Rangers have not yet met the necessary criteria to play in the Scottish Premier League in the 2012/13 season.

STV can reveal the league's board has responded to the club's request for a "period of grace", in order to submit audited accounts and adhere to the SPL's financial disclosure requirements.

SPL rules allow for a time extension to be granted and Rangers have been given until mid-June to satisfy the rules, having missed the original March 31 deadline.

A spokesperson for the league told STV: "Rangers FC made an application for a period of grace in terms of SPL Rule A2.7 in which to provide certain documents required by the SPL Financial Disclosure Requirements.

"The SPL Board granted a period of grace until Friday 15 June 2012 for the documentation to be provided. The matter will be reviewed further at that time."

Appendix three (Financial Disclosure Requirements) of the SPL rules state member clubs "are required to comply with...all of the Finance Criteria in section eight of the Scottish FA's national club licensing manual".

Although clubs do not need to be in possession of a Scottish FA national club license, the SPL's rules clearly state they must comply with the governing body's criteria in the area of financial disclosure.

Rangers, to date, have not yet met the criteria as they have not provided audited accounts for the year ending 2011.

To satisfy the SPL's membership criteria to play in the division, clubs must comply with the financial disclosure requirements of the league.

The SPL board has the power, contained within rule A2.7, to relax the criteria when it deems it applicable, stating: "The board may in its absolute discretion waive, relax or grant a period of grace in respect of any club's or candidate club’s requirement to comply with any part of the membership criteria and/or rules A2.6 and H6.1."

If a club which is already a member of the league fails to meet the membership criteria, the SPL is able to impose any sanction it sees fit from its list of potential punishments, which range from a fine or censure to expulsion from the division.

The decision to punish Rangers if they ultimately fail to meet the membership criteria would be decided by a general meeting of all SPL clubs.

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