Post lunch perusings
Proceedings resume to hear furthercross-examination from Donald Findlay QC of former Rangers' director Phil Betts
Betts says initial proposal to Ticketus wasfor £10m towards the purchase of Rangers.
Witness says there is nothing unusual about3rd party funding only being available once deal completed
Findlay: "Murray gave away Rangers fora joke, a pound slid across a table"
Findlay "A central element to all thiswas that Rangers were in debt to the bank for £18m. The debt was cleared."Betts "Yes"
Findlay on debt repayment, "Was it notbetter to keep money in house rather than pay it in interest to the bank."Betts "Yes"
Findlay "Wavetower could have writtenthe debt off?" Betts "I don't think Ticketus would have been happywith that."
Findlay it could be said selling seasontickets in advance would cut your income, but would reduce payments to thebank"
Findlay "Do you know much aboutfootball" Betts "I'm a Tottenham supporter" (that’ll be a no then J )
Findlay suggests if Rangers "went deepinto the Champions League" that would overcome the sale of the seasontickets. Would be "debt free"
Findlay "Your taking a gamble, butmany business plans involved a gamble" Betts "Correct"
DF 'You get rid of the debt, make it moreattractive to investors and get Champions League money, that was the businessplan.'
TBC