Ticket deal was used to pay Rangers debt


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The Independent Football

Administrators have confirmed that money from a Ticketus deal was used by the Rangers owner, Craig Whyte, to complete his takeover of the club.

The firm paid £24m to secure the right to sell season tickets. The cash was used to pay an £18m debt to Lloyds Banking Group in May.

The administrator David Whitehouse said: "The proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20m plus VAT. Subsequently, £18m was transferred to the Lloyds Banking Group." Whyte said last week he would "take a step back" during the administration process and yesterday revealed plans to step down as chairman once that process is complete.