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Whyte Willing To Walk

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02 Apr 2012 19:36:06

Whyte Willing To Walk

Craig Whyte appears to have only invested £1 and he is willing to take this loss for the benefit of Rangers

Craig Whyte is willing to walk away from Rangers "with nothing" if it is in the best interests of the club. The owner of the troubled Ibrox club has not been in the media much since the club went into administration after it emerged that Whyte was able to fund his takeover from Sir David Murray by selling future season tickets to Ticketus, a partnership which ultimately raked in £30.5million and which left the the investment firm a key player as administrators Duff and Phelps search for new owners. The administrators have set this Wednesday as the deadline for formal bids for the club and they expect to receive at least three: from Blue Knights, headed by former Rangers director Paul Murray, American investors Club 9 Sports and a Singapore-based group before a preferred bidder is chosen. Whyte is bemused at being described by the administrators last month as "absolutely irrelevant" to their efforts to sell the club but is willing to smooth the way for his successor or successors, in the right circumstances. The Motherwell born businessman said: "They can describe me this way if they like, but I would disagree with it. I am still the owner. But I am willing to walk away if it is for the good of the club. I wouldn't make anything out of it. I have £30million in cash and guarantees on the line but I would walk away if it is best for Rangers. I have been in touch with a couple of bidders. If I can help any of them, I will." Whyte, though, has little time for ex-directors Murray but it is unlikely that he would try to prevent the Blue Knights being nominated as the preferred bidder. He went on: "We have never seen eye to eye. I haven't spoken to him since last May. He is one of the old board. I don't see what he brings to the party. But there are some good guys in the Blue Knights and I've spoken to a couple of them, and I have no problem with them. People will put their bids in by Wednesday and we will see what happens." Regardless of who eventually gains control of the club, the future remains uncertain. Joint-administrator Paul Clark warned over the weekend that "it is certainly possible Rangers would be liquidated" when new owners take charge. Whyte is adamant that liquidation would be the wrong outcome. He said: "I do not favour liquidation at all, it is not necessary. I want to exit administration with a CVA (company voluntary arrangement). There is no reason whatsoever that that can't happen. Liquidation is no good for Rangers, it will end 140 years of history I can understand why some people might think it is a good idea but we have to keep Rangers alive. And there is absolutely no reason why a CVA can't happen."


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