Ally McCoist will seek urgent talks with Rangers chief executive Charles Green over Craig Whyte's claims that he was involved in the new company that took control at Ibrox last year.

"It looks like there are questions being put forward that need answered," McCoist said in the wake of allegations in the Scottish Sun that Whyte was threatening legal action against Green, demanding a quarter of the Yorkshireman's shares or £1m a year for life.

McCoist said yesterday: "I'll certainly have a meeting with Charles when he comes back from Europe for some clarity on the situation. But there is no doubt that my immediate thoughts and concerns are with our supporters who seem to be getting battered at every opportunity."

McCoist said any court case would be a "catch 22" situation. "Anything that gives us clarity I would welcome," he said. "Anything that gives the supporters the knowledge of the facts they deserve to know, I'd 100% welcome. But let's be honest about it, another court case hanging over club . . .?

The dispute centres on Whyte's claim he was behind the Sevco 5088 company which bought the business and assets of administration-hit oldco Rangers, of which he was majority shareholder, in June last year. The assets, which were bought for £5.5m following the failure of a Company Voluntary Arrangement proposal to creditors, were soon transferred to Green's Sevco Scotland company, which later became The Rangers Football Club. Whyte reportedly argues that this transfer was illegal.

McCoist said: "There have been different innuendos and people are suggesting this, that and the next thing. From a Rangers fan point of view – and I am one – one thing that will never scare me is the truth. I think we will get it. I really do. I said a long time ago that the truth will come out. I don't think there's any reason to fear that. It's my genuine hope that it does come out."

Whyte, who paid Sir David Murray £1 for the club in 2011, claims to have recordings of conversations with Green, finance director Brian Stockbridge and Imran Ahmad, a former director.

The businessman who took the club into administration also claims that Green and others acted as "front men" for the subsequent takeover of Rangers. Green has always denied Whyte was part of his consortium but has admitted meeting him. A statement last night poured further scorn on Whyte's latest claims.

McCoist, however, wants to know what the future is for the club he has served as a player, coach and manager. "In my meeting with Charles, the important thing is where the club is going," he said. "That's what the supporters need to know. I have plans for the football side and I'm sure he has plans for the club."

McCoist would not be drawn on what advice he would give to fans about renewing season tickets. "I'm not going to ask them to wait, I'm not going to ask them to buy season tickets; I think it's still early in that process," he said, adding that Rangers still did not know what division the club would be in next year.