However, the company that ran Rangers “oldco” has been fined £250,000 for non-disclosure of payments.
The three-man independent commission, chaired by Lord Nimmo Smith, had been examining alleged irregularities by the Ibrox club.
It had been claimed Rangers failed to declare all payments made to players while they were operating an Employee Benefit Trust scheme between 2001 and 2011.
The Glasgow club won five league championships during the 10-year spell and taking some, or even all, of them away was one of 18 possible sanctions.
Both Rangers and the SPL received the findings of the commission at 10am today and they were made public at noon.
The investigation was into the activities of the RFC 2012 PLC – which is now in liquidation.
Current Rangers chief executive Charles Green had refused to co-operate with the commission and stated he did not recognise its jurisdiction.
Green was, however, likely to appeal if the commission had ruled that the club was to be stripped of titles.
Any appeal against the punishment handed out will be heard by the SFA.
The Rangers Fans Fighting Fund, an organisation set up after the club was placed into administration last February, paid for the lawyers who represented Rangers at a hearing last month.
The SPL had asked Rangers to accept being stripped of its titles in return for the granting of an SFA licence during discussions about the Ibrox club’s return to Scottish football last summer. This offer was refused.
The controversial EBT scheme at the heart of the investigation was set up during Sir David Murray’s ownership of the Ibrox club.
The scheme, under which £47.65million was paid to Rangers players and staff in the form of tax-free loans, was the subject of a protracted legal dispute with Her Majesty’s Revenue and Customs.
Murray International Holdings won an appeal in principle against a tax bill relating to the scheme back in November. The bulk of the payments were deemed to be loans at a First Tier Tribunal.
HMRC has since appealed to an Upper Tier Tax Tribunal against that verdict.