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1.
Primarily the merging of boundaries in company law and common parlance to fictitiously allow a football club to be "saved out of administration" by means of not agreeing a CVA (Creditors Voluntary Agreement) and thereafter liquidation. The Clumpany is formed out of a deep fear of facing reality that your football club is dead and a new Holding Company (HoldingCo) emerges having purchased the assets (NOT THE CLUB)

The Clumpany has become popular method of breaching all Insolvency Laws, Football Association Rules, Articles of Association and offering the brass neck (see Sevconium) to stiff creditors claiming a continuation of the previous football business.
Rangers International Football Clumpany Plc
by Propa_Gander August 17, 2013
103 6
 
2.
The delusion that a football club and the company that runs it are one and the same. Used by fans of other clubs who are obsessed by Rangers and distraught that the club continues.
"I used to support Celtic but now I spend all my time on a different clumpany".
by ThenNowForever September 24, 2013
6 22