Administrators are investigating whether his floating charge over assets such as Ibrox and Murray Park is valid as he did not use his own money, as he had asserted.
Whyte, now in Monaco, admitted on Tuesday that when he bought Sir David Murray's majority shareholding in Rangers in May 2011, he used money raised through selling off three seasons' tickets to Ticketus to pay off the £18m the club then owed to Lloyds Banking Group.
