ALLOA chairman Mike Mulraney says the club cannot yet commit to a decision on Newco Rangers' fate - but admits it would be "significant and potentially catastrophic" if the Glasgow giants start out in the Third Division.

Several SFL clubs including Raith, Clyde and Falkirk have already aired their objections to the newco entering the First Division whilst in Division three Stenhousemuir outlined today the grim financial consequences they face if Rangers are forced to start at the bottom rung. But Mulraney says several factors must be taken into account - some of which remain unknown - before a decision can be taken by the Alloa board.

He told Advertiser Sport, "We will take the interests of the Football Club, the view of the fans, and sporting integrity into account before making clear our position on the matter. We are still processing and waiting on information coming in from a number of sources which we, the board, will discuss fully before we can make the best possible decision for Alloa Football Club.

"The players budget for next season has been ring fenced and the board have put steps in place to deal with the fallout of this situation whatever that maybe. Although the implications are significant and potentially catastrophic."