It is "inevitable" that Rangers will fall into liquidation, according to club director Dave King.
King said the club's owner Craig Whyte has "abused the loyalty of fans", in a vehement statement.
The South African-based businessman also alleges that previous owner Sir David Murray had no knowledge that Whyte's proof of funds to purchase the club came via season ticket sales.
On the club's administration status, King stated: "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 stressed that "no fan of any club should have to suffer" what has unravelled at Ibrox over the past month.
The club's second-largest shareholder also revealed that he plans to sue Murray for £20m, due to non-disclosure of Rangers' actual financial position from as far back as 2000.
"I seem to be one of the few people who actually invested cash into the club," he lamented.
The Castlemilk-born Glaswegian intends to remain involved with the Blues and has approached the Scottish Football Association in order for them to approve him as a "fit and proper person" to oversee developments.
Yesterday Gregg Wylde and Mervan Celik became the first players to leave the Teddy Blues since they were placed into administration.
Players and manager Ally McCoist yesterday met Duff & Phelps representatives at the Murray Park training ground in a bid to agree on other wage cuts.
The administrators are pursuing Whyte for £9m he contractually promised when he took over in May 2011, and lawyers acting on their behalf have already gained a court order to seize a preliminary £3.6m from Whyte's solicitors Collyer Bristow.