An investigation by the Scottish Premier League has concluded that Rangers have a case to answer over the club's use of Employee Benefit Trusts.
Disciplinary proceedings will begin once the status of the newco, The Rangers Football Club, has been established, with all 12 SPL clubs voting on the application to transfer the oldco's league share on July 4.
The SPL's investigation, by the law firm Harper McLeod, was delayed for almost three months after Duff and Phelps, Rangers' administrators, failed to supply all the relevant paperwork.
However the SPL board meeting at Hampden yesterday concluded that further action is justified.
On the investigation into Employee Benefit Trusts (EBTs), a statement from the SPL read: "In the view of the SPL, there is a prima facie case to answer in respect of its rules."
The SPL announced in March an inquiry into allegations that the club made undisclosed payments to players.
The investigation was instigated following claims surrounding the club's use of EBTs during Sir David Murray's reign.
The use of EBTs, from 2001-2010, was the subject of a tax tribunal in January, which has yet to deliver a verdict, although Rangers have defended their use of the offshore payments.
The SPL statement read: "The SPL Board heard a report from its solicitors following the investigation into payments to, or for the benefit of, players allegedly made by Rangers FC outside of contract.
"The delay in concluding the investigation was caused by an initial lack of co-operation from Rangers FC.
"Disciplinary charges will be brought when the future status of Rangers FC is clarified and prior to the start of season 2012/13."
Responding to the SPL's statement, a Rangers spokesperson said: "It is disappointing we have received no formal notification of this to date beyond a media statement."