The Rangers board has announced they will commission an independent investigation into Charles Green and Imran Ahmad's running of the club.
Green is under intense scrutiny after documents were released to the media this week claiming Craig Whyte is involved with the Third Division club.
Whyte, who owned Rangers prior to their liquidation, is banned from being a director of any Scottish Football Club.
A Rangers statement read: "The board has announced today it is to commission an independent examination and report in view of recent allegations in the media concerning the chief executive, Charles Green, the commercial director, Imran Ahmad, and their management of the club.
"The decision to commission the examination was taken unanimously by those in attendance at today's meeting including non-executive and executive directors.
"The independent report will be commissioned and completed as speedily as possible and presented directly to the non-executive directors of the company.
"The chief executive will not be involved in the conduct of the examination.
"The board wishes to make clear that is not prejudging any of the issues involved and that the object of this exercise is to clarify the situation to the satisfaction of shareholders, supporters, staff and board members.
"Instructions recently given to lawyers in England and Scotland with a view to taking legal action to challenge these recent allegations will form part of the independent examination."