Scottish Premier League chief executive Neil Doncaster has played down fears of clubs facing immediate threat of insolvency events following their decision to reject the newco Rangers application.
Doncaster acknowledged that the short-term commercial impact of their decision was difficult to determine given uncertainty over contracts including broadcasting deals.
But when asked about an instant danger to clubs, he said: "I wouldn't have thought so. I'm not privy to the details of all member clubs' financial positions. The whole issue has an awful lot riding on it, there are some big numbers involved.
"The easy decision would have been to say 'yes' and protect commercial revenues. The clubs have decided to be bold and say 'no'."
There have been warnings made in recent days that up to half the SPL could face administration if the Ibrox club are not admitted to the Irn-Bru First Division.
Doncaster also confirmed top-flight clubs will decide who replaces Rangers in the SPL next season.
However, the decision on the identity of "Club 12" is not expected to be made until after Scottish Football League clubs decide on proposals to admit newco Rangers, with a meeting due to take place next Thursday.
Relegated Dunfermline believe they should be reinstated but a plan to put the Ibrox club in the Irn-Bru First Division stated that Dundee, who finished runners-up in the second tier last term, would replace the Ibrox club.
"That's not been decided as yet," Doncaster said. "What will happen is the Scottish Football League will meet next week.
"They will determine where there is a berth for Rangers and our clubs can deal with it accordingly."