Craig Whyte is in line for a £5m pay out from the liquidation of Rangers Football Club which could push Sevco over the edge.
According to a report in The Herald the former billionaire has reinstated his claim of security over the clubs assets- namely Murray Park and Ibrox Stadium.
When Whyte bought the ailing club from Dave Murray for £1 in May 2011 he took on the floating charge from Lloyds Bank that put him first in line for a pay out if the club went in to liquidation.
With Whyte cleared of the fraud charge that had been hanging over him he now goes to the front of the creditors queue as BDO complete the pay out.
Having lost out on that pay out BDO are likely to question the £5.5m sale of the basket of assets by Duff& Phelps to Sevco 5088 for a knock down price.
Charles Green then transferred the assets to Sevco Scotland (the so-called Rangers International Football Club).
With BDO now looking into the £5.5m deal those assets could be seized leaving the club without any tangible assets and with no prospect of a share issue to provide Brother Pedro with a fresh warchest.
Yet another misleading article. Why do journalists not bother to check facts with anybody who might actually know something? https://t.co/9PefKJkDoO
— Craig Whyte (@craigwhyte22) July 16, 2017
RFC have more chance of winning the Champions League than I have of getting a £5m payout from oldco! Complete nonsense from @Martin1Williams
— Craig Whyte (@craigwhyte22) July 16, 2017
