Rangers have had an appeal against a 12-month registration embargo rejected by a Scottish Football Association tribunal.
The Ibrox club had the sanction imposed on them last month for four breaches of the governing body's rules, as well as being fined £160,000.
Wednesday evening's appeal hearing at Hampden ruled the original decision of a disciplinary tribunal was sufficient punishment for Rangers' breaches of the Scottish FA's rules, in particular their failure to pay income tax on employee salaries.
The three-man panel ruled the ban on signing players aged 18 or over was sufficient because the maximum punishment available within the disciplinary framework, a fine of £100,000 "was inadequate as a punishment for this misconduct".
Despite an embargo not appearing as a suggested sanction, the initial tribunal utilised a clause allowing them to impose any additional punishment it saw fit for the club bringing the game into disrepute.
Richard Keen QC represented Rangers at the hearing at Hampden, which was heard by Lord Carloway, Craig Graham and Allan Cowan.
Should the club wish to take the matter any further, FIFA's Dispute Resolution Chamber is their next port of call, followed by a potential case to the Court of Arbitration for Sport.
Rangers are also currently under an automatically enforced Scottish Premier League embargo on signings as a sanction for going into administration. Neither the Scottish FA or SPL bans prevent the club from selling its players.
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