A POPULAR bookies have suspended betting on Rangers being relegated amid supposed rumours of the club facing administration.

Oddschecker said they have received an influx of bets from punters on the Ibrox side going down this season with the odds going from 5000/1 yesterday to just 500/1 in the space of 24 hours.

The Scottish Sun reports that the betting firm claim it’s due to supposed rumours of the Glasgow club facing new financial troubles.

Oddschecker spokesman George Elek said: “Here at Oddschecker we’ve seen a huge spike in bets on Rangers to finish bottom, a ridiculous bet when you consider how far off the drop they are.

“However, with rumours starting to circulate on social media, and bookmakers suspending markets, it is easy to see how the story is starting to gather pace.

“We’ve seen an abnormally massive amount of bets on Rangers to be relegated today, with punters piling in on the massive price of 5000/1."

Rangers are currently in third place in the Premiership table, 23 points ahead of last-placed Ross County.