Rangers’ official fans group has described the Hampden display against Celtic as a “disgraceful capitulation”.
A Club 1872 statement called for further investment from directors and supporters in the wake of Rangers’ 4-0 defeat in the William Hill Scottish Cup semi-finals.
Club 1872 is the club’s second-largest shareholder behind chairman Dave King and is in negotiations over securing a place on the Ibrox board.
“We have had contact from members asking us to convey their concerns to Rangers and can reassure them and the wider support that this has been done.
“Rangers supporters deserve a team which as a bare minimum shows pride and commitment in the club they represent. That pride and commitment was sorely lacking on Sunday and the responsibility for that must be borne at all levels of the club.
“What we have seen this season is not good enough and we know that the Rangers board and executive team are well aware of that fact.
“Rangers supporters will no doubt once again show their incredible support for the club through season ticket renewals but we now need to see real progress towards returning Rangers to the top of Scottish football with a management team and quality of player that can secure success.
“It is clear that a great deal of further investment is going to be required to take the club to the position that our supporters correctly believe it should occupy.
“Millions have been ploughed into the club by the current board and investors but it has not seen a satisfactory return on the pitch.
“We cannot just assume that because we are Rangers we will automatically return to the top at some point. It is going to take further investment, good decision making and everyone working together.
“Much of the responsibility for that progress is going to fall on the current RIFC board but we believe Rangers supporters, through Club 1872, can also shoulder part of the burden - because it’s our club.”
The statement came after the launch of a separate, independent group aimed at advancing fan ownership of the club, Follow Rangers Shareholders.
A Follow Rangers spokesman said: “We recognise and applaud the work of countless Rangers fans who have held the dream of fan ownership. However, it is our belief that a single fan group is not appropriate for Rangers FC.
“We have a massive worldwide support and we believe Follow Rangers can attract people who are either not engaged or disillusioned with the existing fan ownership models.”