DUFF & PHELPS administrators for Rangers FC admitted "concerns" about the way the club's finances were run prior to its collapse.
Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed on Valentine's day.
The administrators are investigating the club's finances, but said Rangers had used £9m of unpaid taxes to fund running costs, The Independent reports.
The duo have also said they do not know the whereabouts of £24m loaned to Rangers FC, prior to its collapse.
Ticketus lent the funds to the club hoping to profit from future ticket sales. However, the administrators said they have no "visibility" of where the money had gone, the BBC reports.
Despite the club facing a potential £50m tax bill, from an on-going tribunal, the duo said there has been a lot of interest from possible buyers and said it was "unlikely" to end up in liquidation.
Rangers FC and the taxman are battling out a compensation case over the club's use of Employee Benefit Trusts (EBTs).
HMRC claims it is owed £24m in unpaid PAYE due to the club using EBTs, which provide employees with non-repayable interest free loans.
The administration follows a petition for the club's winding up from HMRC for non-payment of about £9m in PAYE and VAT, after its acquisition in May by Craig Whyte.
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