By Chris Evans

Scottish football giants Rangers have become the highest profile British club to face bankruptcy after applying to be placed into administration, sending shockwaves through the world of football.

Paul Clark and David Whitehouse, both of corporate financial advisory firm Duff & Phelps, were appointed Joint Administrators of Rangers Football Club on 14 February 2012.

The appointment follows a petition for administration presented to the Court of Session in Edinburgh by HMRC as a consequence of the non-payment of circa £9m PAYE and VAT following the club’s takeover in May 2011 by Scottish businessman Craig Whyte.

However, things could get even worse for the club. Rangers’ owner Craig Whyte has claimed that the potential tax bill could be as high as £75m, depending on the outcome of a tribunal that relates to a claim by HMRC for unpaid taxes over a period of several years dating back to 2001.

Commenting on the situation, Clark of Duff & Phelps said: “HMRC have been working closely with the club in recent months to achieve a solution to the club’s difficulties. However this has not been possible due to ongoing losses and increased tax liabilities that cannot be sustained.”

“We are working together with management and its major creditors including HMRC to achieve a solution to the financial problems which will ensure the ongoing survival of the business, which is of paramount importance to all concerned.”

Meanwhile, Portsmouth Football Club is set to go into administration on Friday for the second time in two years, also over an unpaid tax bill. It’s understood Portsmouth's tax bill is for between £900,000 and £1.2m, but the south coast club also has many more debtors and has not yet paid its players or staff for January.

The Fratton Park club was bought out by Vladimir Antonov last June, but his holding company Convers Sports Initiatives (CSI) went into administration in November, plunging the club into yet another financial crisis.

Peter Kubik, of the club's financial advisors UHY Hacker Young, said earlier this week: “They are in the process of seeking an administration order - an application to court seeking administration is due to go in any day.

"The club's bank accounts have been frozen due to the winding up hearing and they are finding it very difficult to trade. Once the administration order is in place, the bank accounts will be made accessible again.

The south coast club last went into administration in February 2010, when it became the first Premier League club to ever do so.