The owner of Glasgow Rangers FC has admitted he used the payment for future season ticket sales from Ticketus, the company backed by Octopus Investments' Protected EIS, to complete the takeover of the club.
Last Friday Octopus released a statement saying it is working with the administrators of Rangers FC after one of its investments, Ticketus, was caught up in the debacle. Ticketus paid £24m for tickets over the next three seasons' games but Rangers' administrators revealed the money could not be traced in the club accounts. Rangers' owner Craig Whyte has released another statement revealing the season ticket income was used "to complete the takeover of the club" and that he is personally in line for repayment. According to a report in the Herald Scotland, the statement said: "The ar...
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