Fallen Scottish giant Rangers has escaped being stripped of five of its world-record 54 league titles following a long-running investigation into the club's undisclosed payments to players from 2000 to 2011.

However, the company that owned the Glasgow club before it went into administration last year was fined 250,000 pounds ($380,000).

An independent commission appointed by the Scottish Premier League imposed the fine on Thursday after finding Rangers guilty of failing to disclose the use of offshore employee benefits to pay players in the 11-year period in question.

Rangers won the Scottish league five times in the period under investigation but kept those titles after the commission ruled the club "did not gain any unfair competitive advantage."

Rangers was demoted to the bottom tier of Scottish football last year because of financial problems.