Rangers Football Club has entered administration - meaning the club will be docked an immediate 10 points in the Scottish Premier League.
It follows a unsuccessful legal bid by HM Revenue and Customs (HMRC) at the Court of Session in Edinburgh to appoint its own administrator.
London-based firm Duff and Phelps was officially appointed at 14:50.
It will now take over the day-to-day running of Rangers while addressing the club's massive debt problems.
The Ibrox club had lodged papers at the Court of Session in Edinburgh last Monday, notifying an intention to declare an administrator.
The move cames as Rangers awaited a tax tribunal decision over a disputed bill plus penalties totalling £49m.
Craig Whyte, who bought the club from former owner Sir David Murray last year, said recently that administration was an option if the club lost the tax case.
The case relates to the use of employment benefit trusts (EBTs) to pay players and other staff.
It is thought that HM Revenue and Customs believe the club misused the scheme and avoided paying significant sums in tax.
The amount HMRC is claiming, including penalties and interest, is believed to be about £49m.
The revenue could stand to lose out on any tax due if Mr Whyte chooses to collapse the company.
Mr Whyte is understood to be the club's main secured creditor via a floating charge over its assets.
