Scottish Football Association chief executive Stewart Regan admits a show of unity will be required if the 'financial consequences' of the Rangers saga are to be overcome, with the Old Firm outfit having been dropped into the third tier of Scottish football.
The 30 members of the Scottish Football League met on Friday to debate which league the newco at Ibrox should be placed into.
The Scottish Premier League and SFA were hopeful Rangers would be parachuted into the First Division, with Regan previously claiming that putting the Ibrox club into the Third Division would bring financial catastrophe and a 'slow, lingering death' of the game.
Twenty-nine of the 30 SFL clubs accepted Rangers as an associate member of the SFL, while 25 clubs voted in favour of placing the newco team into the bottom tier.
In a statement released by the SFA, Regan said: "In light of today's decision by the members of the Scottish Football League, the Scottish FA is committed to leading the challenge to reinvigorate the national game.
"This challenge requires the collective effort not just of the Scottish FA but the respective league organisations and all member clubs.
"Today is a watershed for Scottish football. There will, undoubtedly, be financial consequences on the horizon.
"None the less, with togetherness, an open mind, and innovative thinking, there can also be opportunity: opportunity to restructure the game and promote competitiveness, to place greater emphasis on development of young Scottish talent and to support the financial sustainability of clubs through the Financial Fair Play model.
"The Scottish FA has offered guidance and support to the respective league bodies during this process.
"The SPL and SFL enter a crucial phase ahead of the new season and they must reach agreement on the practical issues that require to be addressed within their jurisdictions.
"Ultimately, there must be an outcome that enables Scottish football to move on with consensus, clarity and confidence into a new era for the national game."