Former Rangers Owner Craig Whyte 'Did Not Guarantee' Investment, Banker Says

Former Scottish Premiership side Rangers Owner Craig Whyte "did not guarantee to invest in the club in the lead-up to his takeover," his fraud trial heard, according to the BBC. Ian Shanks, a banker who worked with the club to manage its debt, told the High Court in Glasgow that Whyte said he "intended" to put cash into the club. Whyte "is accused of a fraudulent acquisition of Rangers." He denies "a charge of fraud and another under the Companies Act." In '11, in the months before the takeover, the club owed Lloyds Banking Group about £23M. Shanks, a relationship director within Lloyds, said that the debt had been reduced by about £10M since '09 as the bank worked to "reduce its exposure" with both Rangers and the Murray Group. Lawyer Donald Findlay suggested "it was known there were no guarantees over future spending during the takeover," and that the situation was simply, "I will if I can." The witness agreed (BBC, 5/2).