Rangers future hangs in the balance and Ally McCoist fears that delays will push the club further towards liquidation.
American Bill Miller has now outlined his ambitious £11.2m plan to purchase the club.
McCoist said: "I wouldn't say I'm worried more now than before but I'm certainly more aware that we have to start getting some action in terms of preferred bidder status."
"I agree that the longer it goes on, the greater chance there is that the club won't exist. But I've said that all along. We've always been positive but we've never ever said that there isn't another option that we don't want. It goes without saying that that option we don't want will become more apparent the longer it goes on."
With some of bidders taking a backseat in the process Miller has emerged and has already met the Rangers boss.
Miller plan for Rangers is to set up a new entity and allow the administrators to conclude the process to form a company voluntary arrangement. Thereafter he will look to merge the businesses but allow the club to move forward.
"I will put the 'heart' of the club into an 'incubator' company while [the administrators] Duff & Phelps work to make the 'sick patient' healthy through a CVA process that effectively works to 'radiate' the toxicity of past administrations' sins out of the patient while the 'healthy heart' is preserved and moves forward," Miller said.
"Once the CVA process has been completed and the patient is on the mend, the administrators will return Rangers Football Club plc. to me for a nominal sum."
Clearly the threat of further penalties from the SPL could derail the process.