Roy MacGregor can empathise with those hurting over the fiscal frailties of Rangers.

The Ross County chairman was an interested spectator, albeit by default, at the side of Fergus McCann when the then Canada-based Scot arrived in the offices of a Glasgow law firm in 1994 to clinch the deal that would save his beloved Celtic from bankruptcy.

Aided by Elspeth Campbell, the lawyer who subsequently became McCann's wife, MacGregor bought an oil-related company at the same time as his new friend assumed control of his football club and guided it to financial safety and further prosperity. The two entrepreneurs met for the first time on that historical day, then left to celebrate the deals they had completed.

McCann's thought process in reshaping Celtic's financial thinking, as well as how the club would be run, impressed the man from the Highlands. Indeed, it proved an invaluable lesson for him when he led Ross County into the Scottish Football League the following year and, eventually, to a famous Scottish Cup semi-final victory over the Parkhead side two years ago.

However, it was Celtic's willingness to embrace their supporters that shone through; an ethos which Rangers, MacGregor believes, did not embrace. "It should be easier for the bigger clubs like Rangers to engage more with their fans because of their passion and the worldwide support the club has," he insists. "The Celtic model is a wonderful one because of how they actually touch their people. In return, the supporters stick with them through thick and thin and it's a way that we have adopted at Ross County.

"I was there when Fergus McCann bought the club. There were 7000 season ticket holders at five minutes to five when he did the deal. Today, they have 50,000 season ticket holders and that's because they engage with their community and the clubs who do that will be the ones who will be successful. What has happened to Rangers. and the serious matter of the finances of other clubs, may bring about a re-structuring of football and that will be a litmus test for them as to where they are in terms of their relationships with their communities."

MacGregor, whose Global Energy Group turns-over £270m annually and employs 4300 people across the world, is saddened by the demise of the game in this country, citing an imbalance between the numbers who attend games and those who settle for watching on television. The quality of the product, too, is questionable and there needs to be a re-structuring of the game north of the border as it is clearly "trading beyond its means".

"It is sad to see what's going on and it is just a wake-up call for everybody," he says. "The product in Scotland has been pushed to the point where we are not entertaining the fans. I understand as a chairman that finance is the main driver but I think the reality check Scottish football has had as a result of what has happened with Rangers is for the next five to 10 years. There is something badly wrong and Scottish football will have to have a good, hard look at itself.

"We, at Ross County, will have to live within our means if we win promotion to the SPL. We will budget accordingly. We already do it fairly conservatively in the first division, but it is difficult to play full-time football in this division with the rewards that are there although we will adopt the right financial procedures if we're lucky enough to go up."

The Ross County chairman, who was ranked the 56th wealthiest person in Scotland – with a fortune of £85m – in the latest Sunday Times rich list, takes the view that too few clubs consider the need to repay their communities for their support. He has poured a considerable amount of money into helping County establish themselves not only in the first division, which they lead, but as a focal point for all who live near Victoria Park.

"I got my living out of this area and it is a privilege to be able to put some of that back," he says. "It's not for status or anything like that. My motivation is more philanthropic than just looking for some reward out of it. Everything I have put in financially to the club I get back in the pleasure of watching people come to the games and enjoy them. I also get satisfaction on the other days of the week in the way we interact with the community in so many ways. The brand of Ross County influences the people.

"We do a lot to engage with local people – those who have 'isms', the unemployed, those with health problems – we interact with them and use football to help them on their journey back to where they need to go, and I think that is really important. Football clubs can give so much to the community. They owe so much to their communities and if you give you will receive. If you want to get before you give, you've got it the wrong way round.

"I look at other clubs, Aberdeen, for instance, and I'm sure people would agree that in the last 30 years they have never really engaged the supporters. I spend two or three days in Aberdeen every week for my business and I often wonder why that club, which had so much success at one time, has gone into the wilderness and I believe it has to do with the failure to touch the people. Hopefully, as they go to their new stadium they can think about embracing the supporters more.

"I think that is true of most clubs. The roots of the game have come away from the terraces to the prawn sandwich brigade and I don't think that's been good for football."