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Stranraer faces losing £200,000 which could “keep the club going for three or four years” if he is expelled from the Scottish Cup and misses the visit of Rangers.
The League Two club fielded an ineligible player in Tuesday’s win over Queen’s Park, with a Scottish FA disciplinary hearing scheduled for January 28 to examine the circumstances.
Goalkeeper Lyndon Tass was signed on loan from Hearts on match day and saved a penalty in the penalty shootout after a 1-1 draw at Stair Park.
The match was scheduled to be held on Saturday, but was canceled due to waterlogging in the stadium.
Cup rules state that only players registered on the original date can play in the event of a postponement, cancellation or replay.
The governing body can impose sanctions on emergency loans, but says the 17-year-old TASS’s move has not received such approval.
The League Two club say they “acted quickly in good faith” to sign TAS, explaining that Hamilton Academical rejected an attempt to extend Josh Lynn’s previous loan agreement.
Director Chris Aitken later told BBC Scotland: “It seems to be because we didn’t use the word ’emergency’. If the circumstances of the loan aren’t considered an emergency, we don’t know what is!”
“It would be nonsense for anyone to think this gave us an advantage. It was a great achievement and what has happened since then has been a whirlwind.
“We know what we will lose, perhaps £200,000. We are a club that relies on volunteers to run. This money will help Stranraer continue for three or four years.”
If Stranraer are sent off, Queen’s Park will take their place in the fifth round, as Championship side 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 reached the final after being re-admitted.
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