Rangers takeover: Calls for Duff and Phelps to be probed

FORMER Rangers director Paul Murray has called for the role of administrators Duff and Phelps to be investigated following revelations over one of their partner’s involvement in Craig Whyte’s takeover.

A BBC documentary team uncovered evidence that David Grier, whose advisory role was already widely known, was aware of a potential deal between Whyte and Ticketus ahead of the takeover in May last year.

Duff and Phelps have confirmed this but they stressed that Grier did not know how much money Whyte intended to borrow against future season ticket sales and was unaware that the capital, initially £24.4million, would be used to pay off the club’s bank debt and thus complete the £1 buyout.

The London-based firm have threatened legal action against the BBC and denied any conflict of interest but Murray claims the seriousness of the allegations should prompt a probe.

“I really feel this matter has to be investigated as a matter of urgency by the regulatory bodies,” Murray told the BBC’s Newsnight Scotland.

“The problem from the club’s point of view is we don’t have a lot of time to do that. For Rangers fans to have confidence over the process over the last few months, that needs to be done immediately.”

Duff and Phelps were appointed at the Court of Session on February 14 after creditors Her Majesty’s Revenue and Customs dropped their initial objection to Whyte selecting his preferred administrators.