Rangers manager Ally McCoist has claimed that sanctions imposed by the Scottish Football Association's judicial panel could "kill" the club.
The Glasgow giants have been hit with a £160,000 fine and 12-month embargo on signing players aged over 17 after being found guilty of five charges in relation to their finances and the appointment of Craig Whyte as chairman.
Administrators Duff and Phelps have requested an immediate expedited appeals process, saying the punishment could further hamper their hopes of naming a preferred bidder.
McCoist fears the SFA sanctions could prove to be the fatal blow to the stricken club's hopes of survival and told www.RangersTV.tv: "Plain and simply, I think it is an absolutely shocking decision.
"Like everyone else involved - our team, our supporters, our staff and a lot of neutrals - I am staggered at the severity of the punishment. This decision could kill our football club, simple as that. Make no mistake about it. This panel is not totally to blame for the death of our football club, if it happens, but this particular decision could kill our football club.
"You would hope there would be sympathetic ears within the SFA over an appeals process but you just don't know what is coming next. It is complete and utter guesswork."