The Ibrox side are just under £30million in debt and are under investigation by HM Revenue and Customs over a tax issue, while manager Walter Smith and his assistants Ally McCoist and Kenny McDowall have been working without contracts since January.

Property developer Ellis claimed that if his reported £33million takeover bid goes through, he will offer Smith a new contract and also give the role of life president to current owner Murray.

However, Edgar told Press Association Sport the gesture will not be appreciated by the rank and file among the Light Blues' support.

"It's the equivalent of giving Freddie Goodwin the same role with the Royal Bank of Scotland," he said. "It's a reward for recklessness.

"I don't think the supporters will be pleased - certainly the ones I have spoken to aren't happy.

"There is genuine anger. We should never have been in the position we are in, a poor legacy has been left by Murray."

Ellis' revelation that he is looking to complete his takeover later this month will be met with "qualified optimism" by the Ibrox support, according to Edgar.

Ellis said last night: "The bid includes all the club's debt and I'm optimistic there will be serious developments in the next three to four weeks."

Edgar told Press Association Sport that the RST will meet up with Ellis in the forthcoming weeks to seek answers to questions that are being asked by the whole of the Rangers support.

He said: "I suppose you could say the news has been met with qualified optimism.

"We don't know a lot about him and we couldn't find out a lot about him during the due diligence process.

"We had informal discussions with his representatives recently but at this stage we simply do not know enough.

"Now we look forward to hearing answers to some pertinent questions, the first one, of course, being, 'Why bid for Rangers?'

"He has no historical connection with the club, although that is not necessarily a bad thing.

"We also want to know where he sees the club in a few years' time, so there are concerns.

"But what I will stress is that Andrew Ellis has conducted himself perfectly through the negotiations. He has been doing all the right things.

"If the bid goes through, it will take the club out of the bank's control, which is fantastic.

"But the Rangers support is suspicious; promises have been made in the past and not kept.

"Andrew Ellis will have to deliver what he says he will deliver, and if he does, he will get the full support of the fans."