Rangers have vowed to continue to contest the £250,000 fine that has been imposed on them by the Scottish Professional Football League.

Earlier today, the governing body's judicial panel ruled that the punishment, which was imposed after the Scottish Championship club had breached rules of their use of employee benefit trusts for players, was warranted.

However, in a statement to the Stock Exchange, the Glasgow-based outfit have revealed that they now intend to take the matter to arbitration.

"Further to the announcement on 17 December 2014, Rangers Football Club Limited (the "Club") lost the appeal with the Judicial Panel of the Scottish FA on 13 January 2015 in respect of the EBT Commission fine of £250,000 levied on RFC 2012 PLC (previously The Rangers Football Club plc) (in liquidation). The club will now take the matter to arbitration," read the statement.

The finding of the arbitration will be binding for all parties concerned.