Rangers owner Craig Whyte admits entering the club into administration was extremely painful but the right thing to do.
The Glasgow giants have accrued a tax bill of £9million since Whyte took over from Sir David Murray in May last year and are facing an uncertain future.
Whyte today released a statement saying he has not taken part in any wrongdoing since his takeover and is confident that current administrators Duff & Phelps will find no irregularities for incoming and outgoing monies since he took the reins.
"The traumatic events of the last few days have, understandably, led to a great deal of angst and uncertainty as well as firestorm of media speculation, much of it ill-formed and some of it downright malicious.
"That an internationally-renowned institution such as Rangers should find itself in administration is bound to create shockwaves, particularly among the club's magnificently-loyal fans, and I fully understand their anxiety.
"As chairman, I have been at the centre of this firestorm - and quite rightly so. I knew when I stepped up to take over the club that the challenge of restoring Rangers to financial health after many years of living well beyond its means would be daunting. But I accepted it, both as a life-long Rangers fan and as a businessman with experience in turning round companies in distress.
"The decision to call in the administrators was painful but it was the right thing to do.
"They have promised to publish a full report as soon as possible and I very much welcome that. In spite of the endless speculation and attempts at character assassination by certain sections of the media, I am 100 per cent confident that the administrators' report will prove that every penny that has come in and gone out of Rangers has been properly accounted for.
"And I wish to state categorically for the record now that I personally have not taken a single penny out of Rangers since I became chairman and have paid all my expenses from my own funds.""When I took over as majority shareholder of Rangers in May last year, I knew I had been handed a huge privilege - and an enormous responsibility. My intention then was to do everything I could to safeguard the club's future. And that remains my intention today," he said in a statement.
