The panel concluded that Rangers’ actions meant that ‘only match fixing in its various forms might be a more serious breach’ of the governing body’s rules.
The panel’s ruling saw Rangers handed a 12-month transfer embargo and hit with a £160,000 fine.
Rangers’ appeal against the decisions will be held on May 16. The panel will consist of Lord Carloway (chairperson), Spartans chairman Craig Graham and former Partick Thistle chairman Allan Cowan.
Rather than taking excerpts from the document we felt that it would be far more appropriate to publish it in its entirety below.