Former Rangers owner Craig Whyte banned for 15 years
Former Rangers owner Craig Whyte has been banned from serving as a director for 15 years.
London: Former Rangers owner Craig Whyte has been banned from serving as a director for 15 years.
An Edinburgh court handed out the maximum disqualification available under its powers "for failing to avoid conflict of interest in the running of the club".
Whyte took Rangers into administration in February 2012 and they entered liquidation in June the same year, 13 months after he took over the club.
Whyte had previously received a seven-year ban as a director in 2000, a fact that did not become public after he bought a majority stake in Rangers from Sir David Murray`s company for a symbolic one pound in May 2011.
He was cited for causing the club to enter into an agreement to "effectively fund the purchase of its own shares", conducting the club`s affairs without reference to other board directors, "preventing RFC from being subject to proper corporate governance" and causing the club to fail to comply with its tax obligations.
Murray sold the club to Whyte on the understanding that he would pay off bank debts of about £18 million ($29million) - but the money came from selling off future season ticket sales.
Whyte removed several directors while others quit in frustration at their exclusion from decision-making, and the club ultimately owed £21 million to the taxman.
He was eventually sidelined by Charles Green`s consortium, who relaunched Rangers as a new company in the bottom tier of Scottish football in June 2012.
The action, in the Court of Session in Edinburgh, came on the day that Rangers confirmed they had paid back £1.5million to two shareholders.