Rangers chief executive Charles Green believes Tuesday's 'big tax case' verdict "undermines the validity" of a Scottish Premier League investigation into alleged undisclosed payments to players.
The tax tribunal which heard the oldco Rangers' appeal over their tax bill for the use of Employee Benefit Trusts (EBTs) has delivered a majority verdict which "allowed the appeal in principle".
The argument that payments, thought to be close to £49million, had been loans rather than wages and not subject to tax, was largely accepted by two of the three judges.
The ruling could have an impact on an SPL investigation into undisclosed payments to players, which centres on EBTs. One of the possible sanctions, should Rangers be found guilty, is the stripping of titles. The three-man panel, chaired by Lord Nimmo Smith, was due to begin hearing evidence last week but the case was postponed with no new date set.
A statement from Green read: "The judgment serves to further undermine the validity of the SPL commission into the use of EBTs. As we have said all along the SPL decision to press ahead with a commission was ill-timed and fundamentally misconceived."
Green's consortium purchased the business and assets of Rangers after they were consigned to liquidation in the summer. The Ibrox side were subsequently relaunched as a newco in the bottom tier of Scottish football.
Green added: "I am sure that all Rangers fans will welcome that a judgment has been reached on this case at last. That said, the judgment will not affect the operations of the club nor the proposed flotation of the business as a public company.
"This case is historic and was a matter for The Rangers Football Club plc ('oldco') which is in liquidation. The Rangers Football Club Ltd is a corporate entity formed following the acquisition in June this year, by a consortium led by me, of the business and assets of Rangers, including the club and its honours.
"As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to 'oldco' would transfer across to the new company. HMRC have recently reaffirmed this position to the club's tax advisers, Deloitte.
"The Rangers Football Club Ltd is a company free of external debt."