Sandy Easdale, chairman of the Rangers football board, warned the club is at a crossroads and is unlikely to survive administration again.
Ibrox chief executive Graham Wallace is due to release the findings of his 120-day review into the League One side's accounts today.
Mr Easdale said yesterday: "The club is at a crossroads at the moment and in a fragile position. It can either go forward with a strategic view, with a long-term view, steady as she goes, or be pulled apart in other directions."
Former Rangers director Dave King and supporter coalition Union of Fans have been encouraging fans to withhold their season-ticket fees until they are given security over Ibrox and Murray Park training ground.
Mr King yesterday lodged a new firm, Ibrox 1972 Ltd, at Companies House, which he - along with former Rangers captain Richard Gough, who was also listed as a director - plans to use to pool the money into a trust account.
Speaking on the season-ticket issue, Mr Easdale added: "I don't know the figures but I think there are a couple of situations there. At this moment in time, ticket sales are slow."
Asked if the ticket boycott placed the club at risk of administration again, he said: "That's a difficult question. And it's a question I don't want to answer or be in a position that this board would be forced into that situation.
"I would say that in 140 years, the club has gone into administration once; I don't think it would survive a second one. We don't want to go back to the dark days of administration."
The Union of Fans, which comprises six supporters' organisations, reacted angrily to Mr Easdale's comments.
The group questioned his involvement at Rangers and why he has been allowed to speak out on sensitive financial issues. It said: "The financial position of the club is not down to lack of support or loyalty from any of our fans.It is down to two years of mismanagement and the squandering of huge sums of money, which Mr Easdale has been a part of for the past seven months.
"We would like to know why Mr Easdale is being pushed out to speak on behalf of a plc board he is not part of.
"Mr Easdale's comments about the financial position of the club are share-price sensitive, as are his comments about possible administration.
"Why is the plc board allowing Mr Easdale to make these comments on their behalf and why does he have access to such information in any case when he is not a director of the plc?
"Once again huge question marks are raised over corporate governance at Rangers by Mr Easdale's role at the club, which has never been clarified."