This afternoon’s statement from Octopus Investments was very professionally written piece. It was designed to give investors a sense that the business has taken appropriate steps to secure money spent with Rangers.
For a start, we now know their company, Ticketus, “purchased tickets for Glasgow Rangers games for a number of seasons”. This clarifies one matter, money received by Craig Whyte’s solicitors back in May last year was a straightforward purchase, not a loan, so VAT was applicable, and should have been declared and paid. We can assume this VAT was not paid, whether it was declared or not will determine future consequences.
Octopus explain their investments are “designed with capital preservation in mind”, with “appropriate security being available” and “extensive due diligence”.
A reasonable interpretation of this is that the company have sufficient security to ensure that they have rights to sell Rangers tickets for parts or all of the stadium in years to come, although, the company stop short of making a firm statement on what is, after all, a private commercial matter. They add that “no trading activity is risk free”, no one can assume there will be a Rangers in the future, and while their statement mentions Glasgow Rangers, it does not specifically mention a legal entity.
A floating charge exists over the stadium in Craig Whyte’s favour. This would see the stadium revert to Whyte in the event of the club being liquidated. Octopus may, or may not, have a claim on this floating charge.
Armed with this information, the administrators and Strathclyde Police will be keen to learn why none of the money for Rangers tickets went into the club. Perhaps more importantly for any potential phoenix, questions remain over exactly who owns what claims on the stadium.
There could be a lot of sentimental photos being taken at Ibrox tomorrow.
All levity aside, this club is enduring a seemingly unending trauma.
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