In 2012, Rangers Football Club went into administration with over £100 million in debt. The owner of the firm, Craig Whyte, held 85.3 per cent of the club’s shares and was also its only secured creditor, holding an £18 million floating charge over the assets of Rangers. Why do you think Mr Whyte chose to be the secured creditor and owner of the firm? Does this make sense? Provide a rationale for Mr Whyte holding such a position in Rangers.