SCOTTISH Premier League clubs were meeting for the most important annual general meeting in the organisation's 14-year history today as they looked to navigate their way through the ongoing crisis sparked by the downfall of Rangers.
St Mirren chairman Stewart Gilmour claimed that five clubs, including his own, were at risk of administration in the coming weeks and months after 25 Scottish Football League clubs voted the Rangers newco into the third division.
SFL clubs had been warned that an SPL2 breakaway was on the cards if they rejected a plan to put the Ibrox club in the first but the overwhelming nature of the vote suggests there will be no split in the SFL ranks.
Even one of the teams who voted in favour, Queen of the South, yesterday criticised the Scottish Football Association and SPL executives for such "threats".
Hearts, Aberdeen and Dundee United have distanced themselves from any such intervention since Friday's SFL vote and Inverness last night reaffirmed their commitment to rejecting the Rangers application and seeking consensual reform.
After an emergency board meeting, chairman Kenny Cameron said: "We are one of the few clubs with no bank debt whatsoever, so our position is very far from immediately threatening, as has been alleged.
"We look forward to the new season on the back of renewed commitment over the weekend from our major shareholders and sponsors, for which we are very grateful.
"They fully appreciate that in May we, like other clubs, set our budget for 2012-13 and now there will be real change to the commercial curve because of events outwith our control.
"It is important that our supporters keep making their contribution via season ticket sales."
SFA chief executive Stewart Regan and SPL counterpart Neil Doncaster have claimed the league could lose about £16million annually as a result of losing the Ibrox club for at least three years, mainly from television deals.