Ally McCoist has vowed to rebuild newco Rangers if they are demoted Irn-Bru Third Division.
The Scottish Premier League rejected newco Rangers application to be allowed into the top flight on Wednesday and the Scottish Football League will vote on accepting the newco next week.
McCoist has admitted he would accept the club joining the Third Division and he is anxious that the relaunched Rangers are allowed to develop without sanctions relating to the old company's misdemeanours with the club currently only having 13 players on the books
"I have had something in the region of six players turn up for pre-season training," noted McCoist. "Two of them would be considered regulars last year.
"We have to rebuild, so SFL3 would give us a better chance to rebuild.
"They might want to put us into SFL1 with more sanctions. I don't know if that's the case but we've got a transfer embargo hanging over us.
"It's impossible. How can I have a transfer embargo with six players? That is just absolute madness.
"All I would ask for is to be treated the same as everyone else."
McCoist also admitted he feels for the club's fans and believes they deserve an apology for the events that have unfolded at Ibrox.
"We have been deducted 10 points, we were fined £160,000, we had our Champions League place taken away from us, we are out of Europe for another three years. That's quite a lot at the moment," added McCoist.
"I think now is perhaps the time to say 'okay, we have been punished'.
"We have all suffered enough. Everyone in Scottish football has suffered.
"I said at the SPL meeting, believe me, no one is more angry, disappointed, embarrassed, apologetic, than me.
"This should not have happened to our football club.
"Our fans more than anyone deserve an apology. They have been kept in the dark."
The club say they have lost 11 players who objected to the transfer of their contracts from Rangers to Sevco.
"It's an extremely difficult from the club's point of view, which is obviously my most important factor," McCoist said.
"It was a devastating blow, but one we will recover from.
"We need to bring in 10, 12, 14 players. Since January we have lost in the region of 21 players.
"We have to start rebuilding and indeed replacing."
McCoist suffered yet another blow on Thursday when he was left with no pre-season games after a three-match trip to Germany was cancelled by tour organisers. Southampton and Le Havre had previously withdrawn invitations for friendlies.
"It's appalling," noted McCoist. "The people suffering most are our fans.
"They have paid for hotels, buses, boats and all of a sudden the trips have been cancelled through circumstances certainly outwith their control and outwith our control.
"Again, who does it hurt most? Our supporters."