Rangers newco chief executive Charles Green has admitted that the club may have to accept a transfer embargo if they are to be accepted into the Scottish Football Association.
The club have already lost a host of players as they prepare for life in the Scottish Third Division.
It was announced earlier today that Dundee would be invited to take the place of Rangers in the Scottish Premier League.
Speaking of the issues related to talks with the SFA, Green told Sky Sports News: "I gave a verbal agreement to transfer the oldco share across to Dundee and we've now got verbal agreements with both the Football League to admit us into Division Three and on issues outstanding with the SPL.
"The real key now for Rangers fans are the issues outstanding with the SFA - most of the agenda items that have been talked about for weeks and weeks: the transfer embargo, fines that were put out there, and payments to football clubs that had happened for previous transfers."
Green added that he felt the SFA's comments that demoting the club to the third division was not a punishment were unfair.
He said: "At one meeting today it was explained that being demoted to the Third Division is not a punishment. I'm not very bright but I struggle with that one, to see that leaving the SPL and ending up in the Third Division is anything but a punishment.
"The difficulty we have is we've been working for many, many weeks now on these issues and there is a point where unless I as CEO accept sanctions then we won't be granted permission to join the SFA."
The famous Glasgow club are due to be relaunched in the Ramsden's Cup first round against Brechin at Glebe Park on July 28.
Pascal Lemesre
