Future season ticket money is being used to fund Rangers in a deal with a London-based finance company.

The deal struck with Ticketus provides Rangers with cash now in exchange for future ticket revenue.

Ticketus, which is part of Octopus Investments, has had deals in place with English football sides, including Plymouth Argyle, Hull City and Watford.

The arrangement is thought to involve four years’ season ticket money up until 2014/15.

On Tuesday, the Daily Record reported that the scheme had provided Rangers with £24.4m. The newspaper also quoted former Ibrox director Paul Murray saying he "knew nothing" about the arrangement with Ticketus during his time at the club.

He told the paper: "Plans were being made to sell off future ticket sales but the directors were never told. This was all being done behind our backs."

Later on Tuesday sources within the club claimed the deal pre-dates Craig Whyte's May 2011 takeover and maintained that only a proportion of season tickets were involved, and the money was being used for "working capital".

Mr Whyte released a statement on the Rangers website responding to the Daily Record article.

It read: "First, I would like to address specifically the latest attempt to undermine Rangers in today's Daily Record which devotes five pages to trashing our efforts to get this Club back on a sensible financial footing.

"In the most lurid terms, the Record accuses the club's management and, specifically me, of using supporters' money to help fund the buy-out of Rangers. Not true. The club is accused of not paying £5million in VAT. Not true.

"I can categorically assure supporters that when I launched a takeover bid for the club it was funded entirely from one of my companies and that was demonstrated clearly to the satisfaction of the previous owner, Lloyds Banking Group and professional advisers."

The Ibrox side are awaiting the result of their appeal against a disputed £49m tax bill from HM Revenue and Customs.

Earlier this month the final evidence sessions in the First Tier Tax Tribunal were heard in Edinburgh, with a result expected at some point in the next month or so.

IN DETAIL

• Craig Whyte's statement in full