Walter Smith has said he would not rejoin the board at Rangers after finding the environment 'uncomfortable'.
As manager of the Ibrox club, Smith led the club to ten League titles before handing the reins over to long time assistant Ally McCoist.
Smith returned to Ibrox in November 2012 as a non-executive director under then-chief executive Charles Green and became chairman six months later. But after controversy surrounding Green's acquisition of the club, Smith resigned in August 2013.
"I felt at the time that if you could help the club at all then it was the right time to do so," said Smith.
"As it turned out, I discovered it wasn't the right time and I had to leave. It was chaotic enough for me to resign. The only embarrassment is I maybe held on a bit too long."
"I should have resigned long before I did, but that happens. It was an error on my own part to get involved."
Smith still attends home matches but has dismissed ever returning to the club in any other role.
"I still go to the games now and again, but I would not go back on to the board again," he continued.
"I learned it's an environment I'm not particularly comfortable in. I probably shouldn't have joined them at all and I won't go back in an official capacity again."
After the liquidation of the old company, which Green took over after administration, the club were demoted to the fourth tier of Scottish football.
But despite McCoist leading them to back to back promotions, they have found the Scottish Championship tougher going than their previous campaigns, and McCoist left the club late last year.