Claudio Caniggia has expressed surprise and disbelief at the extent of the problems currently engulfing Rangers after hailing his spell at Ibrox as one of the highlights of his glittering career.
The former Argentina striker spent two years at the Glasgow giants between 2001 and 2003, during which time he established himself as a firm fans' favourite.
He admits he is now finding recent events at his former club difficult to comprehend as Rangers stumble from one crisis to another after they were forced into administration over an unpaid tax bill in February.
Caniggia, who has been signed by Wembley FC, said: "I was 34 when I went there but it was one of the best experiences for me as a football player.
"I say that, having played in three World Cups for Argentina and I played in very big teams like Boca Juniors and River Plate.
"I was at the end of my career but I was still fit. Rangers was great. They had some great players.
"When I found out about the situation of Rangers, I never expected the club was going to almost disappear or be as serious as it is.
"It is very sad. I had a great time in Glasgow at the club. It is one of the best clubs.
"The supporters were absolutely great. I can't believe the club is going through this situation.
"I have great memories. My children grew up there."
Failure to secure a Company Voluntary Arrangement (CVA) in order to exit administration consigned the club to liquidation last week.
The business and assets of Rangers were then purchased by a consortium fronted by former Sheffield United chief executive Charles Green for £5.5million.
However, the new regime faces a battle to see newco Rangers granted entry into the Scottish Premier League.
Their application will be voted on by all 12 top-flight clubs on July 4, with Hearts and Dundee United having already indicated they will reject Rangers' bid.
Caniggia added: "It will be very difficult for the fans. If Rangers disappear it is a very big problem.
"It is very sad this club can disappear. I hope everything can work out well.
"It is going to be difficult for everyone. It is a big club, with that history.
"Celtic and Glasgow Rangers, for Scottish people, they are the big big clubs.
"If one of them disappear, it will be a very sad problem."
Meanwhile, Rangers fans appear to be split over whether to renew season tickets ahead of the new campaign.
The Rangers Fans Fighting Fund issued a statement this week urging supporters to back new owner Green after he provided assurances that season ticket cash would be ring-fenced in a secure account.
However, the Rangers Supporters Trust want fans to delay renewals following reports that ticket money gathered by direct debit is being held in the oldco Rangers' bank account, where it can be claimed by creditors, amid claims that Green's group failed to make the necessary banking arrangements.
In an email to their members, the RST wrote: "There are a number of major issues facing the club and the support at present, not least of which is the decision on when, if at all, to renew season tickets.
"Given recent revelations over the failure of season ticket money to be ring-fenced as the chief executive Charles Green had indicated, we feel there is no other option open to the support than to delay payment until it is clear that proper corporate banking facilities are in place and supporters cash is protected from liquidators.
"The RST board has serious concerns with regard to Charles Green's business model and his ability to take the club forward.
"It remains unclear whether he will be able to raise the £30million investment pledged at the outset of his bid and, with continued speculation that the club has no corporate banking facilities, our fears are only increasing.
"Therefore it is incumbent upon the chief executive and chairman to allay these fears with guarantees and hard evidence of investment and secure the relevant banking facility required for a business the size of Rangers."Rangers subsequently announced tonight they will extend the season ticket deadline to Wednesday, July 11.
A statement read: "In the event that we are not playing in the SPL, pricing will be reviewed and adjusted accordingly and refunds paid to season ticket holders who have already committed.
"The club will process the first of four direct debit payments.
"However this payment will be taken on July 6 rather than June 29 as previously communicated.
"The amounts remain unchanged at this point in time from the amount indicated to all direct debit season ticket holders in their confirmation letter.
"However, any subsequent payments will be reduced to take account of any movement in price as a result of playing in an alternative league.
"Fans should also be assured that all season ticket money will be held in an account that will go directly to the club."
Green added: "I am pleased to announce today that the club has decided to continue the ticketing rights for bond holders at Ibrox.
"There are approximately 6,500 bond holders and their contractual rights effectively came to an end following the rejection of the CVA proposals, thus forcing the creation of a new company."
Finance director Brian Stockbridge said: "There has been some misleading and inaccurate media coverage regarding season ticket monies.
"At present Rangers has not taken any season ticket money by direct debits.
"Rangers has full corporate banking facilities in place and the process of transferring direct debit instructions will be completed within the next few working days.
"We will be writing to all season ticket holders who pay by direct debit with all relevant information.
"A relatively small amount of money has been paid by supporters by cheque and cash and that money is being transferred to the club's new bank account."