That's how I read it.........the BBC Sport Page too:
Rangers: in or out?
The company which had run Rangers until 14 June 2012 will shortly be liquidated
A new company (newco) has bought Rangers' assets, including Ibrox Stadium
The newco wants to replace the old company in the Scottish Premier League
An 8-to-4 majority of SPL member clubs, including Rangers, is required for the newco to be admitted
If 5 or more clubs vote no, Rangers will need to apply to be admitted to Scottish Football League Division Three