Motherwell say they will be forced to opt for "the least worst option" when asked to vote on whether a 'newco' Rangers should be granted entry to the Scottish Premier League.
The SPL clubs will decide on July 4 whether or not Charles Green's new Rangers will be allowed to play in the top flight, with the Fir Park side claiming they face a complex and difficult decision.
A Motherwell statement read: "The 'Newco' issue is often portrayed as a straight choice between preserving sporting integrity and clubs accepting a reduction in gate money together with potentially a significant amount of commercial revenue. In reality it is far more complex than that."
It added: "We are fully aware that an overwhelming majority of our fans and most others, who have so far expressed an opinion, are totally opposed to 'Newco' being allowed immediately back into the SPL.
"The club has been flooded with correspondence from supporters of many clubs which ranges from fully-reasoned arguments to direct threats concerning the consequences of a vote either way."
Motherwell were very aware that voting to exclude the Rangers newco could have a major financial impact
"The consequences of five or more clubs voting no to 'Newco' do also need to be understood and fully taken into account," the statement continued.
"In addition to lower gate receipts, we are likely to lose an as yet unquantified amount of commercial revenue with a specific risk around TV payments."