Brian Kennedy says he will only step in and make a bid for Rangers if it appears as though the club will be headed for liquidation.
The Glasgow giants are expected to have up to five bidders by close of business today with American group Club 9 Sports, who are working on behalf of another consortium, reportedly at the forefront.
If they get the nod, it is feared 'Gers will be liquidated and then reformed which is something Sale Sharks owner and Edinburgh-born businessman Kennedy is hoping to avoid.
"Whatever euphemism you may want to use, we are ultimately talking about the liquidation of Rangers FC and the selling of its assets into a newco, with all the issues which result from that.
"If this is the only option left standing, that's when I will come back in.
"The financial model involved in a newco situation does not work unless you are prepared to invest many millions of pounds and take a four-year view on the club's finances. You would need to accept losing excessive amounts of money.
"These guys will be looking for a decent return. They are not doing it for the love of Rangers so why enter into a deal like this?
"The existence of the club is at stake and the next 48 hours could be crucial.""The prospect of a newco frightens the living hell out of me," Kennedy told the Daily Record.
