The financial supervisors were part of an investigation shown on Scottish television, which implied they knew of the former owner's intentions ahead of his takeover last year
Rangers’ administrators Duff & Phelps have hit back at owner Craig Whyte, insisting that they had no knowledge of his intention to use funds from Ticketus to pay off the club’s £18 million debt when he took over last year.
A TV documentary entitled, 'Rangers: The Men Who Sold the Jerseys' was broadcast in Scotland on Wednesday evening and revealed that David Grier, a partner of Phelps and an advisor in Whyte’s takeover, was aware of a potential deal between the pair before the takeover was complete.
But, while the administrators confirmed that they stressed Grier - who was then working for MCR, which was bought by Duff & Phelps in October last year - had not been aware of Whyte’s intentions and subsequently raised concern.
In a lengthy public statement, Grier said, "I categorically deny that at the time of the Craig Whyte takeover of Rangers, I had any knowledge that funds from Ticketus were being used to acquire the club.
"Neither I nor any of my colleagues at MCR provided any professional assistance to Liberty, Wavetower or Craig Whyte, in raising funds, performing financial due diligence, structuring or agreeing the terms of the purchase of the club from the Murray Group."
Whyte had initially borrowed £24.4m, including VAT which was not passed on to HMRC, on the back of season ticket sales before paying Lloyds bank £18m to clear the debt he had pledged to clear as part of his £1 takeover deal.
Grier said his firm's primary purpose was to assist Whyte in negotiating a settlement of the debt with Lloyds.
"The reality is that when my concerns about the use of Ticketus funding crystallised over the summer of 2011, I took immediate steps to raise these concerns with controlling directors of Rangers and HMRC,” he added.
"The email, referred to in tonight's programme, to Ticketus dated 19th April 2011 mentions the possibility of raising funds for working capital but does not provide any information of quantum or terms of such a proposal.
"To suggest this email establishes an awareness of Ticketus providing acquisition funding is absurd and ridiculous."
