It would cost Scottish football’s governing body well into six figures in legal fees to be granted permission to hit the Ibrox side with a £5,000 fine.
A £10,000 fine and suspension from the game for a year is another possible punishment, but that remains highly unlikely.
Though the money may be better spent elsewhere, the SFA fear a backlash from supporters and other clubs if they were to let the case drop.
It was announced on Thursday that the Glasgow club’s legal team had successfully argued that the issues surrounding the licence for the 2011-12 season would need to be dealt with by the Swiss-based court under the terms of the five-way agreement, which allowed Rangers to continue playing in 2012.
Rangers refused to accept a notice of complaint issued in May by the SFA compliance officer which raised two charges relating to complying with UEFA rules, observing the principles of sportsmanship and “behaving towards the Scottish FA and other members with the utmost good faith”.