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
A hacker group who claimed to be behind a cyber attack on Sony Pictures have posted a message online apparently mocking the FBI.
The returns of Benedict Cumberbatch's detective and the X Factor judge were among 2014's most tweeted TV moments in a billion conversations.
A family has issued an appeal to help find their missing pet turkey - in case he gets gobbled up as someone's Christmas dinner.