Danny Lawson/PA

In these days of financial fair play, we're accustomed to reading about the threat of administration for small, struggling clubs such as Portsmouth, the one Harry Redknapp, your future king of England football, left in financial disrepair. (It's been so bad at Fratton Park that Pompey is set to go into administration for a second time in the past two years.) Then there are those institutions you reckon are "too big to fail," immune to the basic economic laws of revenue and expenditure. Yet one of the most legendary teams in the world, Rangers Football Club, has filed legal papers stating its intention to go into administration. One half of the...

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