The Craig Whyte fraud trial heard this morning how Rangers (IL) director Micky McGill discussed the clubs arrangements with Ticketus before the former billionaire spent £1 buying the club from Dave Murray.
Whyte’s use of Ticketus to help pay off the £18m debt to Lloyds Bank apparently distressed Murray but the trial has heard that Ticketus were a regular source of funding to keep the club on the right side of solvency.
With Lloyds pushing to cut their ties with the club and no other bank prepared to offer an overdraft life was getting too tight for comfort among the club directors.
McGill was brought in to assist with the sale of the club and found himself in the witness box to answer questions about the club in the run up to Mr Whyte spending a pound- in cash- to buy out Murray.
McGill says he did discuss Ticketus with Craig Whyte, but only the “current arrangements” of “short term capital”
— James Doleman (@jamesdoleman) May 4, 2017
McGill says he has “no recollection whatever” of discussing a wider use of Ticketus by Whyte
— James Doleman (@jamesdoleman) May 4, 2017
McGill says initial deal was £5.5m for 100% of the shares
Later reduced to a “notional pound”— James Doleman (@jamesdoleman) May 4, 2017
McGill says he had no knowledge Whyte was using 3 years of future season ticket income to finance purchase.
— James Doleman (@jamesdoleman) May 4, 2017
McGill says the Rangers board were “generally not supportive” of sale. Wanted funding for big tax case if lost.
“Not an issue for Murray”— James Doleman (@jamesdoleman) May 4, 2017
Jury now being given copies of Murray Group Board meeting May 2011
— James Doleman (@jamesdoleman) May 4, 2017
“No prospect of any financial returns from the shares”
— James Doleman (@jamesdoleman) May 4, 2017
McGill “The football club is rather an unusual asset which carries press a PR responsibilities”
Murray didn’t want to just “walk away”— James Doleman (@jamesdoleman) May 4, 2017