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SBD Global/April 11, 2013/Finance

Former Rangers Owner Craig Whyte Faces Bankruptcy After Losing Battle With Ticketus

Former Scottish Third Division Rangers Owner Craig Whyte "is facing bankruptcy after losing a court battle with Ticketus" over a £17.7M ($27.1M) dispute, according to the SCOTSMAN. Whyte "has been ordered to pay the sum back to Ticketus" after a High Court judge in London ruled in favor of the company, which was suing Whyte "for luring them into a deal on false pretenses." The Monaco-based businessman must also pay an additional £700,000 ($1.1M) in interest and legal costs "after his bid to counter-sue the company failed" (SCOTSMAN, 4/10). The HERALD SCOTLAND reported Ticketus "handed Whyte the sum as part of a ticket-purchase agreement" struck in May '11, and it "was subsequently used in the Motherwell-born businessman's deal to buy the Ibrox outfit." Ticketus said it "would never have entered into the deal with Whyte, whose own Rangers takeover remains the subject of a police inquiry, had they known about his boardroom disqualification" (HERALD SCOTLAND, 4/10).
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