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Pretty much. It was all doom and gloom, then the media and support started putting out stories that it was just the company and not the club that was liquidated. Rangers wanted to start in league1 but the rest of the SPL voted for them to start in the bottom tier. Some people even wanted them to...

Hence the reason Rangers had to start again in the bottom tier of Scottish football.

Glasgow Rangers were liquidated a few years ago, but their fans and most of the media still seem to refer to the new club being the same club.