The former Celtic manager also believes their failure to take part in the friendly tournament in Australia represents a 'missed opportunity' for both Old Firm clubs given the financial rewards on offer.
The Ibrox outfit pulled the plug on their involvement in the event Down Under and blamed organisers for being ‘unwilling to meet their obligation’, a claim Sydney Super Cup promoters TEG Sport and Left Field Live have refuted.
They insist the U-turn is down to the protests of Rangers supporters, and they hit out at the club's board for ‘letting down many, many fans in Australia and the Asian region.’
Celtic and Rangers were due to earn in excess of £3million from the eight-day trip scheduled for November, which would have involved the first Old Firm fixture outside of Scotland.
Lennon believes it is ‘a shame’ the fixture will no longer be going ahead.
Speaking on talkSPORT, the ex-Parkhead boss said: “Financially and commercially it’s a missed opportunity in terms of what it would have meant to both clubs in terms of revenue and obviously seeking the profile of both clubs worldwide.
“They will have their reasons behind that and there was a lot of disenchantment from both sets of fans about the game going ahead.
“It’s a shame because there isn't a lot of money coming into the Scottish game compared to the top leagues and this was an opportunity to sell the game abroad.
“Unfortunately for many reasons - a lot of it may be small-minded - then it’s not going to happen and it’s a shame.”