Rangers administration: Craig Whyte due to return to UK – but not to Ibrox

RANGERS chief Craig Whyte is due to return from his bolthole in Monaco early this week after spending the weekend in the luxury tax haven.

The tycoon headed for his private apartment on the French Riviera at the end of last week as administrators geared up to take drastic action at the Ibrox football club.

A source close to the businessman said he planned to return home within the next two days to assist administrators Duff & Phelps with their inquiries.

It is understood that swingeing cuts expected at the club by the administrators to make it more saleable were due to start today, but are now likely to be delayed until tomorrow or Wednesday.

Observers are expecting that some players will be instructed to leave the club in a cost-cutting drive – following on the heels of director of football Gordon Smith and chief operations officer Ali Russell, who are due to step down at the end of this month. Their departures were announced last week.

Team manager Ally McCoist is due to meet representatives from London-based Duff and Phelps in the next two days to discuss the “way ahead” for Rangers.

Mr Whyte, who is believed to have first moved to Monaco 12 years ago with his then-fiancee following the collapse of another of his businesses, flew to Nice from London last Thursday – but is now making plans to return to the UK, although is not thought to have yet booked a plane ticket.

He owns an apartment close to the harbourside in the principality – which is home to thousands of wealthy celebrities and business people – thought to be worth as much as £3 million.

“He is not hiding out in Monaco – he is simply there,” said the source. “He does want to be available to the administrators if they need to speak to him and is expected to be home in London within the next couple of days.”

However, Mr Whyte is not believed to have any imminent plans to return to Scotland, where Rangers beat Inverness Caledonian Thistle 4-1 yesterday.

He has not appeared in public for more than ten days – when he met staff at Duff and Phelps’s offices on 15 February, the day after it was announced that Rangers had fallen into the hands of administrators.

Since that time, he has angered fans after admitting through his administrators that he used money from the sale of season tickets as proof of funds to convince Sir David Murray to sell him the club.

He said he had used £24m paid out by Ticketus – owned by Octopus Investments – to “complete the takeover” of the club in May last year, having previously denied the claim.

The money was paid by Ticketus in return for the rights to sell three years’ worth of season tickets at the club.

Last week, Rangers director Andrew Ellis, a non-executive director on the Ibrox board, said he felt “duped” by Mr Whyte and revealed that when he confronted him regarding the controversial financial arrangement struck with Ticketus, he denied it.

He apologised to fans for “bringing Craig to the table”, insisting he had introduced Mr Whyte to previous owner Sir David Murray “in good faith”.

Sir David sold his interest in the club to Mr Whyte for £1 in May last year.

Rangers were forced to call in administrators Duff and Phelps last week over an unpaid tax bill of £9m accrued since Mr Whyte’s takeover, which now thought to stand at around £15m.

The club has been deducted ten points by the Scottish Premier League and is awaiting the verdict from a tax tribunal which could cost it £49m.

Craig Whyte was not available for comment.