Rangers administrators Duff and Phelps are studying a revised offer from the Blue Knights but rival bidder Bill Miller was potentially handed more time to form a newco club without specified sanctions after Scottish Premier League clubs delayed a vote on financial fair play proposals.
And Miller would have taken comfort from Neil Doncaster's comments on the subject of newco clubs tonight with the SPL chief executive arguing there was little difference between that route from administration and the Company Voluntary Arrangement preferred by the Blue Knights.
The SPL clubs agreed to adjourn their talks on potential new punishments for clubs which suffer insolvency events until next Monday.
Proposals had suggested increasing points deductions from 10 to the greater of 15 or a third of the previous season's tally, while newco clubs would lose 10 points for two seasons and 75% of their income for three years.
Duff and Phelps would not comment on the outcome of the meeting but the SPL revealed the decision was taken unanimously at the behest on an unnamed club other than Rangers.
Miller wants assurances his new club would not be hit by sanctions and, with an appeal pending over a Scottish Football Association fine and transfer embargo, the absence of an SPL decision provides no further clarity.
But Doncaster admitted any new rules would not come into place until the day after the end of the season, and Duff and Phelps claimed at the weekend that a newco exit from administration could be completed by May 11, two days before the SPL finale.
In that case, the current rules state that the SPL board has the discretion over how to deal with the request for the transfer of a club's share. Further delay on an SPL vote would give Miller even more time.
Doncaster would not speculate on the possible sanctions the SPL board could take and claimed they had been "very much on the fringes" of discussions between bidders and administrators.
"At the point where a preferred bidder comes forward, then you can have meaningful discussions," he told BBC Scotland.
However, the former Norwich chief executive stressed there was "remarkably little" difference in outcomes to a CVA and a newco.
"Clubs can shed a huge amount of debt already," Doncaster said.
"Clubs can theoretically shed £100million of debt, agree a CVA at a penny in the pound and come back in with all that debt shed. Clubs can do that now within the rules.
"Oddly enough you might end up with more money going to creditors through the newco route than through a CVA."
He added: "In Scotland we have never had a newco at any time but in England, whenever a club goes into administration, a newco is the natural consequence.
"That just seems to be the accepted way that clubs now emerge from administration.
"So the likes of Crystal Palace recently and Plymouth in the last few years took their points deduction for going into administration but in terms of coming out the newco was the preferred route.
"Clubs continue over a course of many, many years. The fact that those clubs happen to exist within several different corporate structures over the period of their life, frankly doesn't seem to concern people south of the border."
A recent fans' survey came out overwhelmingly against a new Rangers being accepted into the SPL and even Rangers manager Ally McCoist claimed it might be morally correct for a new entity to start in the Third Division, although he argued his club were a special case.
Doncaster said: "What is that we are trying to stop here? Is it that we are trying to get clubs to live within their means?
"If it is, the way to deal with that is to make sure clubs pay their players and the taxman on time, and if they should go into administration, hit them with a heavy penalty.
"Actually stopping clubs from emerging from administration is another thing entirely.
"Once you talk to supporters and explain the reality of what a newco is and what a CVA is, it does put a different complexion on things."
Doncaster was asked why the SPL did not already have a heavier penalty than a 10-point deduction when the Scottish Football League have demoted teams such as Livingston and Gretna two divisions and deducted 25 points from Dundee.
"The SPL's rules have been pretty consistent with both the English Football League and Premier League on which they are based," he said.
Rangers' liabilities currently total around £60million but they could face an additional tax bill of up to £75million, depending on the outcome of a tribunal.
Miller's £11.2million offer was in pole position at the weekend after the Blue Knights and Shale Sharks owner Brian Kennedy were told their bid - reportedly worth £5million - was unlikely to be acceptable to creditors.
The administrators have previously stressed they need unconditional bids. The Knights' proposal is dependent on a Company Voluntary Arrangement (CVA) being agreed by creditors and the acquisition of Craig Whyte's shares.