Rangers director Dave King believes it is "inevitable" the club will plunge into liquidation and has launched a series of scathing attacks on former owner Sir David Murray and the current regime under Craig Whyte.
South Africa-based King, the only survivor from the Murray era on the board, announced his intention to sue Murray and criticised Whyte after the Clydesdale Bank Premier League champions entered administration last month.
In a 1500-word statement, King said: "I do not believe that there is a reasonable prospect that the company can come out of administration. I believe that liquidation is inevitable."
King lamented historic failings for Rangers' present predicament, which resulted on February 14 over an unpaid tax bill of £9million accrued during Whyte's tenure.
King added on Clyde 1's website: "I regret that repeated non-disclosure of the true financial position (including prior to Craig Whyte) resulted in this outcome. It was avoidable if better governance had been in place."
King met Rangers boss Ally McCoist and administrators Duff and Phelps on February 22, eight days after the club entered administration. The Glasgow-born businessman felt now was an appropriate time to comment on events at Ibrox "having had the opportunity to visit key stakeholders and to properly consider the information now available to me".
He said: "It grieves me to state that it seems inevitable that the footballing institution will survive but the company won't.
"This will entail many hurdles (that will be overcome) including 'Rangers (2012) Ltd' having to reapply for membership of the SFA (Scottish Football Association) etc. It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible."
King claimed owner Whyte had "duped" fans over the agreement with Ticketus, who paid £24million to secure the right to sell the club's future season tickets, with part of the cash used by Whyte to complete his takeover last May.
A spokesman for Whyte said: "Mr Whyte has no intention of getting involved in mud slinging or name calling." But the spokesman added that Whyte had said: "There is absolutely no necessity for Rangers Football Club to go into liquidation. I believe we will come out of administration by way of a Creditors Voluntary Agreement."