The leading clubs in the country are set to meet at Hampden on Monday to discuss changes to their financial fair play regulations with a £16million-a-season contract still unsigned. And the SFA is also set to hear an appeal from the Ibrox club against a £160,000 fine and a 12-month transfer embargo imminently.
American businessman Bill Miller, who was yesterday named by administrators as preferred bidder, wants both governing bodies to ditch plans to punish the club.
If they do take action it could force a Rangers Newco to start off life in the Third Division – or play with a team of kids in the SPL. And hard-hitting sanctions against the crisis-hit Govan
club will have far-reaching repercussions for the Scottish game.
It is a condition of the existing TV contract that Rangers and Celtic are both in the same league, and an insider at Sky said: "Clearly, it would have huge ramifications for what is on offer if Rangers are not in the SPL and we are monitoring the situation."
Ross Hair, ESPN managing director for Europe, the Middle East and Africa, has confirmed his company is keen for a full-strength Rangers to remain in the SPL.
He said: "We want to see that situation stabilise and Rangers back in the fold. We think it's very important that Rangers and Celtic are part of that league and I'm sure that would be the same for every fan.
"We're very pleased with our long-term relationship with the SPL and we look forward to that situation stabilising itself."
ESPN's current agreement with the SPL runs until 2017, but there was a cooling-off this summer for both sides to review and Neil Doncaster confirmed this week the contract has not been signed.
It has been predicted the loss of much-needed TV income in the biggest financial downturn in modern times could force several top clubs out of business.
The SPL clubs adjourned a meeting last Monday at which they were scheduled to vote on new FFP rules in order to gain greater clarity on the situation.