The £17.7million Whyte lie

[bilko89 507]

FOOTBALL finance experts last night warned that Craig Whyte faces BANKRUPTCY after losing a £17.7million court fight.

The former Rangers owner, 42, has been ordered to pay back Ticketus after a senior judge ruled that he had lied to them during his Ibrox takeover.

The High Court in London also ordered Whyte to stump up £700,000 in interest and legal costs after his bid to counter-sue the company failed.

Last night a top sports finance expert claimed the controversial tycoon faces financial ruin if he can’t come up with the cash.

Dr Chris Brady said: “Basically he’s got to pay the money back — if he hasn’t got it then he’s effectively bankrupt.

“They will try and acquire his assets. But any assets that are held abroad would be out of reach — they wouldn’t be able to get a hold of that.”

Whyte sold the future sale of three years’ worth of Rangers season tickets to Ticketus for £25million as he swooped to grab the keys of Ibrox in May 2011.

It later emerged the Monaco-based businessman used some of the cash to fund his takeover.

He used the money to pay off Lloyds TSB bank — who were owed £18million by Rangers — a legacy of Sir David Murray’s 20-year reign at the club.

Ticketus hoped the £17.7million would net them up to £7million profit. Insiders last night insisted Ticketus would have killed the deal if Whyte had revealed his “murky past” and his seven-year ban as a director.

A court source said: “Ticketus wouldn’t have touched the tickets agreement with Rangers with a bargepole if Whyte had revealed, as required, his previous seven-year disqualification from serving as a director, and the reasons for the disqualification.

“Whyte did not disclose his murky past during the due-diligence process that Ticketus undertook ahead of entering into the agreement with the club.

“It’s understood Ticketus were appalled when they found out Whyte had been banned from being a company director.

“The £17.7million was the full amount Ticketus paid Rangers under Whyte’s ownership for the season tickets.

“They can now pursue him if he fails to pay up as ordered by the court.

“Ticketus can also still pursue Whyte and his companies for the personal and corporate guarantees built into the ticket-purchase agreement.”

London-based Ticketus sued for “misrepresentation” — a legal term referring to a false statement of fact made by one party to another inducing them into a contract.

The firm, owned by finance giant Octopus Investments, make money by dishing out up-front cash to soccer clubs before making a profit from ticket sales.

After oldco Rangers were forced into administration last February, Whyte admitted he bought control using money raised by selling the season ticket cash. In November 2011 Ibrox bosses confirmed Whyte was disqualified as a company director for seven years from 2000 — after being exposed by a BBC Scotland investigation.

The UK Insolvency Service took civil proceedings against one of his companies — Vital UK Limited.

The SFA also hit Motherwell-born Whyte with a £200,000 fine and banned him from Scottish football for life. Whyte and Rangers chief executive Charles Green are currently embroiled in a war over who owns Rangers.

Whyte claims he was behind Sevco 5088, the company that bought the crisis-hit club for £5.5million in June.

And the tycoon says he will sue Green for £50million of Ibrox assets he insists were transferred illegally — which could theoretically see Whyte win back the keys to Ibrox. Light Blues chief executive Green, 59, says Whyte was not involved in the deal and is “delusional” — but admits “shafting” Whyte over last year’s takeover.

We revealed on Monday how a matey text exchange between bitter rivals Green and Whyte appeared to reveal a former cosy relationship between the pair.

Jubilant Green fired off a message to Whyte to celebrate landing preferred-bidder status during last summer’s Ibrox takeover.

After meeting administrators Duff and Phelps, the Yorkshireman wrote on May 12: “Just to let you know I’ve signed.”

Moments later Whyte replied with a cheery SMS saying: “Great news! Well done!”

And our explosive transcripts last week of secret tapes Whyte made of Ibrox powerbrokers including Green left fans stunned.

In one recording Green is heard telling Whyte: “You are Sevco, that’s what we are saying.” During a live TV interview on Friday he branded Whyte “google-eye”.

Last night a spokesman for Ticketus declined to comment on the outcome of Friday’s court case.

It’s understood Whyte was refused leave to an immediate appeal on the day — but can launch a further appeal within 21 days.

A spokesman for the tycoon said: “Craig is aware of the judgement. It was not totally unexpected as he wasn’t given a full trial.

“He will now be taking his appeal to the High Court.”

Read more: http://www.thesun.co...l#ixzz2Q2ZkLGJh

Explains why he waited until now, dirty bastard.

[Parlaneloyal 353]

Aye he's desperate

[DarcheVinny 1,003]

I've just emailed the following extract from Boss's thread to Robert MacAulay.

Here is an extract from the D&P interim report dated 10 July 2012:

"4.1 The Club continued to trade under the control of the Joint Administrators up to the date of the sale of the business and assets of the Company to Sevco on 14 June 2012."

"Sevco" is defined in the report as: "Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

In the D&P final report dated 27 September 2012, they stated:

"7.1 A detailed outline of the marketing process undertaken by the Joint Administrators which preceded the sale of the business, history and certain assets of the Club to Newco on 14 June 2012, was provided in the previous report to creditors dated 10 July 2012."

"Newco" is defined in this report as "The Rangers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

[Edmiston Drive 3,846]

I did say in a couple of posts when he reared his ugly coupon again, that he must need money desperately and going after us was his only hope.

[Chesh 28]

The fact that he has been ruled against in regards to the Ticketus now makes why he is snooping around again. His intention I would believe would be to hand us over to Ticketus to cover the cost.

[Agoram1 42]

I've just emailed the following extract from Boss's thread to Robert MacAulay.

Here is an extract from the D&P interim report dated 10 July 2012:

"4.1 The Club continued to trade under the control of the Joint Administrators up to the date of the sale of the business and assets of the Company to Sevco on 14 June 2012."

"Sevco" is defined in the report as: "Sevco Scotland Limited of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

In the D&P final report dated 27 September 2012, they stated:

"7.1 A detailed outline of the marketing process undertaken by the Joint Administrators which preceded the sale of the business, history and certain assets of the Club to Newco on 14 June 2012, was provided in the previous report to creditors dated 10 July 2012."

"Newco" is defined in this report as "The Rangers Football Club Limited (Formerly Sevco Scotland Limited) of Ibrox Stadium, Glasgow G51 2XD (Company number SC425159)"

I was just about to do same. U have saves me the trouble

[bilko89 507]

I was just about to do same. U have saves me the trouble

I would still do it mate, I'm going to. The more people doing it, the more he'll take notice, hopefully!

Knew there was something in this whole story.

I'm sure someone on here said this would happen after Whyte reared his ugly head this week, the media taking his side and then bringing out an exclusive that he's lying.

[Agoram1 42]

I would still do it mate, I'm going to. The more people doing it, the more he'll take notice, hopefully!

Knew there was something in this whole story.

I'm sure someone on here said this would happen after Whyte reared his ugly head this week, the media taking his side and then bringing out an exclusive that he's lying.

I tweeted him this morning asking if he knew rangers weren't purchased by secc 5088. I'll forward the link on to him as well

[Shuggy 1,308]

Hopefully he'll run out of money before things proceed further.

[scarkev 3,540]

Hopefully he'll run out of money before things proceed further.

Things won't proceed at all....if he had a case he would have went to court by now! He is just trying to cause as much trouble as possible to get a pay off....he is a proven liar and the sooner the wee prick is in jail or dead the better!

[TEFTONG 60,220]

Well well well, craig whyte!? im shocked and surprised that he isnt a stand up and honest guy afterall..mmmmm

where bbc ireland not putting him up as credible last week!? Oh ok I get it now its ALL just a paper and ratings exercise,cause FOLLOWING and OBSESSING about the RANGERS is Scotlands brand new soap opera!?

[CalvinC 1,414]

Sick of this wee prick.

[Albertz 78 918]

So the rags knew Shyte had lost yet another court case last Friday further discrediting him, but they give him free reign to spout his lies since then and only bring it up 5 days after the case was finished???

Yet again Whyte has been proved a liar in a court law and the man is now facing bankruptcy, it's a shocking indictment of the laws in this coutry that someone who has caused so much damage to so many people is not in jail.

[clubdeck 41]

There is no depths that whyte would not be willing to drag our club down to in order to save his skin.I will rejoice the day he is jailed for his crimes against us .

[Shuggy 1,308]

Things won't proceed at all....if he had a case he would have went to court by now! He is just trying to cause as much trouble as possible to get a pay off....he is a proven liar and the sooner the wee prick is in jail or dead the better!

The sequence now appears to be:

Whyte appeals Ticketus decision

Whyte loses appeal

Whyte flees country

[Jimfanciesthedude 24,607]

How did ticketus' due diligence not uncover whytes shady past yet the bbc with internet access nailed him no bother

[simplythebest 11,453]

How did ticketus' due diligence not uncover whytes shady past yet the bbc with internet access nailed him no bother

Surely somebody at ticketus got the sack over that?

[ZeonBlue 378]

How did ticketus' due diligence not uncover whytes shady past yet the bbc with internet access nailed him no bother

Obviously they dont have an internet connection.

[cushynumber 25,178]

How did ticketus' due diligence not uncover whytes shady past yet the bbc with internet access nailed him no bother

Sometimes pure greed over-rides rational thought. Look at all our banking institutions.

[Nikica Jelavic 41]

No great shock this, just confirms why the press have been having a field day from last week and why they did not produce this story first.

[Marco 1,472]

The fact that he has been ruled against in regards to the Ticketus now makes why he is snooping around again. His intention I would believe would be to hand us over to Ticketus to cover the cost.

Spot on. Not content with plunging us into admin, he now seeks to use our assets as bargaining tools.

[Marco Negri's Beard 1,423]

Pssssst, Scottish media, I can't do your fucking jobs for you but I'd say that there might be a story here

Backslapping arseholes

[Blue Nosed Babe 20,794]

And his poor record against the courts continues.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-22093410

[elephants stoned 2,994]

Thats great to see And now we know why hes grubbing around in the mhedia again, hey craigy boy hope you die pennyless love RM x

[Non_Sucumbi 876]

The former chairman of Rangers has until 26 April to lodge an appeal.

The court battle has no effect on current operations at Ibrox.

The judgement, handed down last Friday, ordered Mr Whyte to to re-pay £17.7m - plus £680,000 in interest, as well as legal costs.

Why is this only being reported on BBC today??? Funny it wasn't all over the Rhecord on Saturday or the Mail on Sunday or the Hootsmon...... do noe of these esteemed media outlets have reporters in London.

Why wasn't Traynor aware of this and if he was - why wasn't he screaming it from the rooftops.

A cynic would be opined to believe that Scotland's media are pursuing an anti-Rangers bias.

In a country obsessed with integrity - surely not??