The former defender, who has been at the heart of calls for regime change over the past three years, is delighted Dave King, Paul Murray and John Gilligan appear to have won their battle for control ahead of Friday’s EGM.
Brown said: “This is a defining moment in Rangers’ history. It’s a bright new dawn. Onwards and upwards.
“But I am very concerned about what Dave King and the others will find now.
“I genuinely feel there may be a big black financial hole that no one – apart from the outgoing directors – knows about. I am fearful of that.”
There was also concern over the motives behind remaining directors Derek Llambias and Barry Leach requesting a second £5million loan from Mike Ashley’s Sports Direct company.
In a statement to the Stock Exchange yesterday, the current board stated they had “commenced the process of satisfying the conditions for drawdown” of the second £5m loan that the Newcastle United owner offered at the end of January.
They insisted Rangers would require the funds “in order to meet its cash requirements for the third week of March”.
The statement added: “Drawdown of the second tranche of the facility is subject to due diligence by [Sports Direct].
“Shareholders should be aware that there are other conditions of drawdown which include a material and adverse change and/or significant adverse event condition which could impact upon the willingness of SD to release the funds.
“If the funds are not able to be drawn down from the facility, alternative sources of external funding will be required.”
On the face of it, the statement to the Stock Exchange appeared to be a last defiant act from the remaining directors, but Brown also forecast possible criminal charges for some of those involved through the darkest days of the Ibrox club’s history.
He said: “I feel charges are inevitable. So many people have filled their pockets, given out ridiculous contracts that gave some plenty and Rangers a pittance, and some may even have taken backhanders.
“I think there will be some worried people out there.
“And there is now the very real possibility of other things coming to light that will add to the sorry mess of the last few years. My biggest fear, though, is that there won’t be a proper paper trail that will allow Dave King to ‘out’ all the wrongdoing.
“This might well be a bright new dawn but there will still be a few more shocks along the way and some dark days to be negotiated.”
Brown, who starred for Rangers from 1988-1997, has been an outspoken critic of Craig Whyte, Charles Green, Imran Ahmad, David Somers and a host of others.
But the 53-year-old believes the people about to take control have the club’s well-being at heart and wants them to make appointing a new manager a priority.
Brown said: “The new directors, along with the Three Bears of Douglas Park, George Taylor and George Letham – who I’m sure will be involved somehow – plus a host of others who are fans know where Rangers should be.
“I would get a new manager in right away because there is a lot of work to be done. I know everyone wants to go up this season but I’m not sure that will happen because the team is very inconsistent and we might all have to take the medicine of another year in the Championship and prepare properly for the Premiership.
“If that’s the case, so be it. We’ve waited years to be back so another 12 months won’t hurt too much.
“A new man – someone the fans can relate to – will need time to sort it all out because a number of the current squad aren’t worthy of new deals after their performances this season and new players will have to be brought in.”
News of a regime change will be music to the ears of the vast majority of Gers punters.
Brown added: “Now I know the fans will get behind the club again and hopefully the supporters will turn up in huge numbers because Rangers need all the money it can get.
“There are fans in the boardroom instead of rats, there will be transparency where there has been none, and although it has taken time and millions of pounds have been taken out of Rangers, I always knew this day would come.
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