chilledbear 16 Posted January 31, 2012 Author Share Posted January 31, 2012 Future season ticket money is being used to fund Rangers in a deal with a London-based finance company. The deal struck with Ticketus provides Rangers with cash now in exchange for future ticket revenue. Ticketus, which is part of Octopus Investments, has had deals in place with English football sides, including Plymouth Argyle, Hull City and Watford. The arrangement, which is understood to pre-date Craig Whyte’s May 2011 takeover of the current SPL champions, is thought to involve four years’ season ticket money up until 2014/15. On Tuesday, the Daily Record reported that the scheme had provided Rangers with £24.4m. Sources within the club have claimed that only a proportion of season tickets are involved and the money is used for "working capital". The Ibrox side are awaiting the result of their appeal against a disputed £49m tax bill from HM Revenue and Customs. Earlier this month the final evidence sessions in the First Tier Tax Tribunal were heard in Edinburgh, with a result expected at some point in the next month or so. http://m.stv.tv/news/scotland/west-central/295734-future-season-ticket-sales-used-to-fund-rangers/ 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 31, 2012 Share Posted January 31, 2012 The critical date for me is when the 24.4 million was deposited It may or may not be critical. If the cash was just being held in a Ticketus client account then it doesn't really matter. What's more important is when Whyte/Rangers had access to it. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,663 Posted January 31, 2012 Share Posted January 31, 2012 I'd like to know what the security terms of the alleged loan are. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 31, 2012 Share Posted January 31, 2012 (edited) I'd like to know what the security terms of the alleged loan are. Apologies for the source, but this is from the MGO5 that the court subsequently struck from the records. Edited January 31, 2012 by Zappa 0 Quote Link to post Share on other sites More sharing options...
franker 3 Posted January 31, 2012 Share Posted January 31, 2012 It may or may not be critical. If the cash was just being held in a Ticketus client account then it doesn't really matter. What's more important is when Whyte/Rangers had access to it. In my experience of dealing with fund transfers, the agreement is in place for funds, the actual transfer of funds takes place as close to or even on the day the business is sold. Not 4 weeks. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 31, 2012 Share Posted January 31, 2012 In my experience of dealing with fund transfers, the agreement is in place for funds, the actual transfer of funds takes place as close to or even on the day the business is sold. Not 4 weeks. Yup. Totally agree with that, but if we take it as a given that the cash was actually transferred on the date that they said, it seems even less likely that Ticketus were willing to allow control of the cash to pass prior to the deal being done. The 4 weeks is very unusual but perhaps there were a reason for it (and it may not just be the reason that FS suggested earlier - which I'm really hoping isn't true). 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,663 Posted January 31, 2012 Share Posted January 31, 2012 Craig Whyte Open Letter: http://www.rangers.co.uk/news/football-news/article/2594589 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted January 31, 2012 Share Posted January 31, 2012 Apologies for the source RTC? I've put the image on imageshack. It only takes 30 secs to do for future reference... 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,663 Posted January 31, 2012 Share Posted January 31, 2012 Apologies for the source, but this is from the MGO5 that the court subsequently struck from the records. Sorry mate I'm no businessman - in laymen's terms what happens if we default on the loan? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 31, 2012 Share Posted January 31, 2012 Sorry mate I'm no businessman - in laymen's terms what happens if we default on the loan? That isn't exactly clear because that M05 was stricken from the record. As far as I'm aware it wasn't replaced so there is no evidence of what if any security Ticketsus hold over the club/Group/Liberty Capital whatever. 0 Quote Link to post Share on other sites More sharing options...
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