Glasgow Rangers football club has gone into administration and been docked 10 points.
Rangers has appointed the administrators Duff & Phelps, the Court of Session in Edinburgh heard.
In a statement, Rangers chairman Craig Whyte said: "The club did not want nor anticipate having to take this course of action today but had no option.
"We had hoped that continued dialogue with HM Revenue and Customs (HMRC) would mean that a decision on administration would not have to be taken for 10 days while all other avenues were explored."
He added: "It remains our firm belief that the club's future can be secured and we hope this period of administration will be as short as possible."
Fans said they were "shocked" by the news and described it as one of the club's "darkest days".
Strathyclyde Police immediately released a statement confirming it would not police games unless its costs were guaranteed, although following a "positive" meeting with the club's administrators, they said they would plan for this weekend's game against Kilmarnock as normal.
On Monday, the Glasgow club lodged papers at the court signalling its intention to enter administration and said a final decision would be taken in 10 days.
But the decision was speeded up after the club was given a 3.30pm deadline by a judge at the Court of Session in Edinburgh.
HMRC had asked the court to appoint an administrator, rather than let Rangers make the choice.
Sky News understands the HMRC court move was prompted by £9m in witheld PAYE and VAT payments.
The Clydesdale Bank Premier League champions are also awaiting the verdict of a tax tribunal which could cost them £75m.
The Ibrox side, one of the biggest and most influential clubs in Scotland, has now fallen 14 points behind leaders Celtic as a result of the decision, but remain second, still nine points ahead of third-placed Motherwell.
Holyrood sport minister Shona Robison said: "This is obviously a concerning situation for everyone involved in Scottish football.
"Football is our national game and it is now for the administrators to take forward the process of assessing the business and securing an outcome in the best interests of the club, its staff, supporters and the game of football as a whole in Scotland."
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