Rangers director Dave King fears the club will not exit administration and that liquidation is "inevitable".
In a statement, King said the club's owner Craig Whyte has "abused the loyalty of fans" by mortgaging future sales of tickets to Ticketus.
King also claims that Sir David Murray had no knowledge that proof of funds supplied by Whyte to purchase the club was secured by season ticket sales.
The South Africa-based businessman said the club's plight "grieved him".
King, who remains a non-executive director of the troubled Scottish Premier League club, met administrators Duff and Phelps two weeks ago to discuss the current financial situation.
He was previously involved in takeover talks with the club, who were forced into administration following action from HMRC over a £9m tax bill.
Along with fellow-director Paul Murray, King also made a late bid for the club to prevent the eventual successful takeover by Whyte.
King invested £20m in the club in 2000 and is the second-largest shareholder, but has been hit with a £250m bill after losing a 10-year battle with the taxman in South Africa.
In his statement, King said that he intended to remain involved with the Glasgow club and had approached the Scottish Football Association to approve him as a "fit and proper person" in control at Ibrox.
"I intend to remain involved with the club, at least on my present basis, post-reconstruction if that is at all possible under the new ownership structure," said King.
"I am however alert to the raw sentiment around the need for Rangers to have 'fit and proper' persons at its helm.
"In view of my own well-publicised and acrimonious legal disputes with the authorities in South Africa I have taken it upon myself to approach the SFA in that regard in advance of considering an increased role in the club going forward. I will be guided by the SFA's response in that regard."