The Union of Fans launched Ibrox 1972 Ltd this week - a company which has Dave King and Richard Gough as trustees.
The umbrella group, which comprises six supporters' organisations, is asking fans to pledge money to it on a website.
The union then want the Gers board to grant them security over Ibrox and Murray Park before they release the cash.
However, Light Blues directors have reiterated they "have no intention of granting security over Ibrox to anybody".
Gers chairman David Somers has admitted the scheme could jeopardise the club's future.
And Rangers legend Derek Johnstone fears the stand-off will have serious repercussions for the SPFL League One champions.
He wants to see the two factions hold negotiations and reach some sort of compromise. Johnstone said: "I would like to lock them all in a room and not let them out until some sort of compromise can be reached.
"Every club relies on season ticket money. Rangers are no different.
"If takings are down on this front by a couple of million pounds it will affect them. That is a lot of money.
"If there is a shortfall, which it looks like there will be, there will be problems.
"The directors say they need the money. It is not a threat, it is a fact."
Rangers chief executive Graham Wallace has stated that he wanted to engage more with fans than his predecessors had when he was appointed last November.
And after over 35,000 people took part in his "Ready to Listen" survey, the prospect of forming a fan representation board is now being investigated.
However, Wallace has refused to speak to representatives of the Union of Fans in recent weeks despite repeated attempts to contact him.
Johnstone reckons the constant sniping from the sidelines by both parties is badly damaging the club's image.
He added: "The board has to speak to Dave King and the Union of Fans.
"There is no point making statements every other day slaughtering the other party and then threatening to get lawyers involved. That serves nobody.
"I think they should get together. Everybody wants the football club to achieve success. So they should meet up and talk things through.
"It is the only way the club is going to move forward as far as I can see. As things stand, it is stalemate. It is helping nobody.
"They should even think of bringing in a mediator to help the process."