Rangers captain Steven Davis has become the latest player to reject having his contract transferred over to the newco.
The Ibrox outfit are unlikely to be playing in the Scottish Premier League next season under the moniker of 'The Rangers FC' which has led to a number of top players opting against switching their playing agreements over to new owner Charles Green's reformed club.
Former Aston Villa and Fulham midfielder Davis is the next big name to essentially end his time at Rangers, following in the footsteps of Steven Naismith, Steven Whittaker, Allan McGregor, Sone Aluko, Kyle Laferty, Jamie Ness and Rhys McCabe.
"I have never been one to shout my mouth off. Only those that know me will know how much Rangers mean to me. I felt it was only right to give the fans an explanation of how I've agonised so much over this decision," he said in a statement.
"I signed a new contract last year in the knowledge of giving my best years to the club with European football and challenging for leagues & cups year after year, that's why I came to Rangers.
"My young family love life in Scotland but after all that's gone on since going into administration in February there comes a point when I needed to make a decision based on what was best for my short career. I am 27 and I hope you all understand I need to be playing at the highest possible level.
"I have had a great relationship with everyone at the club, from the fans to management right through to the tea ladies since the day I walked through the door at Murray Park.
"Hopefully, I've repaid everyone by playing my part in teams that have won eight trophies and a European final in my four-and-a-half years at Rangers.
"I've been lucky enough to not only play for but captain my boyhood heroes and no matter what I achieve in the future I'll look back at the time I spent with the club as some of the happiest years of my life.
"I would like to thank Walter Smith, Ally McCoist, Kenny McDowall, Ian Durrant and Ewan Chester for bringing me to Ibrox and indeed everyone associated with the club and wish everyone well."
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