Back in February Glasgow Rangers Football Club entered administration. The administrators claimed there were short-term problems and the club would be back to normal shortly. In the period since there have been almost daily revelations about toxic bank debt, tax avoidance, cheating on the football field and legal investigations that may result in charges of fraud and corruption. On 14 June Rangers' creditors refused to accept the administrators' offer of a 3p payment for every pound owed. The result was the liquidation of the club. How did this happen?