owner Craig Whyte, the only person still facing charges. On 4 November 2015, the club's PLC owner, Rangers International Football Club, announced a loss of £7.5m for the year ending June 2015. This meant the company was required to find approximately £2.5m in order to cover expenses for the rest of the season. Moreover, the outcome of HMRC's appeal against the decision of the First-tier Tribunal regarding the previous owner and its use of EBT's. The Court of Session ruled that the use of employee benefit trusts broke tax rules; therefore, the payments were eligible for tax deductions, although an appeal to the Supreme Court was sought less than a month later and granted in March 2016. This judgement caused debate in Scottish football as many people erroneously believed the decision made by the Nimmo Smith commission not to strip Rangers of titles was based on the outcome of the tax case. Coincidentally, the commission's ruling was taken to an arbitration tribunal by the club's owners with RIFC PLC disputing its liability for the £250,000 fine plus £150,000 in additional costs, imposed on the company that previous owned the club. The SPFL subsequently imposed this on the new owners of the club as part of the terms of the five-way agreement. An independent SFA tribunal ruled that RIFC PLC was liable for the fine in March 2016. Further legal matters occurred a week later, although not directly involving Rangers, as Mike Ashley lodged a challenge to the SFA's decision to pass King as a fit and proper person by seeking a Judicial review; however, the litigation was abandoned in April 2016 after his legal team received information about King's finances which the SFA used in their fit and proper deliberations. Ashley had also raised court proceedings against Dave King, accusing him of breaching a court injunction regarding the commercial agreements between Rangers and Sports Direct; however, the Royal Courts of Justice dismissed the motion for him to be jailed. A further accusation that King committed contempt of court was also dismissed. In the end, the court action against King was discontinued by Sports Direct as the company halted litigation, claiming a breach of confidentiality, in relation to a commercial deal, which the judge called "ridiculous". The end of November saw the PLC's annual general meeting; however, prior to this, Mike Ashley continued with his ligation against the company and successfully