DUFF & PHELPS, administrators to Rangers Football Club, have said a ticket deal was used to pay off bank debts at the collapsed business.
Paul Clark and David Whitehouse, both partners at Duff & Phelps, were appointed to the club on Valentine's day.
Whitehouse confirmed that since their appointment widespread concern has been raised by the fans on the agreement with the club and ticket company Ticketus.
It is alleged Rangers' owner Craig Whyte handed over three years' worth of future season ticket sales rights to ticket agency Ticketus, in exchange for funds to buy the club. As part of the buyout deal, last May, Whyte paid £1 for the club and took on all its debt, including secured creditor Lloyds Bank.
"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," said Whitehouse.
The whereabouts of the remaining £2m is currently being investigated by the administrators.
"We are now investigating all the circumstances surrounding both the purchase of the majority shareholding in Rangers Football Club and the flow of funds which stemmed from the transaction and were intended to fulfill the purchasers' obligations at the time of the sale," Whitehouse added.
The administration follows a petition for the club's winding up from HM Revenue & Customs following non-payment of about £9m in PAYE and VAT after its takeover in May by Craig Whyte
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