Ex-director Imran Ahmad’s court victory on Friday froze over £600,000 of the club’s £1.2 million cash reserves, leaving Rangers struggling to fulfil payroll commitments.
Rules brought in after Hearts’ crisis means Rangers will be hit with an instant registration embargo if they default on payments - and the Gers could face further sanctions including docked points or exclusion from the league.
Ibrox staff are due to be paid on September 25th, but sources believe the club could be cutting it fine with a monthly cost of around £700,000 to meet.
The regulations the club are at risk of breaching were brought in by the old SPL, and carried over into the newly-created SPFL rulebook.
They focus on breaches of player, coach and management remunerations.
Rangers now face a sweat as they look to avoid punishment with the introduction of a £4 million share offer.
But any money raised will see a six-figure sum taken off for costs, as well as £1 million to cover George Letham’s loan.