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Administrators chase £3.6 million from Rangers's Chairman

Football News 24/7
A sum of £3.6 million is currently frozen in the account of lawyers acting for the administrators, after it was seized from Chairman Craig Whyte’s solicitors Collyer Bristow. According to press reports north of the border, administrators Duff and Phelps were pleased that the future of the money will be subject of a further court hearing. If the administrators can get their hands on the money it will help in their efforts to keep the club afloat.

Money from the sale of season tickets to Ticketus, thought to be around £24m, was transferred to solicitors Collyer Bristow before Whyte’s takeover last May. Of that, £18m was used to pay off debts owed to Lloyds Banking Group.

Once Rangers went into administration, Duff and Phelps confirmed they did not have “visibility” of the rest of money.

Today they issued a statement saying they were pleased with the High Court in London’s decision to hold a further hearing at the end of the month.

David Whitehouse, joint administrator, said: “Following the court hearing last week Collyer Bristow paid approximately £3.6m to our lawyers, Taylor Wessing, to be held securely by Taylor Wessing until the High Court decides whether or not it is the Club’s money.

“We are very pleased with the decision by the High Court today to order a further hearing on this matter on March 30 and I am sure that all Rangers Football Club supporters will be encouraged that this issue will be dealt with as speedily as possible.

“If we are successful in retrieving these funds that will help the recovery process of the Club and will be an important step towards the Club emerging from administration.

“No-one should be in any doubt however about the overall financial situation of the Club and every effort is being made to ensure its survival.

Whitehouse also confirmed that Duff and Phelps are involved in talks with potential bidders for the club as they seek a path out of administration.

He said: “We are continuing to meet prospective purchasers over the next few days. This does not mean that the Club has to be sold within the next 24 hours - we are establishing how quickly we can get to that point.

“There has been much speculation in recent days about the administration process.

“We should at this point repeat that, as administrators, our preferred strategy is that we work towards achieving a Company Voluntary Arrangement through which the Club can emerge from administration.


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