Sandy and James Easdale have hit back at former Rangers director Paul Murray, who along with Dave King wants a General Meeting to oust the current board.
Murray was director of oldco Rangers which was placed in administration in February 2012, and consigned to liquidation four months later.
He is supporting South Africa-based businessman Dave King, with both men wanting a general meeting to vote out the current board of the Scottish Championship side, which includes the Easdales.
A spokesman for Sandy and James Easdale - the football board chairman and a director respectively - said: "Like an episode of The Living Dead, Paul Murray emerges from his borders lair having vowed never to return."
"He says he expects a smear campaign against himself and Dave King and in the same breath compares the Rangers board to Gerald Ratner. Hypocritical? You decide."
Ratner, head of the famous jewellery firm, wiped almost £500m off the company's value 24 years ago when he claimed he could sell his stock at such low prices - 'for the cost of a prawn sandwich' - because they were total rubbish.
"If Mr Murray and Mr King ever do get anywhere near the club they are welcome to carry out a robust financial investigation. The Easdale brothers have never taken a penny from the club and nor have they claimed any expenses."
The latest sparring match between the current board and their opposition comes after rumours that former board member Charles Green, who was placed in charge of the club just before it was kicked out of the SPL, had been arrested for his involvement in the club.
This prompted Green, who is currently in hospital recovering from knee surgery, to give an interview to Sky Sports, in which he denied that he had been arrested and that he is back those currently at the club, including Newcastle owner Mike Ashley, to take the club forward.