Whyte bought Gers with not a penny of his own

Sir David Murray ‘induced to sell by false representations’

CRAIG Whyte bought Rangers “without a single penny of his own”. Jurors at Whyte’s trial also heard a claim the businessman made “dishonest representations” to then Ibrox owner Sir David Murray and his advisers. Prosecutors said yesterday that Whyte, 46, “used money that he was not entitled to”. Whyte denies a charge of fraud and another under the Companies Act related to his May 2011 Ibrox takeover. Prosecutor Alex Prentice QC made a two-hour closing speech at the High Court in Glasgow after six weeks of evidence.

The trial has heard how Whyte struck a £1 deal to buy Sir David’s controlling stake at Ibrox.

But prosecutors claim Whyte pretended to the tycoon and others that funds were available to meet all stipulated payments.

These obligations included repaying an £18million bank debt and putting £5million towards the playing squad.

It is claimed Whyte helped fund the takeover using an agreement with the firm Ticketus, which allowed him to use season ticket sales to foot the bill.

Prentice said that despite the “apparent complexities”, the prosecution case was “relatively simple”.

He added: “The Crown says Mr Whyte through Wavetower (his company) bought Rangers Football Club without a single penny of his own and used money that he was not entitled to.”

The advocate depute said steps had been taken to “actively conceal” any involvement with the ticketing firm.

Sir David earlier told the trial he would “categorically not” have sold the club to Whyte had he known of any Ticketus deal.

Prentice said: “False and dishonest representations induced Murray to do something that he would not have done.”

The trial previously heard mention of the firm had been taken out of “cash flow projections” ahead of the May 2011 buyout.

Philip Betts, an associate of Whyte, accepted in his evidence those figures could have been “misleading”.

Whyte’s QC Donald Findlay is due to address jurors today.

The trial, before Judge Lady Stacey, continues.