Blue Knights may borrow £5m from Ticketus to help with Rangers takeover

[Guest Dutchy]

I need a break from all of this, its nutter alley here.

[Zappa 0]

Guys,

 

after receiving complaints I've edited several posts to remove A Horse with No Name's offensive analogy about Jewish people and concentration camps. I've also deleted two posts which contained quotes of the analogy.

 

@A Horse with No Name - Please refrain from making such analogies in the future because it's not acceptable.

Edited March 20, 2012 by Zappa

[BrahimHemdani 1]

If the BK's cannot even raise £5M for working capital from their so called 10 millionaires, then they have no credibility at all in my eyes.

[Stefanovitch 0]

If the BK's cannot even raise £5M for working capital from their so called 10 millionaires, then they have no credibility at all in my eyes.

 

I'm beginning to think the same. A real worry for what seemed like the best bid for fan ownership.

[Zappa 0]

But do Ticketus get 100% return on the sold future tickets? I thought they'd only get a slight rise on the price they paid.

 

Ticketus (or their parent company?) supposedly only have a million or so invested themselves and the rest is their clients money, so essentially if Rangers are forced to stick to the deal it'll mostly be the Ticketus clients (investors) who make all the profit. That's what I can gather from the info we've been given.

[ian1964 10,831]

RANGERS administrators have confirmed a fourth bid has been received for the Ibrox club.

 

Duff and Phelps, who have been looking after the crisis-hit SPL champions since they went into administration five weeks ago, today confirmed the latest bid had been received but have not divulged details.

 

It comes amid reports of interest from the Middle East and follows offers from the 'Blue Knights' consortium led by Paul Murray, one from Sale Sharks supremo Brian Kennedy and a third from a group based in the USA.

 

Interest in buying the Ibrox giants has been expressed from all over the world and the administrators said last week they expected offers to arrive after Friday's deadline.

 

Meanwhile, one of the original three bidders have warned they will not pursue their interest in the club if the Ticketus deal is in force, a court heard yesterday.

David Sellar QC, for Rangers administrators, told the Court of Session in Edinburgh: "Of the four bids one has said they will not carry on if Ticketus were involved, by that I mean if the Ticketus contract were in force.

 

"Given the amounts of money involved that makes perfect sense. If Ticketus is indeed to be paid £20 odd million that does have an effect on a business, which as we know, was loss-making."

 

The club’s administrators Paul Clark and David Whitehouse, of Duff and Phelps, are seeking guidance on a potential move to breach the contract with Ticketus over season ticket rights for Rangers games.

 

Sellar told Lord Hodge: "What would be less than satisfactory is if matters proceeded, through nobody’s fault, but proceeded to such an extent that other bidders walked away leaving one bidder in the form of the Ticketus consortium that could then offer as little as possible."

 

The counsel said that the agreement reached with the players had bought time for the Ibrox club, but he added: “Time is running out.”

 

Lord Hodge said he would try to give an answer to some of the points raised by the administrators this week.

 

http://www.dailyrecord.co.uk/football/spl/rangers/2012/03/20/rangers-in-crisis-fourth-bid-received-for-ibrox-club-as-one-party-threatens-to-pull-out-over-ticketus-deal-86908-23795627/

[True_Ger_1872 2]

I am starting to question the Blue Knights proposal a lot now as it seems to me....that they do not have, or are not willing to invest, cash themselves to invest into the club!

 

We, as fans, will be asked to cough up at minimum £1000 for the pleasure of being a Blue Knight...and i remain unsure of what that gets you?? One share?? One vote??

 

On top of that, they are aligning themselves with ticketus to reduce the amount required to be paid back (by us....) and also they will need to borrow £5 million from them for working capital?? Seems rather odd to me..

 

Oh and am i mistaken or did Paul Murray not beat Craig Whyte by saying that the fans havr already funded the takeover by this ticketus deal?? So what exactly are we paying for then Paul??

 

It seems he is setting things up so the fans pay for the Craig Whyte farce and the Blue Knights takeover too....i am very sceptical....

 

Sent from my GT-I9000 using Tapatalk

[GovanAllan 0]

If the BK's cannot even raise £5M for working capital from their so called 10 millionaires, then they have no credibility at all in my eyes.

 

Right on the money BH it seems to me after P Murray slagging Whyte off for months he just wants to pick up the baton that Whyte dropped and run with it and when we question this he throws the fan ownership in the mix to keep the fans happy.

 

Worrying thing for me is the leaders of the fans groups seem to be lapping this up.

 

Smacks of a power grab to me, funnily enough one of my sons is doing Animal Farm at school at the moment which can be used as a good comparison in all this, the people who oust the big bad man become just as bad as he was once in power.

 

Well I say down with Napoleon give us something better.

[Juancornetto 1]

The judge who is making the ruling on Ticketus with Duff and Phelps holds the key to our future in his hands. It's the single most important decision to be made, even bigger than HMRC who I'm sure will be amicable to a CVA as long as they get a "guilty" verdict in the BTC to enable them to go after the 5,000 other firms who've used EBT's. Let's hope he's a good old boy and see's that Ticketus took advantage of a situation to profiteer.

Edited March 21, 2012 by Juancornetto
too many acronyms

[craig 5,199]

If the BK's cannot even raise £5M for working capital from their so called 10 millionaires, then they have no credibility at all in my eyes.

 

Exactly BH. I think I said it earlier but debt is no bad thing (within reason) - but they look like they are funding the WHOLE thing (purchase AND working capital) from the "Craig Whyte school of takeovers".

 

There seems to be no cash whatsoever - and funnily enough they seem to be using the exact same company that Whyte used (Ticketus) to buy the club. So why is it that what Whyte did was "criminal" yet the BK's deal is "what Rangers need" ?

 

Given what we know about the BK offer (and some may not be true) if you rewound time to May of last year.... you have a very similar club purchase as the one that happened then.

 

So why are the fan groups supporting this ? Obviously fan representation is the big thing - but surely the supporters groups have a duty to critique more than just what is in it for the fans in terms of representation. IMHO, I would forego fan representation for a bid which is all cash, wipes out the debt, has us operating within our means.

 

I have very little confidence in the BK offer - although I would love to be more supportive as I do truly think they only want what is best for the club.