David Murray accepted the title of Life President of Rangers in return for agreeing to the deal being financed by Ticketus.
That incredible claim was heard in court today as the fraud trial of the former Rangers owner continued.
Former Ibrox director Micky McGill claimed that he hadn’t seen the existence of a side letter accompanying the 27 page Share Purchase Agreement.
McGill was in the witness box for the second day running as the details of the side agreement were read out.
Ticketus had a long standing arrangement with the Ibrox club to provide finance with future ticket money held as security.
Jury now being given copies of a side letter to the agreement dealing with how Whyte was to deliver funds.#WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Letter is from Whyte’s advisor Gary Withey #WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
McGill says letter was needed as transaction occured “outside normal business hours”#WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Letter says £5m will be transferred to the club for spending on the playing squad
— James Doleman (@jamesdoleman) May 5, 2017
£1.7m for “health and safety” issue
— James Doleman (@jamesdoleman) May 5, 2017
£2.8m for small tax case
— James Doleman (@jamesdoleman) May 5, 2017
McGill says he had no knowledge that Whyte was using money from Ticketus to find the purchase of Rangers#WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
In the letter Whyte says the “current owner” of Rangers is aware of the finance plan
— James Doleman (@jamesdoleman) May 5, 2017
Adds “We will be repaying the Lloyd’s debt with the money we raise by selling tickets to you”
— James Doleman (@jamesdoleman) May 5, 2017
The current owner “is comfortable with it”
— James Doleman (@jamesdoleman) May 5, 2017
Whyte letter to Ticketus says they have asked David Murray to accept the role of “Life President of the club..he has accepted”#WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Whyte paid £1 in cash for Murray’s controlling stake in Rangers but the company ran into difficulties when Ally McCoist’s team were eliminated from the Champions League by Malmo.
Without that critical source of revenue the club went into administration in February 2012 with a CVA rejected by HMRC in June which ended the life of the 139 year old club.
