Gordon Smith fears the conflict between Dave King and the Rangers board will leave Light Blues fans stuck between a rock and a hard place.
The enmity between the two parties escalated on Friday when South African-based businessman King accused the Ibrox directors of attempting to deceive the support.
He said he had been privately assured the results of the club’s 120-day business review would be withheld until after the season ticket sale had closed.
That was angrily denied by Rangers who say his call for fans to put their season ticket cash in a trust threatens the very future of the club.
“These are now difficult and scary times for the fans,” said the former Rangers Director of Football.
“If Dave King gets the support he will probably get then there are going to be financial difficulties ahead because the funds won’t be there.
“He has effectively called for the supporters to grab control of the club by keep control of their season ticket money.
“Without it we are looking at Rangers going into administration or worse. I have seen a great deal of football politics over the years and this is as strong a move as you can get.
“I have never experienced this level of brinksmanship in Scottish football. If the fans get behind King in numbers then how can the regime resist?
“It appears money will be made available to meet debt but only if Ibrox and Murray Park are secured.”
Of almost equal concern, Smith believes, is the allegation Rangers would deliberately hold back information that might sway fans as to whether they would buy a season ticket or not.
“The claims about the 120 day review are tricky because at the end of the day we have a situation where it is one party’s word against another,” he said.
“They are explosive, though, because such action would definitely mean that fans had been let down.
“Certainly it would be a shame if it were to be proved Wallace had any part in any such behaviour because he came north with a good reputation from his time with Manchester City.”
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