower Championship. Fiorentina went into administration in June of 2002, ceased to exist, reformed and have fought their way back to Serie A. I do not think Rangers will cease (or at least I hope that they will not) to exist but what this shows is an extremely long, hard road back to the top for them if a road exists at all.
Ranger F.C. was formed in 1872 by Peter Campbell, Peter McNeil, Moses McNeil and William McBeath. Rangers have won 54 League Championships (more national championships that any other top tier group in the world). Rangers have won the League Cup 27 times and the Scottish Cup has been won 33 times. So we are talking about a club with a long history and a set standard of prestige.
The Scottish Premier League was founded in 1998 (after a split from the Scottish Football League) and although 18 teams have been a part of the top flight only two teams have been champions: Celtic and Rangers.
What does this new arrangement for Rangers mean to the club? Basically, right now it's miracle time. Rangers are on the brink of destruction (especially if owner Craig Whyte refuses to sell his shares) and only a miracle can keep them from going the route of Fiorentina. Overwhelming debts have to be paid and even the most loyal of fans are starting to wonder if they will have a club to support next year.
For the rest of the league there is now hope. Many wondered how the streak of Rangers/Celtic titles would be broken, none would have predicted in this way. The field is now mostly open for another club (possibly Heart or Motherwell) to step in and compete with Celtic for the top spot.
More likely for the present it looks like a Celtic dominated league for the foreseeable future. The bad part (even for Celtic fans) is that less competition leads to less money and a failed league. Congratulations Celtic, you look to have officially taken the Old Firm and gained a masterful control of your league. Enjoy it while there is still time (this is of course worst case scenario).
It may be too early to be saying a eulogy for Rangers F.C. but some loyal 'Gers fan may need to start working on one soon. Let's hope not, for the sake of Scottish football and the longevity of the league, let's hope not