Whyte DID use cash from sea­son ticket sales to help buy Rangers

Midweek Sport - - NEWS - By AN­GUS REID

RANGERS owner Craig Whyte has ad­mit­ted that he used money from the sale of fu­ture sea­son tick­ets to com­plete his takeover at Ibrox.

A state­ment is­sued by Whyte yes­ter­day said Tick­e­tus paid £24mil­lion to se­cure the rights to ticket rev­enues for three sea­sons.

Whyte – who re­vealed he will not con­tinue as Rangers chair­man af­ter re­struc­tur­ing of the club – said: “The ar­range­ment with Tick­e­tus was orig­i­nally to pro­vide ad­di­tional work­ing cap­i­tal.

“My ad­vi­sors came to me with a propo­si­tion that it was en­tirely pos­si­ble, as well as highly ben­e­fi­cial, to ne­go­ti­ate a deal with Tick­e­tus that would al­low us to com­plete the takeover and max­imise work­ing cap­i­tal for the club’s day-to-day busi­ness.

“The Tick­e­tus deal was by far the best way to pro­tect the club given the cir­cum­stances in that they have no se­cu­rity over any as­sets.

Pro­tected

“The only per­son at risk from the deal is me per­son­ally be­cause I gave Tick­e­tus guar­an­tees un­der­writ­ing their in­vest­ment; the club and the fans are fully pro­tected.”

In an open let­ter pub­lished on Jan­uary 31, Whyte gave an ac­count of his takeover which was in­ter­preted as an as­sur­ance that Tick­e­tus funds were not in any way used.

He said at the time: “I can cat­e­gor­i­cally as­sure sup­port­ers that when I launched a takeover bid for the club it was funded en­tirely from one of my com­pa­nies.”

In a sep­a­rate state­ment yes­ter­day, David White­house from the ad­min­is­tra­tors Duff and Phelps said: “It is now ap­par­ent that the pro­ceeds from the Tick­e­tus ar­range­ments amounted ini­tially to a sum in the re­gion of £20m plus VAT.”

He said that £18m was sub­se­quently trans­ferred to the Lloyds Bank­ing Group, which was owed money by Rangers Foot­ball Club.

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