In 2012, The Rangers Football Club Plc became insolvent and entered administration, resulting in liquidation when an agreement could not be reached with its creditors. Its business and assets, including Rangers FC, were bought by a new company, to which the club's Scottish Football Association membership was transferred in time to enable Rangers to relaunch in the Scottish Football League's Third Division at the start of the 2012–13 season. After relaunching in the fourth tier, the club won the Third Division title in 2012–13, and followed it up with the Scottish League One title in 2013–14 to reach the second tier for the 2014–15 season.
In domestic football Rangers have won more league titles and trebles than any other club in the world, winning the league title 54 times, the Scottish Cup 33 times and the Scottish League Cup 27 times, and achieving the treble of all three in the same season seven times. In European football, Rangers were the first British club to reach a UEFA tournament final. They won the European Cup Winners' Cup in 1972 after being runner up twice in 1961 and 1967. A third runners up finish in Europe came in the 2008 UEFA Cup.
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