It has emerged direct debits are being paid into accounts held by the soon-to-be-liquidated 'oldco' Rangers after the club's new owners failed to make the necessary banking arrangements.
Rangers chief executive Charles Green said the funds were ring-fenced in a secure account, but the required legal process is only in the early stages and could take four to six weeks, meaning fans' money is not being held securely for the newco club's use.
It is also understood that a counter-offer made by Zeus Capital – which is working with Green's Sevco group – to the consortium backed by Jim McColl and Douglas Park last Monday valued the club at £16m.
It came just four days after Sevco bought the business and assets for £5.5m. Negotiations between the two parties broke down after Zeus Capital responded to the McColl consortium's £6m offer by asking it to buy 50% of the club for £8m.
As part of the deal, McColl's group would have been allowed two directors, while Sevco retained three. McColl's consortium considered this an unrealistic bargaining position and withdrew but they do remain interested in buying the club.
Green has tried to reassure fans about their season ticket cash. He said: "Season ticket money will be ring-fenced in a secure account and will not be used before the current issues surrounding the club are resolved."
However, the process of securing the season ticket funds for the newco requires legal agreements from Duff & Phelps, who run the oldco's business, BDO, who will move in as the liquidators, and a guarantee from Green's newco.
Until it is completed, the current funds are part of the oldco's assets, and so within reach of the creditors, despite Green's assurances to the contrary to the Rangers Fans Fighting Fund at a meeting last Wednesday, and then again in a statement yesterday.
Having set up the newco, direct debit mandates should have been sent out to all supporters informing them of a change in the banking details and requiring them to sign the mandates.
However, Sevco have been unable to arrange corporate banking facilities and supporters currently renewing by direct debit are not funding the new club, because the parties involved have not arranged the necessary legal and banking procedures.
Andy Kerr, chairman of the Rangers Supporters Assembly, also raised concerns yesterday about the lack of guarantees from Green.
He said: "The fans' contribution via season tickets is around £20million, and I am sure most are keen to plough that money in and get the club's coffers up.
"We don't just want to hear words about how much Mr Green and his associates plan to invest, we need written assurances.
"It was interesting to hear that Walter Smith and his party [including Jim McColl and Douglas Park] withdrew when they didn't get assurances on some of the things they needed to hear. We need evidence about what Mr Green plans to do."