Cash-strapped fallen Scottish giants Rangers said Wednesday they would continue to challenge a £250,000 ($380,791, 322, 560 euros) fine connected to undisclosed payments after losing an appeal.
The Glasgow club are adamant they should not pay the fine, issued by a commission appointed by the Scottish Premier League to look at the Rangers` use of Employee Benefit Trusts when they were still a top-flight side.
This fine was imposed before a financial collapse saw Rangers go into liquidation and a new company overseeing the club`s affairs formed after they had been demoted to the old Scottish Third Division for breaking SPL financial rules.
Rangers have argued the new company should not be liable for the fine but Scottish football chiefs have rejected that argument
"Further to the announcement on 17 December 2014, Rangers Football Club Limited lost the appeal with the judicial panel of the Scottish FA on 13 January 2015 in respect of the EBT Commission fine of £250,000 levied on RFC 2012 PLC (previously The Rangers Football Club plc) (in liquidation)," a club statement said Wednesday.
"The club will now take the matter to arbitration."
Monday saw Rangers reject a £20 million takeover bid from the owner of the Phoenix Suns basketball side, Robert Sarver.
The US businessman had upped his offer for the troubled club last week from an initial bid of £18 million and was also holding out the possibility of a £6.5 million loan.
Rangers said it was "unlikely that the approval of shareholders holding sufficient shares would be forthcoming".
The club are currently without a permanent manager after Ally McCoist resigned last month.
The 54-time Scottish champions were relegated to the fourth tier of Scottish football in 2012 after going into administration.
They are currently in second place in the second-tier Championship, 13 points behind leaders Hearts.