The Scottish Football Association (SFA) is to launch an investigation into the financial chaos engulfing Rangers after the Glasgow giants went into administration.

As shockwaves from the plight of the club continued to reverberate across Scottish football, the sport’s governing body in Scotland announced a “full, independent” inquiry will be held into the affair.

A SFA statement said the investigation would scrutinise Rangers affairs to determine whether there had been any breaches of the organisation’s rules about fit and proper owners.

Rangers entered administration after it emerged the club owed STG9 million ($A13.3 million) in unpaid taxes which had accumulated since Craig Whyte took over last year.

Rangers are also awaiting the verdict of a tax tribunal that could leave the 140-year-old club with a bill of up to STG75m.

Whyte insisted in a statement on Friday he had “absolutely nothing to fear” from any investigation into his takeover of Rangers.

“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,” Whyte said.

“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.”

Rangers manager Ally McCoist said he was baffled by the crisis, demanding answers from Whyte about what had happened.

“Well I have to inform you that I am as surprised at some of the revelations as the next man,” McCoist said.

“The most important thing for everybody at the club is the game. But like every Rangers supporter, I would like one or two questions answered.”