ALLY McCoist embraced the decision not to strip Rangers of titles yesterday and said the verdict proved they had not won by trophies by cheating.

Oldco Rangers were fined £250,000 for failing to tell the Scottish Football Association and Scottish Premier League that millions of pounds were paid to dozens of Ibrox players via Employee Benefit Trusts between 2000 and 2011. But the club's fears that they would be stripped of league titles won during those years proved to be unfounded.

The penalty is effectively meaningless as the Oldco is being liquidated and is in no position to pay. The Newco management, led by chief executive Charles Green, is not liable for the fine imposed yesterday by an SPL-appointed Independent Commission under Lord Nimmo Smith.

Rangers were found guilty of deliberately failing to disclose payments, contrary to the governing bodies' rules, but crucially the Commission found that the club had not done so to gain a competitive advantage. Instead it had been done so as not to prejudice the tax advantages of the EBT scheme. The Commission also found that despite the undisclosed payments, the players involved were still properly registered and eligible to play.

Rangers' position has always been that their use of EBTs while Sir David Murray was in charge was disclosed in the company accounts. The payments were ruled not to be irregular in breach of the SFA or SPL rules, but the failure to disclose them to the authorities was. There was also a guilty verdict on a charge of failing to comply with the SPL's requests for documentation in the early stages of the investigation.

For months, Rangers had feared being stripped of titles won in 2003, 2005, 2009, 2010 and 2011, and the relief around the club was palpable. "I am delighted in many ways by the decision," said McCoist. "I know how hard it is to achieve success on the pitch and the suggestion that somehow Rangers sought to gain unfair advantage was deeply insulting to me and others who had worn the Rangers jersey with immense pride."

Despite the guilty verdict, though, both McCoist and Green criticised the SPL for devoting so much time and so many resources to the investigation. "I found the whole approach by the SPL utterly bizarre and misguided," said McCoist.

Green also welcomed Nimmo Smith's findings and criticised the SPL for setting up the Independent Commission. He stressed the SPL had initially wanted him to agree to titles being stripped as a condition of his Newco gaining SFA membership last summer. "It is abundantly clear from the ruling there was no attempt to secure any unfair advantage or to cheat, as so many people asserted without giving any regard to the actual evidence.

"At no stage have I, nor anyone now involved in the running of this club, questioned the integrity of the Commission members. What I did question was a process which some people had predetermined. It is a matter of fact that people in the SPL wanted me, at first, to surrender titles as part of a deal to enable Rangers to play as a member of the SFA. I rejected and resisted that suggestion and today's decision vindicates the position of the board and the supporters.

"It is fair to say that there was, at one stage, a very unhealthy desire to press on with an investigation into this matter when cool heads and clear thinking was required. Instead, there was a frenzied atmosphere around Rangers caused by the insolvency situation. This issue could have and should have been dealt with by the board of the SPL rather than embarking on an unnecessarily grand and expensive process. I am left with the impression this has been much ado about very little and a great waste of energy, time and money.

"I think I speak for all Rangers fans in saying now, enough is enough. It is time everyone moved on. There are considerable challenges ahead for this club and Scottish football as a whole. That is where all efforts and energy should now be focused. We, as a club, will work with all parties who have the good of the game at heart. The dark days are over and it is time now for all to embrace our ambition for a brighter future."