Chairman Craig Whyte Resigns Posts at Three Other Companies to Focus on Rangers

February 21, 2012

Beleaguered Rangers chairman Craig Whyte has stepped down as secretary of a troubled stockbroking firm and two other companies to concentrate on the troubling affairs at the Glasgow-based club.

Sources close to the tycoon say he’s no longer at Bournemouth-based Pritchards Stockbrokers to avoid “another distraction” from recent events surrounding the administration-hit club.

Pritchards has been forced to halt business after falling foul of regulators.

Whyte was secretary and a minority shareholder in the firm.

The millionaire businessman has also resigned his posts at two other companies, Merchant Corporate Recovery and Merchant Strategic Renewal.

A source close to Mr Whyte said this did not suggest any involvement in what went wrong at Pritchards.

A statement by Pritchard said it was required by the regulator to freeze all client funds, and it was “taking professional advice to secure the best interest of our clients”.

Rangers were forced to call in administrators on Tuesday over an unpaid tax bill of £9 million accrued since Whyte’s takeover in May.

Last week, the administrators revealed they did not have “visibility” of £24 million which had come from a deal on future season ticket sales with the firm Ticketus.

They subsequently said they had new information on the takeover and running of Rangers which would help form a full picture of club finances.