The cash-stricken club was thrown back into the spotlight this week firstly when manager Ally McCoist's resignation was turned down by the board, news broke of a fresh SFA probe and then with the appointment of Derek Llambias as the new chief executive.
But McCall believes the club needs some radical investment if it is to finally achieve real stability both on and off the pitch.
McCall, who left his position as Motherwell manager last month, told Sky Sports News HQ: "As a manager, and with a good friend currently in charge of the club, you do not make comment on other peoples jobs.
"Obviously Rangers was a club I played with for seven years and have great memories of and I was a Rangers supporter as a boy. On the park Ally has got them two promotions, but at this moment in time the results have not been what people have expected.
"Hearts are setting the pace but Rangers can still turn that round. They are in a cup semi-final in February against Celtic - which will be huge - but it's a time for everyone to pull together. Now there is a bit of disillusionment, but they need a leader there.
"If Mike Ashley can come in and not just keep making loans but put in proper investment, or if they can get investment from elsewhere, that is what they need.
"Rangers may have to let players go like Lewis Macleod and Lee Wallace, while Hearts are talking about strengthening their squad and bringing in new players in January. The imbalance is very difficult for supporters to accept.
McCall believes that the latest round of cost-cutting measures may have had a bearing on recent events at the club.
"You have always got to have belief and hope," he said. "I spoke to Ally after the game at Queen of the South, the players let him down that night. There has been lots of cuts at the club and he lost his PA who has been there for 42 years; it's not ideal."
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