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.
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Apologies if this has been posted already, but well worth a view
HH
http://www.youtube.com/watch?v=P3_hyBbvFZI
voguepunter says: 17 February, 2012 at 19:32
I met our ex-MP now Lord McAvoy on the train home today – he was in fine fettle. Amazing how in Ruggie you get McQuarrie spouting all sorts of bile and Tommy McA going about his job with no refrence to his creed. In fact I think he once said in a democratic society he defended the right for the oranges to walk.
Paddy G
He doesn’t have the money on his own. I just told the missus about Parks, she screeched back at me, “That’s the last feckin time we buy a car aff him!”
She has some redeeming features for a wumman :-)
….PFayr says:
17 February, 2012 at 19:36
Me?
voguepunter
I don’t care if it’s p4 girl or whoever – yur no supposed tae hit us auld yins – ye learn that in cafflik skools.
Still hope your evening goes well
Alex
AAFG
Is it ok if the p4 attends a cafflik school :-)
savio
blank cheques?
bouncing cheques?
Oh no, another Billionaire coming to the rescue according to Rangers rumours.
17 Feb 2012 17:17:54
Indian Billionaire Vijay Mallya is one of the interested parties in buying Rangers. He’s looking for a club in the UK to link up with his other football club (I-League) Kingfisher East Bengal F.C.
——————————————————————————–
Got a source mate?
——————————————————————————–
We can only prey ma man, sounds a bit far fetched rite enuff
——————————————————————————–
Aye more sh!te, can ye know just gie up the ghost and take what you deserve.
——————————————————————————–
Is this club related to the 2 lads we had on trial
——————————————————————————–
Look at Blackburn under Indian owners, enough said !!
Terry O’Neill – not just for tonight, where you played an absolute blinder, but also for the long fight against every grievance you’ve had with the old media, can I just say as a fellow Hoops fan….Thank You!
You more than most, must be enjoying watching this slow train wreck happen across the city. I hope you feel it’s worth the many years of obsessive behaviour and justifies the stance you decided to take at a younger age.
Hail Hail
TTTT
No writ received by BBC
Whats all the crap about Rangers having to start in the bottom tier should they be liquidated?
If the huns are liquidated a brand new team will have to start, perhaps in the bottom tier, that has to be rammed right into them at every operchancity and must not be allowed to get side tracked.
hamiltontim says:
17 February, 2012 at 19:38
Paddy G
He doesn’t have the money on his own. I just told the missus about Parks, she screeched back at me, “That’s the last feckin time we buy a car aff him!”
She has some redeeming features for a wumman :-)
********************************************
I am proud of her :-)
Brilliant Rangers should apologise for decades of sectarian bigotry before being allowed back in the the SFA system. Cut off by Snyde. Oh and it was the ‘media’ who exposed Rangers financial Shenanigans — What Media i wonder – Paul B, Phil McG, RTC or the DR?
enmac, a bampot stands shoulder to shoulder with Neil Lennon says:
17 February, 2012 at 19:26
Delahunt said they had tried to register Cousin. They then went onto suggest that Cousin was already under contract (and getting £7500 per week) but couldn’t be registered. They are guessing. They don’t know what the position is.
Jeezo, Keevins telling us it was the MEDIA ie the MSM who have uncovered the Rangers story.
Has he not heard of RangersTaxCase, Phil McG and CQN?
What a fud!
but two “Rangers fans” arrested for threats in Aberdeen
They have a cave troll
And you can fill yer boots here
:-)
kelvinbhoy says:
17 February, 2012 at 19:37
he defended the right for the oranges to walk.
———————————————————–
J, that must be one of the reasons ,I don’t take to
the him.
Did Delahunt just shooosh Keevins there lol lol lol
Hail hail
clyde 1 ………..all about opinions?
selective listening morelike
voguepunter and hamiltontim
OK ghuys, I give up. Hard enough with you two without threatening me with a P4 lassie from a cafflik school – who could beat the beejasus out of me.
I’m not a hun – I know when to surrender.
Now I wish everyone a good evening – even you two!
Cheers
Alex
Paul67 et al
Glasgow’s going green
Glasgow’s going green
Ee aye ee aye ee aye oh
Ee aye ee aye ee aye oh
Glasgow’s going green
The hun anger will melt into nothing soon enough, they was always a busted flush
Terry O’Neill – thanks for your input on Clyde but my wife came in from work just as you came on and she wanted to talk about her day. I had to tell her to shut-it. Any chance you could get your timing better?
AAFG
Alex,cheers,take care.
amadeus says:
17 February, 2012 at 19:48
Loads of vented anger still to come, hope I am wrong.
Dear Mr Hoops
Thank you for your email.
Football is our national game and the Scottish Government is a committed
supporter of Scottish football and all of our football clubs in
recognition of the important positive role they play in communities
throughout Scotland.
I fully recognise that it is vital that both individuals and
organisations pay their taxes in a timely manner as taxation is
essential to the economic and social development of Scotland. In any
statements made on Rangers, the Scottish Government has reiterated the
importance of an agreement between the club and HMRC being reached which
ensures that Rangers meet their obligations, including their tax
liabilities and debts as well as securing as many of the jobs as
possible.
As you will know, the club have now entered administration and it is far
too early to predict the possible outcome of this but it is less likely
that if the club is wound up that tax liabilities will be met. The task
for the administrators now is to take forward the process of assessing
the business and securing an outcome in the best interests of all of the
creditors.
In a telephone conversation yesterday with the administrator, I
reiterated our priorities as stated above. A key concern for us is the
future of the over 250 people employed by the club and the potential
economic impact of administration. The Government stands ready to offer
assistance to anyone affected by job losses at the company and we will
stay in contact with the administrator throughout the process to ensure
we are informed of any developments. The Scottish Government has offered
this type of assistance to a number of companies in the past, including
other Scottish football clubs which had gone into administration, and
will continue to do so with any company with employees facing
redundancy.
While we are able to offer support as laid out above, I want to be clear
that no public money would be offered to bail out any football club and
this remains the case with Rangers.
Finally, the potential impact on Scottish football of losing Rangers was
captured very well in the comments earlier this week of Inverness
Manager Terry Butcher, when he expressed concern that such a loss would
have a very negative impact on already difficult broadcasting and
sponsorship deals. I hope you will agree that this is something we would
wish, if at all possible, to avoid.
Yours sincerely
SHONA ROBISON
MINISTER FOR COMMONWEALTH GAMES AND SPORT
Keevins and Delahunt earlier were going on about the league being extended to 12 teams to allow a newco back in, and no relegation?
What an earth were they on about???
SPF
I never listen to Clyde, but gloating has got the better of me.
Being completely objective, I have to say their coverage seems far, far more balanced than the propaganda being pumped out by the publicly financed BBC.
voguepunter says: 17 February, 2012 at 19:46
Different folks, different strokes – the beauty of being a Tim – we are all different but the same(if you know what I mean).
Signing off for the night – have a good one all fellow Tims.
Kilmarnock are 15/2 to win (the last ever home game for rangers ) at Ibrox tomorrow
This is too good to miss out on
Jelly and Ice creams are on me,
savio says:
17 February, 2012 at 19:36
Hearing rumours of some Czech’s being interested in the huns
That would be the Bouncing Czechs then……………boooom boooom
Post from FF regarding Peter Lawell below.
Note point 1. This guy is stating what we all already know; they simply can’t behave themselves.
” Peter Lawell
Two points.
1 – Under current legislation, are we required to allow him entrance to Ibrox stadium next month when the diseased come visiting ? Surely his presence at this fixture would constitute a major security concern.
2 – In light of his recent ‘ we do not need Rangers ‘ comments, surely his position at the SFA is now untenable. When the Club eventually emerges from this crisis, we must demand the removal of this snake from office”.
with the team finally coming to rightful extinction are they turning the stadium into a replacement for the old Glasgow zoo? Pigs at the door…rats in the boardroom…bears in the terraces…an octopus in the accountancy department…
AAFG
Peace be with you mate!
There was never the slightest chance in hell of them signing Cousin, and they knew it. Wake up you silly huns!
The ‘Frost over the world’ programme on the Al Jazeera channel, with the Salmond interview, is scheduled for 8pm tonight.
(Sky Channel 514)
SwanseaBhoy loves wee Craigy Whyte and Rangers going into Administration. says:
17 February, 2012 at 19:51
+++++
Two things about that post from drivvel drivvel:
1. It’s unlikely there’ll be a game at snake mountain next month.
2. He didn’t actually say “we do not need Rangers”
TAL