"I was approached a couple of months ago by people who were maybe interested in taking over because they didn't like what was going on," said MacKinnon.
"They key is the debt level, because if it's totally out of hand, then you need deep pockets to sustain a club."
The First Division outfit are due a tax bill of £365,000, but are also thought to have total debts of around £2m.
The administrator, Bryan Jackson, will announce redundancies at the club on Friday and further cost-cutting exercises will need to be implemented.
Fresh investment will needed but MacKinnon warned that the party he has spoken to had two conditions regarding any possible sale.
"Two things have to happen," he continued on BBC Radio Scotland. "The debt level has to be at a level that can work within a business plan - and no one has come out and said what the debt is.
"Secondly, that they are able to purchase back the ground from John Bennett."
I feel very saddened for the supporters because they can't have done any more for the club
Dave MacKinnon
MacKinnon was tasked with reducing costs at Dens Park in 2006 after the club were relegated from the Scottish Premier League.
"The plan we had in 2006 was not to spend any money we didn't have because we had to be self-sustainable," he explained.
"It was very difficult because the aspiration of the club was to get back to the SPL."
MacKinnon left the Tayside club in 2008 and admitted the news of his former employers' plight came as a shock.
"It's a real concern that the club has gone into administration for a second time," he said.
"I feel very saddened for the supporters because they can't have done any more for the club.
"They have turned out in numbers, they collected a lot of money the first time the club went into administration. And they believed the club was in safe hands.
"When I found out about the situation a couple of weeks ago, it was a complete surprise."
Source: BBC Sport
Source: BBC Sport