Glasgow Rangers' spending during the 1990s and the early part of this decade has resulted in the club being $49M in debt with huge question marks over its financial future.

The situation at the club has gotten so bad that Lloyds Bank has appointed Donald Muir to the club’s Board of Directors amid claims that the bank now controls the club.

Club manager Walter Smith admitted as much to the Daily Telegraph last week, and with chairman and owner David Murray stepping down and looking to sell, rumors abound that if an investor cannot be found soon, then the first team will have to be sold to raise funds.

While Rangers struggle off the pitch, they are still there or thereabouts at the top of the SPL, four points behind rivals Celtic but with a game in hand.

Celtic are in much better financial straits, but their squad and the current crop at Rangers reflect the dearth of investment in the Old Firm these days.

Gone are the days of Laudrup, Gascoigne in blue and Larsson, Harston and Sutton in green and white.

Nether club can afford to buy or pay the wages of that caliber of player anymore. Rangers are getting pummeled in the Champions league and Celtic faces an early exit from the Europa League.

There has been consistent talk of a move to English Premier League, but the rest of the country argues that will be the death of the game in Scotland.

However, with the TV money a pittance in comparison to what is on offer south of the border, will the Old Firm go out of business at home or try to get into England in order to stay afloat?

For Rangers it was the desire and willingness to spend big to ensure success that has left them on the brink.

Celtic are not in the same peril as they have not spent as lavishly and now invest in players that will not break the club, but that means that they are unlikely to make any waves in European football for some time to come, simply because they cannot afford to.

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