And Rangers say they will take the matter up with "the relevant football authorities."
When asked by one shareholder at Friday's meeting about the reporting of Rangers in the media as a club founded in 1872, rather than a new club following liquidation last summer, Lawwell replied: "Rory Bremner can pretend to be Tony Blair."
Afterwards, he said: "That was the lady that stood up, talking about pretending. I was putting a bit of humour into that. Nothing more than that."
However, the Light Blues now look set to complain to the Scottish Football Association about the quip.
A statement from the club read: "The Club are disappointed with the comments attributed to Celtic Chief Executive Peter Lawwell earlier today.
"Rangers Football Club, now in its 141st year, has a proud history which has been recognised by the football authorities and was noted in a recent SPL Commission determination.
"The club will now take this matter up with the relevant football authorities."