Scottish champion Glasgow Rangers was forced to seek bankruptcy protection on Tuesday, triggering a 10-point deduction for the 140-year-old club and effectively handing the title to crosstown rival Celtic.

Rangers has said that it faces administration after running into financial problems centred on a disputed tax bill of up to 75 million pounds ($117 million).

Rangers chairman Craig Whyte, who bought an 85 percent stake in the club for a nominal one pound last year, said there was no 'realistic or practical' alternative course for the Glasgow giants.

"The situation left the club no option but to formally restructure its financial affairs ... it remains our firm belief that the club's future can be secured and we hope this period of administration will be as short as possible."

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