Rangers to keep titles but oldco fined £250k THE commission appointed to determine whether Rangers broke rules on player registrations will not strip the club of titles but has imposed a £250,000 fine on the "oldco" club. Access the webchat >> The three man committee, chaired by Lord Nimmo Smith, was tasked with looking into whether the club's use of Employee Benefit Trusts (EBTs) gave them an unfair advantage. The report found that the club did enter into side-letter arrangements with a "large number" of players which were a form of payment however it ruled that the club "did not gain any competitive advantage." Main points of Lord Nimmo Smith's report It also said that the failure of Rangers to disclose these agreements to Scotland's footballing authorities did not make players ineligible to play but did break disclosure rules of the SPL and SFA. The commission said that on this basis, no sporting sanction or stripping of titles should be imposed. One sanction open to the commission was the removal of all SPL titles won by the club from 2000 to 2011. Rangers were liquidated after falling into administration under the Craig Whyte era. The club had the shadow of a £50m plus tax bill hanging over it for several years due to its controversial use of EBTs during David Murray's time at the club. The liquidated club, or "oldco" was found by a tax tribunal not to be liable for the tax bill. Rangers were reformed last summer by a consortium led by Charles Green who bought the assets of the "oldco" and entered into Scottish football at the bottom tier. Rangers response In a statement, Rangers argued that the club's use of EBTs was publicly disclosed the annual accounts of the liquidated club. It also stated that the £250,000 imposed on the "oldco" would not have any affect on the club in its new form. Rangers chief executive said: "On behalf of the board of directors at Rangers, I note the findings of the Commission. It is abundantly clear from the ruling there was no attempt by Rangers Football Club secure any unfair advantage or to cheat, as so many people asserted without giving any regard to the actual evidence. I would re-iterate that at no stage have I, nor anyone now involved in the running of this club, questioned the integrity of the Commission members. What I did question was the creation of a process which some people had predetermined. Every Rangers fan will be delighted that the Commission refused to get carried away on this agenda. It is a matter of fact that people within the SPL wanted me, at first, to surrender titles as part of a deal to enable Rangers to play again as a member of the SFA. I rejected and resisted that suggestion and today's decision vindicates the position of the Board and the supporters. In particular, I would like to thank the Rangers Fans Fighting Fund for their dedication and commitment on this matter.