I'm not Scottish, have no allegiance to any SPL/SFL team but have been, keenly, following the events in this case because HMRC are clearly using this as a test of just how far they can go, when dealing with companies in administration or liquidation, to maximise revenues reclaimed/realised.
So, ignoring all of the emotive issues, the most important points (in my eyes) are that there are now investigations being carried out into the conduct of past employees/directors of Rangers FC and Duff and Phelps.
Now, if those investigations find that anything untoward existed in D&P's appointment OR in their subsequent actions then every decision they took can be reversed/unravelled, including the sale of RFC assets.
From where I sit, their conduct does appear to be questionable in a number of areas and so that scenario is, I think, a distinct possibility if those actions are, also, shown to be illegal or not having been in accordance with their responsibilities. .
This would mean that Sevco 2088 and Sevco Scotland or any other company would have to return them (including TUPE transfers) and the whole process would then start again BUT with the disposal being carried out by a court appointed agent.
I think this story still has a long way to go, before the final chapter is written, which would make it appear increasingly unlikely that Rangers (under whatever name) will be playing in any league next season.
Why would the SFL be prepared to admit an entity when the, actual legality of it is being, actively, investigated and could, consequently, cease to exist at any time?