Rangers administration: What we know, and what we don’t

Rangers are being investigated by the police and the SFA.

With the Crown Office also asked to look into the matter, it is clear the vultures are circling. Even if Mr Whyte steers the club out of administration, will he qualify as a ‘fit and proper’ owner?

The money from Ticketus was not a loan. Rather, it was to buy season tickets.

This may not be a huge revelation, and questions remain about how that money was used, but it is one of the few business dealings with any kind of clarity.

The Rangers’ faithful have not deserted the club.

It is key to the club’s future that it continues to make money, so the importance of today’s sell-out cannot be underestimated. The fans may be protesting, but they are also paying.

Rangers need to be out of administration by the end of March.

That is the deadline if they are to play in Europe next season, and it will be tough to meet. Champions League football would be a huge boost to Rangers’ coffers.

Rangers have suffered a ten-point SPL deduction and a transfer embargo.

Unsurprisingly, manager Ally McCoist is not happy and has demanded answers. His mood will not have been helped by the SPL’s decision to block the transfer of striker Daniel Cousin.

Who are Rangers’ creditors and how much does the club owe?

This is key to explaining the extent of the club’s problems and how difficult they will be to solve. How will creditors respond to its hopes of signing a Company Voluntary Arrangement?

How was the club put into administration by a £9m tax bill?

Craig Whyte claims to have invested £33m of his money, paying off bank debts, while the club is estimated to have made £26m in the first nine months of his ownership, so where has the money gone?

Why was the £24m from Ticketus put into a parent company instead of the club’s own account?

Administrator Duff & Phelps’ claim yesterday posed yet more questions. Could this money have saved Rangers Football Club and what does it tell us about Mr Whyte’s broader plans?

What way will the tier one tax tribunal go?

For once, this is a question not even Mr Whyte can answer. However, if it does go against Rangers, he estimates it will cost the club £75m. So where would that leave them – in liquidation?

What assets are in administration?

This has proved a more complicated question than previously thought. Duff & Phelps says it is still working it out. The answer will be key to the attractiveness of the club to any potential takeover bid.