Dave King is could face £14m bill for breaching financial rules during the takeover.
The Takeover Appeal Board ends two years of proceedings which found the Scotsman acted in concert with three other businessmen to acquire a controlling share in Rangers International Football Club (RIFC).
After Norman Crighton was voted off the RIFC board the three men acquired shares in RIFC held by Laxey Partners who sold a 19.48 per cent stake.
The panel found that one of the men, George Letham, was aware Dave King had interest in RIFC shares and has been in concert with him since summer 2014.
The TAB ruling states:
“Mr King was aware that Laxey was unwilling to sell its Rangers shares to him, but that it was willing to sell them to Messrs George Letham, George Taylor and Douglas Park, who wished to acquire them and did acquire them on 31 December 2014.”