Ally McCoist will not have his Rangers players taking the blame for the £67millon losses at the Ibrox club which have "staggered" the Gers boss.
Chief executive Graham Wallace's business review revealed that the Scottish League One champions had spent that sum in less than two years and had less than £3.5million in the bank.
The revelation resulted in uproar and increased the animosity felt towards the board by a section of the Light Blues support who are embroiled in an on-going battle for boardroom change.
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McCoist, speaking at the club's Murray Park training ground before going to Ibrox to discuss next season's budget with Wallace, said: "I am hoping that the club moves forward but I was staggered at the losses, the money that has gone for one reason or another.
"And I probably should mention that I am totally against any indication that the players have the money.
"One or two people have wrongly questioned players coming in and money being spent.
"Just to put the record completely straight on that, we didn't spend any money at all on the players, the budget came down, the wages in relation to turnover at the club is probably the envy of any club in world football.
"So although some of the money has gone on players' wages, it is a very small fraction of where the money has gone.
"It (ratio) is maybe 27/ 28 per cent. I think the lowest in the Championship last year was 53 or 54 per cent so that would give you the indication that the players' budget should be well within the overall turnover and is within the overall turnover.
"So I refute the players taking any stick at all on it plus the fact that it wasn't myself who offered the players the contracts."
The former Rangers striker does not expect Wallace to tell him where the money has gone - " I guess that would be in breach of his position" - but McCoist admits he is "absolutely intrigued to know where it went" and insists the fans "100 per cent" deserve an explanation.
He said: "The shareholders are entitled to know where the money has gone and a lot of the fans are indeed shareholders."
McCoist remains in the middle of an on-going slanging match between the Ibrox club and former director Dave King which flared up again on Monday night.
South Africa-based businessman King, who wants to affect boardroom change through a new share issue, claimed Police Scotland's enquiries into comments made by Wallace should extend to the rest of the club's board.
Officers are investigating a complaint made by a shareholder that Wallace made misleading statements about finances at December's AGM at Ibrox, therefore constituting a breach of the Companies Act.
A supporters' group, the Union of Fans, wants Wallace suspended in the meantime and there are calls for the withholding of season ticket money for next season.
Rangers chairman David Somers responded to King's comments by saying in a statement: "Graham Wallace is working tirelessly and doing an excellent job in leading the rebuild of our football club...any suggestions of inappropriate behaviour by him in relation to his duties as chief executive officer are odious and unfounded."
McCoist admitted the public spats between the two factions are "definitely not" doing the club any good but stayed at arm's length from the debate.
He said: "I won't get involved in it. I have the safety valve of Graham and the board and Dave King not wanting me to get involved.
"The supporters have earned the right to make their own mind up.
"They have done nothing but shown us incredible loyalty since we began but particularly since we went into administration and I think it is safe to say without them we wouldn't be here.
"So I don't believe they need me to stand on a soap box - and that's not me relinquishing my duties - and tell them what they should and shouldn't be doing.
"They have absolutely earned the right to make up their own minds."
King was scathing of other aspects of Wallace's review which, among a wish list, included aims for Rangers to be Scottish Premiership champions by 2016/17.
McCoist admits that particular aim was "very ambitious" and pointed out that there would be investment needed.
"We have always been ambitious, always set our targets as high as possible and I understand and accept that," he said
"I wouldn't want that to change at all.
"And hopefully, if we do get investment those targets can become realistic which is where we want to be.
"We need investment. I don't think it is as much rocket science as people are making out.
"If you lose in the region of £35million to £45 million worth of players (due to administration) and don't buy to replace them you are going to struggle to compete at the level you once were."