simplythebest 0 Posted April 10, 2013 Share Posted April 10, 2013 FOOTBALL finance experts last night warned that Craig Whyte faces BANKRUPTCY after losing a £17.7million court fight. The former Rangers owner, 42, has been ordered to pay back Ticketus after a senior judge ruled that he had lied to them during his Ibrox takeover. The High Court in London also ordered Whyte to stump up £700,000 in interest and legal costs after his bid to counter-sue the company failed. Last night a top sports finance expert claimed the controversial tycoon faces financial ruin if he canâ??t come up with the cash. Dr Chris Brady said: â??Basically heâ??s got to pay the money back â?? if he hasnâ??t got it then heâ??s effectively bankrupt. â??They will try and acquire his assets. But any assets that are held abroad would be out of reach â?? they wouldnâ??t be able to get a hold of that.â? Whyte sold the future sale of three yearsâ?? worth of Rangers season tickets to Ticketus for £25million as he swooped to grab the keys of Ibrox in May 2011. It later emerged the Monaco-based businessman used some of the cash to fund his takeover. He used the money to pay off Lloyds TSB bank â?? who were owed £18million by Rangers â?? a legacy of Sir David Murrayâ??s 20-year reign at the club. Ticketus hoped the £17.7million would net them up to £7million profit. Insiders last night insisted Ticketus would have killed the deal if Whyte had revealed his â??murky pastâ? and his seven-year ban as a director. A court source said: â??Ticketus wouldnâ??t have touched the tickets agreement with Rangers with a bargepole if Whyte had revealed, as required, his previous seven-year disqualification from serving as a director, and the reasons for the disqualification. â??Whyte did not disclose his murky past during the due-diligence process that Ticketus undertook ahead of entering into the agreement with the club. â??Itâ??s understood Ticketus were appalled when they found out Whyte had been banned from being a company director. â??The £17.7million was the full amount Ticketus paid Rangers under Whyteâ??s ownership for the season tickets. â??They can now pursue him if he fails to pay up as ordered by the court. â??Ticketus can also still pursue Whyte and his companies for the personal and corporate guarantees built into the ticket-purchase agreement.â? London-based Ticketus sued for â??misrepresentationâ? â?? a legal term referring to a false statement of fact made by one party to another inducing them into a contract. The firm, owned by finance giant Octopus Investments, make money by dishing out up-front cash to soccer clubs before making a profit from ticket sales. After oldco Rangers were forced into administration last February, Whyte admitted he bought control using money raised by selling the season ticket cash. In November 2011 Ibrox bosses confirmed Whyte was disqualified as a company director for seven years from 2000 â?? after being exposed by a BBC Scotland investigation. The UK Insolvency Service took civil proceedings against one of his companies â?? Vital UK Limited. The SFA also hit Motherwell-born Whyte with a £200,000 fine and banned him from Scottish football for life. Whyte and Rangers chief executive Charles Green are currently embroiled in a war over who owns Rangers. Whyte claims he was behind Sevco 5088, the company that bought the crisis-hit club for £5.5million in June. And the tycoon says he will sue Green for £50million of Ibrox assets he insists were transferred illegally â?? which could theoretically see Whyte win back the keys to Ibrox. Light Blues chief executive Green, 59, says Whyte was not involved in the deal and is â??delusionalâ? â?? but admits â??shaftingâ? Whyte over last yearâ??s takeover. We revealed on Monday how a matey text exchange between bitter rivals Green and Whyte appeared to reveal a former cosy relationship between the pair. Jubilant Green fired off a message to Whyte to celebrate landing preferred-bidder status during last summerâ??s Ibrox takeover. After meeting administrators Duff and Phelps, the Yorkshireman wrote on May 12: â??Just to let you know Iâ??ve signed.â? Moments later Whyte replied with a cheery SMS saying: â??Great news! Well done!â? And our explosive transcripts last week of secret tapes Whyte made of Ibrox powerbrokers including Green left fans stunned. In one recording Green is heard telling Whyte: â??You are Sevco, thatâ??s what we are saying.â? During a live TV interview on Friday he branded Whyte â??google-eyeâ?. Last night a spokesman for Ticketus declined to comment on the outcome of Fridayâ??s court case. Itâ??s understood Whyte was refused leave to an immediate appeal on the day â?? but can launch a further appeal within 21 days. A spokesman for the tycoon said: â??Craig is aware of the judgement. It was not totally unexpected as he wasnâ??t given a full trial. â??He will now be taking his appeal to the High Court.â? Now isn't this a coincidence? Cash desperation couldn't possibly be related to his recent shenanigans could it? :devil: 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted April 10, 2013 Share Posted April 10, 2013 yup he wants his cut now. 0 Quote Link to post Share on other sites More sharing options...
Blue Moon 1,116 Posted April 10, 2013 Share Posted April 10, 2013 (edited) It all falls into place. He wants to use us as an asset to pay off his debt. Edited April 10, 2013 by Blue Moon 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted April 10, 2013 Share Posted April 10, 2013 imho bankruptcy at the back end of this con was always his plan. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 10, 2013 Share Posted April 10, 2013 Decision on Friday, but the Scottish media failed to mention this all weekend dear oh dear. 0 Quote Link to post Share on other sites More sharing options...
Dragonfly Trumpeter 50 Posted April 10, 2013 Share Posted April 10, 2013 It all falls into place. He wants to use us as an asset to pay off his debt. Don't think so. I would imagine the last thing he wants to do is pay anybody anything. It is extremely unlikely Whyte is anything like broke, just because he is facing bankruptcy in the UK. He won't give a shit about that, there are many very wealthy people who have been declared bankrupt. In all probability, he has simply moved his money abroad, out of the reach of any creditors and avoiding any liabilities. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted April 10, 2013 Share Posted April 10, 2013 abroad and into his wife's name he's long prepared for this. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted April 10, 2013 Share Posted April 10, 2013 abroad and into his wife's name he's long prepared for this. Very much doubt the Wife part....think she hates him as much as the Rangers fans!!! (Remember the car fiasco....) 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted April 10, 2013 Share Posted April 10, 2013 Very much doubt the Wife part....think she hates him as much as the Rangers fans!!! (Remember the car fiasco....) its an I.interesting relationship. what you say is true yet he has put assets in her name and she's passed up umpteen opportunities to destroy him. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted April 10, 2013 Share Posted April 10, 2013 Think you'll find the wife put it in her name herself aided by a judge. How many court cases is that he's lost? In fact has he ever won any or even taken anybody to court? 0 Quote Link to post Share on other sites More sharing options...
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