Rangers chairman Craig Whyte has denied using supporters' money to fund his takeover of the Scottish champions.
And he insisted the decision to sell top goalscorer Nikica Jelavic to English Premier League side Everton represented a good deal for the Glasgow giants.
Tuesday's January transfer deadline day saw businessman Whyte confronting newspaper allegations that more than £20 million ($31.5m, 24m euros) had been borrowed in lieu of season ticket sales.
Whyte confirmed that was the case but he rejected claims that some of the money had been used to help him take control of Rangers from the Ibrox club's former owner, Sir David Murray.
In a statement on Rangers' website, Whyte said: "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.
"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."
When Whyte took over Rangers they already faced an as yet still unresolved court case with British tax authorities that could cost the club £49m.
It was always expected the case would limit Rangers -- a point behind Scottish Premier League leaders and arch-rivals Celtic -- in the current transfer window.
However, the impending departure of Jelavic, who has scored 36 goals in 55 matches since arriving from Rapid Vienna for £4m in August 2010, is sure to anger Rangers fans.
But Whyte said: "The player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox.
"The club is simply not in a financial position to turn down offers for players which give the club a good return on its original investment," added Whyte, who said media coverage of the transfer window "bordered on the hysterical".
"As it stands at the moment, Rangers has operating costs of approximately £45m a year and revenues of around £35m -- not including revenue from possible Champions League and Europa League participation.
"As we know, European money cannot be taken for granted and it doesn't take much to work out that without it there is a big financial hole to fill every year -- regardless of who owns the club.
"I've said many times that in Scottish football we have to move on from this mindset that you have to keep spending more and more money -- that's what got this club into financial trouble before.
"We have to live within our means, continue to develop talent and spend wisely."
Source: AFP
