And he said SPL chairmen would pay a heavy price for putting the views of supporters ahead of their own clubs' financial futures.
Gray was speaking after 10 SPL clubs yesterday voted to boot Rangers out of the top tier. Now the fate of the newco Ibrox club is back in the hands of the Scottish Football League, who must decide whether to bow to pressure to admit them into the Irn-Bru First Division.
Ex-Scotland star-turned football analyst Gray said: "The bottom line is there are too many SPL chairmen listening to what their fans are saying and letting it overcome financial commonsense.
"It is a very worrying time for Scottish football. The financial climate is as bad as it has ever been in the game and voting Rangers out of the SPL is only going to exacerbate that. I had no doubt that was the fate that awaited Rangers, but these chairmen will have plenty of time to face the implications.
"Having said that, Rangers are going to have to take their medicine. Although we don't know which league they will be playing in, it will be a long way back.
"But the SPL without Rangers is a far less attractive proposition to broadcasters and the like. That is stating the obvious and it will have implications."
Gray reckons Rangers have the best man to take them forward during in manager Ally McCoist.
He added: "I think the key aspect is that Ally remains as manager. He has handled himself with enormous dignity and has been a real rallying point for the club and their fans.
"I know Ally well and he will roll up his sleeves and do whatever he has to do to plot the way back for Rangers."
Gray added: "The new club are very lucky to have him and he must be given all the support that the newco can provide.
"There are very tough times ahead and Rangers are far from out of the tunnel – but Ally is the man to help them out of it."