Whyte admits Gers are too skint to turn down £5m offer for Jelavic

RANGERS chairman Craig Whyte insisted there was nothing he could do to stop Nikica Jelavic joining Everton.

Whyte admitted the club simply aren’t in a position to turn down hard cash with finances the way they are.

Jelavic took the chance to jump ship and move south when Rangers accepted around £5million for the Croatian striker, who joined from Rapid Vienna for £4m in August 2010.

Whyte said: “The player wanted to leave and there’s no point in trying to keep a player who no longer wants to be at Ibrox.

“On top of that, the club is simply not in a financial position to turn down offers for players which give

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the club a good return on its original investment.”

Whyte, who pledged a £25million boost to the playing budget over five years before taking control, added: “In the summer transfer window last year we conducted 14 different pieces of transfer business, more than any other club in Scotland.

“This included new signings and improvement to existing contracts with key players, increasing the players’ wage bill significantly. We now have a first team squad of 30 which includes 18 full internationals.

“I’ve always supported Ally Mccoist in his choice of targets and I’ll continue to do so.”

Whyte has also been forced to deny using supporters’ money to fund his takeover.

Reports had suggested more than £20m had been borrowed in lieu of future season ticket sales.

He confirmed that fact, but dismissed claims that some of the money had been used to secure his deal to take control from Sir David Murray.

In an open letter on the club’s website, Whyte said: “Like other clubs, Rangers has a financing arrangement which allows the club to receive revenue from a portion of season ticket sales in advance.

“There’s nothing unusual in this arrangement, which was put in place at the club long before my takeover last year and was used by the previous management.

“Money from season ticket sales goes directly to the club and is used for the club’s operations and that remains the case.”