Alec Prentice told the Craig Whyte fraud trial that Rangers weren’t in danger of going burst under Dave Murray.
The revelation came this morning as Prentice summed up the crown case for the prosecution of Whyte.
Numerous witnesses for the prosecution had explained to the court how Lloyds Bank were driving activity in the lead up to the sale of the club for £1.
AD “If I refer to Murray I mean Murray International Holdings..If I refer to the club I mean Rangers Football Club PLC.”#WhyteTrial
— James Doleman (@jamesdoleman) June 1, 2017
AD says David Murray’s legacy was important to him “he wanted the club to go forward with new Investment.”#WhyteTrial
— James Doleman (@jamesdoleman) June 1, 2017
AD :The bank wanted out of football generally and Rangers in particular..no suggestion though that club was going bust.”
— James Doleman (@jamesdoleman) June 1, 2017
After Ally McCoist’s failure to reach the Champions League Rangers stopped passing on National Insurance and Income Tax to HMRC, 13 months after the £1 transaction the club was placed in liquidation.
While Lloyds were applying the pressure and reducing the borrowing facility Rangers were turning increasingly to Ticketus for short term funding and ignoring the overdue £2.8m HMRC demand from the wee tax case relating to illegal payments made to Tore Andre Flo and Ronald de Boer.
As soon as the share transfer was completed and Lloyds repaid the bank cut off all accounts, no other bank was prepared to take on the club account.
Despite almost five years of trading the tribute act remains without an overdraft facility, using Metro Bank which provides basic services and appeals to start up companies.
Once the Takeover Appeal Board apply their sanctions on Dave King it’s likely that Metro Bank will have to close down the Sevco account.