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.
Charles Green, who is leading the consortium in place to buy the club, said the Rangers 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, offering little respite for the Glasgow club for bringing the game into disrepute over their non-payment of tax last season.
The club, who currently owe more than £21m, could face ejection from the Scottish Cup or suspension or expulsion from the game in general.
Mr Green, whose offer to creditors will be voted on on June 14, recognised the club had placed themselves in a difficult situation but insisted they had little choice.
The case was referred back to the SFA's appeal stage, which would leave Rangers with no recourse for appeal if the new tribunal gives them an additional punishment within their rules.
In a statement, Mr Green said: "On behalf of the consortium purchasing Rangers Football Club, it is my firm view that it is vital for the issue of the SFA player embargo to be resolved and neither I nor my investors wish to see an outcome that would be to the detriment of Scottish football. Throughout this process, the club, the administrators and the supporters have taken the view that any sanction against Rangers - due entirely to the misdeeds of individuals no longer at the club - should be proportionate.
"We and the administrators did not want to take the matter to a civil court at all. Unfortunately, the SFA's own articles fail to include a specific provision permitting appeals to CAS and the Judicial Panel Protocol contains a rule which prohibits any form of appeal to CAS or any other body.
"Our position has been endorsed by Lord Glennie in the Court of Session. The club was prohibited from appealing to CAS by the SFA's own rules."
That was quickly refuted by an SFA statement which stressed Rangers took their court action without exploring any other option.
It read: "In referring the matter to the Court of Session, Rangers FC utilised the court's right of Supervisory Jurisdiction contained within Scots Law. Given that any two parties can seek arbitration, the club was not 'prohibited from appealing to the Court of Arbitration for Sport', as was claimed.
"Indeed, no representation was made by the club to the Scottish FA to discuss the possibility or the process of seeking arbitration via the Court of Arbitration for Sport."
Article 62.2 Section (m) of the SFA’s Articles of Association gives the governing body’s Board the power to refer any case to arbitration.
It states: “Without prejudice to the general powers conferred by Article 62.1 and of the other powers conferred by these Articles, it is hereby expressly declared that the Board shall have the following powers:-
“(m) it may submit or refer claims by or against the Scottish FA to arbitration.”
Mr Green, though, is adamant Rangers remain committed to fighting the case within SFA rules.
His statement committed: "Rangers is a wholly committed member of the SFA and SPL and fully respects their structures. 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."
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