8. Rangers: In Administration (2011)
What happened? Rangers football club in Glasgow’s legal team informed them of a loophole in the law, which meant that they could avoid paying £49 million in tax by use of an employee benefit trust fund. In the end it transpired that that lawyer was wrong and that they did have to pay the tax after all. This caused the company to go into administration.
What did Rangers do about it? The company was sold to Sevco Scotland Ltd, owned by a consortium led by Charles Green. They were deducted 10 points, which effectively ended their changes of winning the league that year. They were also relegated to the third division, the lowest league in Scottish football, much to the despair of Rangers fans and the shagrin of all the other non Rangers fans.
Who came out on top in the end? It was basically a joint win by Her Majesty’s Revenue & Customs and Rangers’ main rivals Celtic Football Club who, being the only other club in the Premiere League with budgets for players comparable to Rangers, just won the premiership for the second year in a row.