During a five-hour meeting at Hampden Park, the club's administrators were granted an adjournment to the Scottish Premier League's vote on financial fair play sanctions until May 30.
Proposed rules would see greater penalties for clubs in administration and clubs who undergo an "insolvency transfer", which would see them docked 10 points for two seasons and 75% of their SPL income for three years.
The vote had previously been adjourned for seven days, but American truck tycoon Bill Miller has since been granted preferred bidder status.
He plans to move Rangers' assets, including their share in the SPL, players and premises, to a new company whilst the debts of the existing business are dealt with by administrators Duff & Phelps, with the hope the two companies are merged at a future date.
After the SPL meeting, its chief executive Neil Doncaster revealed Duff & Phelps had submitted a written request for the adjournment while they try to finalise the sale of the club.
Mr Doncaster denied he was presiding over a shambles as he explained the reason for another delay.
"I think that is very unfair," he said. "We know passions are running high, we know this is a very sensitive time for Scottish football and we know a lot of things are at stake.
"So it is very important people take time to make the right decisions and are balanced in their approach.
"The administrators, I think, felt it was appropriate that any new owner of Rangers should be involved in discussions around the sorts of issues that were considered and the clubs agreed with that."
During the meeting a rule change was proposed to ensure all the clubs will vote on whether or not a Rangers newco is allowed into the SPL.
Under current rules, an application for transfer of share to a newco would be ruled upon by the SPL board.
With an 8-4 voting system in place for that issue, it would need five dissenting clubs to deny entry to a Rangers newco, an unlikely scenario despite the bad feeling towards the Ibrox club in some quarters.
Meanwhile, it was reported that Rangers' chairman and majority shareholder Craig Whyte held discussions with one-time club bidder Brian Kennedy over the transfer of his shares.
Mr Whyte, who bought the club for £1 last May, has stated he wants the club to avoid liquidation.
Mr Miller's proposal involves a Company Voluntary Arrangement in parallel with the creation of a "newco" Rangers, but without Mr Whyte's agreement to transfer his 85% stake in the club the "oldco" would ultimately be liquidated, barring a successful legal battle.
RANGERS LATEST – Pages 42-44
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