Rangers owner flogs off historic Arsenal shares to Usmanov



Under-fire Craig Whyte faces allegations he cashed in a piece of Rangers history in the latest twist to the financial crisis.

The embattled owner allegedly flogged 16 shares in Barclays Premier League side Arsenal for £230,000 to a consortium called Red and White, fronted by Alisher Usmanov, before he placed the club into administration last week.

Craig Whyte: Rangers owner at centre of cash crisis

The shares formed a historic link between the two clubs dating back 102 years when Arsenal had their own money problems.



It’s believed Rangers attempted to help out by buying two shares in ­Woolwich Arsenal because their manager, George Morrell, had previously worked for the Ibrox club.

Around 20 years later, a resurgent Arsenal gifted Rangers a further 14 shares in return for their support.

But Whyte ignored their sentimental value when he sold the shares for £14,375 each to Usmanov , who owns a 27 per cent stake in the Gunners worth £198m, reports The Daily Record.

Whyte then blocked a move for the cash to be paid into the Rangers bank account, demanding instead it stayed lodged in one of his own companies, Pritchard Stockbrokers in Bournemouth.

Uncertain future: Rangers fans will be stunned by latest twist

Pritchard’s assets have now been frozen on the orders of the Financial Services Authority and Rangers’ ­administrators, Duff and Phelps, may attempt to recover the missing money as they seek to clean up the financial mess at Ibrox.

The share sale follows Sportsmail revealing Whyte sold off four years of Rangers season tickets — one month before he bought the club.



Whyte flogged the seats to London-based Ticketus to fund his entire takeover last April — four weeks before he persuaded Sir David Murray to sell up for just £1.