Charles Green has signalled his intent to push through with a takeover of Rangers despite confirmation of a transfer embargo - but he revealed the club were still assessing a possible challenge to the Scottish Football Association sanctions.
The former Sheffield United chief executive met officials from the SFA and Scottish Premier League at Hampden on Thursday and described talks as "very productive".
An SFA appeal tribunal upheld the judicial panel's ruling on Wednesday night that Rangers be fined £160,000 and banned from registering players aged over 17 for 12 months.
Green, who says he is fronting a consortium of about 20 investors, hopes to complete his purchase in early July with a Company Voluntary Arrangement, if agreed by creditors.
He told reporters outside Hampden: "When we offered to buy the club, we realised what the potential was.
"Last night's announcement was an option that we had considered."
Green backed the club's decision on Wednesday night to consider a review of the decision and he revealed talks were ongoing.
"We are discussing all the options that are available to the club," he said.
The club, who are subject to an automatic SPL transfer embargo while in administration, could take the case to the Court of Arbitration for Sport or instigate civil action.
Administrators, whose legal duty is to secure the maximum return for creditors, would struggle to justify spending money on a bid to overturn a sanction that prevents the club spending money on transfers. However, the Rangers Fans Fighting Fund paid the SFA appeal costs and could continue the fight.
Rangers' case now appears to centre on the fact they believe the transfer ban, imposed as punishment to the withholding of £13million in tax payments, was not available as a sanction for the tribunal.
However, the SFA articles of association include a clause that a judicial panel can implement any sanctions they deem appropriate.
Green's meeting with the authorities on Thursday was pre-planned with several issues on the agenda.
Green said: "The meeting has gone very well. It was the first time I met the SFA and SPL so clearly it was important to just speak to them and introduce myself.
"The questions they were asking were the obvious questions of what our intentions are and where we plan to go.
"We achieved quite a lot, we spoke to members of the board of the SFA and we spoke with executives of the SPL. I think it's been a very, very productive afternoon.
"We are happy that everyone is positive in looking at what's the best for Rangers and the SPL. We are encouraged by the meetings."
Rangers face more sanctions from the SPL if they fail to secure a CVA agreement with creditors. Clubs are due to meet on May 30 to discuss potential sanctions for a newco club, which Green plans to push through if the CVA is rejected.