Investment is now sorely needed in order to prevent the crisis from deepening.
It is believed that exiled Scottish businessman Dave King is the leading contender to replace David Murray at the Ibrox helm, but he is facing a series of tax-evasion charges in South Africa.
Former Birmingham chairman Gold, who recently sold his share in the Blues to Carson Yeung, had also been touted as a potential bidder.
However, he has ruled himself out of the running, claiming he has no intention of turning his attention to Scottish football.
"It has never crossed my mind to buy into Rangers," he said in the Evening Times.
"It makes sad reading to see the financial difficulties they are suffering."
Gold believes the Gers' current woes are the result of a deep-rooted problem engrained in Scottish football which will prevent SPL clubs, in particular Celtic and Rangers, from rediscovering the glory days of their past.
"I think the good times are over for the Old Firm," he said.
"They will sometimes play to packed housed and will still go head-to-head for the SPL title. But their fans won't be watching the standard of player they once had."