Prosecutors on Monday ordered police in Glasgow to open a criminal investigation into the takeover of fallen Scottish giants Rangers by Craig Whyte in May 2011.
Businessman Whyte bought an 85% shareholding in Rangers for £1 from previous owner David Murray and made several pledges in terms of future investment and paying off the club's bank debt.
However, Rangers went into administration on February 14 this year following court action from UK tax officials and were consigned to liquidation earlier this month.
A statement by the Crown Office public prosecutors read: "The Crown Office has today instructed Strathclyde Police to conduct a criminal investigation into the acquisition of Rangers Football Club in May 2011 and the subsequent financial management of the club.
"The investigation into alleged criminality follows a preliminary police examination of information passed to them in February this year by the club administrators."
Immediately after being appointed, the club's administrators announced that Rangers had failed to pay about £9 million ($14m) in tax since Whyte's takeover.
They also revealed that the club had paid off a debt to Lloyds Banking Group from a £24.4million ($38m) capital injection from investment firm Ticketus, which was secured on the back of future season ticket sales.
The tax debt was most recently listed at more than £21 million ($32.7m).
Meanwhile, Inverness Caledonian Thistle have become the latest Scottish Premier League (SPL) club to confirm that they will vote against the 'newco' Rangers being accepted into Scotland's top flight.
Englishman Charles Green and his consortium bought out Rangers' assets and formed a new company with the aim of taking the place of the liquidated Ibrox club in the SPL for the start of the new season in August.
Their application will be put to a vote on July 4 but it now seems doomed to failure after Inverness joined Dundee United, Hearts and Hibernian in publicly announcing their opposition.
An Inverness statement read that the club "has completed their consultation exercise and consideration of its options in relation to the upcoming SPL vote on July 4.
"The club will be voting 'no' to an application for SPL entry from a new company which has acquired the assets of Rangers following the liquidation of the previous company.
"Having considered all the options and following a very productive discussion... directors are unanimous in their decision."
The vacancy in Scotland's top flight could instead be taken by either relegated Dunfermline or First Division runners-up Dundee.
Source: AFP
