I thought the story was they would start in the First Division in Scotland as "punishment" with Wee Ally staying on as manager. As TBY points out, many of the players are refusing new contracts with Rangers Newco so maybe getting back into the Premier League from the First division isn't such a given.
The best thing I can see coming out of this is that they will (probably) have to look for local players rather than the hired guns both they and Celtic have employed over the last many years so it may well lead to the birth of some new talent in Scottish Football.
The best thing I can see coming out of this is that they will (probably) have to look for local players rather than the hired guns both they and Celtic have employed over the last many years so it may well lead to the birth of some new talent in Scottish Football.