Glasgow & West Scotland

Ticketus 'set to sue' Rangers owner Craig Whyte for £27m

Craig Whyte
Image caption Craig Whyte bought Rangers from Sir David Murray for £1

BBC Scotland has learned that finance firm Ticketus is soon to lodge a legal claim against Craig Whyte for £27m.

Ticketus purchased tickets from Rangers at the time of the businessman's takeover of the club last May.

Ticketus claims he gave personal guarantees in connection with the deal.

Mr Whyte's finance company, Liberty Capital, which is registered in the British Virgin islands, is expected to be the main focus of the legal action taken by Ticketus.

Mr Whyte bought Rangers from former owner Sir David Murray last May for £1, taking over his controlling 85% share holding.

It later emerged that Ticketus had reached a four-year deal against future season ticket sales, thought to have been worth £24m.

Floating charge

Mr Whyte used part of this money to settle the club's debt to Lloyds Bank - a move Mr Whyte said did not involve making guarantees with Rangers' assets.

It is believed that the new owner was assigned the bank's floating charge over Rangers assets - making him secured creditor.

That position is disputed, however, by Duff and Phelps, the firm appointed as Rangers administrators in February after the club failed to make tax payments.

The administrators have since said that the club's total debt could be up to £134m, including the £27m Ticketus liability and possibly more than £90m to the tax authorities.

Mr Whyte's share holding, and uncertainty over his claimed status as secured creditor, are among numerous factors which are complicating attempts to find a buyer for the club and its assets.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites