How Rangers was sold... with £1 coin tossed across table
Court told of deal finalised in David Murray’s office
‘It was flicked across to the lawyers’
CRAIG Whyte’s Rangers takeover was clinched with a £1 coin being tossed across a table in Sir David Murray’s office, a court heard yesterday.
Philip Betts, a key associate in Whyte’s buyout, recalled being at the May 2011 meeting as the businessman acquired Sir David’s majority stake in the Ibrox club.
Mr Betts was giving evidence yesterday at Whyte’s trial at the High Court in Glasgow. The 46-year-old denies a charge of fraud and a second allegation under the Companies Act in connection with his takeover.
Asset finance broker Mr Betts said he got involved in Whyte’s bid for Rangers after first meeting him in 2009.
The 54-year-old recalled Whyte had wanted his interest to be ‘low profile’ and he told the trial Whyte had wanted to raise £10million.
Mr Betts told the court Whyte later claimed he was ‘struggling’ to raise the funds so he got in touch with a contact in the financial sector who said he had someone who could help with funding.
Mr Betts and Whyte met them in London and this resulted in a meeting with ticket agency Ticketus, which ‘expressed an interest’ in Whyte’s proposal.
Prosecutors say Whyte took out a loan from the firm against three years worth of season tickets to help fund the takeover.
Mr Betts said Whyte had been ‘pleased’ at the Ticketus interest. He added: ‘He then asked me to ask them would they consider £20million. I said I would ask as long as he was happy to receive a no.’
However, Mr Betts recalled ‘after some deliberation’ Ticketus came back and said they would be ‘interested’.
Whyte eventually struck a £1 deal with Sir David to take over at Rangers.
Mr Betts said he travelled to Edinburgh in May 2011 for the buyout to be completed at Sir David’s office in the capital.
Prosecutor Alex Prentice, QC, asked Mr Betts if he took photos. Mr Betts replied: ‘Two or three.’
Mr Prentice asked: ‘Once the signing occurred, was a £1 coin provided?’
Mr Betts replied: ‘There was. It was flicked across the table to the lawyers of the Murray Group. It was all light-hearted.’
Mr Betts is due to carry on with his evidence today.
The trial has heard Ticketus wanted its involvement to be kept secret as it had concerns it may ‘embarrass’ Sir David Murray as well as upset supporters.
Ross Bryan, a fund manager for Ticketus, was quizzed by Whyte’s QC, Donald Findlay, about the company’s involvement and said the firm was not ‘publicity hungry’.
The trial before Judge Lady Stacey continues.