FIVE years ago today, Rangers went into administration. They have yet to fully recover. That the Ibrox club was on the brink of financial insolvency had been doing the rounds in and around Glasgow for months. For once, however, there was something concrete amid the radio phone-in speculation and taxi driver gossip. On Tuesday February 14, 2012, it became a reality.
It would become a significant signpost in a timeline that stretches back to the clubs first use of Employee Benefit Trusts in 2001 and all the way forward to the current day. The banking crisis of a few years earlier had obliterated the notion that certain pillars of the Scottish establishment were too powerful to crumble. Rangers were merely further confirmation of t…
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