Sir David Murray says Rangers' reputation has to be rebuilt as the administration-hit Ibrox club battles through a "terrible period" in its bid for survival.
Edinburgh-based businessman Murray sold the club to Craig Whyte for £1 last May but since then the Scottish champions have collapsed into chaos.
The club entered administration in February over £9million in unpaid PAYE and VAT accrued under Whyte and were instantly deducted ten points by the Scottish Premier League, which effectively ended their bid to retain their title.
Whyte then admitted that he sold the rights to future season tickets to London investment firm Ticketus, raising the £24.4 million with which he bought the club, one of the reasons that led Murray to accept he had made a "huge mistake" in selling the club to the man who last week was found by the Scottish Football Association not to be a "fit and proper person to hold a position within association football".
Rangers are still awaiting the verdict of a tax tribunal on the use of EBTs (Employee Benefit Trusts) during Murray's tenure and if it goes against them, it could cost the club £49 million.
Meanwhile, administrators Duff and Phelps are looking for buyers for Rangers after persuading manager Ally McCoist, his backroom staff and players to accept wage cuts of 25-75% in order to prevent redundancies throughout the club.
Speaking at his offices in Edinburgh on Tuesday, Murray accepted responsibility for his part in the club's demise.
He said: "I think this is, obviously, a very low era in the club's history. You can't deny that. It's been a terrible period and I feel partly responsible and I take that responsibility. I don't try to hide from it.
"I've had a lot of letters from Rangers supporters, a lot of comments, I've tried to deal with them. The most important thing is that the club survives. Not just for Rangers but for Scottish football.
"It may have to go back to base level and build up again, but the club has not always been successful. It has had disappointing periods as well, although maybe nothing as bad as this from a non-football point of view. It might take several years to get back."