Rangers (IL) took out a loan from Ticketus in 2010 to but Nikica Jelavic.
The stunning admission was revealed at the Craig Whyte fraud trial today when Ian Shanks of Lloyds Ban was in the witness stand.
By 2010 Lloyds were managing the Ibrox club in all but name as they came to terms with the toxic account that they had picked up through the merger with HBOS.
For over two decades normal business practises had been ignored inside Ibrox as the desperation to beat Celtic was overtaken by the necessity to play in the Champions League to remain solvent.
Email calls budget “not a supportable strategy” as assumes Champions League entry every year for 3 years
— James Doleman (@jamesdoleman) May 3, 2017
With Lloyds no longer prepared to indulge the vanity of Dave Murray an alternative means of financing the transfer of Jelavic was required.
Rather than pay off the Wee Tax Case that had brought Tore Andre Flo and Ronald de Boer to Ibrox a decade earlier the club turned to Ticketus to fund the Jelavic deal through future season ticket sales.
Last week Murray claimed that he’d never have accepted Whyte’s pound coin if he knew that the deal to pay off the Lloyds debt had been funded by Ticketus.
Findlay “One final matter Mr Shanks and I will leave you in peace”
— James Doleman (@jamesdoleman) May 3, 2017
Witness shown email he sent to Martin Bain 3 Sept 2010
1. Debt target for 2011 £18m
2. To secure Jelovic, Rapid Vienna want cash guarantee— James Doleman (@jamesdoleman) May 3, 2017
Email shows Jelavic transfer backed by loan from Ticketus, “not to appear on accounts”
— James Doleman (@jamesdoleman) May 3, 2017
Findlay says hidden from shareholders?
Shanks “Not in accounts’
Findlay “They hid the use of Ticketus?”
Shanks “Yes”— James Doleman (@jamesdoleman) May 3, 2017
Email continues bank demand to take further money from Ticketus to reduce debt
— James Doleman (@jamesdoleman) May 3, 2017
Findlay “As a matter of principle Ticketus money could be used to pay back debt?”
Shanks “Yes”
Cross-examination ends— James Doleman (@jamesdoleman) May 3, 2017
Jelavic was sold in January 2012, when Rangers went into liquidation in June 2012 Rapid Vienna and HMRC were among the creditors.
The trial continues.
