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Craig Whyte used Ticketus money in Rangers takeover


I have always loved football predictions and I found this really interesting main article.

Craig Whyte has accepted using money in the purchase of future season ticket earnings "to accomplish the takeover" of Rangers soccer club in May 2011.

An argument released by Mr Whyte stated Ticketus compensated £20m in exchange for ticket revenues for the following three seasons.

Rangers was forced into administration a week ago after failing a multi-million pound HMRC tax and VAT bill.

The managers stated there is "common concern" concerning the Ticketus agreement.

The statement confirmed the cash permitted his takeover to become completed and provided capital.

Inside a separate statement, David Whitehouse from managers Duff and Phelps, stated: "Following information received, it's now apparent the arises from the Ticketus plans came initially to some sum around £20m plus VAT."

He stated that £18m was subsequently moved towards the Lloyds Banking Group, who have been owed money when Mr Whyte bought Mister David Murray's majority stake in Rangers.

"The use of the rest of these proceeds is susceptible to further examination," Mr Whitehouse added.

The managers confirmed that queries into purchasing shares during the time of the takeover would continue.

The administrator stated: "We're now looking into all of the conditions surrounding both purchasing most shareholding in Rangers Soccer Club plc and also the flow of funds which turned in the transaction and were meant to fulfil the purchasers' obligations during the time of the purchase."

In the statement, Mr Whyte refused attempting to make a "fast buck" from Rangers as they was chairman from the Glasgow soccer club.

He stated he was personally "at riskInch for £27.5m in guarantees and funds, regarding the a questionable deal agreed with Ticketus.

Mr Whyte stated: "The arrangement with Ticketus - that was a 3-season deal not four, as continues to be reported - was initially to supply additional capital as have been the situation formerly underneath the old board.

"My corporate experts found me using the proposition it was possible, in addition to highly advantageous, to barter an offer with Ticketus that will let us complete the takeover and increase capital for that club's day-to-day business."

 The statement from Mr Whyte stated he'd secured countless pounds on the way forward for the club

The multi-million guarantees produced by Mr Whyte, he stated, demonstrated he was devoted to Rangers' future.

He added: "By any stretch from the imagination that's a really substantial resolve for the soccer club of which i've been an advocate since i have would be a boy and very much desire to look out of this crisis to ensure that Rangers emerge like a financially fitter and more powerful institution.

"I'm the greatest stake-holder in Rangers and that i face huge financial deficits personally when the restructuring fails or perhaps is not permitted to proceed."

The statement continued to assert that Mr Whyte regretted not more open concerning the plans he earned with Ticketus.

He stated, however, that Ticketus might not have been "happyInch if he'd breached their discretion.

"Additionally, it needs to be appreciated this wasn't me working alone as well as in isolation," stated Mr Whyte.

"I hired top-rate corporate, financial, legal and tax specialists to steer me so as to so when you are having to pay for your type of advice, it might be daft to not abide by it.Inch

Mr Whyte stated that ongoing deficits might have meant Rangers entering administration, otherwise now then "a while later on".

Searching towards the future, Mr Whyte stated he'd not continue as Rangers Chairman after any restructuring through the managers.

He stated if he emerged from administration still in charge of Rangers FC he'd give "immediate consideration" to gifting nearly all his shares to some supporters' foundation.

I hope to be able to use this news in my weekend football predictions.