There wasn’t much detail about the fraud charge at the heart of the trial but the Sheriff Court in Glasgow was given an incredible insight into the finances of Rangers Football Club in the lead up to administration and liquidation.
Walter Smith and Ally McCoist were both called as witnesses with neither appearing comfortable under questioning.
A number of comments came out from the two men which contradicted the previously accepted version of events with Donald Findlay sparing little as he grilled the pair on the state of the club in the 18 months before Whyte paid one pound to Dave Murray for a controlling stake in the football club.
Smith has never hidden from his demands that the club should spend money to ensure success regardless of the consequences with that message coming through loud and clear.
Findlay shows witness document containing minutes of Rangers board of Directors, turns to those from 11 March 2011#WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017
Smith confirms he was at the meeting. Findlay asks Smith if he was aware of 2 tax issues
Smith says only aware of one “the EBT circumstance”— James Doleman (@jamesdoleman) April 21, 2017
Findlay suggests a tax bill of £80m would be “the end of Rangers Football Club”
Smith says he didn’t know EBTs existed until later— James Doleman (@jamesdoleman) April 21, 2017
Smith agrees he did know of EBT issue by March 2011. Smith says not aware of discussions over Rangers entering administration#WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017
Smith says no discussion of administration by directors while he was present. Only at meeting to report on football matters #WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017
Minutes state “Mr Smith says the prospect of administration would be a shambles”
Witness says no recollection of discussion#WhyteTrial— James Doleman (@jamesdoleman) April 21, 2017
Minutes state Smith wanted two central defenders, a winter and a striker for 11/12 season Total cost £100,000 a week in wages #WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017
Minutes state Smith wanted £18m to rebuild squad
“Where was that money going to come from” Findlay asks
1/2— James Doleman (@jamesdoleman) April 21, 2017
Smith says was his job to tell board what was needed to “perform at highest level” or “live with the consequences”
2/2— James Doleman (@jamesdoleman) April 21, 2017
Findlay asks if Rangers finances were in a “pretty perilous state”?
“Yes” the witness replies #WhyteTrial— James Doleman (@jamesdoleman) April 21, 2017
Findlay: “Must have been a distressing situation.”?
Smith “Yes but we were trying to handle the situation while we were there”— James Doleman (@jamesdoleman) April 21, 2017
Smith also revealed that Ally McCoist negotiated his own contract despite the former Rangers (IL) manager claiming that he had just signed whatever had been put in front of him for the honour of managing the club.
McCoist later TUPE’d his contract over to Sevco, bought 1,092,988 shares at one pence per share then took 12 months gardening leave when he resigned as manager.
Smith: “Mr McCoist negotiates his own contracts, is clearly cleverer than me.”
— James Doleman (@jamesdoleman) April 21, 2017
McCoist says there were “no verbal discussions” about his managerial contract. “It was just put in front of me.”#WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017
Findlay asks if there was any “negotiation” over the terms of his contract?
“That would be natural” the witness replies— James Doleman (@jamesdoleman) April 21, 2017
McCoist is asked who the current captain of Rangers is.
Replies “David Weir I think”
Findlay notes is Lee Wallace— James Doleman (@jamesdoleman) April 21, 2017
Findlay now going through player transfer costs listed in document.
Says Lee Wallace fee was £1.6m but only 1/3 up front— James Doleman (@jamesdoleman) April 21, 2017
McCoist says transfer fees listed seem high “I’d like to see the agents fees” he says #WhyteTrial
— James Doleman (@jamesdoleman) April 21, 2017