David Murray demanded that his tax experts dealt with the big tax case and that Craig Whyte didn’t publicly criticise him as part of the £1 sale of Rangers (IL).
The Craig Whyte fraud trial heard those details this morning as the 27 page Share Purchase Agreement was read out in full.
With the wee tax case and stadium repairs outstanding and the team badly needing fresh investment Murray dropped the asking price from £30m to £1 as negotiations developed.
After two decades of success on the park funded by Bank of Scotland and illegal tax scams Whyte was expected to pick up on the demands of the fans and use his own money to keep Celtic at bay.
Former Rangers(IL) director Micky McGill continued in the witness box this morning as the fraud case continued, later on today it’s expected that McGill will be questioned by Donald Findlay who is defending Whyte.
The agreement specifies that Whyte invest £5m per year in the “squad of football players maintained by the company” #WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Agreement goes on that in the event of an insolvency event the same obligation would apply to any “successor entity” #WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
McGill says clause was included as “an adverse finding in the big tax case could have led to an insolvency event” #WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Agreement specifies Whyte would put aside £1.7m for “health and safety expenditure” at Ibrox#WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
Agreement? says Murray Group retains the right to negotiate with HMRC a “Full and final settlement of the tax case” on behalf of Rangers.
— James Doleman (@jamesdoleman) May 5, 2017
Also says Whyte cannot reach his own deal with HMRC over EBT issue without permission from Murray
— James Doleman (@jamesdoleman) May 5, 2017
In the agreement Murray group keep the right to access the premises and personnel of Rangers over the tax case.
1/2— James Doleman (@jamesdoleman) May 5, 2017
Murray group also wanted copies of all correspondence relating to the tax case.
— James Doleman (@jamesdoleman) May 5, 2017
McGill says Murray didn’t want Whyte to be publicly “critical of his time at the club” agrees is “unusual” clause. #WhyteTrial
— James Doleman (@jamesdoleman) May 5, 2017
