CORAL bookmakers is being sued for refusing a £250,000 payout on a punter's bet that Rangers would be relegated - in the season they disappeared from the top flight over a financial meltdown.

Albert Kinloch, 72, placed a £100 bet when Rangers were second in the SPL and claims he was given odds of 2500/1 five months before the Ibrox club's business went into administration on February, 2012 over non-payment of tax.

The so-called newco Rangers, formed after a Sevco consortium bought the assets, sought to join the SPL, but the move was rejected by the league chairmen, meaning the club had to work their way up from the bottom rung of Scottish football from the following season.

The Herald:

Mr Kinloch says a cashier took his bet in Tollcross, Glasgow, and checked twice with headquarters on whether to accept it.

Court papers say that Mr Kinloch wrote: “Rangers Football Club to be relegated £100 at 2,500/1” and handed over his slip.

Mr Kinloch also claims he asked for the headquarters call to be be heard over an internal loudspeaker so he could hear his bet getting the okay.

The bet was placed in September, 2011 and a few weeks after the business was forced into liquidation in June, 2012, a consortium led by Charles Green bought the assets for £5.5 million.

Twenty five out of 30 clubs later voted to force the newco Rangers into the third division.

A hearing into the claim is due to go ahead next week at the Court of Session in Edinburgh.

Coral were approached for comment.