Glasgow, Scotland – Rangers was handed a one-year ban from signing players Tuesday, and owner Craig Whyte was suspended for life after a Scottish Football Association investigation into the club's financial crisis.
Rangers manager Ally McCoist said "we can't cope with" the one-year transfer ban, suggesting it would cripple the storied Scottish side. Rangers and Whyte were also fined, but both have three days to appeal the decisions.
"It's a double-edged sword. If we can't strengthen the squad then those within it currently may want to leave," McCoist said.
Rangers was docked 10 points this season for entering administration, all but ending its three-year title run. Celtic has since clinched the title.
McCoist even suggested a move down three divisions could be necessary.
"Make no mistake about it, it would be an unbelievably drastic measure and it will have an incredible impact on Scottish football - and not for the good," he said.
"But if they are going to continue to impose sanctions on us and make things extremely difficult for us to defend ourselves then maybe, just maybe, it might be the right thing.
"We are hanging by our fingertips. We're really at the do or die stage and I can't reinforce that opinion enough."