Craig Whyte bought Rangers “without a single penny of his own”, it was alleged yesterday.
Jurors at the businessman’s fraud trial also heard a claim that he was guilty of “dishonest representations” to the then Ibrox owner Sir David Murray and his advisers and that he had “used money that he was not entitled to”.
The accusations were made by prosecutors at Mr Whyte’s trial at the High Court in Glasgow. Mr Whyte, 46, denies a charge of fraud and an allegation under the Companies Act in connection with his May 2011 Ibrox takeover.
Alex Prentice, QC, an advocate depute, yesterday made a two-hour closing speech to jurors following six weeks of evidence.
The trial has heard how Mr Whyte struck a £1 deal to purchase Sir David’s controlling stake at Ibrox.
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Prosecutors claim that Mr Whyte pretended to the tycoon and others that funds were available to meet all stipulated payments. These obligations included an £18 million bank debt and £5 million towards the playing squad.
Prosecutors added that the sums said to have been “immediately available” actually consisted of money from Ticketus, the agency that collects revenues from season ticket sales, Merchant Turnaround, an investment firm, and the Jerome Group pensions fund.
Mr Prentice claimed that despite the “apparent complexities” the prosecution case was “relatively simple”.
He said: “The Crown says Mr Whyte, through Wavetower [his company], bought Rangers Football Club without a single penny of his own and used money that he was not entitled to.”
Sir David had earlier told the trial that he would “categorically not” have sold the club to Mr Whyte had he known at the time of any Ticketus deal. He described it as “selling the future” of Rangers.
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Mr Prentice said: “False and dishonest representations induced Murray [the company] to do something that they would not have done.” He added that steps had been taken to “actively conceal” any Ticketus involvement. Mr Prentice went on to insist that the trial was not a “public inquiry” into the “corporate governance” of Rangers.
Donald Findlay, QC, is due to address jurors today on behalf of Mr Whyte.
The trial, before Judge Lady Stacey, continues, with the jury expected to be sent out to reach a verdict next week.