Rangers chairman Craig Whyte has stated that he will step down from his position once the club comes out of administration.

His announcement comes as the club's administrators confirmed that money from the Ticketus deal was used by Whyte in order to complete his takeover of the Scottish club.

Club administrators have said that Whyte used the cash from Ticketus, who paid £24m to secure the right to sell future season tickets, in order to pay the club's £18m debt to Lloyds Banking Group last May.

"The Ticketus deal was by far the best way to protect the club given the circumstances in that they have no security over any assets. The only person at risk from the deal is me personally because I gave Ticketus personal and corporate guarantees underwriting their investment," Whyte told Sky Sports News.

"Despite the frenzy of media speculation and misinformation everything I have done has been with the best interest of this football club at heart.

"Any suggestion that I am trying to make a fast buck or have indulged in illegal manoeuvring is clearly ludicrous."

Rangers face Inverness in the Scottish Premier League on Sunday afternoon.