And former director Paul Murray could have the backing of fans to head up any potential takeover of the SPL champions. Murray would require the backing of the Light Blue legions to fund his radical plans for the 140-year-old club.
Rangers Supporters' Trust board member Mark Dingwall, left, told SportTimes: "For years fans have liked the idea of owning the club, but it was perhaps a bit impractical.
"Suddenly we find ourselves in a position where the model of a single owner has proven to be disastrous, so democratic control is what fans want going forward.
"We are not talking about picking the team, we are talking about picking directors who are competent enough to run the company rather than being done at the behest of one man.
"I think this scenario has woken a lot of fans up and they are looking at how other clubs manage their affairs.
"We want proper governance for Rangers going forward and a situation where alarm bells will be sounded if certain criteria are not met.
"The only way for us to protect our club in the future is to have as many fans involved as possible."
Murray has spoken out about the state of Rangers' finances in recent days after owner Craig Whyte placed the club in administration amid mounting debts and claims over non-payment of taxes.
The former Deutsche Bank high-flyer was foiled in a last-ditch attempt to buy Rangers last May from Sir David Murray, but could go back to the table with his 'Blue Knights' proposal.
Dingwall added: "We are certainly looking forward to seeing Paul's plans. We would hope there is a credible plan going forward where we could use his talents and the backing of thousands of Rangers fans for the good of the club."
With administrators Duff and Phelps now in control of the club's finances, fears are growing that Rangers' existence may be under threat.
Fans vented their anger at Whyte outside the stadium on Monday night and again after the club's administration was confirmed on Tuesday.
But Dingwall has urged supporters to focus on the good of the club, and not their dismay at Whyte, when Ally McCoist's side face Kilmarnock in SPL action on Saturday.
He said: "What we will be doing is encouraging Rangers fans to come out in strength on Saturday and show the world the size of this club and the passion the fans have for the club.
"It is time to get behind the team. We want to demonstrate to the world that this is not the end of Rangers and that Rangers will continue and the fans will play their part in that."