By a Newsnet reporter
Rangers football club have been dealt a further blow this evening after news was released that they will be barred from buying any new players for a year.
The revelations, reported on STV’s Scotland Tonight, follow an investigation by the SFA into the actions of the club and its owner Craig Whyte.
As well as the new player ban the club were also fined £160,000. Mr Whyte was fined £200,000 and barred for life from holding any position within Scottish football.
The Ibrox club are currently in administration and there are very real fears the lack of progress in finding a buyer will leave liquidation the most likely option.
The situation has not been helped after a dispute emerged over whether one bidder, Bill Miller, had asked for more time to consider his bid – something denied by the American based businessman.
Administrators Duff and Phelps were expected to announce a ‘preferred Bidder’ on Monday, however another delay saw no announcement forthcoming.
Miller’s rivals for the club, the Blue Knights, led by former director Paul Murray, returned to the table over the weekend and today the administrators claimed both bidders asked for more time to clarify a number of issues.
Miller’s bid is dependent on receiving written assurances from the football authorities that a new Rangers would not be punished next season.
The club is facing debts of around £130 million and are already barred from competing in European football next season.
If liquidated then the club are expected to re-emerge as a so called ‘newco’. However, at present, SPL rules would mean they would have to re-join the Scottish league in the lowest division.
Most commentators believe that a deal will be struck with the other SPL teams that will allow a newly formed Glasgow Rangers to compete in the SPL immediately, although almost certainly with financial penalties and points deductions.