The Scottish champions are involved in two separate disputes with HM Revenue and Customs, relating to payments made before Whyte took over Sir David Murray's shareholding in May.

The larger of those cases could leave Rangers facing an estimated tax bill of £49million.

Whyte has always maintained he is confident of winning the case but did address the issue of administration in an interview with STV.

He said: "It's certainly not something that we want to see happen and we are actively doing all we can to avoid it."

He ruled out the possibility of Rangers going under, adding: "There is no chance of Rangers going out of business, no chance whatsoever."

If Rangers do succeed with the dispute, Whyte has vowed to write off the club's £18million debt, which is currently on the books of his holding company.

He said: "It's not going to be converted to equity which would dilute the other shareholders of Rangers.

"We've got 26,000 shareholders who are very important to us, they are all fans of the club, and I want to make sure they are not diluted in any way.

"The debt is effectively going to be written off.

"I own a fantastic asset and a business that, once it has been restructured, I think is going to be very valuable so it's certainly not an act of charity. I see it as a sound business decision."

Asked about plans to appeal if Rangers lose the tax case, Whyte said: "That's a decision that we can make at the time.

"What I will say is that I think it would be impossible for any business to operate with that level of scrutiny, with that tax debt hanging over it and tribunals going on for potentially months and years to come.

"I think it's better for everybody, better for Rangers and everybody involved at Rangers, that a conclusion is reached as quickly as possible."

The Scots tycoon acknowledges that the Ibrox club is facing a difficult chapter but is adamant he is the right man to steer Rangers through tough times.

He said: "There were many times when I could have walked away from it but I decided to persevere.

"Somebody had to do this, somebody had to take up the challenge and I think I can do that.

"There are days when there are challenges and it's tough but it's a privilege to be in this position, a privilege to own Rangers and be chairman of Rangers.

"There is a big job to do here and somebody has to sort it out and I'm the guy to do that."