In February 2013, an independent SPL commission, chaired by the Rt. Hon. Lord Nimmo Smith, fined RFC 2012 PLC (previously The Rangers Football Club plc) (in liquidation)) ("Rangers Oldco") the sum of £250,000 in respect of multiple breaches of SPL and Scottish FA Rules.
The Rangers Football Club Limited (“Rangers Newco”) signed an agreement under which they would be liable for sums such as this. The Chairman of Rangers FC, David Somers, and on one occasion the club’s then Chief Executive Graham Wallace, engaged in individual discussions with the majority of current SPFL Board members several months ago acknowledging the liability and suggesting ways of paying the sums due.
Following such discussions, it was only when no sums actually arrived from Rangers FC that the SPFL Board decided to offset this liability against future sums payable to the Club.
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