I think what people forget is, before Moonbeams Murray started throwing silly money about, The top tier of the Scottish game was very competitive. Aberdeen, Dundee United, Hearts and Hibs were frequently in the hunt for trophies. Both Rangers and Celtic finished in 5th spot on at least one occassion in the days before the Souness revolution.
All these clubs went deeper and deeper into debt trying to compete financially with Rangers. They bought expensive imports, many of whom couldn't lace the boots of the players they replaced, and paid ridicolous high salaries.
At the time of Celtic's near demise Murray famously stated "For every £5 pound Celtic spend Rangers will spend £10".. and they did.
It's just a pity it wasn't their own money
The news isn't getting any better for the club who were Rangers
http://www.bbc.co.uk/sport/0/football/18496571
"The Scottish Premier League says Rangers have "a prima facie case to answer in respect of [league] rules" over payments to players."
The history may have to be rewritten of the old Rangers to remove a few titles they won illegally.