Published Tuesday, 24 April 2012
Ibrox Stadium home, to Glasgow Rangers Football Club. (© Getty)
On Monday night the Scottish Football Association's judicial panel ordered the club to pay out and enforced the ban after they were found guilty of five charges in relation to their finances and the appointment of Craig Whyte as chairman.
Whyte - who has been given a lifetime ban from the club - had been disqualified as a director for seven years in 2000.
But joint administrator David Whitehouse said firm Duff and Phelps have written to the SFA chief executive requesting an "immediate expedited appeals process".
This, in turn, cannot be in the interests of Rangers Football Club or Scottish football in general.
"Not only in our opinion do the panel fail to have properly apportioned culpability between the club and Craig Whyte, they appear to have rendered a penalty which could have a very detrimental effect on the ability of the administrators to achieve a sale of the business or a Company Voluntary Arrangement.
Duff and Phelps say the sanctions could affect attempts to secure a bidder to take over the club.
Paul Murray's Blue Knights have already requested more time to finalise their plans before any announcement is made on a preferred bidder, while American businessman Bill Miller had previously asked for written assurances that there would be no football sanctions next season.
"The football authorities are fully aware that we are in the throes of an extremely complex insolvency situation," added Mr Whitehouse.
Meanwhile manager Ally McCoist has told Rangers TV they will be fighting back against the sanctions, which he said could "kill" the club.
"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.
"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."
McCoist also said the Scottish public deserves to know the names of the three members of the judicial panel tribunal.
"Make no mistake about it, this is an SFA decision. They have appointed the panel so therefore they are working for the SFA, but who are they?
"I think we have a right to know who is handing out this punishment to us, I really do."
"You can guarantee we will be fighting back," he added.
© UTV News