What was the outcome of Rangers’ financial troubles in 2012?

In early 2012 Rangers entered administration following years of financial mismanagement and a tax evasion investigation by British authorities, and the club was liquidated a few months later. English businessman Charles Green led a consortium that purchased the club’s assets and business in June 2012 and attempted to rejoin the Scottish Premier League (SPL), which at the time was the highest tier of professional football (soccer) in Scotland. However, the restructured Rangers was denied direct entry to the top division and was instead demoted to the fourth tier of Scottish football for the 2012–13 season. By the 2016–17 season, Rangers had worked its way back to the top-tier Scottish Premiership.