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Ally McCoist has conceded the prospect of players walking away from Rangers under a 'newco' scenario would be a "devastating blow" for the club.
Administrators named American businessman Bill Miller as preferred bidder on Thursday to take over the Glasgow giants.
His plan is to create an "incubator" company while Duff and Phelps bid to take the club out of administration through a Company Voluntary Arrangement (CVA).
PFA Scotland chief executive Fraser Wishart warned last month that Rangers players may be able to leave for free if a new company is formed to take over the club's assets.
But McCoist stressed that not all players would necessarily opt to quit Ibrox even if they had the choice.
The Light Blues boss said: "It would be a devastating blow if it happened.
"But we are all assuming, if there's a possibility that the players can leave, that they will do that. That might not be the case.
"There are a lot of players here who love playing for the club and appreciate what the club is all about. Never under-estimate that.
"There are a good few boys here who have grown up with the club and know what the club is all about.
"It's maybe not just as straight-forward as a lot of people would think. Not all footballers just want to take a fast buck.
"Footballers are intelligent enough to understand that they have to look after themselves and their families - of course they do.
"But to suggest there is absolutely no loyalty at all among football players, I would say is totally wrong."
Wishart's statement was based on legal advice taken by the players' union and it is an issue McCoist wants urgent clarification on.
He added: "It's opinion at the moment and there would have to be a decision made by the powers-that-be.
"I don't think, at this moment in time, that it's clear-cut with a right or a wrong in terms of the players' contracts.
"It's something that would have a massive impact on the club if the players were allowed to leave or wanted to exercise that right.
"It would obviously not be a scenario that would suit the club at all.
"Clarification on that would have to be looked at sharpish."
McCoist would also need clarification on whether or not Rangers - under Miller's newco plans - would be banned from UEFA competition for three years or not.
They already face the prospect of no European football next season as a result of going into administration in February.
McCoist said: "The club surviving is the most important thing.
"There is the possibility of no European football for three years. I don't think that's 100% the case.
"Already there are one or two ideas and possibilities that it could just be a one-year ban, which would obviously suit the club a lot better.
"But there is also a realistic option, unfortunately, of it being a three-year ban."
McCoist has yet to meet with Miller but, having had a number of telephone conversations with the trucking tycoon, remains impressed by the potential new owner.
He said: "I would have to say that I've been nothing other than impressed by all conversations I've had with Bill.
"He's not going to claim he knows everything about Rangers Football Club or indeed Scottish football but he's a successful businessman.
"He's quizzed me on lots of elements about the club and Scottish football and asked some questions you would expect to get asked.
"We are both in agreement that we will look forward to the day very, very soon when we can sit down together and have a chat and look into each other's eyes, which is very important."
Rangers host Motherwell on Saturday in their final home game of what has been a turbulent season, with a lack of a UEFA licence meaning third-placed Well will replace the Ibrox side in the Champions League qualifiers.
McCoist said: "I'm delighted for Stuart McCall and the staff and the players. Motherwell are a great club and they are in the Champions League and it's wonderful.
"Never mind the reasons and saying that our problems have helped them get there. That's obviously the case but, at the same time, they deserve to be there."