Former Rangers owner Craig Whyte lost his appeal against Ticketus in the latest round of a High Court fight with the ticket-buying firm, which is commercially backed by Octopus Investments, the owner of bridging lender Dragonfly Property Finance.
The London ticketing firm raised the legal action against Mr Whyte earlier this year over the deal he struck for Ibrox season ticket sales.
The club’s former owner was previously disqualified from holding a directorship for seven years after he was alleged to have misapplied assets at two firms and settled a £150,000 claim with liquidators of one firm, Vital UK Limited, after being accused of “misfeasance, breach of duty and negligence”.
Mr Whyte bought previous owner Sir David Murray’s 85 per cent stake in Rangers for £1 in May 2011, though effectively funded his acquisition of the club through the Ticketus deal.
He used the funds gained in order to clear the club’s £18 million debt with the Lloyds Banking group.
In April, Ticketus was awarded damages totalling £17.7 million and expenses of £680,000 in the case after Master Marsh ruled in the firm’s, Craig Whyte appealed.
He asked Deputy High Court Judge David Halpern QC to overturn the ruling, made by a more junior judge, at a hearing in London, but Judge Halpern dismissed his appeal.
Ticketus said Mr Whyte fraudulently or negligently made representations which induced the company to enter into agreements related to the sale or purchase of Rangers season tickets, and claimed damages. Mr Whyte disputed the claim.
But in April a High Court master ruled against Mr Whyte prior to a trial after Ticketus argued that the former Rangers boss had "no real prospect" of mounting a successful defence. The judge then ordered Mr Whyte to pay £17.7 million.
Lawyers for Mr Whyte appealed and argued that his decision to grant a "summary judgment" had been unfair. They said the case should be allowed to go to trial and said Mr Whyte had a "realistic" defence.
Judge Halpern heard evidence and legal argument at the High Court in London in November.
In his ruling on Wednesday, Judge Halpern said the judge was entitled to give "summary judgement". He said he would have reached the same conclusion.
Judge Halpern said Mr Whyte must pay all the legal costs of the appeal, a sum thought to total tens of thousands of pounds.
Mr Whyte can appeal the decision again at the Court of Appeal but must do so before January 3.
Picture: Property of Rangers Football Club
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