Former Rangers chairman Alastair Johnston has reportedly asked the Government's insolvency service to investigate "certain financial arrangements" surrounding Craig Whyte's takeover of the club.
Mr Whyte took over ownership of Rangers last year and the club has continued to face financial difficulties.
It is awaiting the verdict of a tax tribunal which could leave the club with a bill of as much as £49million should it lose its dispute with HMRC.
Last week, Mr Whyte admitted Rangers could be about to face the "toughest few weeks" in the club's history.
Manager Ally McCoist said that, because of the club's finances, the welfare of Rangers was presently more important than results on the park.
Mr Johnston told the BBC Sport: "I have had numerous approaches following the recent revelations in the press about the acquisition of Rangers Football Club and the use of future season ticket money.
"I believe this is a prevalent view amongst Rangers' stakeholders who are now demanding full transparency about the funding of the acquisition of the club, its current financial status, and most importantly, the way forward.
"Therefore, in my capacity as the chairman of the club during the period when it has been alleged that certain financial arrangements of concern were executed by the buyer, I have formally requested that the Intelligence & Enforcement Directorate investigate and clarify this matter once and for all which is surely in the interests of all concerned."
Source: PA
