Rangers chairman Dave King paid a five-figure sum for private emails and recordings allegedly stolen from former owner Craig Whyte.

It was revealed during Mr Whyte's fraud trial that the South Africa-based businessman had acquired the so-called Charlotte Fakes material from a third party for around £20,000.

On Tuesday, Mr Whyte was found not guilty of fraud and of breaching the Companies Act in relation to his 2011 takeover of Rangers following a 31-day trial.

During legal debate earlier on in the case, which could not be reported until after the conclusion of the trial, Donald Findlay QC told the High Court in Glasgow that Mr King had paid for the material.

"What happened at a point in time was an individual known to the Crown hacked into the computer of Craig Whyte and stole material," Mr Findlay explained to Lady Stacey.

"It was then used, putting it broadly, for purposes of potential blackmail.

"The material was subsequently recovered in some way from the thief because of a payment of a significant amount of money by a member of the board of Rangers Football Club, Dave King."

The Crown Office declined to comment, saying the matter of the hacked emails was still a live investigation.

Mr King, who previously served as a director of Rangers Football Club PLC, was approached for comment but did not respond.

During the trial, a letter from Mr King to the takeover panel warning of concerns over the sources of funding for Mr Whyte's buyout was led in evidence.

Jurors heard Mr Whyte purchased Rangers for £1 from Sir David Murray subject to several stipulations, including the clearing of an £18m debt with Lloyds Bank.

The court was told Mr Whyte used a £24m loan from leasing firm Ticketus, secured against three years of future season ticket sales, to pay off the bank.