Crisis-hit Scottish football champions Rangers has been fined 50,000 pounds by the stock market on which it is listed, for failing to disclose that chairman Craig Whyte had previously been disqualified from serving as a company director.
The fine was a further financial blow to Glasgow club Rangers, which went into administration earlier this month over 9 million pounds in unpaid payroll and sales taxes.
The amount of the regulatory fine has been determined taking into account a range of factors including, but not limited to, the seriousness of the rule breach and the circumstances of Rangers FC, said James Godwin, director of regulation at the PLUS Stock Exchange.
Whyte took an 85 percent stake in the club in May 2011, paying a nominal one pound. The club faces a second tax bill of more than 50 million pounds if it loses a legal battle over how it paid players in the past.
Whyte was banned from serving as a company director for seven years in 2000 in relation to a company called Vital UK Ltd, a fact not made public by Rangers until November.
(Reporting by Keith Weir; Editing by Dan Lalor)