rbr 1,256 Posted March 15, 2012 Share Posted March 15, 2012 D&P are trying to get Ticketus' claim as a creditor out of the picture. There's no guarentee that they will succeed. And why are D&P, Craig Whytes preferred admins getting so much hero status. Are they really interested in Rangers future viability, or just enough to get paid? They don't present a very competent firm thus far, or they may have old Rangers directors, i.e. CW to get in touch with the FSA before going into admin. According to reports by STV they are only asking the courts to let them breach the Ticketus agreement , where in they dont start paying it back till 2015 , this is getting even more confusing by the second 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,599 Posted March 15, 2012 Share Posted March 15, 2012 According to reports by STV they are only asking the courts to let them breach the Ticketus agreement , where in they dont start paying it back till 2015 , this is getting even more confusing by the second WTF? Very strange. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted March 15, 2012 Share Posted March 15, 2012 That means that D&P have changed their position on the status of the contract. If this is the case then they should publicly announce it because the BK's bid is being tainted by the involvement with Ticketus. If D&P think the Ticketus deal is legitimate then they should let everyone know so that some (not all) fans will be able to make a clear decision on which bid they think best without the tainting of Ticketus being involved. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,256 Posted March 15, 2012 Share Posted March 15, 2012 Rangers administrators are taking Ticketus to court to seek permission to breach the £24.4m deal for season ticket sales struck by owner Craig Whyte. Duff and Phelps have raised the action at the Court of Session in Edinburgh, which is scheduled to last two days, starting on Thursday morning. The administrators believe are seeking legal permission to breach the deal for four years’ future season ticket sales. This action does not mean Duff and Phelps are questioning whether or not the agreement is legally binding, but the insolvency firm are seeking the court's approval to not pay Ticketus the money earned from season ticket sales until 2015. If the request for the breach is allowed, Ticketus would become creditors that the administrators would need to include in any company voluntary agreement needed to bring Rangers out of administration. The consequences of the court move could also have ramifications for the Blue Knights takeover consortium. The company is backing the bid fronted by ex-Rangers director Paul Murray, but should it become a creditor rather than a stakeholder at Rangers, its involvement in the consortium may change. STV revealed last week that the London firm, which is part of Octopus Investments, has repeatedly taken legal advice on the agreement and is confident it will withstand any legal action. It also believes its deal for future season ticket sales will still be in place should Rangers FC Plc go into liquidation. The firm, which has previously reached similar agreements with other football clubs, revealed last week that it had struck a deal for future season ticket sales with Rangers in 2009, when previous owner Sir David Murray was in charge. In an interview given to selected press journalists this week, Sir David claimed he had been "duped" by Mr Whyte and insisted he would not have sold the club to the businessman for a nominal £1 if he had known of the Ticketus deal. Mr Whyte used the £24.4m from Ticketus, which he received in exchange for around 100,000 season tickets at Ibrox until 2015, to clear the clubs £18m debt to Lloyds Banking Group, effectively funding his takeover of Rangers. Administrators Duff and Phelps previously stated the remainder of the Ticketus money had not touched the club’s accounts, while they have also said they were looking into the "validity" of Mr Whyte’s position as majority shareholder as he does not appear to have put any of his own funds into the club 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,599 Posted March 15, 2012 Share Posted March 15, 2012 It also believes its deal for future season ticket sales will still be in place should Rangers FC Plc go into liquidation. That must be impossible. 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted March 15, 2012 Share Posted March 15, 2012 According to reports by STV they are only asking the courts to let them breach the Ticketus agreement , where in they dont start paying it back till 2015 , this is getting even more confusing by the second Which could mean that by then they should be living on a sun drenched, white sandied island with CW, sipping cocks(tails). 0 Quote Link to post Share on other sites More sharing options...
Gers4Life 0 Posted March 15, 2012 Share Posted March 15, 2012 This is getting really confusing now and don't expect season ticket renewals to be dropping through the door any time soon!! 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted March 15, 2012 Share Posted March 15, 2012 That must be impossible. Agreed. A liquidation event would mean a "newco" - and newco is unlikely to accept ANY liabilities of the club as it presently stands. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted March 15, 2012 Share Posted March 15, 2012 I would bet we don't owe ticketus 24M: I think it's more like 37M - they will be charging a lot for the loan. To be pedantic we owe them no money - they just own about 75,000 season tickets. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 15, 2012 Share Posted March 15, 2012 I would bet we don't owe ticketus 24M: I think it's more like 37M - they will be charging a lot for the loan. To be pedantic we owe them no money - they just own about 75,000 season tickets. They reportedly bought 100,000 season tickets with their £24m. Assuming that's correct, then Whyte sold them 100k season tickets for just over half of the value of the tickets. He not only took £24m of future revenue from the club without permission, but actually more like somewhere between £40m and £45. If you factor in ticket price rises too, then he probably sold 100,000 season tickets with a value to Rangers of somewhere between £45m and £50m so that he could fund the takeover. If that's not considered criminal, then the Law needs changed. 0 Quote Link to post Share on other sites More sharing options...
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