Paul Murray has revealed Rangers owner Craig Whyte is refusing to sell his shares in the club to his Blues Knights consortium.
Former Ibrox director Murray is one of five bidders trying to gain control of Rangers following their move into administration last month.
Whyte removed Murray from board when he took control of Rangers last summer after a boardroom row over the fact he was opposed to Whyte's takeover.
Administrators Duff and Phelps are keen to have new owners in place by the end of the season, but Murray admits Whyte's stance may force him to reconsider his bid for the cash-strapped club.
"I've spoken to the administrators about this today and been told by them that Whyte is not prepared under any circumstances to sell his shares to my consortium," Murray told the Daily Record.
"The administrators have told me they are prepared to take legal action to deal with this issue.
"While I was pleased to hear them say that, as things stand the Blue Knights cannot be successful. I have little choice but to consider our position.
"What is the point in us presenting a bid we know will not be accepted?
"Unless I can legally obtain Whyte's shares I cannot enter into discussions about how best for the club to exit administration through a CVA (Company Voluntary Arrangement).
"This is fundamental to our plans to stop the club going into liquidation. While I am hugely disappointed in Whyte's actions I can't say I'm surprised."