Bill Miller is sheltered by his remoteness.

A life in Fort Lauderdale is hardly likely to be disrupted by the convulsions of Scottish football, even if he is on the verge of buying Rangers.

Miller has a leading accountancy firm working on his bid, and Scottish advisers who know the complex mix of rivalry, prejudice, one-upmanship, morality, commerce, justice and sporting ethics that are currently jostling for prominence in the wake of the Ibrox club's financial crisis. Miller will be aware of the competing interests reacting to the prospect of him applying for a newco Rangers to join the Scottish Premier League, but does he truly understand the significance?

The game in this country has reached a watershed moment. Supporters of all clubs feel let down by the lack of leadership at the SPL, a competition governed solely by self-interest. The club chairmen are all decent men caught between the need to respond firmly and fairly to the mess Sir David Murray and Craig Whyte made of Rangers' finances and protecting the balance sheets of their own teams. Many face the prospect of cutting their budgets if Rangers are no longer in the top flight, with job losses and weakened teams likely to follow.

Yet fans of other clubs would feel disillusioned by the newco Rangers being allowed a place in the SPL without any sanction, even if they accept the financial imperatives. A point of principle is at stake: are Rangers too big to fail? If so, what does that say about the state of Scottish football, where clubs are so financially dependent on the presence of the Old Firm that they cannot act independently of them? For supporters who already feel belittled by high ticket prices, decades of being taken for granted, and kick-off times that cater for the television audience rather than those going to games, it seems another example of their views being marginalised.

Miller's plan, buying the Rangers assets from the administrators, Duff & Phelps, then moving them to a newco while leaving Rangers Football Club plc to try to exit administration through a Company Voluntary Arrangement with creditors, is a clever strategy to overcome the problem facing a potential new owner: the reluctance of Whyte to engage in meaningful discussions about the transfer of his majority shareholding. Yet it is also the most controversial option for Scottish football, forcing decisions to be made about admitting a newco.

Does Miller care what the rest of the Scottish game thinks about the club and the plan he is proposing? He should, because he is not just buying an ordinary football team. Rangers, like Celtic, is a major institution as well as being a sporting organisation.

Miller needs to understand that this is not a simple business proposition, that decisions he makes determine more than the bottom line of his investment. So many people are emotionally involved in Rangers – either for the club or against it – and while Miller's plan offers a neat solution to the issues he faces as a buyer, they will make an enduring impact on the reputation, even the morale, of the club and the Scottish game.

Rangers need to be saved, but they also need to pay the price for the indiscretions of their current and previous owner. Miller has yet to engage meaningfully with the fans, let alone address how to repair the club's reputation.

He seemingly has no intention of coming to Scotland this week, yet the decisions he makes will have a lasting impact on it.