Shares in Rangers suspended

The shares of Scottish champions Rangers have been suspended from trading on the stock exchange after submitting unaudited accounts, the club confirmed on Monday.

Rangers, who have been Scottish champions 54 times and are bidding for a fourth successive title, also confirmed in a statement to the PLUS Stock Exchange issued on their website that they were considering delisting their shares in May.

The club released their annual financial figures on November 30, but did not get them signed off by an independent auditor as required by exchange rules because of financial uncertainty caused by their ongoing case with Britain's tax authority, Her Majesty's Revenue and Customs (HMRC).

HMRC say Rangers owe around 49.0 million pounds in unpaid taxes.

The statement continued: "The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around January 31, 2012. The delay in finalising the audit is principally related to the ongoing HMRC tax tribunal.

"Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the club to be a listed company."

Owner Craig Whyte, who took over the club from David Murray last May, has described the tax case, as a "dark cloud hanging over the club" and he has refused to rule out the possibility of administration if Rangers lose their dispute.