Lloyds Bank raises concerns over plans for former club to collect season ticket money

[ian1964 10,625]

Charles Green faces a new and serious obstacle to selling season tickets â?? and income stream worth between £7-8 million â?? to Rangers fans after fears were expressed by the Lloyds Bank Group.

 

Greenâ??s consortium, which is now in control of the assets â?? Ibrox stadium and car park, the Murray Park training ground and, perhaps, the playing squad â?? which belonged to the former company, wants to use the former business to continue to sell season tickets through direct debits taken out before HMRC decided to put Rangers Football Club Ltd into liqudation.

 

However, Telegraph Sport can reveal that Lloyds has raised concerns about this proposal with the administrators, Duff & Phelps, who ran the club from Feb 14 until Greenâ??s consortium took control.

 

Duff & Phelps approached the bank to ask for a solution to the problem of collecting season ticket payments by direct debit into an account held by the former company.

 

The bank, however, is understood to have raised a number of concerns about such an arrangement, in particular the difficulty of ring-fencing the funds sufficiently securely to ensure that season ticket income is not used to pay creditors or used for any purpose other than to ensure that supporters who pay for tickets are able to use them next season.

 

Green, nonetheless, yesterday assured fans that season ticket money "will not be used before the current issues surrounding the club, such as what league we will be playing in, are resolved".

 

http://www.telegraph.co.uk/sport/football/teams/rangers/9347854/Rangers-in-crisis-Lloyds-Bank-raises-concerns-over-plans-for-former-club-to-collect-season-ticket-money.html

[der Berliner 3,565]

Looks like some sort of technicality and IMHO it is good on Lloyds that they make D&P and Green aware of these possible problems.

[the gunslinger 3,366]

just part of the d&p shambles.

[der Berliner 3,565]

just part of the d&p shambles.

 

I know that people will go out of their way and tell us all the wrongs D&P have made (in their humble opinion). At the end of the day, Rangers are de facto out of admin after a mere (sic!) 4 months, if not de jure just yet. Had HMRC not be soe hesitant with their decision, it might have been much shorter and less costly. And that is despite all the shambles Murray and Whyte left behind. And obviously it as pretty easy and simple to comment from the outside of all of this, not least for our administration experts on the boards and in the press.

[the gunslinger 3,366]

theirs a long list of things d&p said they would do but didn't on time. this is just another one.

 

they have set up a newco that owns a stadium car park and training complex.

 

it isn't a member of an fa. it doesn't own any players. it doesn't seem to have a bank account.

 

shambles.

[der Berliner 3,565]

theirs a long list of things d&p said they would do but didn't on time. this is just another one.

 

they have set up a newco that owns a stadium car park and training complex.

 

it isn't a member of an fa. it doesn't own any players. it doesn't seem to have a bank account.

 

shambles.

 

I would assume that it has a bank account, the problem is the bank account into which the season ticket money would go. As I take it, D&P want to use the old account, since it probably would make less work to utilzie it once more - both for the club, the bank, and the customers (us). Lloyds simply said that there might be legal problems, since the season ticket money is actually "property" of the newco and any money into the oldco might be claimed by someone else ... perhaps?

 

Of course, any bank can give us an account for the season tickets, as they are apparently ring fenced anyway. No great danger for a bank then.

[the gunslinger 3,366]

then why hasn't it been done.

[der Berliner 3,565]

then why hasn't it been done.

 

... just yet, you mean? As said above, maybe D&P thought this was possible. There is nothing saying that they aren't doing it as we speak/write.

 

As I said, you do have to wonder about the "hysteria" with which "each thing Rangers" is being greeted by the media. No wonder that somesuch creates an atmosphere of discontent and paranoia, accompanied by a "blame mentality". In a way you have to admire these people working under such conditions, given the tasks that they actually face to keep us going.

[the gunslinger 3,366]

yeah its the media's fault things are a shambles.

 

[der Berliner 3,565]

yeah its the media's fault things are a shambles.

 

 

No, but e.g. if every bill you pay not in time, or every tyre on your car ain't up to scratch is treated by the media/neighbourhood as if it is a disaster and needs world-wide attention, it creates an atmosphere where everyone looks at you and questions your every move.

 

But maybe you do not agree that the hysteria-levels in the media are not that relevant to our plight? At least indirectly.