If this Rangers saga was a movie then yesterday the director decided to speed up the action and today it hasn’t slowed down.
The Administrators Duff & Phelps finally sent out the CVA to creditors.
This is an offer to the companies, individuals and organisations owed money by the Ibrox club.
In CVAs there is a percentage offered to settle the date-say 10% of the amount owed.
Under UK law creditors owed 75% of the total monies outstanding must agree.
The two biggest creditors are HMRC and the company Ticketus.
Either of these could block the CVA.
It is expected that HMRC will not agree to this settlement which is much worse than the deal offered to them in early 2011.
Then Rangers offered the British tax authorities £10 million in settlement of the “Big Tax Case”.
At that point HMRC were seeking £24 million in unpaid tax, £12 million in interest and £15 million in penalties.
The case is still to be adjudicated upon by three judges.
However if Rangers lose this case then their total tax liabilities could be in excess of £70 million as the club under Craig Whyte’s ownership simply didn’t pay ANY tax.
If the CVA is voted down then the new prospective owner Charles Green has an agreement to buy the assets of the club for £5.5 million.
For this sum he would get the stadium and the training ground.
This would mean that a new company a “NewCo” would exist to trade as Rangers.
The club itself would be liquidated.
The trick is to get the supporters to attend the stadium next season as if nothing had happened!
The issue for those who govern Scottish football has been what to do about a club that has broken so many rules and wants to continue on without any punishment.
Yesterday the club’s Administrators took the Scottish Football Association to court and challenged the transfer embargo imposed on Rangers for “bringing the game into disrepute”.
This was due to the club not paying clubs for players they had purchased, like Lee Wallace of Hearts.
The Edinburgh club are still owed £800,000 for the defender.
The judge in Edinburgh Lord Glennie found that the SFA tribunal did not have the authority to impose the transfer embargo which prevented Rangers from registering players over 18 for the next 12 months.
The case will now be looked at again by the SFA’s tribunal and Lord Glennie told Rangers not to expect a more lenient punishment.
It is possible that the club could be suspended from membership of the SFA or even be terminated as members of the domestic association in Scotland.
FIFA released a statement expressing their disquiet at this turn of events.
It is a major crime in professional football for a club to take the ruling body to the civil courts.
FC Sion did this last year and was heavily punished by the Swiss FA on orders of FIFA.
The course of action is clear if the SFA do not act on Rangers then FIFA will act on the SFA.
This could mean all Scottish national teams and club teams could be banned from any international competition including the World Cup and the Champion’s League.
Today the Scottish Premier League clubs met to vote in a series of “Financial Fair Play” regulations, but the proposal fell.
The SPL Chief Executive wanted a new rule whereby any club in the league could “phoenix” back in as a NewCo without any vote.
However this was also rejected.
The SPL is also carrying out the “second contract inquiry” in to Rangers.
This probe was sparked after allegations made by a former Rangers director Hugh Adam that the club had paid players by way of a second, hidden contract.
This is in contravention of the football rules in Scotland and would mean that the players with the second contract would not be properly registered and would, therefore, be ineligible to play.
Teams that field an ineligible player forfeit the match 3-0.
This is what happened to FC Sion in their two matches against Celtic in the Europa League last year.
These allegations of a policy of second contracts at Rangers over more than a decade have also been made in a recent BBC documentary by investigative reporter Mark Daly.
If proven then titles and trophies could be taken from the Ibrox club because of the ineligible players changing the results of matches to a 3-0 defeat.
When I read back through this article it is clear that the plot has more unforeseen developments than could be envisaged by Pedro Almodóvar.
The most poignant theme is that Rangers often called “Scotland’s establishment club” is now threatening all of Scottish football by opening the door to FIFA action.
It is fair to say that the long love affair between Rangers and the Scottish Football Association may be at an end.
There are broken embraces on the steps of Hampden.