Craig whyte secured creditor

Ex-Rangers chairman Alastair Johnston has written to the administrators, asking if Craig Whyte has met the obligations set out in his takeover. Mr Johnson said Mr Whyte should lose secured creditor status and the debt Rangers owes him should be written off. It was disclosed on Tuesday that Mr Whyte's loan to Rangers was not funded with his own money but with another loan dependent on future season ticket sales.

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. Which, naturally, begs the question as to whether any level of regulatory scrutiny by the football authorities was applied in the first place.

Johnston's theory has long been clear: that Whyte is a hedge fund player who gambled on Rangers both winning and losing the tax tribunal. In either case, Whyte believed he could sell on a "clean" company for at worst a small profit.

If Rangers won the tax case, the club could have been sold on clear of the liability. Two key events could have hampered Whyte's plan. The tax tribunal, initially to be heard last May, was postponed until November and then January.

The outcome has yet to be announced. Furthermore, Rangers' failure to qualify for the group phase of either the Champions League or Europa League would have had an impact on revenue streams. What monies, therefore, have been used to fund Rangers during these intervening months? He denies part of that money was used to repay Lloyds. Rangers' administrators conceded on Thursday they are investigating where and how the Ticketus funds were actually used.

The non-publication of Rangers' accounts for the financial year to 30 June only adds to the lack of clarity regarding the takeover. In a statement, Murray said: "The share purchase agreement imposed a number of obligations on Wavetower. Whyte will not be present when Rangers host Kilmarnock on Saturday. There is a legitimate concern about whether it would be safe for him to do so. Instead, he is in London, leaving behind a swathe of fiercely negative public feeling towards him. In a statement he announced his intention to "step back from events so that I do not become a distraction to either [the administrators] or Ally McCoist and the players".

I don't know where our taxes have gone. These are all questions that will have to be answered," said the manager. We must get answers. The Rangers supporters deserve answers. My overriding feelings are of disappointment but a gritty determination to get through it. On Friday, the statement from Whyte denied he had anything to fear. Just why would a man like Craig Whyte buy Rangers?