Rangers allegedly funded the purchase of striker Nikica Jelavic through future season ticket sales in a move that was kept hidden from the Scottish football club’s annual accounts.
The claim was made at the trial of former Rangers owner Craig Whyte, who faces a charge of fraud and a second allegation under the Companies Act in connection with his 2011 purchase of the Ibrox club. He denies both charges.
The High Court in Glasgow heard prosecutors claim that Whyte helped to fund his acquisition of the club in 2011 through a loan from ticket agent Ticketus against three years of future season ticket sales. Jurors were also told that the club used Ticketus to fund the £4m (€4.7m/$5.2m) purchase of Jelavic from Rapid Vienna in 2010. The money was hidden from the club’s accounts, the court heard.
Chartered accountant Michael McGill, a key adviser to former chairman Sir David Murray, said the club used Ticketus to obtain up to £6m. In 2011 Rangers had about 40,000 season ticket holders who would pay money into the club, which could be used to obtain cash from Ticketus “up front” if the club needed it. According to The Scotsman, he told jurors that this had not been shown in the club’s accounts but there had been “no desire to hide” it.
However, he admitted that using Ticketus might have been a “sensitive issue” for some supporters, after Leeds United effectively sold off season tickets before running into serious financial problems.
The trial continues.
Share this