Whyte insists he has nothing to hide over Ibrox finances

CRAIG Whyte, the majority shareholder at Rangers, stressed last night he has “nothing to hide” amid ongoing concerns regarding the club’s future and financial plight.

Addressing those who have expressed doubts about his business background, Whyte said he was “very open” and vowed that his stewardship of the club would be vindicated in “years to come”.

The venture capitalist’s defence of his role came as a contentious BBC Scotland documentary into the club’s financial health was broadcast.

The programme, which aired last night, made allegations concerning Whyte’s past business dealings, but officials at the Glasgow side branded it as little more than a “prejudiced muckraking exercise”.

Whyte has instructed his lawyers to begin legal proceedings against the BBC.

“Craig Whyte strenuously refutes these unfounded and defamatory allegations and has instructed his lawyers, Carter Ruck, to commence immediate legal proceedings against the BBC,” said a spokesman for Whyte last night. “Any repetition of these false accusations will also be met with legal action.” Responding to the statement, a BBC Scotland spokesman said: “We stand by the investigation which was produced according to our rigorous editorial standards on fairness, accuracy and impartiality.”

In an attempt to address the documentary’s allegations, Mr Whyte gave an interview to STV News at Six, the second part of which will be broadcast this evening. Minutes of a recent meeting he held with supporters’ representatives were also released, which saw Mr Whyte admit that while the club would survive possible administration, such a scenario would be “uncomfortable and unpleasant.”

During the meeting the board of the Rangers Supporters Trust at Ibrox on Wednesday, the majority shareholder also vowed to underwrite an investment of £20 million into the club over the next five years, adding that he was open to the idea of other major investors coming on board, as well as fan ownership schemes.

The trust described it as a “very positive” meeting and said they were “satisfied” with how the chairman addressed key issues facing the club over the coming years.

The flurry of coverage surrounding the club’s financial situation – it is involved in to separate cases with HM Revenue and Customs, both relating to payments made before the tycoon’s May takeover – saw Rangers “withdraw all co-operation” with the BBC earlier this week due to what it described as “repeated difficulties the club has encountered with the BBC this season”.

Branding the programme as tantamount to a “prejudiced muckraking exercise”, it pointed to other instances this season “where the BBC’s reporting on the club’s affairs has been neither accurate or fair.”

In turn, the corporation released a statement which “completely refuted” allegations of underlying bias against the club. “All of our reporting of matters pertinent to the running of Rangers FC reflects the high standard expected of the BBC, an organisation that places an absolute value on the accuracy and impartiality of its journalism,” it stated.

Regarding the documentary, it aded: “We have assured [Rangers] that rigorous editorial standards will be applied and nothing will be broadcast that is not both accurate and in the public interest.”

Last night’s documentary, Rangers -– The Inside Story, presented by Mark Daly and which was being edited close to its transmission, also included the claim that Lloyds Bank forced through the Whyte’s takeover bid, threatening to cut Rangers’ credit line if it did not go ahead. Former chairman Alastair Johnston said he was warned about obstructing the deal by an individual employed by the bank with Lloyds seeking to recover £18 million of debt from the club. A spokesman for Lloyds said the takeover was a matter for former owner Sir David Murray. He said: “Lloyds Banking Group’s aim has always been to secure the long-term financial stability and security of our customer, Rangers Football Club.”

In the interview with STV, it was put to Mr Whyte that some people may question whether he has the money and the expertise for the job at a difficult time for Rangers. He replied: “I understand peoples’ concerns about that but I have stepped up to the plate to do it. There was not a queue of people waiting to take on this challenge.

“When judgment is passed in the years to come, I think people will see that I will have taken the business forward and I will have sorted out the issues. Ultimately, my track record speaks for itself.

“I’m here, I’m the owner of Rangers, I’m the chairman of Rangers and I’ve done a lot more successful deals than deals that haven’t worked out. That ultimately speaks for itself.” He added: “I’ve got nothing to hide at all. I’m very open. I come to Ibrox regularly and a lot of people know me around here. I’ve got nothing to hide.”

Whyte denied the threat of administration was inevitable although claimed it might “draw a line” under the difficult period which pre-dated his arrival at the club.

“In some ways [it’s] worrying but in other ways it would draw a line under a sad event and a sad period in history and would be a chance for a fresh start for Rangers,” he said.

“Whatever happens, Rangers are here, Rangers are moving forward and it’s maybe one step back to take two steps forward so I would say to Rangers fans that I appreciate their concern but we can sort this out and we will sort this out.”

Liquidation was out of the question, he stressed: “There’s no chance of Rangers going out of existence. No chance whatsoever.”