A scheme that would prove to be that club's downfall and one that tarnished the Scottish game's reputation.
However, it now appears that some form of justice to the British taxpayer maybe at hand.
Yesterday the Daily Record reported that following the Chancellor of the Exchequer's recent budget statement, payback day is approaching for the recipients of EBTs.
To you and I, when we take out a loan, it is on the understanding that you pay it back - either in full or agreed monthly instalments over an agreed period of time.
Only it seems that those who benefited from 'loans' under the EBT scheme seemed to be harbouring the impression that repayment was something done by other mugs.
It would appear the use of the term 'loans' was a ruse to cover up that on top of normal wages, there would be a little more extra heading into the pockets of those employed at Ibrox (and keep schtum matey lest everyone else tries this EBT lark).
Between 2000-2010, players and certain members of staff at Ibrox raked in a total of £47.76million via EBTs - and yet, repayment of this sum has been very slow in coming.
As the Daily Record article states, EBTs were outlawed under the 2011 Finance Act but there remains a big pot of money that hasn't been repaid - and now the Treasury wants what they're owed.
After all, schools, a National Health Service, transport links and other essentials that the ordinary law-abiding taxpayers contributes towards the upkeep of need to be provided for.
Those who try and duck out of their obligations to the British state would be 'scroungers' in most people's book - even if you were once employed by a now-defunct football club.
This Daily Record piece from 2012 shows who benefited from the EBTs and by how much.
Given the all-out war declared over the years on those supplementing their meagre dole cheque with a little bit of cash in hand work on the side, it is only fair that high-earners also 'playing the system' should be held accountable for their actions.
There have been some on the EBT list who have tried to plead ignorance on the matter and no doubt others will try to as well.
Ignorance is not a defence m'lud.
Cheating the taxman and cheating Scottish football.
The EBT recipients and their acolytes will foolishly maintain that despite the big cash bonuses they were receiving on the side, all the games won, goals scored and trophies collected were done on the pitch - not within the bank accounts.
Except these poor, misguided soon-to-have-Hector-knocking-on-their-door fools forget one crucial aspect of this controversy.
Had the now-long-since-deceased Rangers FC 1872-2012 not offered them these (ahem) 'loans', they would not have been on the pitch to begin with.
Chances are, most - if not all - would have headed off down south or the European mainland to chase the big money contracts that enticed them to Ibrox in the first place.
And if there was no unsporting advantage, why didn't their then-employers (now longer operating following 2012's liquidation) fully disclose what they were doing and present other clubs with the opportunity to take advantage of this super-dooper scheme to pay big wages to players (taxpayer be damned)?
Don't expect an answer any day soon - that would involve admitting all they did when employed at Ibrox between 2001 and 2010 was a sham.
Which it was.