Tuesday 13 January 2015 12:31, UK
Stuart McCall is concerned that Rangers may have missed a golden chance to bring some much needed stability to the club by rejecting the recent advances of American businessman Robert Sarver.
The financier revealed on Monday that he had no option but to pull out of any deal to take over at Ibrox after his second offer of £20m was rejected by the board of the financially-ailing Scottish Championship club.
But McCall is hopeful this may not be the end of the saga and that his former club may be back on a sound financial footing before too long.
It seems a little bit strange that Sarver's £20m has been knocked back but we just don't know what is going on in the background.
McCall, who spent seven trophy-laden years in Govan in the 1990s, told the Morning View on Sky Sports News HQ: "I think you need 75% support to actually take over the club. At the moment you have got Mike Ashley who has 9%, you have Douglas Park's Three Bears group which has 25% of the control.
"Obviously the club need money. It seems a little bit strange that Sarver's £20m has been knocked back but we just don't know what is going on in the background. Are other investors waiting there, ready to put more money into the club? They need capital to be put in just to keep the lights on. Hopefully there are good reasons why his bid has been knocked back.
"The offer is still there on the table I would imagine. They need more than just loans at this stage, they need proper investment. It is sad to see so many empty seats at Ibrox at the moment but that's because the fans don't know where their money's going, there has been so much mismanagement."
With boardroom strife providing a constant backdrop, the team have struggled for consistency this season. They face runaway leaders Hearts at Ibrox on Friday and although McCall has been impressed by the unbeaten Edinburgh side he is not ruling out the possibility of a home win.
He said: "Hearts have been outstanding. They brought in a new signing (Genero Zeefuik) the other day, he scored twice on his debut. Rangers have lost Lewis Macleod and probably could lose a couple more in the window.
"Rangers have won their last two but Hearts have beaten them twice this season and look such a formidable outfit; good youngsters, good experience but it is a game Rangers could win."
