Rangers chairman Dave King has missed a legal deadline for offering to buy out other shareholders.
Last year a judge ruled Mr King needs to offer investors 20p per share for the share capital not already controlled by him and three partners.
He has been under growing pressure from the official takeover watchdog to meet his legal obligations.
Mr King is acting independently of Rangers International Football Club in making this offer.
Last month, Mr King said one of his trust companies would make an offer for the rest of the club's shareholding.
It came after the South Africa-based businessman lost his appeal at the Court of Session in February.
The club has issued a statement saying the Takeover Panel has been in touch, and is requiring the company to let shareholders know that Mr King will be required to comply.
The statement said the chairman is seeking clearance in South Africa to release the £11m in cash necessary to back up the offer.
The statement said: "Rangers International Football Club notes that the 28 day period following the mandatory cash offer announcement from Laird Investments (Pty) Limited (Laird) on 29 March 2018 has passed without the publication of a Code compliant offer document.
"RIFC has been informed by the Takeover Panel that this is a breach of Rule 24.1 of the Code.
"RIFC understands that Laird has the funds to make the offer in an attorney client account and is seeking the necessary South African Government approvals to permit the cash required for the offer to be transferred to the United Kingdom to enable an appropriate third party to provide the cash confirmation required by Rule 24.8 of the Code."
It added: "Meantime, the Takeover Panel has asked RIFC to advise shareholders that the Panel will take all appropriate steps to seek to ensure that a Code-compliant offer is made as soon as possible."