The collapse of Rangers football club could bring Scottish football to its knees

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When you start getting forensic, rather interesting lectures from large, ordinarily intimidating football supporters about the difference between a liability and a contingent liability; the merits of a CVA versus a Newco in insolvency proceedings; and the kinks in the UK’s TUPE regulations (2006), then you have reached a pretty unnerving place.

This is Glasgow in the summer of 2012. Like everywhere else in Britain, it is pouring with rain. Like everywhere else, people’s minds are heavy with sport. But sport here has nothing to do with the endless, ultra slow-motion montage of the European football championships, Wimbledon, and the Olympics that has unspooled since June—the bread and circuses stupefying the rest of us. In Glasgow, there is just one sporting story and one question that matters: the bankruptcy of Rangers Football Club—one of the city’s primary