Dundee United chairman Stephen Thompson doubts whether Scottish Premier League clubs would at present vote a Rangers 'newco' into the league.
Charles Green's consortium are hoping to take the Ibrox club out of administration through a Company Voluntary Arrangement (CVA) next Thursday but if that is unsuccessful the former Sheffield United chief executive would attempt to transfer the club's assets to a newco, including Rangers' share in the SPL.
The other 11 SPL clubs would decide whether the newco could replace the existing Rangers in the league. Thompson told BBC Scotland: "I'd have my doubts whether they'd get sufficient votes to get back in."
Amid their bid for survival, Rangers have been fighting footballing sanctions handed out by the Scottish Football Association and successfully overturned a 12-month transfer embargo at the Court of Session, with the issue returning to the SFA's appeal process.
Thompson believes that move has not helped the Govan club's bid to ultimately remain in the SPL.
"It wouldn't be just a simple yes or no vote, they'd have to negotiate their way back in again," he continued. "That might not be easy for them. There's been a lack of remorse shown. Views have hardened. Taking things to a court of law hasn't helped. That's certainly hardened views of people within the game.
"Next week the CVA will be decided. Next week will be the turning point and we'll see where it goes from there."
Thompson has received "emails and letters in the hundreds" from fans opposed to a Rangers newco being admitted to the SPL and he suspects the issue is already having an effect on season ticket sales.
"One or two are holding back, I've no doubt about that and that affects what I'm capable of doing with regard to bringing players in," said Thompson who revealed he is in talks with manager Peter Houston's agent about a new deal.
"It's not just people who are 15, 16-years-old on message boards, I'm talking about people writing in who have been season ticket holders for 30 or 40 years with very, very strong feelings. It's damaging for the game. Most fans of other clubs outside Rangers are fed up with the whole scenario. All we really want is clarity so that we can all move on."