Newco Rangers is the common name being used to describe the new football club formed to replace Rangers F.C., which entered liquidation procedures on 14 June 2012. It now owns the assets of Rangers, and several players have agreed to transfer their contracts from Rangers to the club. After an application to join the Scottish Premier League was rejected, an application to play in the Scottish Football League was accepted with the club being placed in the third division, this has yet to be ratified by the SFA.