Whyte's financing deal to buy Rangers was the 'worst-kept secret'

Withey, who became Rangers club secretary after the takeover, said it was the only deal he had known where the seller Sir David Murray was pushing more than the purchaser.

Withey told the jury that Whyte "didn't care" whether the deal was concluded or not, and was prepared to walk away if a timetable to purchase fell through.

The prosecution in Whyte's fraud trial allege Whyte helped fund his takeover through a £24 million loan from London-based agency Ticketus against future club season ticket sales.

Before Whyte took over, the Ibrox club was 85 per cent owned by Murray – but was sold for £1 with conditions attached in a share purchase agreement.

Withey had earlier said he was told by Whyte not to share information over the source of the cash to pay off Rangers’ debt to the Lloyds Banking Group, but said Murray's people "didn't ask".

But when Findlay asked if, as the negotiations over the sale were negotiated, the Ticketus deal was a secret, the 52-year-old lawyer replied: "No."

Findlay responded: "In fact, was it one of the worst-kept secrets going."

Withey returned: "It was impossible to keep a secret with too many people involved."

Whyte's QC went on to say that if someone from the Murray Group had asked about Whyte's ability to keep secret the Ticketus deal the answer was "he couldn't and he didn't and it wasn't".

Withey replied: "I don't think he could."

Whyte, 46, denies the two charges against him, one of acquiring the club fraudulently in May 2011 and another of "financial assistance" under the Companies Act – which centres on a £18m payment between Whyte's Wavetower company and Rangers, using Ticketus to clear the club's bank debt with Lloyds.

Part of the allegations against Whyte is that he pretended to Murray and others that “funds were available” to make all agreed-to payments.These are said to include clearing the bank debt, £2.8m for the "small tax case" liability, a £1.7m health-and-safety liability and £5m for the playing squad.

Withey, who was a partner at London lawyers Collyer Bristow, went on say that it was "very rare" for an individual to personally fund anything in a big money deal adding: "That's how they get rich."

The lawyer maintained Murray's team were "desperate to get the deal over the line".

The court was shown an email from Withey, sent to parties in the deal including Ticketus and dated May 3, 2011 – three days before the Rangers shares were transferred to Whyte.

In it Withey warned that Whyte wanted the deal completed the next day. The email continued: “It is expected that this deal will complete tomorrow. All sides have been told that if it does not, then Craig will walk away.”

Findlay, defending Whyte, asked Withey: “Was that bluff or is that your understanding?” To which Withey replied: “That was my understanding.”

The QC went on: "Who was desperate to conclude this deal?"

"Murray," said Withey.

"Not Mr Whyte, but Murray?" quizzed Findlay.

"Mr Whyte didn't care," said the witness.

"If it came about, it came about, if it didn't, that was the way it was?" queried Findlay.

"That's correct, yes," said Withey.

"On the other hand, your very clear impression was [Murray] was desperate to conclude this deal?" asked Findlay asked.

"Yes... which I found really odd," Withey replied.

"Murray wanted to sell Rangers desperately?" asked Findlay.

"Yes."

"No doubt?" Whyte's QC continued.

"I have no doubt at all," insisted Withey.

The jury also heard from Withey that Murray’s firm – which was deeply indebted to Lloyds bank – “didn’t seem to care” where Whyte was sourcing funds to take over Rangers.

On Tuesday, Michael McGill – a key adviser to Murray and a former Rangers director – confirmed that former club chief executive Martin Bain was paid £360,000 when the debt-ridden club was sold to Whyte. Bain received the bonus despite his involvement in the sale being described as “limited”. David Horne, the Murray Group’s legal chief , was also given a £160,000 payout.

The court also heard how handwritten notes by then chairman Alastair Johnston and Horne referred to Whyte possibly borrowing up to £15m to fund his takeover of Rangers.

On Wednesday, Withey took to the witness stand and admitted he initially thought Whyte was part of the Whyte and Mackay whisky group when he first showed interest in buying Rangers.

He said the deal he was being asked to negotiate through the share purchase agreement was unusual because it contained clauses relating to the possibility of the club “going bust”.

Asked if he held funds to permit the purchase of the club on a unconditional basis to settle the deal on May 6, 2011, Withey said: “Yes, I believed I did, subject to completion.”

On Thursday, Findlay went on to examine what the word "immediate" meant in terms of financial deals.

Withey said: "Now."

Findlay suggested that in reality, unless you are handing over "a wad of cash before the ink is dry" on a contract paper, immediately doesn't mean now but "the first practicable opportunity.

"Yes it does," agreed Withey.