Published Tuesday, 21 February 2012
A banner aimed at Rangers owner Craig Whyte appears outside Ibrox. (© Getty)
Ticketus paid £24m for the right to sell future season tickets - £18m of which was then used to pay the club's £18m debt to Lloyds Banking Group when Whyte completed his takeover bid last May.
"Since being appointed administrators last week, there has been widespread concern raised with us - not least by Rangers supporters and season ticket holders - about the agreement between the club and Ticketus," joint administrator David Whitehouse said.
We are now investigating all the circumstances surrounding both the purchase of the majority shareholding in Rangers Football Club plc and the flow of funds which stemmed from the transaction and were intended to fulfil the purchasers' obligations at the time of the sale.
David Whitehouse, Duff and Phelps
"Following information received, it is now apparent that the proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20m plus VAT.
"Subsequently, £18m was transferred to the Lloyds Banking Group - the application of the remainder of these proceeds is subject to further examination."
"We cannot comment further on these matters while enquiries continue."
Whyte, who has revealed he won't continue as Rangers chairman after restructuring, has defended the deal as "the best way to protect the club, given the circumstances".
He insisted he was the only party at risk and that both the club and fans are fully protected.
"In terms of exposure, I am personally on the line for £27.5m in guarantees and cash," Whyte said.
"By any stretch of the imagination, that is a very substantial commitment to the football club of which I have been a supporter since I was a boy and dearly wish to see through this crisis, so that Rangers emerge as a financially fitter and stronger institution.
Despite the frenzy of media speculation and misinformation, everything I have done has been with the best interest of this football club at heart. Any suggestion that I am trying to make a fast buck or have indulged in illegal manoeuvring is clearly ludicrous.
Craig Whyte
"I am the biggest stake-holder in Rangers and I face huge financial losses personally if the restructuring fails or is not allowed to proceed."
Rangers are braced for possible job cuts - including the loss of players - as they struggle to overcome financial difficulties which saw them appoint administrators last week.
The side have already been docked ten points by the Scottish Premier League.