Newco Rangers chairman Malcolm Murray has insisted that an agreement with the Scottish Football Association over a transfer embargo has not yet been signed.
The SFA announced earlier on Friday that Rangers had accepted a 12-month embargo starting from 1st September as a condition of membership.
The decision would allow Ally McCoist to sign players during the current window as the new club prepares for life in the Scottish Third Division.
Malcolm says the statement was 'premature', although he accepts that the reality facing Rangers is to suffer sanctions or risk not playing at all.
"Board members, the manager and senior executives from the club have been meeting with the SFA this week with the sole purpose of ensuring the long term future of Rangers," he said in a statement responding to the SFA.
"For clarity, we have not signed any agreement yet and therefore believe the SFA's statement to be premature.
"We have had days of discussions with the SFA and it is important for everyone, but most importantly our fans, to understand that the SFA said it would only transfer the membership to play football if we accepted some form of additional sanctions for the sins of previous regimes.
"The choice is stark - take sanctions or risk not playing football at all. We do not wish to gamble with the club's future so, under duress, we have taken the difficult decision to accept some sanctions in order to move forward.
"A delayed transfer ban would be a bitter pill to swallow and will only be agreed to if the alternative is no football."
While he remains unhappy about the way the club is being treated, Murray accepts that if the transfer embargo is pushed back until the end of the summer it would give McCoist a valuable opportunity to bring new players on board.
He explained: "We would have a window in which to sign players enabling the manager to strengthen the squad which is critical for the club to start the process of rebuilding.
"We also regret that any agreement with the SFA appears not to have the support of the SPL and, as such, it still wishes to impose further sanctions on the club for the actions of previous regimes despite already voting us out of its league. This is truly astounding to everyone at the club who is now in charge of rebuilding Rangers from Division 3, particularly as the SPL are still trying to benefit from our media rights.
"Whilst we are deeply frustrated that the club and the new owners will have to accept some punishments for the sins of previous regimes, we are at the point where we have to move forward and get back playing football.
"We will all continue to work hard over the coming days in order to begin the season and play our first match next Sunday.
"Rangers fans around the world have been tremendous in their support for the club over the last six months - through what has been an horrendous period in our history.
"Supporters have been badly bruised by recent events and they more than anyone deserve to see their team playing football again. To move forward we must all now rally behind the manager and club through this rebuilding process.
"We have a long road ahead but every one of us involved in taking the club forward is committed to restoring Rangers to greatness again and we will not falter in our commitment."