Today's decision from Her Majesty's Revenue and Customs brings into doubt the continued existence of an Ibrox club competing in the Scottish Premier League.
If Charles Green - who will complete a takeover of the club - forms a new company, he will have to apply to the Scottish Premier League to acquire Rangers` share in the competition. The other clubs in the league will decide whether to accept.
A new Rangers would not be able to compete in Europe for three years under UEFA rules.
More top news
James McClellan, 53, is suing the firm claiming he was branded an 'old buffer' and forced out of his account manager job.
A family's desperate bid to stop a teacher joining Islamic State has been revealed in emotional recordings.
Wednesday unsavoury incident involving Jonny Evans and Papiss Cisse is the latest in a long line of gob-related football controversy