SIR David Murray has questioned how Craig Whyte could raise money by selling Rangers season tickets before taking control of the club.
He entered the growing controversy after Whyte admitted on Tuesday that more than £20 million from the sale of future season tickets to the Ticketus agency was used to help fund his takeover.
A spokesman for Sir David's company, Murray International Holdings (MIH), said: "We had absolutely no knowledge of the Ticketus arrangements until very recently.
"We are at an absolute loss to understand how Craig Whyte could procure funding from Ticketus on such a basis given that he neither owned nor controlled the football club at that time."
It is understood extensive background and credit checks carried out by advisors for Lloyds Banking Group and MIH during the due diligence process of the takeover deal did not uncover anything problematic on Whyte.
However it has since been revealed he was banned from being a director of a UK company for seven years.
Although £18m of the money from Ticketus was used to pay Rangers's debts to Lloyds, administrators Duff and Phelps wish to identify where the remaining money is.
Octopus Investments, which controls Ticketus, would not comment.
A source added: "At the time Murray Group wanted to be assured there would be that £25m available over a five-year period to be injected into the club to sustain the level of playing staff at Rangers.
"The lawyers representing Craig Whyte produced proof and evidence of that money.
"At the point of sale Rangers was on a stable business footing and its debt had been reduced from £33m to £18m.
"The club was being managed responsibly at that time and has only started to unravel under the ownership of Craig Whyte."
Lloyds said the takeover met all relevant regulations.
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