Shareholders led by wealthy businessman Jim McColl had taken legal action to find out who was behind Blue Pitch and Margarita Holdings.
However, the information supplied by the club proved inconclusive and it is understood the requisitioners may now take their quest to the Court of Session in Edinburgh.
If 10 per cent of shareholders agree, Rangers could be forced in court to reveal the names of the anonymous money men behind Blue Pitch and Margarita under Section 793 of the Companies Act.
And with the main fans' organisations all backing McColl and his associates, they are confident they would have the support to take this course of action.
The McColl group successfully stopped Rangers from holding an AGM last month after bids to have Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson appointed directors were blocked by the board.
However, the requisitioners are believed to be keen to avoid dragging the club back to the Court of Session in Edinburgh due to the expense to the stricken club.
They have asked the board to reveal who is behind the investors, but if they fail to do so they could take further legal action.
Shareholders James and Sandy Easdale have voting proxies for both Blue Pitch and Margarita Holdings - giving them 25 per cent of the voting rights.
It remains to be seen if that would be enough to keep James Easdale and financial director Brian Stockbridge on the board when an AGM is finally held. Rangers must hold an AGM by December 31.
However, the club say the way the home fixtures have fallen this month have made it impossible to stage the meeting at Ibrox.
South Africa-based millionaire Dave King was unable to determine who is behind both Blue Pitch and Margarita on a visit to Scotland last week.
The former club director has decided not to invest in his boyhood heroes at this stage - a development which has disappointed many concerned supporters.