Rangers honorary chairman David Murray is shouldering the blame for the overspending that has led to the club's current financial plight.
Murray expects to make £7m from Rangers retail
The Ibrox club are struggling with debts of around £65m leaving manager Alex McLeish little cash to strengthen his playing pool.
But Murray maintains the debt is manageable with the club's many assets.
"I'm human and I have made mistakes but I'm here to help sort out those mistakes," Murray told BBC Sportscene.
"In life and in business, I'd love to renegotiate some of the deals I have done in the past."
Murray, who was succeeded by John McClelland as Ibrox chairman in 2002, insists the correct steps are being taken to balance the books.
"John and the team are well down the road with a three-year plan to stabilise the club.
"We're not buying the sort of players we used to bring in but no club in Scotland - and very few in Britain - are paying the sort of money we used to.
"What we do have is very strong assets.
"We have a stadium which is worth anything between £50m and £100m, a training ground worth whatever valuation you want to put on it, a squad worth £20m to £30m.
"The really strong part is the retail. Over a year ago, we bought out Nike for £2m or £3m and we are the first club to manufacture and distribute our own merchandise.
"That side of the business will contribute £7m in profit.
"Yes, it is debt. Yes, I accept responsibility. Yes, I have made mistakes but, if you have got a £100,000 mortgage and your house is worth £200,000 that is acceptable."
Celtic are currently eight points clear in the championship race and Rangers look unlikely to defend their league title.
But Murray insists Rangers will be back in contention soon as Celtic also undergo a period of change.
Rangers' fierce rivals will lose striker Henrik Larsson in the summer and finances are also tight at Celtic Park.
Rangers won the Treble last season
"Celtic are going to go through a change this summer and I'm sure we will be back on top," Murray continued.
"Celtic have a good team which is at the peak of their performance and, as galling as it is, we have to accept that.
"But we won a Treble against this team last year and it is not all over this season. We can win some trophies this season.
"They have decided not to build a training ground, which we have done, and that has taken resources away from Alex McLeish.
"Our priority is to build on youth. We can't compete with Manchester United any more - we get £1m for television while they get £22m.
"The gap in revenues is increasing and our people have done a remarkable job in getting the turnover to what it is."