Rangers ‘at risk’ of financial collapse, court told

RANGERS Football Club finally settled an outstanding £35,000 bill owed to a legal firm yesterday, but there remained “real concern about solvency”, a court heard.

The club had agreed to pay the money, plus interest, to Levy & McRae, their former legal advisers, on Thursday, but the cash failed to arrive, the Court of Session in Edinburgh was told. It was a further 24 hours before a bank transfer finally went through, after what counsel for the law firm described as “a frantic out-of-hours sequence of events”.

In an unusual move, the law firm told Lord Hodge that while Rangers had also undertaken to pay the legal expenses – estimated at £5,000 – it wanted him to make an official record of timetabling for payment of the expenses.

When Lord Hodge expressed surprise at the request, Jonathan Brown, counsel for Levy & McRae, said: “There is real concern about solvency.”

Last night, Rangers said the remarks about the club’s solvency were “unfounded” and “unwarranted”.

The law firm said that Rangers