Administrators have confirmed that money from the Ticketus deal was used by Rangers owner Craig Whyte to complete his takeover of the football club.
The firm paid £24 million to secure the right to sell future season tickets.
According to a statement from the administrators, the cash was used by Mr Whyte to pay the club's £18million debt to Lloyds Banking Group when he completed his takeover last May.
David Whitehouse, joint administrator, said: "Since being appointed administrators last week there has been widespread concern raised with us, not least by Rangers supporters and season ticket holders, about the agreement between the club and Ticketus.
"Following information received, it is now apparent that the proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20 million plus VAT.
"Subsequently, £18 million was transferred to the Lloyds Banking Group."