01/09/2012 10:35 EST | Updated 03/10/2012 05:12 EST

Shares in Scottish champion Rangers suspended on London market amid ongoing tax issue

LONDON - Scottish champion Rangers says its shares have been suspended from trading on a London stock market amid an ongoing tax issue.

The Glasgow club is involved in two disputes with Britain's tax authority relating to payments made before the takeover by businessman Craig Whyte in May.

The larger of those cases could leave Rangers facing an estimated tax bill of 49 million pounds ($76 million).

Rangers announced Monday to London's Plus Market that the publication of its audited accounts for the year to June 30, 2011 had been delayed.

A statement said "the delay in finalizing the audit is principally related to the ongoing (HM Revenue & Customs) tax tribunal."

The club says it is "currently considering the merit of maintaining its listing on the PLUS market."