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Former Rangers boss turns whistleblower 10 February 2012

Former Glasgow Rangers chairman Alastair Johnston has asked the Insolvency Service to investigate the takeover of the club by incumbent boss Craig Whyte.

Johnston has been vocal in the media since the takeover, after Whyte wiped around £18 million of debts to Lloyds Banking Group when he bought the club for £1.

But now the former chairman has stepped up his game, calling on the Insolvency Service to investigate matters at the Scottish Premier League club.

Specifically, Johnston has been publicly talking about the use of forward season ticket revenue to fund the current developments at the club as well as a number of other, currently unsubstantiated accusations as to the club’s financial state.

The club is currently contesting a £49m tax bill with HMRC and, last November, club chairman Craig Whyte described the ongoing dispute as a “dark cloud” hanging over the club.

Last month, the club was forced to suspend the company’s shares from trading on the Plus Stock Exchange while it finalised its financial audit.

Jemima Broadbridge, spokesman for the Insolvency Service, said the regulator is unable to confirm details of specific cases it may (or may not) be investigating as this is confidential information.

She added: “The Insolvency Service has discretionary powers under the Companies Act to investigate live companies where it appears that there has been misconduct in relation to the companies’ affairs.”

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