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CRAIG WHYTE sold off four years of fans' money to help fund his Rangers buy-out, it was revealed last night.

And Record Sport can also reveal high-ranking HMRC officials are investigating alleged non-payment of VAT since Whyte gained control of the club last May.

Current director Dave King and former board member Paul Murray have been quizzed by the tax authorities as part of their enquiry which has revealed £24.4million has been borrowed against future season-tickets sales.

Tranches of tickets over four seasons have been sold to Ticketus, a London-based group linked to Octopus, and it's claimed this deal helped finance Whyte's operating costs after the takeover.

Whyte himself last night confirmed he had sold off the tickets but denied he used the money to pay off Lloyds Bank. He insisted the £18m for the bank came from one of his companies.

When Whyte took over Rangers' debt was £18m to Lloyds Bank and their wage bill had been reduced to £14m but it is believed the club could owe much more than that.

It's thought the current debt is £21m to Ticketus plus £5m VAT on the ticket deal. But there could be other bills due and of course Rangers are awaiting the final verdict on their £49m EBT (Employee Benefit Trust) tax case.

Last night Whyte insisted the Ticketus deal was normal practice for clubs and his spokesman said: "The suggestion that the Rangers takeover was funded through financing arrangements on season tickets is categorically untrue.

"Rangers FC is no different in that it has a working capital facility with Ticketus, as have many, many other clubs. It is a common arrangement in football. This facility was in place at Ibrox long before the takeover."

The EBT ruling is due within weeks and if Rangers lose they will be facing financial meltdown.

Their debt could then be in the £75m region with liquidation a stark reality.

But many now fear Rangers could be tipped over the abyss and into some kind of insolvency even before their Judgment Day over the tax case.

Rangers fans put their faith in Whyte believing he would get rid of the club's debt and also provide transfer money for manager Ally McCoist, who has been an impoverished bystander during this transfer window.

But the Ibrox club's support will be shocked by the detail of invoices and letters now in the revenue's possession. It is claimed these show Whyte sold off massive chunks of Rangers' future season-ticket sales.

And former board member Murray believes the takeover wouldn't have been possible without the fans, even though they had no idea future tickets had been sold off to raise extra cash.

Murray said: "These documents prove to me that Rangers fans have actually paid and will continue to pay for the sale of their club."

He added that HMRC have told him they are also due VAT, as much as £5m, on the deal with Ticketus and insists he has seen details of letters and invoices held by HMRC.

Murray claims that in one of the documents, a letter dated March 8, 2011 and signed by Whyte, it is alleged he made it clear that through Wavetower, his bid vehicle at the time, he would be entering into a deal to sell the season tickets to a company called Ticketus.

They are part of London-based Octopus, a perfectly legitimate lender who grant immediate loans based on future ticket sales. Record Sport managed to speak with most of the people who were on the Rangers board at the time of the takeover and they insist they knew nothing about the sale of season tickets. In fact they tried to ring-fence supporters' money.

The papers, which are being pored over by HMRC officials, are said to reveal borrowing against ticket sales for seasons 2011-12, 12-13 and 13-14 that Whyte was able to raise £24.4m.

Then on June 27 he was hit with the first of his repayment bills from Ticketus, who were demanding a total of £9.5m, their share of that summer's season-ticket sales. Whyte could only come up with £3.5m cash and to fill the shortfall mortgaged off part of season 2014-15 to the value of £6m.

Opening in March last year Murray claims the detail contained within HMRC's file is extensive and explosive.

This is the timetable and interpretation of events: March 8, 2011: A letter from Liberty Capital (one of Whyte's companies) is signed by Whyte and addressed to Ticketus.

In the letter Whyte confirms the intention to sell Rangers' season tickets to Ticketus.

April 7: Lawyers on behalf of Ticketus deposit £24.4m into a Collyer Bristow (lawyers for Whyte's bid) client account. A further £2m was placed in the same account from a company called JLT Benefit Solutions.

May 9: An agreement was entered into between Ticketus and Rangers to sell the season tickets.This was just three days after the takeover date of May 6. The bank was repaid the £18m.

June 27: Ticketus raised an invoice to Rangers seeking first repayment of £9.5m on their agreement. Rangers paid only £3.5m of that amount in cash and borrowed £6m more from Ticketus by selling another portion of 2013-14 as well as a portion of season 2014-15. Analysts stress there is nothing illegal in selling future ticket sales. In fact, it is common practice in British football, although the problems encountered by Leeds United and Newcastle United, who both borrowed too often and too much, are proof of the dangers.

Whyte has never declared the deals with Ticketus although HMRC documents suggest he has cashed in on fan loyalty.

The tax officials quizzed Murray and South African-based King, who was on conference call, as recently as last Friday morning.

They insisted they had no knowledge of what had been happening and Murray, who last year offered to take the club off Lloyds' books and invest £15m in the team in a last-ditch attempt to prevent Whyte from getting the club, said he couldn't believe what he was reading when presented with the HMRC file.

"HMRC asked for a meeting at the end of last week to find out what knowledge I, having been a director of the club at the time, had of these transactions prior to the takeover," Murray said.

"I knew nothing about this and although I have been questioned by HMRC and seen some especially revealing documents which are in their possession, it is still very hard to take in what has been going on.

"Collyer Bristow were acting for Craig Whyte during the takeover and I have been shown their client account, from the opening of it until today.

"I've also seen all invoices from Ticketus to Rangers and Rangers to Ticketus supporting all these actions.

"I can't believe Rangers have been handed over in this way.

"Remember also, the Independent Board, set up to make sure any potential buyers were capable of making the purchase and then funding the business, asked repeatedly where Craig Whyte was getting the money.

"He said it was from his own personal wealth and through Liberty Capital, which he insisted he owned 100 per cent, in the British Virgin Islands.

"Plans were being made to sell off future ticket sales but the directors were never told. This was all being done behind our backs."

King was also shocked to learn of the seasonticket sale and said: "Securitising season tickets is a valid seasonal funding strategy to smooth cash flows within the year - but no longer."

Whyte's spokesman added: "The takeover team instigated discussions with Ticketus prior to the takeover because the relationship with Rangers was already in place and the new owners wanted to continue it.

"They were clear from the outset they wanted to ensure there were robust working capital provisions in place that could deal with the many financial challenges the club faces.

"The takeover was funded by one of Mr Whyte's companies. Several months before then - and long before any discussions with Ticketus - Mr Whyte was asked to provide proof of funds for the takeover and he did that to the satisfaction of the previous owners, Lloyds Banking Group and professional advisers."