Fresh hopes have been raised about Gers fans taking control of the Ibrox club in the past week after Hearts supporters successfully rescued the Tynecastle club from administration.
Supporters Direct Scotland is set to hold a meeting with groups interested in fan ownership at the Louden Tavern in Glasgow on Friday, February 14.
But many involved in the three main supporters' organisations - the Assembly, the Association and the Trust - are disappointed at the scheme.
It is being fronted by former board members of the Trust which had been looking into the possibility of setting up a Interest Company (CIC).
They resigned from the Trust en masse and now appear to be looking to set up a CIC themselves.
The CIC would allow greater sums of money to be raised by fans than is currently the case - and therefore a greater number of shares to be purchased.
SDS chief Paul Goodwin has previously estimated that 25,000 Rangers fans paying £20 a month would be enough to gain control of the Ibrox club.
It is believed that fans could be asked to part with £18.72 a month - Rangers was founded back in 1872 - in order to achieve this goal.
However, doubts have been expressed about whether there would be any shares to buy in Rangers - even if larger sums of money could be raised.
There are also fears it could have a negative impact on an existing scheme being operated by the Trust, Buy Rangers.
One supporter, who wished to remain anonymous, said: "Hearts are available to buy at this moment in time.
"Rangers, on the other hand, aren't available to buy. Unless, that is, the group driving this know more than the rest of us know.
"Maybe some institutional investors will indeed look to cut their losses in the future. But even then there is no guarantee that fans would be able to buy shares."
The potential formation of a new fans' group has also not gone down well among many representatives of the Assembly, the Association and the Trust.
The supporter said: "The last thing we need is an additional group on the scene. I don't think it is what fans want to see.
"My concern would be that it would create division and undo a lot of hard work.
"In the past year we have presented a united front. We have all come together under one umbrella.
"The last thing that we need now is another organisation."