The commission appointed by the Scottish Premier League to investigate alleged undisclosed payments by Rangers will not strip the club of any titles.
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But the company that formerly ran the club have been fined £250,000 by the Lord Nimmo Smith- chaired commission.
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It found that 'oldco' did not disclose payments to the football authorities.
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The investigation relates to the period between 2000-11 when Rangers operated employee benefits trusts (EBT), the subject of a long-running tax tribunal.
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The commission found that the 'oldco' management did not take professional advice on disclosing the payments.
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"Oldco through its senior management decided that such side-letter arrangements should not be disclosed to the football authorities," it stated.
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"The board of directors sanctioned the making of payments under the side-letter arrangements without taking any legal or accountancy advice to justify the non-disclosure."
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The commission also iterated that: "The scale and extent of the proven contraventions of the disclosure rules require a substantial penalty to be imposed."
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However, the findings rule out any sporting penalty, as the non-disclosure did not affect the eligibility of players.
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"Rangers FC did not gain any unfair competitive advantage from the contraventions of the SPL Rules in failing to make proper disclosure of the side-letter arrangements," it states.