Hearts are challenging the ban after the SPL announced Hearts have "not paid a number of bonuses and appearance payments" and also face a disciplinary hearing, with a full range of sanctions at the league governing body's disposal.
McGlynn said: "This has not come from the players. The players are not concerned by this at all."
Managing director David Southern and Janine Brown, the club's human resources manager, addressed the players in advance of the SPL's statement, with McGlynn present.
The Hearts boss maintains his team are united and supportive of the club.
McGlynn also disputed the suggestion the Hearts first-team squad declined to sign a notice deferring bonus payments until the end of the season.
He said: "That's wrong. I was involved in these meetings. That was wrong."
Hearts insisted bonus payments from the Scottish Cup final win over Hibernian on May 19 had been paid.
However, it is understood bonuses had not been received last week, so the payments were likely included in this month's pay packet, on December 16 - six months late.
Payments of bonuses due this season - such as a goalscoring or clean-sheet fee - are understood to be in arrears, amounting to a six-figure sum.
Hearts contend there is no defined date by which bonus payments must be made and that is likely to form the basis for their challenge on a point of principle rather than to rush to bring in players during next month's transfer window.
"We're going to challenge it," McGlynn said.
"It's difficult to talk about it because we're going through lawyers.
"There are other clubs who don't pay their bonuses until the end of the season either. That's why this can be challenged.
"The board of directors have looked at it and went to get legal advice. They want to take that a stage further."
Hearts captain Marius Zaliukas said: "It's not a big issue for me. I don't have a problem.
"We are all involved in this situation but we players are just trying to concentrate on the football. Off the pitch all this business we have to leave for the club."
The rules Hearts have been cited for relate to failure to pay players and club officials and were brought in during the summer following a series of late payments by the Edinburgh club last season.
Hearts were initially placed under a 60-day transfer embargo on October 24 for failing to pay their players and some staff their monthly wages on time for two consecutive months.
That sanction was due to end on Sunday and its extension effectively ends the prospect of a deal for Lithuanian striker Arturas Rimkevicius, who arrived in Edinburgh last week on trial, unless Hearts are successful in their challenge.
Hearts face a myriad of financial difficulties and players voluntarily deferred their wages last month but they were paid before receiving their full salary for this month on December 16.
McGlynn was not surprised when he heard of the latest development and suggested he hopes a siege mentality spurs on his players in Sunday's SPL meeting with Dundee United.
"It's another day at Hearts, you just get used to it," he said.
"Whatever happens in January I will deal with it no matter what.
"As long as we've got 11 players going out in that Hearts jersey, they will fight and play for that jersey."
Sunday's match should see Rudi Skacel, a Scottish Cup winner with Hearts in 2006 and 2012, return to Tynecastle.
Despite being a member of the opposition, Skacel, who was withdrawn from the Scottish Communities League Cup quarter-final penalty shootout between the teams at Tannadice earlier this season, could be the most popular player at Tynecastle.
Zaliukas joked he would join in the proposed 51st-minute ovation for the Czech forward, the time a reference to the 5-1 cup final defeat of Hibs, when Skacel scored twice.
"I'll not be clapping," McGlynn said.
"Rudi will always have a special place at Tynecastle.
"I'm sure if he's on the park he'll be doing his best for Dundee United, because they pay his wages."