Club chairman Kenny Cameron said:" There will now inevitably be serious consequences for the game in Scotland.
"We have all, as clubs, accepted the views of our stakeholders in making the initial judgement to uphold sporting integrity. All clubs will now have to live with the repercussions of this decision. Scottish football was at a cross roads today in terms of what was on the table for all clubs regarding reorganisation, financial distribution and a road map that would have taken the game forward.
"But this has now been thrown in to disarray by this decision. This is a sad day for all clubs in Scotland."
Mr Cameron added: "None of us will escape the financial fallout from this. There was an opportunity on the table, in terms of the joint agreement tabled at today’s meeting for us all to come together and a genuine willingness to improve the game substantially over the coming years. But it now looks as though this will once again be kicked back in to the long grass. A once in a lifetime opportunity to bring forward change may well have been lost.
"The directors of ICTFC are fully aware of the financial implications of this latest decision on Newco. The loss of either our fans or our sponsors was never going to leave any of the clubs in Scotland in a healthy financial position and for some this could spell the end of football as we know it.
"Certain clubs in the SFL have perceived the financial information they were receiving as a 'big stick' to beat them into accepting Newco in the First Division. This was definitely not the case, as far as I am concerned. What they were being told was the reality of the situation."
The chairman concluded: "We will be convening an emergency board meeting over the weekend to discuss the very serious financial implications for us as a club going forward."