Former Rangers investor Dave King had admitted defeat in his quest to reach a 'consensus agreement' with shareholders who are locked in a battle for control of the troubled club.
King, who ploughed £20m into the oldco during Sir David Murray's tenure, has been holding a series of meetings with shareholders of the League One side and is now predicting an 'acrimonious AGM lies ahead'.
No date has been fixed for the meeting with just two members - finance director Brian Stockbridge and bus tycoon James Easdale - on the Ibrox board.
King, who is based in South Africa, said in a statement: "During the last week I engaged a number of stakeholders, both in Glasgow and London, to seek a compromise to the current imbroglio restricting the operational capability and the governance at the club.
"I have also had follow up telephone conversations since my return to South Africa. I thank every person that I met for maintaining confidentiality about the details of each meeting.
"Over the last two years we have all witnessed the destructive value when individuals, who should be putting the club first, advance personal agendas through the media in an attempt to influence the most important stakeholder in Rangers Football Club, the fans.
"The result is the polarisation of interests that we are experiencing and the loss of valuable time and money in preparing the club to be competitive with our Glasgow neighbours, and other teams, when we return to the top flight of Scottish football, as we surely will.
"Thankfully the manager continues to make progress through the leagues despite the distractions he has had to deal with. Unfortunately, I have been unable to reach a consensus agreement at this time despite the constructive manner in which everyone approached the discussions with me.
"Certain influential shareholders are unwilling to compromise at this time and it seems inevitable, unless there is a change of heart, that an acrimonious AGM lies ahead.
"In my view, the AGM will not be decisive irrespective of its outcome. A continued polarisation is what I was desperately trying to avoid. For the avoidance of doubt and to avoid speculation I advise that Paul Murray and Sandy Easdale both displayed a constructive and flexible attitude during my discussions with them."
Rangers had planned to hold an AGM on October 24, but were forced to postpone it due to opposition from a number of shareholders, including former oldco director Paul Murray, who was keen for the club to consider allowing new members to join the Ibrox board.