Glasgow & West Scotland

In full: Administrators' statement

Administrators of Rangers FC, Duff and Phelps, released a statement regarding the agreement between the club and Ticketus, a company that deals in the buying of future season ticket revenue.

David Whitehouse, joint administrator, said: "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.

"Following information received, it is now apparent that the proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20 million 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 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.

"We cannot comment further on these matters while enquiries continue."