• SPL

Whyte ready to walk away from Rangers

ESPNsoccernet staff
April 3, 2012
Rangers face the threat of liquidation without a multi-million injection of funds © Getty Images
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Rangers' majority shareholder Craig Whyte has said he would walk away from the club with nothing if he felt it would save the financially striken SPL side.

Whyte has spoken to several of the parties interested in buying the club, including members of the Blue Knights, as he insisted he remains relevant to the sale process.

Whyte has been described by administrators as "irrelevant'' despite owning 85.3% of the club's shares, which he bought from Sir David Murray for £1 in May last year.

Administrators have claimed there is no evidence that Whyte has put any money into the club but the businessman says he has cash on the line, although he may walk away without a penny.

Duff and Phelps have set a deadline of Wednesday for final bids for the club with the Blue Knights, American investors Club 9 Sports and a Singapore-based group all tipped to compete for preferred bidder status.

Whyte completed his takeover with money received from Ticketus from future season ticket sales in May and then sold more in September to take the total income from the group to £30.5 million including VAT.

But he insisted he is not irrelevant, as administrators Duff and Phelps have claimed. "They can describe me this way if they like, but I would disagree with it,'' Whyte said. "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 is sceptical over former Rangers director Paul Murray's ability to help the club but he is happy to co-operate over the Blue Knights consortium's bid.

"We have never seen eye to eye,'' Whyte said. "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.''

Meanwhile, Whyte disagrees with the assertion that liquidation is likely, which has been stated by Rangers director Dave King and recently given credence by the administrators.

"I do not favour liquidation at all, it is not necessary,'' Whyte said. "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.''

© ESPN Sports Media Ltd.
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