St Mirren chairman Stewart Gilmour on Tuesday threatened to take legal action after claims he brought down talks about the reconstruction of Scottish football as a favour to fallen giants Rangers.
On Monday, Gilmour and his Ross County counterpart, Roy MacGregor, joined forces to vote down Scottish Premier League proposals to introduce a new three-tiered league format with a 12-12-18 structure.
Gilmour's move sparked accusations he was in league with Rangers, having invited the Ibrox club's chief executive, Charles Green, to attend St Mirren's home game with Celtic last month.
Aberdeen chairman Stewart Milne said there was an "agenda" behind Gilmour's decision to vote against the proposals, while Hearts chief executive David Southern claimed St Mirren's concerns about the voting structure were a "smokescreen to protect other people's interests".
But Gilmour reacted angrily, telling Britain's Press Association: "These rumours sound like a conspiracy theory. Any club official who would suggest such a thing, we would look at it legally because it is absolutely slanderous.
"The St Mirren board are only interested in what is in the best interests of St Mirren Football Club and that will always be the case."
Rangers have opposed the proposed restructuring as it would leave them in the third tier of Scottish football, effectively voiding their successful bid to secure promotion from the fourth tier this season.
The Glasgow giants were punitively demoted to the Scottish Third Division after going into administration at the end of last season.
The Scottish Football League was due to poll its 29 full-member clubs about the league restructuring proposals on Friday, but St Mirren and Ross County prevented the SPL from reaching the 11-1 majority required to approve the plans.
Earlier, Gilmour told Scotland's Daily Record tabloid: "Let all of them blast their shotguns.
"I'm still firmly of the belief, with all my heart and not letting it rule my head, that what I did at Hampden (where the vote was held) was the right thing to do.
"I still want to see elements of the reconstruction proposals -- like a single league body -- implemented. But not at any cost."