Tuesday, February 21, 2012

Administration Update: Whyte Standing Down After Rangers Sorted Out

((HT: SkySports/STV))

The Duff and Phelps administrators in charge of looking at the shaky finances of Glasgow Rangers have come up with the discovery that current owner Craig Whyte used 18-million of the 25-million pounds sent from ticket broker Ticketus to complete his deal in the first place.

Whyte claimed he is "personally on the line" for 27.5-million pounds in guarantees and cash" for the deal, and now D&P is trying to figure out where the balance went.

Whyte, then, released a statement in regard to his future:

"I will not continue as Rangers chairman post-restructuring.

"Regardless of administration and irrespective of the tax case, the club had serious long-term structural problems financially and they needed to be addressed with some urgency.

"I knew that when I stepped up to the plate and, despite the accusations and abuse that I have suffered over weeks and months, I was determined to see things through.

"I will admit there have been times when I have wished that I had never entertained the idea of taking over Rangers.

"But I am a Rangers fan, and, like other Rangers fans I don't do walking way [sic]."


Here's a story BBC1 Scotland did on Whyte before all this started catching pace...

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