The Scottish Football Association have announced that they have rejected Rangers' appeal over their 12-month transfer embargo.

The former SPL champions were additionally hit with a £160,000 fine last month for six breaches of SFA rules

Owner Craig Whyte was also banned for life from Scottish football.

The club had argued that they should not be held responsible for Whyte's actions. However, a three-man panel has refused to change the outcome of the SFA's findings.

"The disciplinary tribunal was correct to determine that the conduct involved - especially the deliberate non-payment of very large sums, estimated in excess of £13m of tax in the form of PAYE, NIC and VAT - was attributable to the club as a member of the Scottish FA," read an SFA statement.

Former Sheffield United chief executive Charles Green is thought to be favourite to take over the club.