Craig Whyte delays publication of Rangers holding company accounts There is also a smaller tax dispute over £2.8 million to be settled, while it has been reported that HMRC are investigating the club for possible non-payment of VAT, an allegation Whyte denies. As The Daily Telegraph exclusively revealed on Jan 20, Rangers will also be legally bound to refund £7.7 million to debenture holders - who pledged that money to fund the building of the Club Deck in 1991 - should the club be placed in administration. When asked by The Daily Telegraph in September if he had mortgaged season ticket sales to guarantee income, Whyte replied: "No." Yesterday, however, he acknowledged in a statement on the club website that a deal had been struck to advance money from season tickets yet unsold. In an open letter to Rangers supporters, Whyte stated: "What is true is that Rangers, like many other clubs, has a financing arrangement in place with a company called Ticketus which enables the club to receive revenue from a portion of season ticket sales in advance. There is nothing unusual or untoward in this arrangement which was put in place at the club long before my takeover last year and was used by the previous management. For members of that regime to criticise the use of a scheme they put in place is, frankly, outrageous. This is a perfectly straightforward way of raising working capital for the club. Money from season ticket sales goes directly to the club and is used for the club's operations and that remains the case. In effect, all this financing arrangement does is release the revenue to the club earlier. Whyte also stated: "The overarching issue that affects Rangers financially is the HMRC tax tribunal, which has been hanging over the club for many years and long before I became chairman. As I have said many times before, the sooner that is resolved the better. In terms of the playing squad, you may know the club has agreed a fee with Everton for the transfer of Nikica Jelavic. We wish the player well and thank him for his contribution. Investment in the playing squad has been a thorny issue since I took over the club in May and is the source of endless debate, much of it ill-informed. I want to set the record straight. In the summer transfer window last year we conducted 14 different pieces of transfer business, more than any other club in Scotland. This included new signings and improvement to existing contracts with key players, increasing the players" wage bill significantly. We now have a first team squad of 30 which includes 18 full internationalists. Admittedly, there were transfer targets we did not secure but that is not uncommon. As chairman, I have supported Ally McCoist in his choice of targets and will continue to do so.