Scottish Premier League clubs meet today to discuss the fall-out from the decision to place the Rangers newco in the Third Division.
A number of club chairmen, including Stewart Gilmour of St Mirren, have warned they face dire financial consequences as a result of the vote.
Some say that up to five SPL clubs could follow the Ibrox club into administration by the end of August.
But it appears increasingly unlikely that clubs will do an about-turn and invite newco Rangers back into the SPL.
The meeting comes as First Minister Alex Salmond was asked to consider using his influence with BSkyB boss Rupert Murdoch as a means of easing the crisis facing the Scottish game.
BSkyB's multi-million pound TV deal funds Scottish football and without it, SPL clubs believe they face financial ruin.
There have been warnings that, without Rangers in the SPL, Sky will cut the value of its annual contract by £10million.
Inverness Caledonian Thistle yesterday held a "crisis meeting" to discuss the club's future in the wake of the Rangers decision.
The club reaffirmed its opposition to the Rangers newco joining the SPL.
Chairman Kenny Cameron said in a statement: "We are one of the few clubs with no bank debt whatsoever, so our position is very far from immediately threatening, as has been alleged.
"It is important that our supporters keep making their contribution via season ticket sales.
"We took their views on board and continue to hold the position that not allowing 'newco' Rangers into the SPL is the correct decision."
And there were increasing calls over the weekend for SPL chief executive Neil Doncaster and his SFA counterpart Stewart Regan to consider their positions.
Both Hearts and Dundee United dismissed suggestions that the SPL's rejection of the newco Rangers would be reversed or that a breakaway was possible.
United said in a statement: "The club would not support any counter proposals for the formation of SPL2 or regarding any other route for The Rangers Football Club to join the SPL."
Hearts managing director David Southern said: "We certainly do not plan to go over any old ground.
"Rangers, as has been elected, will play in Division Three. That's how it stands at the moment and that's how we fully expect it to stand at 5pm today."
Mr Gilmour revealed his own club were among those battling to stay solvent after Scottish Football League clubs rejected a plan to place the relaunched club in the First Division.
He accused SFL clubs of damaging Scottish football by insisting that Rangers go into Division Three.
Queen of the South, one of the few clubs who voted for the First Division plan, hit out at Regan and SPL counterpart Neil Doncaster.
The Dumfries club said they only voted for the First Division plan because they believe it is inevitable the newco Rangers will end up in the second tier, and wanted to ensure reform such as top-flight play-offs came with it.
A statement read: "We have been incredibly disappointed and angry at the actions and leadership of the senior members of the SFA and SPL throughout this whole saga.
"There have been statements, both public and private, that have amounted to little more than threats.
"The dialogue has been negative, focusing on and exaggerating the possible 'Armageddon' rather than rallying and actively trying to find solutions that all clubs and, more importantly, supporters would feel comfortable supporting.
"More importantly, the message from the governing bodies was that, even with a 'no' vote, they would continue to pursue the newco Rangers playing in one of the top two tiers."
There remains scepticism among many SFL clubs that the Ibrox club will start off in the bottom tier following Regan's earlier comments that he could not allow the game to suffer a "slow, lingering death".
Clyde this weekend hinted that Ibrox chief executive Charles Green had been promised by Regan that such an outcome could not come about amid warnings of an SPL2 breakaway. The television deals are the biggest cause for concern.
Sky and ESPN were due to sign an £80m five-year deal this summer, although their existing £13m annual contract has a year left to run.
Doncaster told SFL clubs that a total of £18.7m would be lost to the SPL if the Third Division option was taken, all but £1m from broadcasting deals.
The SPL chief has apparently valued TV revenue at just £3m if the Rangers newco was made to start in the Third Division but Sky has maintained its silence while ESPN has said it "wants to have a continued relationship with Scottish football".