Rangers manager Ally McCoist said yesterday he was “shocked but not surprised” after it emerged owner Craig Whyte had used money from future ticket sales to finance his takeover of the stricken club.

Rangers administrators revealed this week that part of the £24 million (€28.6 million) raised in the “Ticketus” deal had been used to pay off a club debt of £18 million owed to Lloyds Banking Group last May.

Whyte had previously flatly denied money from the ticket deal was used in the takeover but admitted this week he had not been “completely open” about the transaction.

Asked for his reaction, Rangers boss McCoist responded: “My reaction was shock but not surprise.

“Shock because it’s obviously not a good situation but I would have to say not a surprise because all the journalists and newspapers were heading in that direction.

“That kind of took the surprise element away but it was still a little bit of a shock that was the case.”

McCoist revealed he had not spoken to Whyte since before Rangers went into administration last week Tuesday over an unpaid tax bill of £9million.

“Until I speak to Craig - if and when - I’ll keep my own counsel on it,” McCoist said.

“The most important thing is that I’ve got a job to do here and I’ll continue to do that to the best of my ability.”

“This is not the time or place for me to sit and say what’s right or wrong or who did this right and who did that wrong.

“We are still in the middle of administration and some of the ongoings at the club, in terms of the purchase of the club and the sale of the club, are under investigation from certain people.”