It seems almost surreal to read the first line of the wikipedia entry: "Rangers Football Club was a football club based in Glasgow, who played in the Scottish Premier League until the end of the 2011-12 season." One hundred and forty years, fifty league titles, and a history as rich in drama, tragedy and glory as you'd find at any club; all of it reduced to ashes in so short a time it hardly seems possible.
A very sad situation for the fans, and for Scottish football generally. The fall in revenues is going to hurt a lot, so it would have been tough to blame the other clubs for letting Newco Rangers straight into the Premier League. But they've made the right decision in saying no. The alternative was to set a precedent that the rules should vary according to a club's popularity - a death knell to any sense of fairness in football.