Prince Albert of Monaco

Andrew Ellis

Enter cockney football fixer, Andrew Ellis, he thought he knew the very man to save Rangers - the super-rich Prince Albert of Monaco.

Andrew Ellis “I was introduced to Craig Whyte as a, reportedly, very, very wealthy Rangers fan. We got on, we went out, we socialised and became friends. He was desperate to do the deal, his family were here, he was Scottish, it just made sense.”

There was another reason for Ellis’ confidence, Craig Whyte apparently claimed there was a super-rich investor.

Andrew Ellis “Prince Albert of Monaco was going to be Whyte’s investor”

Prince Albert of Monaco was going to invest into Rangers, that’s what Craig Whyte told you?

An Unlikely Buyer of Rangers FC

Prince Albert of Monaco

Craig Whyte said Ellis’s claims are nonsense.

So, we called Prince Albert’s office. His spokeswoman went away to check and, slightly puzzled, said this “His Royal Highness doesn’t know a Mr Craig Whyte. His Royal Highness has never had the intention to invest in this club Rangers FC.”

While David Murray’s motivation to own Rangers FC might have been a place in Scotland’s high society. What was Craig Whyte’s. He was paraded as a Motherwell-born billionaire and a big Rangers fan. But, dig a little deeper, he was a venture-capitalist with a history of asset-stripping. But, at the time, most, including the mainstream media, did not bother to look past the surface.

On 6 May, Craig Whyte walked into Ibrox to a heroes’ welcome, the deal had cost him £80 million which was to clear the club’s existing bank debts.

Graham Spiers

Graham Spiers “The Rangers fans were right into the arrival of Craig Whyte. Partly because, I dare say, they’d been misled by the press who routinely referred to Craig Whyte as a billionaire. Preposterous claims that Whyte would provide unlimited money.”

Craig Whyte had been exposed in the media before. But, tonight we can tell you even more about how he should never have been able to get his hands on Rangers in the first place.

This is the key document. A proof of funds letter that formed the basis of the deal. It states that a UK financial institution can confirm that Whyte’s company “Liberty Capital Ltd has available to it up to £33 million for the acquisition of RFC”

And that’s it, no proof, it doesn’t say where the money is coming from or even what the financial institution is. It seems a bit vague, and I’m not the only one who thinks this.

So we asked Craig Whyte and his now ex-lawyer Gary Withey about the proof of funds letter. Mr Whyte said “The proof of funds letter provided, reflected my ability to provide funds from both my own and third party resources.”

David Roberts

David Roberts from London solicitors Olswang had been originally lined up by Ellis to broker the deal.

David Roberts “Initially, there was just an e-mail, the genesis of which is the basis of that letter. Blind Freddie would realise that that was not going to be acceptable, show us the letter that underpins your proof of funds. And, we weren’t given access to the letter, we weren’t even given the name of the institution.”

Despite Whyte’s reluctance to tell anybody, we can reveal the identity of that institution - The Merchant House group. Why was he so keen to keep them a secret? Maybe, because he was on the board of the company.

But, what chance, in reality, would this company have had of raising the £33 million it required for the takeover? Almost certainly none, it seems. It’s shares were suspended last month by the stock exchange over fears it was running out of working capital.

Gary Withey

Gary Withey, who wrote the letter said “The term ‘proof of funds’ is a technical term and this was only a comfort letter given after my previous firm Collyer Bristow had itself received comfort from Merchant House Group that Mr Whyte had readily realisable assets in excess of £33 million.”

But, if the guy who wrote it says it was not even a real ‘proof of funds’ letter, how was it was good enough for someone as famously shrewd as Sir David Murray?

Sir David Murray “I said I would only sell if it was in the best interest of the club. And the information I had at the time, I think I did so, but it materialised thereafter I was duped. And I think the shareholders were, the media were, and information that has come out since has proven that it was a mistake I made.”

Graham Spiers “I’ve been very critical of David Murray for many years. But, I believe him, I think he was duped. He was duped, partly, because he was desperate. He wanted rid of Rangers and he was fed up with it. He’d long given up the family dynasty idea. I take what David Murray says at face value, he was duped by Whyte.”

Peter Stevenson “David Murray is not the sort of person to be duped by anybody. I think David would’ve spotted it a mile off. So, yes, it is surprising that he didn’t see Craig White coming. On the other hand, it may have been such a flea-bite in relation to the totality of the situation, he just said ‘thank God somebody’s paying off the bank, I can close the books and move on’.”

Did Sir David Murray do enough to preserve the club’s 140 year timeline before he walked away?

External Links

Prince Albert of Monaco - Wikipedia Page

Prince Albert of Monaco | Unlikely Buyer of Rangers FC | Andrew Ellis
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