Key to all of this IS whether the Rangers debt was serviceable. The powers that be obviously thought the debt was not servicable and put the club into administration. Was this some sort of con that has gone badly wrong though?
Look at from a personal point of view, if you are in arrears with your mortgage for instance, the bank / building society will look at any equity you may have in your property and will formulate a planned route out using the equity you have - provided the equity is greater than the debt you owe, you are perceived to be solvent.
In Rangers case, Ibrox / Murray Park were on the company books listed as worth circa £110,000,000. Surely sale of these or equity release from these would have seen Rangers service their debts.
Why did this not happen?
Rangers need to have a registered ground to play on or the business is not viable as a football club. Sale of Ibrox with no rights of access would kill the club but any number of lease, hire, future buy back agreements could have seen them keep themselves afloat and continue with business as normal (well as normal as any sanctions would allow)
BUT they sold the assets for £5.5 million.
The guy who bought them can and will do what he pleases with them and that is not necessarily within the control of Rangers football club.
