The Court of Session in Edinburgh has declined to give Rangers' administrators legal guidance on their bid to breach their £24.4million season ticket deal with Ticketus.
Judge Lord Hodge said he had not been given sufficient legal information to allow him to make a ruling on the issue surrounding the club's contract with Ticketus.
The judge also declined to give the ticketing company preferential treatment as creditors.
Duff and Phelps went to court last week to seek legal direction on whether they could tear up the club's agreement with Ticketus.
The investment firm's eight-figure cash injection allowed Craig Whyte to pay off the Ibrox club's bank debt and complete his takeover in May last year.
Ticketus insist they have a legally-binding agreement to receive £27million back, thought to be over three years.
However, the administrators argued that the deal could put off potential investors in the club and they sought a court decision on the status of the agreement.
Judge Lord Hodge is expected to issue a full written judgement on his findings, but a summary issued on Friday stated that he "declined to give a direction" because "he considered that the court had not been given sufficient information to allow it to make such a ruling."
Sale Sharks owner Brian Kennedy is one of the bidders interested in taking control at Ibrox, but is waiting to see what the decision means for the club.
He said: "I am taking legal advice to find out what the court ruling means with regard to the indebtedness of Rangers Football Club and until that is clarified I will be making no further comment."