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"
From the article it is clear King is not necessarily whiter than white himself (excuse the unintended pun).
King invested £20m in the club in 2000 and is the second-largest shareholder, but has also 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 continue his involvement with the Glasgow club in conjunction with Paul Murray and had approached the Scottish Football Association to approve him as a "fit and proper person" to be in a position of control at Ibrox.