Rangers Approaching Train Wreck Status.

Hello? we’re buggered.

Not satisfied with English teams turning heads by becoming train wrecks, Rangers FC turning heads northward with their financial disaster brewing. Debts are mounting, and Lloyd’s is pushing Rangers to fix their problems, or find a buyer. But the entire thing is ready to burst apart for Scotland’s champions.

Lloyd’s of London has threatened to put the club into receivership if the board cannot get their act together and reign in debt. Rangers are sitting on 30 millions pounds of debt right now, which is also the asking price for the team. Buy not just any Scottish squad, but the league champions from last year by assuming their debt. Either the bankers are eager to recover their investment, or they fear that letting this spin out of control would be even worse.

There is a savior waiting in the wings. However, he is not being welcomed with open arms. Current South African resident but lifelong Scot David Smith, is the lead bidder for Rangers. Smith seems to have the wealth to buy the team, his net worth is between 200 and 300 million pounds. His problem is with his sketchy background – he has had over 300 charges of fraud brought against him in relations to his tax issues (but really, you’re not much of a man if you haven’t been hassled by the tax man. At least I keep telling myself that).

The worst part is if something doesn’t get done, and soon, the club may be systematically sold off, according to The Herald. “Every first team asset will be sold to the highest bidder” is the not-so-subtle attempt to move the negotiations along. This is a team about ready to implode. They can easily go from first last year to falling into the bottom tier if they do not hold these together. Money managers and not Football managers.

In either case, the fans may end up being the biggest losers.