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.
Fancy writing something for CQN Magazine? Drop me an email and let me know what you would like to write about before you get started, just in case someone else has the same angle covered: celticquicknews@gmail.com.
There was some incredible late night action on the eBay action for the signed Celtic top in aid of the Vanessa Riddle Appeal. I’m stunned, check out the link below. You are pushing the reputation of supporters of Celtic Football Club ever higher.
Bid and help send Vanessa for the treatment she needs by clicking here. Only one day left.
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The Octopus is coming,
It’s stealing all yer money,
Yer in administration,
It’ll soon be liquidation,
Even without yer Whytey,
Yer team would still be shitey,
While Celtic keep on winnin’
Yez batter all yer wimmin!
The Celtic bus is coming!
OOOOOOH WHATS COMING NOW!!!!!!!!!!!!!!!1
If Tesco went into liquidation for dodging its moral and financial obligations would Asda struggle to survive???
I don’t think so
I see on BBC that its reported the administrators are trying to get audit accounts in place by the end of March to allow European participation next season (I know, but stick with it…)
I am sure I read either here or on RTC that part of the criteria for a European licence was that there be no outstanding payments due to statutory bodies (like HMRC) on 31st Dec of the previous year. That being the case ther’re beat before they start anyhoo…
Can anyone confirm or put me right?
UNBELIEVABLE STORY!!!!
Clyde about to broadcast an “unbelievable ” story coming out of ibrox
bigjie
If they pay what they are due, then they are home free.
But if they pay what’s due, they will be admiting to cheating.
‘Now don’t go anywhere, but another UNBELIEVABLE story has just came out of Ibrox, but first we’re gonna go to William Hill….’
THIS IS GONNA BE GOOD – IT BETTER BE
Whatever part of my club is dependent on Rangers I am willing to lose – formerly known as Malone19 says:
17 February, 2012 at 18:50
Not only cut off but “we need to find a way to ban him”?!? Excuse me, what did that caller do to deserve to be banned? Ridiculous!
_________________________________________________________________________
He told the truth,,,,,,,,,yet to hear Keevins give a negative reply to any of tonights callers!!!
Hail hail
Clyde 1 NOW !
From twitter (Scotzine)
SPL refuse to register Daniel Cousin
Gordon_J backing Neil Lennon says:
17 February, 2012 at 18:47
Absolutely no reason to doubt what i was told , they are in contact over the weekend .
overall sustainability might be helped by dealing with teams who actually pay their bills, including outstanding moneys received at the gate.
Saying the game needs the NoPope Paupers is like saying the Royal Mail needed the great train robbers.
It’ll be a Czech consortium
jackie mac says:
17 February, 2012 at 18:43
where’s jf’s post – can’t find it
shipeandlazeecsc
Jackie last article page 9
Roberttressel
“It now seems an age ago since Dallasgate, DougieDougie and the ridiculous litany of decisions that were going against us and for them ‘uns – but looking back I think they were seminal moments in the Scottish game.”
I agree with the thrust of your post but did you not see McClean’s performance at Paradise on Saturday?
HH
The story is just Cousins not getting a game is it not?
bournesouprecipe
SFA launch inquiry into Ragers two months after they launch an inquiry into Ragers.
Spot on
In the first inquiry the SFA believed Whytes solicitors meanwhile on the telly the beeb was telling us Whyte had dark secrets, the SFA must have known there was something smelly but they never had the cajones to bring em down only the HMRC gorilla could do that.
Now we have the launch of inquiry number 2 or The save our face inquiry bit players in the drama but nertheless important later on when we ask the question how come you lot believed Whyte and not the beeb….?
Uefa will need to look at why the SFA ignored the warning signs about Whyte
Hail Hail
the administrator has tried to sign daniel cousin
Administrator tried to sign Cousin??? WTF???????
Oh the administrator tried to get Cousin registered, oh well.
Just logged onto CQN to enjoy the comments while listening to Clyde (I know but I can’t help it).
So far, so good.
Read Paul67’s article and took the nip a wee bit at “all levity aside”, thinking “levity aside” my bahooky.
Then I clicked on the e-bay link to see what the bidding for the signed shirt for the Vanessa Riddle appeal stood at.
Bear in mind I’d looked just around 4:30pm before I left work when it stood at, I think, £1280,00.
I was gobsmacked and unbelievably proud of the Celtic and CQN community when I saw the amount. You should have a look.
SwanseaBhoy
Surely the administrator can now have no trust and must be changed?
ibleedgreenandwhite1 says:
17 February, 2012 at 18:47
Last caller cut off by Delahunt for no apparent reason?????
Hail hail
,………………………………………………………………………………………………………………………………….
The caller was cut-off because, he appears on SSB under an, assortment of alias’s.
Hail! Hail!
SPL refuse to register Daniel Cousin
Seems to me that regardless of who is in charge at Rangers the attempt to cheat continues,,,,absolute disgrace of a football club!!!!!!!!
Hail hail
Ha Ha, they might be stuck with a player they can’t play.
Does anyone else think that maybe Daniel Cousin has already been paid in advance? Willie Mackay is no mug after all.
It just gets better and better and better.
They might have to pay Cousin and can’t play him!
Hahahahahahahahahahahahahahaha!
Lads i smell a RAT, why the suddent change from SSB on huns entering as a newco?
KevJungle -“…no seats in the Jungle…” says:
17 February, 2012 at 18:55
ibleedgreenandwhite1 says:
17 February, 2012 at 18:47
Last caller cut off by Delahunt for no apparent reason?????
Hail hail
,………………………………………………………………………………………………………………………………….
The caller was cut-off because, he appears on SSB under an, assortment of alias’s.
Hail! Hail!
_____________________________________________________________
Does that make the callers point less valid????????
Hail hail
So Cousin cannot play but they still have to pay him? LOL. It get’s better and better!
Fair play to, Jim Delahunt for not covering up the attempt to sign Cousan! IMO!
Hail! Hail!
Voguepunter
I was at the school gates at 4pm, where were ye big fella? :-)
Great, picking up Radio Clyde on internet here in ROI. Now I can keep abreast of all the banter on CQN.
Will HMRC be interested in the fact that the administrators are seeking to increase the monthly outgoings?
or is it that they’re already lumbered with the monthly outgoings and thought they’d nothing to lose (except any remaining shred of credibility) by attempting to register him?
Thanks to everyone who acknowledged ma call tonight it was much appreciated.