Stranraer face losing out on £200,000 which could “keep the club running for three or four years” if they are expelled from the Scottish Cup and miss out on a visit to Rangers.
The League Two club fielded an ineligible player in Tuesday’s win over Queen’s Park, with a Scottish FA disciplinary hearing set for 28 January to examine the circumstances.
Goalkeeper Lyndon Tas was signed on loan from Hearts on the day of the game and saved a penalty in the shootout after a 1-1 draw at Stair Park.
The game had been scheduled of Saturday but was called off because of a waterlogged pitch.
Cup rules state that only players registered for the original date can play in the event of postponements, abandonments or replays.
The governing body can sanction emergency loans but say the move for 17-year-old Tas did not get such approval.
The League Two club say they “acted quickly in good faith” to sign Tas, explaining that a bid to extend a previous loan agreement for Josh Lane was refused by Hamilton Academical.
Manager Chris Aitken later told BBC Scotland: “It seems it’s because we didn’t use the word ’emergency’. If the circumstances of the loan don’t count as an emergency we don’t know what is!
“It would be nonsense for anyone to think it gave us an advantage. It was a great achievement and what’s happened since then is like a whirlwind.
“We know what we’d be missing out on, potentially £200,000. We are a club that relies on volunteers to run. That money would keep Stranraer going for three or four years.”
If Stranraer are ejected, Queen’s Park would take their place in the fifth round, with the Championship side having stunned Rangers 1-0 at Ibrox in last year’s competition.
In 2023, Queen’s Park were expelled from the Scottish Cup after fielding an ineligible player, also brought in on loan from Hearts after an initial postponement, against Inverness Caledonian Thistle, who went on to reach the final after being readmitted.