Source: PA
Whyte tells Trust AGM must wait
Rangers chairman Craig Whyte insists the club's annual general meeting cannot take place until the club's accounts are signed off, according to the Rangers Supporters Trust.
The RST announced on Wednesday they have been told by Whyte that the signing off is being held up by, in the Trust's terms, "potential tax case liabilities".
The Light Blues owner was contacted by the RST on Tuesday about the delay in calling an AGM after Whyte had admitted borrowing money on the strength of future season-ticket sales, a revelation that caused alarm among the increasingly nervous Rangers support.
Trading in shares in Rangers was suspended last month after a delay in publishing the club's audited accounts. The Govan club are waiting on a tax tribunal verdict concerning payments made to staff in benefit trusts before Whyte bought out Sir David Murray last May and the case could cost the Scottish champions up to £49million.
A statement on the RST website said: "Craig Whyte has responded to yesterday's call from the RST to set a date for the club AGM. Mr Whyte has stated that the AGM can't take place until the club accounts are signed off and that challenges around the potential tax case liabilities mean these continue to be worked on.
"He further stated that as soon as the accounts are signed off an AGM will be called. Finally. the chairman stated that he had an open door to the RST to speak on any issues of concern to our members."
The RST also asked Whyte for clarification on the Ticketus deal which has sparked further speculation about the club's long-term future. Whyte denied claims he had used a loan secured on future ticket sales to facilitate his takeover last year, which involved paying off a debt of £18million to Lloyds Banking Group.
However, in a statement released on the club's official website the Rangers chairman did admit to borrowing money from Ticketus - a London-based group who allow clubs to borrow money on the strength of future season-ticket sales.
Former Rangers chairman Alastair Johnston, who was opposed to Whyte's takeover, questioned the long-term use of Ticketus and urged the Motherwell-born businessman to explain exactly how he has spent advance season-ticket revenues.
Gordon Dinnie, chair of the RST, contacted Whyte on Tuesday night urging him to "publicly clarify the situation both for our members as shareholders and the wider Rangers support".