Rangers players Steven Naismith and Steven Whittaker have objected to their contracts being transferred to the newco.
The duo now claim they are free agents.
However the club say that all players' contracts have been moved to the newco and are threatening legal action for anyone who disputes that.
Naismith and Whittaker say they consider themselves to be free of any contractual obligations, and will not report for training.
The forward, Naismith has scored 28 goals for the club since arriving from Kilmarnock in 2007.
"I have discussed this decision with my fiancee, my family and my advisors. It has been an extremely difficult decision to make but I believe it is the right decision." he said.
"As players we were put in a difficult position by the administrators whereby we were asked to take a 75% pay cut to contracts that we entered into in good faith.
"Both Steven and I and our agent fought hard with administrators during negotiations to insert clauses that offered protection to staff and players at the club. I am extremely proud of the actions we took but I am disappointed and angry that Rangers Football Club no longer exists in its original form.
"I am proud of the success we achieved during my time including three SPL titles, a Scottish Cup and two Scottish League Cups.
"Finally I would like to thank the fans for all their backing. Everyone knows I am a life long Rangers supporter and so I share in the disappointment and anger of what has happened to the great Rangers Football Club.
"I hope that a successful new Rangers can emerge and wish everyone connected with the new club, including Mr Green and his consortium, the very best for the future."
Defender Whittaker, who joined Rangers in 2007 from Hibs, said:
"It has been really difficult time for all connected with Rangers Football Club.
"And this has been such a difficult decision to make. I have discussed it at great length with my wife, family and advisors and believe I have made the right decision to object to joining Sevco.
"I am extremely proud to have played a part in the success during my time at the club including winning leagues and cup titles and a Europa League final appearance.
"It has been a pleasure to work with Walter Smith, Ally McCoist, Kenny McDowall, Ian Durrant, Jim Stewart and the rest of the backroom staff, especially the medical team and all the staff at Ibrox and Murray Park.
"I will always have a great deal of affection for the supporters who have shown me great respect throughout my time at Ibrox, I will always be grateful for the support they have given me as a Rangers player."