In 2011 Albert Kinloch, now aged 72, placed a £100 bet on Rangers to be relegated from the Scottish Premier League at odds of 2500/1.
The wager was made just five months prior to the club entering administration following a major dispute with HMRC over substantial amounts of unpaid tax.
The Glasgow giants were deducted ten points before being consigned to liquidation on 14 June 2012. Rangers’ business and assets were sold to Sevco Scotland Ltd which was to take the oldco’s place in the SPL.
However, Scottish Premier League clubs voted to refuse Rangers entry into the top tier, effectively relegating the club into Scotland’s Third Division.
Mr Kinloch’s bet was made in 2011 at a time when Rangers sat in second place behind Celtic. He says that cashiers phoned twice to Coral’s headquarters to ensure that the bet had been formally accepted.
According to official court papers, Mr Kinloch’s betting slip read: “Rangers Football Club to be relegated £100 at 2500/1”.
A hearing has been agreed at the Court of Session in Edinburgh for next week.
Both Mr Kinloch and Coral have refused to comment.