Ticketus secure their £40m of tickets

None of you will be surprised at today’s opinion from the Court of Session in Edinburgh that Rangers’ deal with Ticketus cannot be set aside, despite some absolutely pitiful reporting to the contrary.  It’s fine to get things wrong every now and then, we all get Duff information on occasion, but please….

It’s worth recording, Ticketus may only have paid £20m + vat but the tickets they own are worth in the region of £40m. High risk investments require a high return.

Rangers’ administrators argued that the deal inhibited their ability to rescue the company but the heroic Blue Knights submitted a bid accommodating Ticketus, undermining the administrators’ argument. If only the Blue Knights were in a position to strike a deal with Craig Whyte they could be regarded as helping the situation instead of being hapless fools.

Next up is HMRC, who have not capitulated and agreed to accept a few pennies in the pound.  They have not agreed to accept anything less than all monies owed.  Soon after that we will hear that no court has been able to set aside Craig Whyte’s security over Ibrox.  The most underappreciated man no longer in Scotland remains the only person with a reasonable chance of phoenix-ing Rangers.

The first 26,000 (approx.) tickets sold to each Rangers game for the next three years are owned by Ticketus.  In the event a phoenix occurs, Rangers will have to revert back to budgets from their glory days of the 1950s – we will soon be told this is a great omen.

If you are going to Ibrox on Sunday, take care and enjoy your visit.  Take photographs of the occasion and send them in, we’ll perhaps use them on a future edition of CQN Magazine.  It may prove to be the end of an era.

If you’ve not read the article below, about one of Jinky’s great performances, do so now.

Issue 7 of CQN Magazine is out now! Go to the dedicated magazine site here to read it properly (which you’ll not be able to do below).

Thanks to everyone who has bought a hard copies of the magazine, it looks like the sold out sign will go up again.  Order your copy for delivery by clicking on the link below for news and views from Celtic supporters.

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1467 thoughts on "Ticketus secure their £40m of tickets"

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  • brimmer

    Art of War on 23 March, 2012 at 14:14 said:
    He played Wilson at Swinecastle and he had a decent game. It was his first real test after his injury and his ‘mare at Ibroke’.

    I think Neil wants him to be his first choice CB and will give him every chance to be this. In no way does this reflect my opinion of the player.

    I do indeed have a mate named after a very famous manager. Top man is old old Wullie Clough ;))))))

    brimmer

  • playfusbal4dguilders

    Will D & P vigourosly appeal this?

    justaskincsc

    p

  • seventyxseven ‘gelee et glace’

    Declan

    The Swiss Tims are on to you!!

  • huns fc- love the queen but wont pay her

    Part of that excellent Celtic tax case blog- “I’m getting closer to the facts. we have already on our twitter blog shown, beyond a shadow of a doubt, that Celtic duped the SFL, the SFA and HMRC on 23rd April 1998 when they declared an attendance of 60,000 for this match only for a board member later to concede, off the record , that the actual crowd was over 72,000.”

    I was at this game, my Dad lifted me over the turnstiles, have I DUPED all the above or was it my dad who lifted me over who was duping, I need to know so I can sleep tonight??

    Fantastic and professionally put stuff i’m sure all who have visited this website will agree, but alas I think this must be a Celtic supporter on the wind up, surely, although part of me wants it to not be and it actually Is a stupid hun.

  • BobbyRussell

    Lord Hodge is a rearrangement of He, Lord God!
    (bless him)

  • Folly Folly

    Paul

    “None of you will be surprised at today’s opinion from the Court of Session in Edinburgh …”

    The foregoing could just as well have read read: “While none of you will be surprised at today’s opinion from the Court of Session in Edinburgh, many of you will be nonetheless relieved …”

    FF

  • obonfanti1888

    That L-Bomb that D&P have hidden in the Ibrox cupboard must look very tempting now….

  • Monaghan1900

    Aipple on 23 March, 2012 at 15:25 said:
    Monaghan1900

    250k? I’m in the wrong job, where’s that dusty old legal book…..
    ——————————-
    There’s no way it’s 250 big ones for one hearing – 3 grand to each QC plus another 2 each for consulting before the hearing.

    Still not too bad

  • !!Bada Bing!! Kano 1000

    The Sale Shark does swimming away- Kennedy consulting his brief.

  • Monaghan1900

    From Patrick Hodge’s judgement:
    “I am informed that the expected income flow from the sale of the season tickets is likely to represent about 60% of the cash flow of Rangers in those seasons. Accordingly, the sale of that income flow is likely to have a significant effect on what interested parties may bid for the majority shareholding in Rangers or for that company’s business and assets.”

    60% of their cash flow for this and the next three seasons – who’s going to buy them even ignoring the BTC? His lordship is not wrong about the “significant effect”.

  • Mort

    Having scanned through the very lengthy judgement delivered by Lord Hodge, it mentions a lot about tickets for use in Ibrox stadium. This implies that whoever owns the stadium is responsible for the tickets and so a “newco” may still be required to adhere to the contract signed by Ticketus and Rangers.

    Mort

  • craigwhitesoptometrist says u have 21/20 vision, is that even possible?

    I think it’s pretty much a given ticketus will take less per season over an extended period, why would u take 26,000 tickets of div 3, div 2 and div 1 pricing structure, u’d barely make the 18m back never mind the interest. They’ll stage the volume of tickets recouped per season as the year’s progress so they get most SB when the Hun is/if ever back in the SPL.

  • Monaghan1900

    I don’t think that would be right Mort. The contract is of a personal nature between RFC and Ticketus as I understand it.

  • sixtaeseven: No NewCo in SPL and it’s Non-Negotiable!

    The Onlooker

    Would that be a Double Whyte Album?
    ;o)

  • Mort

    Monaghan1900

    That’s what I thought originally but on scanning the judgement it seems (to me) control is with whoever owns the stadium. Will read again when I get home and see if I can get the important points from it.

    Mort

  • ernie lynch

    Monaghan1900 on 23 March, 2012 at 15:52 said:
    ‘I don’t think that would be right Mort. The contract is of a personal nature between RFC and Ticketus as I understand it.’

    ‘Conclusion

    [63] I conclude that the legal nature of the rights which Ticketus has in the Ibrox stadium, the season tickets for that stadium and the proceeds of future sales of the season tickets are purely personal contractual rights.’

    It’s the only sentence in the judgement that I understood on a first reading.

  • Mort

    ernie

    is that not personal to the person who then purchases the season ticket. that was my original reading of it. i think i’ll print it out, might be easier to read.

    Mort

  • sevilliant

    I think I’m gonna be glad,
    I think it’s today, yeah.
    The club that’s driving me mad
    Is going away.

    They’ve got Ticketus + Why-yte,
    They’ve got Ticketus + Why-y-yte
    They’ve got Ticketus + Whyte,
    And we don’t care.

    They said that living with us
    Was bringing them down yeah.
    They would never be free
    While we were around.

    They’ve got Ticketus + Why-yte,
    They’ve got Ticketus + Why-y-yte
    They’ve got Ticketus + Whyte,
    And we don’t care.

    I know now why they were ridin’ so high,
    They ought to think twice,
    They ought to do right by us.
    Before they get to saying goodbye,
    They ought to think twice,
    They ought to do right by us.

    I think I’m gonna be glad,
    I think it’s today, yeah.
    The club that’s driving me mad
    Is going away.

    Ah, They’ve got Ticketus + Why-yte,
    They’ve got Ticketus + Why-y-yte
    They’ve got Ticketus + Whyte,
    And we don’t care.

    .

    And Murray don’t care, David Murray don’t care.
    David Murray don’t care,

  • RaRaRasputin

    So just to recap:

    Rangers ran up huge debts to HBOS/Lloyds and made no serious attempt to pay these off resulting in a desperate sale of future season tickets to Ticketus that will reduce future turnover by around 50% for the next four years.

    And they also owe HMRC 4-10 times their turnover.

    And are about to get done for serious breaches of SFA and SPL rules.

    Excellent.

  • Monaghan1900

    Mort, the contract would be personal to RFC and Ticketus so that if Clyde FC bought Ibrox, they would owe nothing to Ticketus.

  • cavansam \o/

    RaRa

    Throw in a tree and a fat guy in a red suit and you’ve got Christmas!

  • Paul67

    ernie lynch, yes, I am sure the floating charge held by Whyte for the stadium will guarantee Ticketus’ money.

    MWD, almost certainly not the case. I am sure Ticketus have cross security on Whyte’s floating charge (they implied this but have not revealed what security they referred to).

    Not read through all of Lord Hodge’s report but note the terms used above, tickets for use in the stadium, not specifically for Rangers.

    philvisreturns, aye, all right then.

    Gerry, drat. That’s us told!

    sannabhoy, go do penance immediately.

    Folly Folly, yes, the relief is palpable.

    Mort, I am sure that is correct. The Ticketus deal cannot be flushed away with liquidation.

  • Chairbhoy

    Great Article on Jinky, Paul,

    And the complete Class of ’67…..

    TicketUs deal as you say is no surprise and the screw slowly turns.

    T’was thinking about this deal the other day and a thought occured.

    Now for this Blue Knight deal to work, they have to buy the assets of RFC, which presumably they have bid for.

    RFC must be liquidated and a Pre-pack emerges.

    So for TicketUs to be part of the deal the Blue Knights must have assurances the NewCo will honour their ownership of the tickets.

    The Blue Knights would only have ageed this if they believed and subject to TicketUs securing Ibrox from M. Whyte.

    Now could you tell me (or someone else enlighten me) am I right? And if I am what are Ticketus chances?

  • ernie lynch

    Mort on 23 March, 2012 at 15:56 said:
    ernie

    ‘is that not personal to the person who then purchases the season ticket. that was my original reading of it.’

    Don’t think so. No one was arguing that a hun buying a season ticket was getting a real right to the stadium, so it can only refer to the contractual relationship between rangers fc plc (ia) and ticketus.

    It’s confusing because English law’s involved, which seems to have a concept of some kind of hybrid between personal and real rights. I think ticketus were arguing that the deal gave them something more than a personal right.

  • philvisreturns

    Paul67 – Nobody does Back To The Future references like Philvis.

    Your comment about them going back to the 50′s made me think of a hunnish Doc Brown, trying to make a time machine out of that bike in the Ibrox trophy room, then pedalling furiously across the Albion car park in a desperate attempt to reach 88 mph. (thumbsup)

  • Monaghan1900

    Paul,
    If the Huns go into liquidation, Ticketus is (according to Patrick Hodge) an unsecured creditor and would have to stand in line with the rest of the unsecured creditors.

  • sixtaeseven: No NewCo in SPL and it’s Non-Negotiable!

    Imagine if a pound coin is thrown onto the pitch at Ipox on Sunday.
    Police will be in a quandry to decide whether it’s a missile or a last-minute takeover bid.

  • Summer of 65

    My God, just read the latest CTC blog…quite simply the most hilarious piece of prose since Declan started gracing these pages…..wondeful stuff…eyes still watering….

    Paul67, got my hard copy today, congrats to you and all who contrudyibuted keep up the good work

    Summer of 65

    notwokingaway CSC

  • THE EXILED TIM

    Afternoon bhoys from a warm hun free mountain.

    Good news re ticketbus, and a new Celtictaxcase to boot, what more good news beckons.
    Looks like the msm got it all wrong again, oh dear !!!

    The phone ins should be interesting tonight

  • !!Bada Bing!! Kano 1000

    I think if there are any gigs at Poundland,e.g Willie (we dont do walking away)and His Performing Organ,Ticketus own the first 26,000 seats. I know huns who are mortified at this wee ditty getting an airing on Sunday.Can’t wait, myself.

  • wonkyradar

    I’m doing the moonwok

  • ernie lynch

    Paul67 on 23 March, 2012 at 16:02 said:

    ”Mort, I am sure that is correct. The Ticketus deal cannot be flushed away with liquidation.”

    There’s no reason why a personal contractual right would survive liquidation.

  • greenjedi

    Mort

    Would that be like you can buy a property, but it is under lease to someone else?

  • sixtaeseven: No NewCo in SPL and it’s Non-Negotiable!

    Why is this the main headline on BBC Scotland site?
    23 March 2012 Last updated at 15:22
    ‘No ruling’ on Rangers administrators’ Ticketus challenge

    Anyone?

  • gallagher

    Obviously smarting from their defeat in court yesterday re the GB Lenin/Lennon banner and the use of the word Hun being non sectarian, eddies cavalry arrested a young GBer at 6.30am this morning and charged him with inciting the crowd to riot and also under the new snp law of offensive behaviour at football. His crime…….
    singing ‘Roll of Honour’ at Hampden last sunday. He happened to have been at the Udinese game in Italy late last year which the police couldn’t resist mentioning as they arrested him, so i’m told. Wonder why they said that ?

  • Parkheadcumsalford

    So, no matter what happens, they are on their uppers. As my mate just said, wonderful news. Best news of the day.

    I would echo Paul67′s cautionary words to all those going to the den of iniquity on Sunday. Be careful. As my Dad said to me this afternoon, they don’t like losing. Indeed they don’t. They’ll be out to cause as much damage as possible to us, Tims. I include their team in that.

    Anyway, we can party as that club dies (never to phoenix again, I hope and pray).

  • wonkyradar

    the walking dead

  • ernie lynch

    Monaghan1900 on 23 March, 2012 at 16:05 said:
    ‘Paul,
    If the Huns go into liquidation, Ticketus is (according to Patrick Hodge) an unsecured creditor and would have to stand in line with the rest of the unsecured creditors.’

    On the face of it yes.

    But what if they have the benefit of Whyte’s floating charge? He’s on record as saying he had to give personal guarantees for the money, and it’s just possible that for once he might be telling the truth.

  • The Onlooker

    sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 23 March, 2012 at 15:52 said:
    The Onlooker

    Would that be a Double Whyte Album?
    ;o)

    =========
    Nice one ,a few very appropriate tracks on that fine Album
    1The Continuing Story of Bungling Billy
    2 Everybody’s Got Something To Hide, Except For Me And My (400lb Gorilla)
    3 Back in the HMRC

    The Onlooker

  • ASonOfDan

    Hearing now the judge just bottled it and not made any ruling. He has only declared Ticketus is a creditor and that is all.

    WTF?

  • wonkyradar

    This whole “we don’t do walking away” thingymabob is pure cheatin…many of the huns haven’t evolved to the walking stage yet.

  • fergus slayed the blues

    Now that we know ragers will have to pay ticketus for the first 25/27,000 tickets sold .Can we now dispense with the ,The SPL needs ragers in it bullsh*t .
    The ragers need to be in the SPL , how many of the Minty weaned glory hunters are going to fork out to watch the likes of Clyde and QOS .
    Meaning who is out of their tiny mind enough to buy them
    hail hail

  • wonkyradar

    You can’t run before you can walk. So to speak:

    Or “We don’t do erect spines”.

  • iBhoy

    “The first 26,000 (approx.) tickets sold to each Rangers game for the next three years are owned by Ticketus”

    Paul – all the reports I’ve read including today’s legal ruling refer to season tickets, so I was wondering whether the Huns could just sell tickets to indiviudal games and avoid passing the money to Ticketus. I assume this isn’t the case?

  • sixtaeseven: No NewCo in SPL and it’s Non-Negotiable!

    The Onlooker
    Certainly wouldn’t include “Dear Prudence”
    ;o)

  • gerry

    Is it not the case if the huns go into liquidation, then Ticketus goes to Whyte and asks for their money back, in turn whyte ask the new buyer or Admin he needs 24m for the sale of rangers?

  • wonkyradar

    The dead don’t do walking away

  • wonkyradar

    NO to Lazarus FC!

  • Monaghan1900

    Ernie,
    I am not sure of the mechanism by which Ticketus could have the benefit of Whyte’s floating charge. He may have given personal guarantees to the effect that he would reimburse Ticketus once his floating charge had crystalised and he had realised the value of the assets covered by the charge?

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