“In light of confirmation that Rangers Football Club have appointed administrators, I would like to express my deep regret that a Scottish institution should find themselves in the kind of parlous state that has necessitated today’s course of action.

“It is now incumbent on the club to enter into discussions with the appointed administrator to find a resolution on behalf of their creditors and for the Scottish Premier League to apply sanctions in accordance with their regulations. I shall also be seeking a discussion with the appointed administrator in early course, to establish their intentions for the club given the wider implications for the Scottish game.

“This is a profoundly sad chapter in the history of Scottish football and we should not underestimate the potential ramifications for the image of the game as a whole.

“This season alone, we have had two of our biggest clubs, Rangers and Heart of Midlothian, experience serious financial uncertainty, with many other member clubs surviving hand-to-mouth in the current economic climate.

“At a time when there is an appetite and momentum for radical change in Scottish football, it is important that we learn lessons from this dire situation and work together to provide a platform for clubs to thrive and prosper within their means.”