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Former Rangers Owner David Murray Testifies About Sale To Craig Whyte

Former Scottish Premiership side Rangers Owner David Murray told a court that he would "categorically" not have done a deal with Craig Whyte to buy Rangers "if he thought the money to clear the club’s debts was coming from future season-ticket sales," according to Hilary Duncanson of the SCOTSMAN. Murray said that such a move "wasn't in the best interest of the club." He told a jury that he believed "the majority or all of the money for the acquisition" was coming from Whyte's "own pocket." Murray added that the deal drawn up with Whyte to buy the majority shareholding "would have been in the club's best interests, but it was not seen through as agreed." He also insisted that concerns about Rangers' financial situation before Whyte took over in '11 had been "grossly exaggerated." Whyte, 46, is on trial at the High Court in Glasgow, where he is accused of "acquiring the club fraudulently." Prosecutors allege Whyte pretended to Murray, and others, that funds "were available to make all required payments" to acquire a "controlling and majority stake" in the club (SCOTSMAN, 4/26). The BBC reported Murray insisted that there was "no talk of the club entering administration" while he was chair. Asked by prosecutor Alex Prentice if the club's failure was "inevitable in the run up to its sale" to Whyte, he replied, "No." Whyte allegedly had only £4M available from two sources at the time but took out a £24M loan from Ticketus "which was held subject to an agreement or agreements being entered into between the club and Ticketus after said acquisition." The second charge under the Companies Act centers on the £18M payment between Whyte's Wavetower company and Rangers to "clear a bank debt" (BBC, 4/26).

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