Santiago Cañizares insists Valencia owner Peter Lim must delegate his football operations or risk further alienating supporters with his "arrogance".
Tension between Lim - who purchased the club through his media company, Meriton, for €420m in 2014 - and the club's supporters has reached fever pitch recently after comments from the Singaporean billionaire's daughter.
Kim Lim posted on Instagram after the sacking of Albert Celades in July - the club's sixth coach in as many years.
"Here again. Some Valencia CF fans are scolding and cursing at my family and I," Kim wrote in a post which was later deleted.
"Don't they get it? The club is ours and we can do anything we want with it and no one can say anything."
There are few people held in higher regard by Valencia supporters than Cañizares, who was present at Valencia when they were in a major European force between the late 1990's and early 2000's.
The former Spain international made 416 appearances over 10 seasons for Los Che, winning two La Liga titles and the UEFA Cup.
And Cañizares believes Kim Lim's comments are reflective of the 'arrogance' shown by the ownership group.
"In general, the arrogance with which 'Meriton' have behaved (the daughter of Lim, President Anil Murthy, Peter Lim himself) is now reaching a point where they are humiliating the fans of Valencia CF," he told Tribalfootball.com.
"They are a provoking great disaffection and real anger amongst 'Valencianistas' who now want Meriton out of their lives for good."
Supporters have become frustrated with Lim's seemingly chaotic way of running the club.
Marcelino was replaced by Celades in September last year after taking Valencia to consecutive top-four finishes and winning the Copa del Rey in 2019, their first trophy in eleven years.
This was followed by the departure of Mateu Alemany, who was the mastermind behind Marcelino's successful two seasons at the Mestalla.
Alemany's successor, Cesar Sanchez, decided to leave after Celades' sacking, which Cañizares says was because Lim "made sporting decisions over his head."
Lim has now hired former Watford boss Javi Gracia as manager, and sought to clear the club of its highest earners, according to Marca.
They also sold their brightest young prospect Ferran Torres to Manchester City, with the 20-year-old stating he didn't want to leave the club.
After finishing 10th in La Liga last season, Cañizares thinks Lim must defer control of football operations if Valencia want to return to their glory days.
"I believe that Valencia can only return to its best days if the club is run professionally. It was run professionally when Lim contracted Mateu Alemany, who is a great professional.
"He professionalised the club and was given complete independence to make the decisions.
"Those 2 years were very successful for Valencia where twice over they qualified for the Champions League as well as winning the Copa del Rey.
"If Meriton employ people with experience and talent to make the right sporting decisions and give them absolute independence, then we can start to believe again in Valencia being the club we all desire it to be."
Football fans in England will perhaps best recognise Lim for his decision to hire Gary Neville as manager in 2015.
The Manchester United legend had never managed prior to his appointment as Nuno Espirito Santo's successor. He won three games in four months before being sacked and has never managed again.
Asked about Neville's appointment, Canizares said: "Gary Neville was chosen on a whim by Peter Lim due to their friendship.
"Gary Neville had a great curriculum as a player but he did not have a curriculum as a manager and should not have been considered capable of managing Valencia Club de Futbol. In a normal situation, no-one in their right mind would have chosen Gary Neville as manager for Valencia CF."
