Craig whyte creditor

Paul Clark, 56, told a court how he and colleagues persuaded Whyte to follow a plan designed to help the club out of administration in They wanted Whyte, who then owned Rangers, to transfer his majority shareholding to people who were proposing to take control of the club. The administrators were trying to arrange for new owners to take control of Rangers and set up a Company Voluntary Agreement to repay creditors.

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The subscription details associated with this account need to be updated. Mr Johnston believes administrators could remove Mr Whyte's claim on club assets, making it easier for them to move the club to new ownership. Mr Johnston has already called on the administrators to investigate aspects of Mr Whyte's takeover of the club, and there is an inquiry being carried out for the Scottish Football Association.

But the latest letter from the former chairman cites a clause in the circular to Rangers shareholders issued in June by Mr Whyte which could lead to a challenge to his position as secured creditor, with first call on club assets. While pledging funds for the club, including working capital and to develop the team player squad, Mr Johnston highlighted a clause that says the deal was "enforceable by both the club and the vendor", who was Sir David Murray.

It went on to say: "A breach of any undertakings given by the Rangers FC Group in the agreement will result in the debt acquired being automatically extinguished. The first time was in August, to which assurances came on 3 January. Sir David has repeated his request for further clarity more recently. By that, the letter is understood to mean that the conditions of the sale required the payment for the Rangers debt should not be secured against other assets.

Yet it is now known that the loan was completed by borrowing against future ticket sales in a deal with a company called Ticketus.