Former Rangers owner Sir David Murray has denied that any cheating took place during his time at the club, saying: "No rules were breached or circumvented."
His comments came after the Scottish Premier League appointed an independent commission to investigate alleged undisclosed payments to players at Ibrox.
The commission must determine whether Rangers breached SPL rules in relation to Employee Benefit Trust (EBT) payments and arrangements for players between 2001 and 2010.
If it finds those rules were breached, the Ibrox club could possibly be stripped of league titles won during that era.
But in a statement, Murray hit out at the SPL, accusing it of trying to "retrospectively rewrite laws to incorporate items not previously covered".
His statement said: "During my stewardship of Rangers, no rules were breached or circumvented, and I reject and resent any suggestion that anything was done which amounted to cheating.
"I cannot be anything other than angered at the suggestion Rangers should be stripped of titles or other competition victories.
"It would appear that the SPL is once again seeking to invest itself with a power of retrospective penalty beyond that prescribed in its own rules."
Charles Green's newco Rangers, formed after the oldco's liquidation, will begin their footballing life in the Scottish Third Division.
SPL clubs voted not to admit the club to the top flight, with Rangers' place going to Dundee, before Scottish Football League clubs elected to admit them to Division Three.
Murray said: "I applaud the decision of the SFL to accept Rangers for membership and respect the decision of the member clubs of the SFL to admit Rangers to its Third Division.
"The problems at Rangers have brought no credit to Scottish football and are a tragedy for the club and for all those connected with it and who support it.
"They cannot be condoned, and it is appropriate that there should be a proportionate penalty for the club for the events over the last year."
But he said matters had gone on for long enough, urging "all those connected with Scottish football to bring this sad affair to a close now" and saying the inflicting of further punishment would be "bayoneting the wounded" and "neither justified nor proportionate".
He concluded: "I, of course, wish the 'new' Rangers every success for the future... however, I am determined to support those who served the club with such dignity and integrity during my stewardship."