Rangers Football Club PLC future as a going concern was thrown into fresh doubt this afternoon, as the clubs was firmly suspended from the trading of it's shares on the Plus Stock Exchange.

Failing to meet with statutory commitments of submitting audited accounts by June 30th 2011 has resulted in the Rangers board being forced to announce the club's suspension from trading shares. It comes as a further blow to the debt-stricken Glasgow outfit, as the UK's tax authority, HMRC prepares to take the club to the high court in effort to force immediate payment of a ‚50 million unpaid tax bill. To which the board insists that the delay in completing the audit is principally down to the ongoing tax tribunal.

Issuing their statement from the club's base at the Murray Park Scotland Country Hotel, the Rangers board have also questioned the merits of of maintaining the club's listing on the Stock Exchange beyond this financial year. This would leave both shareholders and creditors somewhat in the dark over the club's intangible assets should the club go into administration. An event almost certain should the club lose it's tax battle with HMRC. Rangers' owner Craig Whyte's history of investment in failing businesses has now come into focus.

In October 2011, Rangers severed all ties with the BBC for what it called ‚¬"prejudiced muckraking‚¬, following an investigation into Craig Whyte's past business practices. Whyte himself apparently Scotland's youngest self-made millionaire, made his fortune through security and property. The venture-capitalist is now head of a complex, world-wide maze of interlinked companies with a combined valuation thought to exceed the ‚1 billion mark. However, it's the Rangers' chairman's failure to disclose his disqualification from acting as director of a company in 2000 that may be at the heart of difficulties with the Plus Stock Exchange, as an ongoing investigation continues.

Rangers failure to submit it's audits won't have troubled Craig Whyte a jot. He's a business man of considerable talent of buying up failing companies and turning a profit on them. Whyte bought a majority share of 85.3% of Rangers in April of last year for a staggering ‚1. The assets of the club, including a world-class stadium and training facility, along with a re-structured debt means the canny Scot will doubtless see a considerable return on his investment. Currently on retreat in one of his Scottish highland hotels, Whyte will undoubtably be confident that everything is in hand in regards to his investment. What price would Rangers' shareholders pay to have an insight into his next strategic play.