At last, confirmation of yesterday's thoughts
The trial continues
Proceedings resume to hear further evidencefrom asset finance manager Phil Betts.
Court shown an email from Craig Whyteasking Merchant Turnaround to transfer £1m to Colloyer Bristow
Betts says he was happy to transfer themoney as Collyer Bristow only held it on a "conditional basis."
Betts asked about a document showing a £16mloan from Rangers to Wavetower. Says he has never seen it.
Betts agrees that when this happened (9 May 2011) he wasa director of both Rangers and Wavetower.
AD "As a director of Rangers you approved a £16mloan to Wavetower, of which you were also a director?" Betts"According to that document"
Betts "I don't remember signing theloan agreement, but it is my signature" AD "Do you sign documentswithout reading them?"
AD "Do you recall who asked you tosign this document?" Betts "I don't remember signing it."
AD "Did Wavetower have anyassets?" Betts "No"
AD "It was club money that was beingused to pay off the Lloyds debt?" Betts "Wavetower were the owners ofRangers Football Club"
AD "Do you see it as an issue that aclub asset is being used to pay off the debt?" Betts "The bank hadcontrol of those assets anyway"
AD "Wavetower had no funds" Betts"The completion price was only a pound."
Betts says deal was £27m in total, majorityTicketus money, £1m from Merchant £4.5m from Whyte.
Betts says he first heard about Jeromepension fund in July 2011 when he saw Aidan Earley in the directors box atIbrox
AD As a director of Wavetower did you havesight of the funds to be used? Betts "No"
Betts on Jerome pension fund "I spoketo Gary Withey about it but can't recall the conversation"
Betts says money was to be provided forplayers, the stadium and the tax bill "If HMRC gave us time to pay the taxbill"
AD "Was there a desire to keep theinvolvement of Ticketus confidential?" Betts says Ticketus did not wantMurray group to know
Adds "They were concerned the MurrayGroup would approach them for the funds and they would say no."
AD suggests cash-flow projection given toMurray was misleading as didn't mention Ticketus
View Poll Results: What is your attitude to a new "Rangers" entering at Div1?
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