Craig Whyte, the chairman of Rangers, has issued a long statement denying that he has been ‘trying to make a fast buck’ out of the club. This follows further information about what happened to the Ticketus money raised as a loan against season ticket sales. It appears that this was used to pay off debts to Lloyds Bank, thus facilitating Whyte’s takeover. It could be argued that, in effect, fans were funding his takeover.
Craig Whyte, the chairman of Rangers, has issued a long statement denying that he has been ‘trying to make a fast buck’ out of the club. This follows further information about what happened to the Ticketus money raised as a loan against season ticket sales. It appears that this was used to pay off debts to Lloyds Bank, thus facilitating Whyte’s takeover. It could be argued that, in effect, fans were funding his takeover.
The millionaire owner of Sale Sharks, Brian Kennedy, is the latest person to express a ‘tentative interest’ in acquiring the club. However, given the extent and complexity of the problems that are being revealed, it may not be easy to proceed to a sale.