Rangers might make the next move in their legal battle with the Scottish Football Association to prevent a "disaster" for themselves and the Scottish game, according to Charles Green.
Green, who is leading the consortium in place to buy the club, said their legal team would consider the options over the holiday weekend. Rangers overturned a 12-month transfer embargo in the Court of Session on Tuesday but the issue was sent back to the SFA's appeal process.
With a transfer ban ruled unlawful, SFA rules offer little respite for Rangers for bringing the game into disrepute over their non-payment of tax. The club, who currently owe more than £21million in tax, face ejection from the Scottish Cup or suspension or expulsion from the game unless a new tribunal rules the maximum £100,000 fine is sufficient for their non-payment.
The wisdom of Rangers' court action has been called into question on two counts - they now face more severe punishment for their failure to pay tax plus further potential sanctions for taking the matter to court in defiance of FIFA and SFA rules.
Green, whose offer to creditors will be voted on on June 14, recognises the club has placed themselves in a difficult situation but insisted they had little choice but to go to court.
In a statement, Green said: "We are fully aware that one of the sanctions available to the Appellate Tribunal should the matter be referred back there is the suspension or termination of Rangers Football Club's membership of the SFA.
"That in our view would be a disaster for Scottish football and a major setback to our plans to take Rangers forward after a particularly difficult period in its history.
"Equally, the alternative sanction of expulsion from the Scottish Cup is itself a very serious punishment which would also have a severe impact on Scottish football as well as on our club. We will be considering with our legal team the best way forward after the public holiday."
The SFA announced on Thursday night they would reconvene an appeals panel, but did not set a date for the hearing. Chief executive Stewart Regan added they were in consultation with FIFA over the issue.