[4] When McCoist entered the transfer market, his first signing being Almería midfielder Juan Manuel Ortiz,[5] he soon encountered difficulties.

A number of highly publicised failed transfers, including deals for Wesley Verhoek and Roland Juhász, led to many doubting Whyte's financial prowess.

[19] On 13 February 2012, Rangers filed legal papers at the Court of Session giving notice of their intention to appoint administrators.

[20][21] On entering administration, the team was docked ten points by the SPL, a move regarded as 'effectively ending' its 2012 championship challenge.

[20] A failure then to submit accounts for 2011 meant the club was not granted a licence to play in European football in season 2012–13.

[24] On 13 May it was revealed that Whyte sold his controlling interest in The Rangers Football Club Plc for £2 to a consortium led by Charles Green.

[25] Green offered the creditors a settlement, in the form of a company voluntary arrangement (CVA), in an attempt to exit administration.