Rangers boss Ally McCoist has claimed that sanctions imposed by the Scottish Football Association's judicial panel could 'kill' the club.
The Glasgow giants were hit with a £160,000 fine and 12-month embargo on signing players aged over 17 after being found guilty of five charges in relation to their finances and the appointment of Craig Whyte as chairman.
Administrators Duff and Phelps have requested an immediate expedited appeals process, saying the punishment could further hamper their hopes of naming a preferred bidder.
McCoist fears the SFA sanctions could prove to be the fatal blow to the stricken club's hopes of survival.
"Plain and simply, I think it is an absolutely shocking decision," McCoist told Rangers TV.
"Like everyone else involved - our team, our supporters, our staff and a lot of neutrals - I am staggered at the severity of the punishment.
"This decision could kill our football club, simple as that. Make no mistake about it.
"This panel is not totally to blame for the death of our football club, if it happens, but this particular decision could kill our football club.
"You would hope there would be sympathetic ears within the SFA over an appeals process, but you just don't know what is coming next.
"It is complete and utter guesswork."
McCoist also called for the three members of the judicial panel tribunal to be named, while claiming the SFA must share responsibility for the verdict with the independent body.
He said: "I found out the decision last night and I was shocked and absolutely appalled by the way this supposedly independent judicial panel was coming down on us in this form.
"Who are these people? I want to know who these people are.
"I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.
"Make no mistake about it, this is an SFA decision.
"They have appointed the panel so therefore they are working for the SFA, but who are they?
"I think we have a right to know who is handing out this punishment to us, I really do."
The Ibrox boss added: "In terms of our supporters, again they have received another kicking and we just feel it's time to start fighting back.
"You can guarantee we will be fighting back."