Money from the Ticketus deal was used by Rangers owner Craig Whyte to complete his takeover of the club, the administrators have said.

Ticketus paid 24million pounds to secure the right to sell future season tickets.

The administrators' announcement came as the embattled Rangers chairman insisted he had no intention of trying to make "a fast buck" out of the club but admitted he wished he had been more transparent in his dealings.

Whyte issued a lengthy statement a week after the Ibrox team were put into administration over a 9m pound debt to HMRC, covering unpaid tax liabilities.

In it, he gave details of the Ticketus deal which was involved in his takeover of Rangers from Sir David Murray, and said it was "by far the best way to protect the club".

He was "personally on the line for 27.5 million pounds in guarantees and cash" because he had underwritten the investment.

According to a statement from the administrators released today, the 24m pounds was used by Whyte to pay the club's 18million debt pounds to Lloyds Banking Group when he completed his takeover last May.

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 pounds plus VAT. Subsequently, 18 million pounds was transferred to the Lloyds Banking Group."

The statement from the administrators continued: "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."

Whyte - who has revealed he will not continue as Rangers chairman post-restructuring - said of the Ticketus deal: "The arrangement with Ticketus - which was a three-season deal not four, as has been reported - was originally to provide additional working capital as had been the case previously under the old board.

"My corporate advisors came to me with the proposition that it was entirely possible, as well as highly beneficial, to negotiate a deal with Ticketus that would allow us to complete the takeover and maximise working capital for the club's day-to-day business.

"The Ticketus deal was by far the best way to protect the club given the circumstances in that they have no security over any assets. The only person at risk from the deal is me personally because I gave Ticketus personal and corporate guarantees underwriting their investment; the club and the fans are fully protected.

"In terms of exposure, I am personally on the line for 27.5 million pounds in guarantees and cash. 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.

"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."

Elsewhere in his statement, Whyte talks of his wish to gift most of his shares to fans if Rangers can come through the administration process.

He admits there have been times when he wished he had never entertained the idea of buying Rangers but, in words which echo manager Ally McCoist at the weekend: "I am a Rangers fan and like other Rangers fans I don't do walking away."

Earlier today, the Scottish Football Association appointed Lord William Nimmo Smith to chair their inquiry into recent activities at Rangers.

Lord Nimmo Smith has served as an insolvency Judge and was one of five judges who heard the appeal of Lockerbie bomber Abdelbaset al-Megrahi in 2002.

The SFA announced the inquiry on Friday - three days after Rangers went into administration.

The probe will focus specifically on whether there have been any breaches of their Articles of Association, relating to rules regarding whether club officials are "fit and proper" to hold such positions.

The SFA announced their independent panel would also include Professor Niall Lothian, a past president of the Institute of Chartered Accountants of Scotland and Bob Downes, who is deputy chairman of the Scottish Environmental Protection Agency.

SFA chief executive Stewart Regan will also sit on the panel.

The governing body revealed that Mr Regan met Lord Nimmo Smith today to define the terms of reference for the investigation.

The inquiry team have been handed the same powers as the SFA to investigate the potential breach of their rules and have been asked to report to the board within two weeks.

Mr Regan said: "I am delighted Lord Nimmo Smith has agreed to chair the independent inquiry.

"I am certain the experience contained within the panel will enable us to achieve more clarity on the situation regarding Rangers FC.

"There will be no further comment on the investigation until it is complete and its findings presented to the board."