Ferguson: Whyte fooled me hook, line and sinker

Two years after watching Rangers go into administration, quickly followed by liquidation, Barry Ferguson has spoken of the pain caused to his old club by Craig Whyte.

The Blackpool caretaker manager fell for the Motherwell born billionaire image built up about Whyte who snapped up the ailing club for £1 from Dave Murray.

In May 2011 Whyte was cheered into Ibrox as the new era began with only internet bampots doubting that his wealth was still on the radar.

Nine months later, following cup defeats to Malmo, Maribor, Falkirk and Dundee United under new boss Ally McCoist, the administrators were called in as the club refused to pay Her Majesty’s Revenue and Customs.

“I put my hands up, he fooled me hook, line and sinker,” Ferguson, who was given a loan of over £2m without a repayment schedule from the old club admitted to the Daily Record about Whyte.

“Like most fans, I looked upon him as the club’s saviour. Rangers had come through a difficult financial period and here was the man who was going to fix it with all of his millions.

“What I didn’t know – what no-one knew until they read it in the Record Sport a few months later – was that they weren’t his millions at all.

“He had bought Rangers with money from Ticketus, after ?mortgaging off season tickets which hadn’t even been sold yet.

“He had paid for the club with money that was still in the pockets of the very fans who had put so much faith in him.

“In fact, looking back, what he did was absolutely disgusting. He took each and every one of us for mugs. He didn’t give a damn about the damage he caused or the people he hurt.

“It really does turn my stomach to think that he’s still wandering around out there, not in the least bit sorry for all the misery he caused.

“Angry? You bet I’m angry. I’m even angry at myself for ever thinking this guy was the real deal.”

Murray’s role in the liquidation of the club is often overlooked as fans bask in the glory of the trophies won during the nineties when the club was bankrolled by Gavin Masterton of the Bank of Scotland.

Murray famously knew the schooling and footballing favourites of every journalist in Scotland but was apparently duped by the naughty upstart from Motherwell whose father was a long standing friend of the Ibrox supremo.

“If Whyte was good enough for Sir David Murray then he was good enough for me, and the vast majority of Rangers fans, no question,” Ferguson added.

“Having spoken to David Murray since, I know that he feels a sense of regret for what happened next. He was as deeply shocked and saddened by the rest of us because he was given assurances that Whyte had the cash required to take Rangers forward.

“Whyte did have the money. He had millions of it. The only problem was, it just wasn’t his to spend.

“The guy didn’t sink that money into Rangers as he had promised. He just sank the club.

“And, although I’ve never actually come straight out and asked David Murray why he sold Rangers to such a man, I know he feels a deep sense of regret, and anger too. Whyte is the one big black mark he’ll always resent.”

With the £22m from the December 2012 share issue almost gone and income down to a trickle the administration of Sevco seems to be only a matter of timing.

What Ferguson will make of that is anyone’s guess but with no-one willing to tell the supporters that a club must live within it’s means it seems that further pain will soon be heading towards the Blackpool boss.