The firm that financed Rangers with £24million has stressed that it bought the club's season tickets and did not lend the money.
Octopus Investments clarified their arrangement with the stricken club, through their Ticketus arm, after Rangers' administrators revealed the money could not be traced in the club accounts.
A statement on the investment company's website read: "Octopus Investments would like to clarify the position of Ticketus with regard to the current Glasgow Rangers coverage.
"Ticketus is one of the many entities into which Octopus Protected EIS invests. Ticketus has purchased tickets for Glasgow Rangers games for a number of seasons in advance, as it has done for a number of years previously with the club.
"Ticketus does not lend money; Ticketus is the owner of assets - the tickets. Octopus is continuing to work with the administrators and Glasgow Rangers on this matter."
Rangers owner Craig Whyte admitted earlier in February that he had used Ticketus to raise cash, but denied using the money to fund his takeover of the club.
Whyte also pointed out that the club had worked with Ticketus before he took over in May last year, but former chairman Alastair Johnston stressed that money was only accessed on a short-term basis towards the end of a season.
Administrators Duff and Phelps revealed on Thursday that the Ticketus money appeared to have gone into the account of a parent company.
Joint administrator David Whitehouse said: "Our understanding is the funds from Ticketus didn't come through the company's accounts so we haven't got visibility on that and that's what we are trying to get."
Rangers were forced into administration on Tuesday over an unpaid tax bill of £9million, accrued since Whyte's takeover.