Rangers have appointed an administrator this afternoon, with the club set to incur an immediate 10 point deduction from the Scottish Premier League.
The Scottish champions claim they are facing a tax bill "of substantially more than £50m" that could leave the club in a state of financial ruin.
Thierry Henry says he is hoping to end his loan spell at Arsenal on a high, with the club's top scorer set to face Milan in the Champions League tomorrow night.
Elsewhere, Barcelona are in European action tonight, looking to bounce back from defeat at the weekend that may have cost them La Liga title.
Despite welcoming Carlos Tevez back to Manchester today, Roberto Mancini is keen to offload him to Real Madrid - in exchange for Gonzalo Higuain. (Sky Sports)
Chelsea will make an approach for Sao Paulo playmaker Lucas in the summer, having reportedly failed with a bid in the January transfer window. (Goal.com)
And finally, Liverpool have been linked with a move for Barcelona winger Ibrahim Afellay, who has failed to impress at the Nou Camp. (Metro)