Rangers newco chairman Malcolm Murray has claimed that the Scottish Football Association were "premature" in announcing that the club had accepted the terms of a transfer embargo.
The SFA said on Friday night that the Gers would be readmitted to the Scottish league system after accepting that they would not be allowed to sign players for a year starting in September.
However, Murray has now claimed that no deal has yet been done.
"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.
"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."
Scottish Football League clubs recently voted in favour of Rangers being demoted to the Scottish Third Division following their financial woes.
