Rangers Football Club plc and Sevco Scotland agreed to waive any claims on Scottish Premier League prize money last summer in order to be granted entry into the Scottish Football League.

In a statement of affairs letter circulated to creditors by liquidators BDO, it was confirmed that the oldco and the newco had to accept the condition to allow Rangers to play in the Irn-Bru Third Division this season.

The club were due £2.1m for their second-place finish in the Clydesdale Bank Premier League in 2011/12. However, last summer, negotiations were held between the Scottish Football Association, the SPL, the SFL, oldco and newco to allow Rangers to take their place in the third division.

The detail of the five-way agreement has never been made public, but after being asked by creditors and shareholders, BDO have confirmed one aspect of it. "The right to this prize money was sold to Newco as part of the business and assets of the Company," BDO said in the circular. "Subsequently, to gain entry into the Football League, both Newco and the Company agreed to waive any rights to this money, which was retained by the SPL."