Graeme Souness has branded what has happened to Rangers as a 'tragedy' as the club prepare to pay the price for chasing the dream.
Former manager says chasing the dream has come home to roost
Former Rangers manager Graeme Souness has branded what has happened to the club as a 'tragedy' as the Scottish champions prepare to pay the price for chasing the dream.
Rangers owner Craig Whyte admitted on Monday they faced a potential £75million tax bill, which they could not pay, following a tribunal into payments made to employee benefit trusts over the first decade of this century.
The process of administration now looks inevitable with little likelihood of a deal being struck with Her Majesty's Revenue and Customs.
Sky Sports pundit Souness said: "I think they will go into administration and reappear as Rangers 2012 or something, sadly.
"It is just a tragedy that has happened to them.
"I think they will come out of it. I think there will be an addition to the name, Rangers whatever.
"They will come out without their debt and start again."
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Souness was at the forefront of Rangers' big-spending revolution, signing the likes of Terry Butcher and Chris Woods after becoming the club's manager in 1986.
He then worked closely with Sir David Murray after the latter's takeover in 1988, before leaving for Liverpool in 1991.
The big spending continued under Walter Smith and Dick Advocaat, forcing Murray to underwrite a £57million share issue in 2004.
But it was the use of employee benefit trusts from 2001 which looks likely to trigger the club's descent into administration.
Souness added: "Without pointing the fingers at anyone in particular, people have to hold their hands up and say they got their sums wrong in a very large way.
"They are not alone. I think it could easily happen to clubs in the Premiership who don't have an individual benefactor, who don't have someone who is stinking rich who can fund it going forward and take loss after loss.
"I just think it is a case of chasing the dream, trying to give the supporters what they want and it has all come home to roost, unfortunately."
