Acquisition of Rangers to be Investigated

It has been reported that the Crown Office have instructed Strathclyde police to conduct a criminal investigation into the acquisition of Rangers Football Club during May last year, and the subsequent financial management of the club.

The Crown Office said: “The Crown Office has today instructed Strathclyde Police to conduct a criminal investigation into the acquisition of Rangers Football Club in May 2011 and the subsequent financial management of the club.

“The investigation into alleged criminality follows a preliminary police examination of information passed to them in February this year by the club administrators.

“The procurator fiscal for the west of Scotland will now work with Strathclyde Police to fully investigate the acquisition and financial management of Rangers Football Club and any related reports of alleged criminality during that process.”

Last May, an eighty-five percent shareholding in Rangers was purchased for £1 by Mr Whyte from the Murray Group, with the former making several pledges of investment and paying off the club’s bank debt.

However, Rangers were forced into administration through court action from HMRC; with the debt to the taxman recently listed at around £21 million in the failed company voluntary arrangement proposal to creditors.

Administrators for the club also revealed that shortly after being appointed, that the club failed to pay about £9 million in PAYE and VAT since Mr Whyte took over; and the administrators also revealed that Rangers paid off Lloyds Banking Group using £24.4 million from investment firm Ticketus, on the back of future season ticket sales.

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