Rangers non-executive director Paul Murray has insisted Craig Whyte's imminent takeover is not the right move for the club.
Murray proposed a £25million plan to rival Whyte's deal, which is valued at around £55m and could be completed this week after months of negotiations, after reviewing the Motherwell-born businessman's plan for the club.
Murray, who has been a non-executive Rangers director for four years, said in the Daily Record: "I had an open mind on the Craig Whyte transaction but when I saw the final structure of the deal in early April, I felt that it was not in the best interests of the club.
"I therefore believed I had no choice but to table an alternative proposal.
"In my opinion Craig Whyte has not adequately demonstrated what his strategy is for managing and funding a negative outcome on this matter.
"My proposal would attack these issues in a very different way. The underwritten share issue would raise £25m and all of the proceeds from this would go into the club.
"We would give everyone the opportunity of participating in this issue and encourage a broad ownership structure.
"Also, the board would renegotiate a new facility agreement with the Lloyds Banking Group to cover the existing debt which I now believe to be at a manageable level.
"Of course debts have to be paid. But Craig Whyte's offer is weighted in favour of the bank rather than the club even though we have a debt level which is more than manageable.
"That is not the right thing for Rangers and the fans need to understand why I'm saying that."