The most common and most likely answer to this crossword clue is the 5 plus 4 letter word GRAND TURK
I've seen this crossword clue in Financial Times
G
R
A
N
D
T
U
R
K
Buddy explains!
The straight part
We know that "Old ruler" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old ruler = grand turk.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.