Celtic chairman John Reid has responded to Rangers counterpart Sir David Murray's warning that he should be more careful with his public comments.
Murray, in an exclusive BBC interview to mark his 20th season in charge at Ibrox, expressed concern at "some of the innuendo that's come from John".
Reid, who has condemned a section of the Rangers support for singing the Famine Song, said he would not change.
"I will continue to comment, when appropriate, without fear or favour."
The Famine Song refers to events that killed an estimated one million people in the 1840s and led to a mass migration from Ireland.
And the Rangers chairman, who bought the club for £6m in 1988, urged his Celtic counterpart to be more careful with his comments, given his role as an MP.
"I find it strange that a man could become a member of Parliament representing a whole broad church of people from Airdrie and Shotts, but then can also be the chairman of a football club and come out with a different slant," said Murray.
"I suppose he can say that because he knows he doesn't have to be re-elected to Airdrie & Shotts again. I'm concerned by some of the comments.
"I give the utmost respect to Celtic football club - they've got a great tradition but I am recently a wee bit concerned by some of the inferences and innuendo that's come from John and I think he's got to be careful and realise he's not barracking in the House of Commons any longer.
"We are in a society in Scotland where every point and every word is picked up by everybody and he should be very careful with some of the chat."
Responding on Thursday afternoon, the Celtic chairman said: "We all want to be a little indulgent to David on his 20th anniversary, but I'm not entirely sure of the points he is trying to make regarding inference and innuendo.
"In any case, no one should be under any illusion that in defending the welfare of Celtic and our supporters I will continue to comment when appropriate, without fear or favour.
"I know we all welcome David's respect for Celtic's traditions and we congratulate him on 20 years at Rangers Football Club".
Murray said he had always been honest during his tenure at the club and never shirked a challenge since taking over at Ibrox.
"I've endeavoured to be as honest and as decent as possible," he said.
MY SPORT: DEBATE"Hopefully, we can continue to win more trophies together. I think I'm the longest-serving chairman in the history of Rangers Football Club.
"I've done a fair innings with reasonable success. When it's time to walk, I'll walk. And I'll look back on it as an unbelievable experience and a privilege to be the chairman and major shareholder at Rangers."
Murray's portfolio of metals, mining, property and venture capital businesses have made him Scotland's fifth-richest man, worth £650m.
His investment at Rangers helped secure a famous nine-in-a-row championship wins between 1989-1997.
And the club's £12m training facility, Murray Park, is named after him.
Murray stepped down as chairman at Ibrox in July 2002 but returned to the post in the summer of 2004.
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