It wasn’t supposed to be this way. Craig Whyte would not have expected Champions League football when he worked on the deal to buy Rangers last spring, but, by his own admission, income from the Europa League group stage was in the budget.
Winning the league came as a surprise late in the process and may have fuelled some summer transfer bids but income was about to fall well below expectations. Ally McCoist won only one game in four cup competitions, against Arbroath, season ticket sales didn’t bounce and with no serious income streams open, Rangers were set for a seriously low income season.
In addition, the injury to Steven Naismith robbed Rangers of what I understand would have been a £5m sale in January.
People have tried to assert that Whyte’s plan for Rangers was to liquidate the company all along, this is clearly not the case. Rangers were moribund while the First Tier Tribunal (FTT) was yet to report but Whyte planned to run the company, without reverting to administration until and perhaps beyond then.
As well as having to deal with the income shocks resulting from multiple on-field failures, Rangers were hit with an expenditure shock. The FTT was delayed from November to January. If it had proceeded as planned in November it would have reported in January. The delay was crucial, Rangers were going to spend a lot more money before the verdict was announced.
If the verdict arrived as expected in January, and Rangers won, it was game on. They would have been in a position to borrow like any other club and could have raised fresh share capital. There would have been no administration. This was the preferred outcome, Whyte would have emerged with his reputation intact and with a valuable football franchise for the outlay of exactly £1.
If they lost, Whyte could have presented a fait-accompli to the world.
He could have explained to the Rangers support that the total tax liability was “likely to be around £75m” and that there was no point putting fresh investment into a black hole, which was inevitably going to lead to liquidation – all for misdemeanours that occurred before his time. The support would have been distressed at the death of their history, but, crucially, they would not have blamed Whyte, whose reputation would still be intact.
He would immediately have applied for the 10 day grace period to consider appointing an administrator and used that time to tell the SPL and SFA that he could re-emerge with Newco FC within days and allow the league programme to complete as normal. He had security over the stadium, would be in a position to re-employ the players and would be able to honour financial commitments to other clubs, while securing the television and sponsorship contracts.
Public sympathy would have been behind him, Sir David Murray would have carried the blame (perhaps correctly) and I believe only Celtic would have voted against him. Newco would have been back in the SPL and, if the Daily Record’s reporting of Whyte’s thoughts on penalties are anything to go by, he expected to be docked a comfortable 25 points.
HMRC forcing Rangers into administration this month created enormous problems. Administrators Duff and Phelps are now in control and opened the club’s finances up to scrutiny.
As soon as it became evident that he securitised season ticket money from future years, three days after buying the club, placing the money into his own bank account, not that of the football club, Craig Whyte’s methods were subject to derision and outright disgust from many angles, most importantly from the Rangers support.
As things stand, Whyte cannot slip away. He has to stand with Ticketus, who will hold a security on Ibrox through one of Whyte’s companies, and he stands to gain an enormous amount of money for a year’s hard work. Ticketus are also in for the long haul, they have coughed up over £20m and will need a sizeable commercial return.
Many observers have noted that this has not progressed as a normal administration. It’s not a normal administration. The secured creditors (Craig Whyte and Ticketus) need to sell a lot of tickets beyond administration, either as Rangers, if they are successful in the FTT, or as Newco, if they lose the FTT. Selling a lot of tickets is a really tough challenge right now and will be made considerably more difficult if there are swingeing cuts made to the club staff and infrastructure now. Their interests are considerably best served by keeping Rangers as buoyant as possible.
Even if they manage to feed enough cash to the administrators to keep Rangers playing football until the verdict is delivered, the opportunity to present the league with a fait-accompli has gone. Everyone expects Rangers to fold and will have been busy working on a contingency plan.
Any goodwill that Whyte hoped to harvest has also gone, he is seen as a pariah, without friends within the game, in the political world, the media or the Rangers support. When he looks to build a consensus, there will be no advocates for his position. Quite the opposite, people want rid of him.
The on-going police enquiry and his interesting relationships with the Insolvency Service and HMRC will only cloud matters further. For all the bluster on these subjects, no one has been able to explain to me any illegal activities, in fact, most of the illegal activity he has been accused of are either perfectly legal or simply did not take place as described, but there is enough potential in this mix for many years of civil legal challenge, if not more serious issues.
Whyte and Ticketus now have decisions to make on how much extra skin to invest. Ticketus are in the game for a lot of money already and will be keen to protect their cash. It remains to be seen how much cash Whyte has in the client account at Collyer Bristow, but it’s clear that between them, Ticketus and Whyte were prepared to guarantee the administrators full wages and costs for the club for February.
The fact that the tap has been turned on 100% for the last two weeks suggests they have enough cash to run at a lower percentage for a while yet. Duff and Phelps will know how much money is available and will have an expected date for the verdict. It would be enormously bad judgement if they exhausted cash reserves before the verdict arrived.
As long as Ticketus investors hold their nerve, and the police don’t spike the process, Rangers will survive until the verdict. If they lose the verdict, and all expectations are that they will, what are we looking at?
As I said above, Whyte’s chance of presenting a fait-accompli has gone. He would need to go for a prepack liquidation but there are likely to be legal challenges to him making off with the assets of Rangers. At best, this would delay him for anything between weeks and years. Any police involvement would make matters even more difficult. If a negative verdict is delivered anytime soon, Rangers will cease.
Even if this happens, Whyte will still owe Ticketus a lot of money and will try to phoenix as a Newco. He will have the stadium and will be in pole position to apply for membership to the SPL or Scottish Football League.
A route back into the SPL in these circumstances would be difficult to achieve. The SPL board have the authority to accept a club into the league but I hear it is likely that, due to the importance of the matter, they would refer the decision to a vote of the entire league. Back in October I thought the fait-accompli was certain to be voted into the SPL, now I can’t see a Newco being voted in.
You would expect an application into the Scottish Football League to be accepted but there may be a rival bid. The ‘Blue Knights’ bid would not include Ibrox but have a number of options. They could ask to rent Hampden or Firhill, or could adopt a struggling lower league club, like Clyde. These notions are likely to be progressed but establishing a new club, without players or a stadium, would be an enormous challenge.
All of this would play out against a great deal of uncertainty. Whyte’s ability to sell tickets to Rangers fans must be in doubt. If a rival club wanted back into Ibrox in the future they would need to give the ultimate floating charge holder – Ticketus – the same kind of return Whyte has committed to. There is also the possibility of a lot more to come out about the old regime at Rangers, some of whom are behind the Blue Knights bid.
Even if someone gets a phoenix off the ground at Ibrox, keeping it alive will be difficult. The cost of running football games there every second week is considerable. Doing so, while repaying Ticketus, and competing against lower league (or SPL) opposition, will cut any football budget to levels not known in 30 years.
For now, everyone connected with Rangers needs to make confident noises but even if they die, their ghost is already in enormous peril.
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Paul67
That’s about the size of it. Good piece. Well done.
A black tie dinner in London on Tuesday night and someone whispered in my ear that ” those guys at T have done some pretty close to the wind activities “. As you say, lot’s more to come. It’s like your favourite TV series and hoping it never ends. Who will cop it in the end?
Superb article Paul, superb.
A great read as I sip my morning coffee, we were due a wee recap and you obliged in the way only you can.
‘their ghost is already in enormous peril’
Up their with some of your best.
HH!
jude2005 is Neil Lennon \o/ on 1 March, 2012 at 13:46 said:
dirtymac
Do some companys not operate a 90 gapppp between paying accounts?? <o) No Jude you musnt. Stop that now!!
+++++
Hi Jude, what is this in reply to? The Dunfermline thing? or the as and when it's due (orc tickets)?
Paul 67 apologies i cant see my first few words when typing.
Great article BTW.
p
monteblanco on 1 March, 2012 at 14:06 said:
By the way,,,’Blue Knights’
Why do I think of a Baxendale- Walker type late night, discreet subscription TV channel?
+++++
haha
Following previous updates over the last fortnight, Octopus would like to make you aware of a statement made today by Ticketus. Ticketus is one of a number of businesses that Octopus Protected EIS invests into on behalf of investors.
The statement made here (*as below) provides more clarity on Ticketus’ position in relation to the future of Rangers Football Club. We believe that it demonstrates that Ticketus and Octopus are actively involved in securing the long term financial future of the Club, and that in taking this position we are continuing to act in the best interests of our investors.
Following this statement, we believe that the issue will continue to play out in the press, as a number of different parties will be involved and the high profile nature of the Club ensures the interest of the media. We are aware that you and your clients are likely to see much of this coverage, and we expect that some of it may be speculation or misleading. Whilst this is an inevitable consequence of a decision we believe is in our investors’ interests, we hope to be able to provide regular updates on progress that will provide clarity.
If you have specific questions, we will endeavour to answer them all as quickly and effectively as possible.
Regards
The Octopus Team
*Here
1 March 2012 – Statement regarding Rangers Football Club
Following a meeting yesterday with Rangers Football Club’s (the “Club” or “Rangers”) administrators Duff & Phelps, Ticketus would like to state its desire for a rapid and successful conclusion to the Club’s administration process and confirm its willingness to enter into discussions with any serious potential bidders for the Club.
We met with the administrators yesterday to make it clear that we intend to be part of a solution for the Club, and to ensure a fast and fair resolution is achieved for all parties. We outlined that this includes working with potential purchasers to help provide various financing solutions to the Club that would be attractive to new owners.
Ticketus believes that the best outcome for Rangers, its fans, Ticketus and our investors is for the administration process to be concluded as soon as possible, with a purchaser found who is able to bring stability to the Club.
Ticketus has an obligation to its investors to pursue all avenues to ensure that the ticket purchase agreement it entered into with the Club is honoured, and we are committed to going to the lengths necessary to ensure that the future of the Club is preserved and its agreement with Ticketus fulfilled. We believe that our investors’ interests are aligned to those looking to safeguard the Club’s future.
We have already been in contact with a number of other key stakeholders, including potential bidders and fans’ representatives, and believe working collaboratively with all parties to create a solution for the Club that puts it on a secure financial footing must be everyone’s priority.
Ticketus looks forward to continuing to work with the administrators and serious potential bidders to secure a positive outcome for the Club.
For all media enquiries, please contact:
Luther Pendragon
Oli Winton / Leigh Marshall / Simon Whale
ticketus@luther.co.uk / +44 (0)207 618 9104
Notes to Editors
1.Ticketus first entered a ticket purchase agreement with Rangers Football Club in 2009 when the Club was owned by Sir David Murray. The agreement was for Ticketus to purchase some of the Club’s future season tickets in advance at a discounted price, which the Club would then resell at the intended sale price.
2.Ticketus’ agreement is with Rangers Football Club plc as the entity which originally owned the tickets.
——————————————————————————–
ABOUT TICKETUS
What does Ticketus do?
•Ticketus buys tickets in advance for events.
•It buys tickets in bulk from the organisation putting on or hosting an event in advance, and then collects the proceeds when those tickets are sold to the public. These events can be football matches using season tickets, but also other sports and entertainment businesses.
Why does it do it?
•Ticketus provides a service to these organisations that are putting on events and looking for ways to bring revenue in ahead of when that revenue would normally be received. In many ways this is the same as, for example, companies who provide funding against media rights revenues or player transfers in the case of football. Ticketus seeks to make a profit by buying tickets in bulk in advance at a slightly cheaper price, before they are sold on at face value by the club/organisation.
What are the benefits to the football club (and its fans)?
•In the case of football, there is often a difference between when a club receives money from activities such as media rights revenue, competition prize money, player transfers and of course ticket income, compared to their expenses on player wages, utilities and rent. This often means football clubs can have cash rich periods and leaner periods each year, so the operators of the club might choose to bring forward some of these revenue streams and so smooth out cashflow.
•Ticketus is a flexible partner for football clubs and has helped provide club cashflow, stadium improvement funding and buying players in the past by buying tickets from a club in advance.
How does Ticketus make a profit?
•Ticketus seeks to make a profit by buying tickets in bulk in advance at a slightly cheaper price, and then selling on at face value. The difference between the price at which Ticketus buys the tickets and the price at which each ticket is sold is essentially the profit, although Ticketus has its own costs associated with doing each deal.
Why don’t sports clubs and other organisations using Ticketus just borrow the money from a bank?
•Many businesses at the moment have been struggling to get normal bank finance due to the wider state of the economy. Football is in a similar situation and, for reasons such as already having a mortgage on the stadium, banks are often not interested in providing additional finance.
•Ticketus offers a solution since it does not lend money, but instead provides working capital in exchange for tickets – an asset that banks rarely will lend against.
•Many clubs see advanced ticket sales as a preferential solution to bank loans as it provides access to finance without taking on debt.
Does Ticketus set season ticket prices?
•No. One of the key reasons Ticketus is popular with football clubs (and promoters) is that it often asks the original seller to act as its agent to sell the tickets to the public. This means that fans can buy their tickets as usual, via the club, as they always have done, and it will be the club who sets the prices it wants to charge the fans.
Who does Ticketus work with?
•Ticketus has done a significant number of deals with sports clubs, not just football clubs, and also in the entertainment space. We consider each ticket purchase opportunity on its own merits.
Please note Ticketus cannot discuss specific deals. However, for further general information please contact enquiries@ticketus.co.uk
http://www.ticketus.co.uk/
LIQUIDATION IS THE BEST OPTION
WE GO TO THE VET TO PUT SUFFERING ANIMALS DOWN
ITS THE HUMANE THING TO DO
Paul67 et al
Well if they need a ghost writer they can always rely on “as told to”, Keith Jackson!
Billy’s Bhoy on 1 March, 2012 at 13:54 said:
“3. Continuation of the club’s community and charitable work, both at home and abroad, should be ongoing.
4. The debt owing to HMRC and arrangement which will satisfy both Parties.”
I was happy to receive assurances that no hasty decisions would be taken in any of these areas ”
Two points arising.
1. HMRC gave assurances about charitable work but Ragers go ahead and do the opposite by hijacking the charity match.
2. Tax avoidance is a selfish act and HMRC should not be concerned about satisfying the selfish and greedy.
I think our very own billionaire should offer to purchase Ibrokes, at a knock down price, and rename it New Celtic Park. He would then create a new team Celtic FC 2012 to accommodate our youth players and development squad. Then apply to join the lowest division as the Scottish leagues will probably be a team light.
We could then as Celtic FC, formed with an unbroken lineage since 1888, look to play in another league, English or European.
I’m sure we would enjoy watching 2 Celtic teams both home and away whenever we could. Just a thought!
can’tgetenoughcsc
Paul
Well done for that article. Great commentry and your summary displays a knowledgable constructive viewpoint. What makes your input to me personally so valid and appealing is that you speculate on futures based on qualified judgement and fact.
much removed from anything I have seen in recent years by mainstream media
Great stuff…keep up the good work
@BBCchrismclaug: Confirmation now from #Rangers administrators that no announcement on job cuts until tomorrow at earliest.
MWD
To those who are finding fault with the blog changes etc…i’m sure the site will evolve for the better as time goes on.
No point making a song and dance about peripheral stuff just now.
The content and legitimacy of posters comments are surely the most important issues at this particular time in the transition process.
Paul67,
A dubious honour indeed. Apologies, I should have known better.
Thanks for the article though. It’s getting harder and harder to keep up with so much going on on the periphery. A piece like yours helps a great deal.
ASonofDan@13:56
Who would’ve thought an old ELO song would have summed up the situation so succinctly?
HH
Sir Paul
Yer jist Submitted a Brilliant.. Apercu,…no.. Check that… Summary?…how aboot.. an Abridgement?…Synopsis?
Got it..
A Brilliant Synopsis o’ who did whit tae wh and when.
You are a Treasure,pal. a Real Source o’ Sound , Honest
Information.
Wi the Key woid being… “Honest”.
Any way.. that being said..
Dae ye mind if Ah lob in. Wanna They .. Non Sequiturs that collie, jist dotes oan?
Here Goes, then..Hing oantae yer Gloves..
Question:
“Dae you think.. that..
Celtic, hiv never sold any Future Season Ticket Sales tae.. Ticketus or tae any ither Company who is engaged in the same sorta business?”
If ye ask me..
Ah wid say..
“Soitenly, we hiv”
So widya YOU SAY?
Kojo
Still Laughin’
Paul67,
something not quite adding up in your article, if the Tier 1 verdict was originally expected in Jan, why did our hero tell us last year he expected it to be announced in March.
crackin summary Paul
these are very interesting times in which we live
lets also encourage our own Board to continuously improve as
there are many projects that we should be working on
we seriously need to increase our turnover
and make hay while the sun shines !
as it were
Good Morning From Canada!
Paul…an excellent analysis as always…this thing is a mess of epic proportions. Companies take calculated risks in business every day; investing in infrastructure and capital assets in the pursuit of increased revenues and turnover. For Rangers, this pursuit has failed completely, and the house of cards is caving in.
Having been in Canada my entire life, with only the odd visit to Scotland and only one OF match experience, I haven’t been subject to the sectarianism and intolerence that so many here have experienced and/or reported on. Even though my Scottish mum would have preferred I supported Rangers, I stuck to my guns. I’ll give her credit though; when she’s returned to Scotland, my mum ran the gauntlet to a Celtic store to grab me some kit and whatnot…with the bag in full view. I only mention this to distance myself somewhat from the darker forces of history, though I understand it up to a point and as a result am completely thrilled to be a Celtic supporter.
I’ll leave the deeper analysis to those more qualified and involved on a day to day basis, but for me I would like to see Rangers suffer the same wilderness existence as Celtic did in the 90’s, with additional penalties added on for cheating the British taxpayer. The difference between then and now, I believe, is that I don’t see someone like wee Fergus coming in to provide the tough leadership that Rangers will need. If life is truly fair, then a drop to division 3 under a newco, at least a decade long expulsion from Europe, a stripping of titles and cups related to any season in which contracts were improperly handled and/or taxes stolen. Given Celtic’s current stewardship, there will be league and cup catch ups, and with the economic climate being what it is, Rangers will struggle to return to it’s halcyon days.
Just my rant for the morning, hope my fellow Tims are well, and enjoy the jelly and ice cream. I’ll join in a few crates and maybe a bevy or two.
Hail Hail!
Excellent article, very enlightening.
Hail! Hail!
‘Ticketus looks forward to continuing to work with the administrators and serious potential bidders to secure a positive outcome for the Club.
For all media enquiries, please contact:
Luther Pendragon
Oli Winton / Leigh Marshall / Simon Whale’
What a stonkin name!
Luther Pendragon
‘see if yeez dont pay up, we’re gonny get big Luther Pendragon tae sort yeez, n yeez don’t want that!’ (am now thinkin’ he’s a wee Welsh mincer with highlights)
Paul,
I think anyone from the Blue Knights or anyone else who was linked to the old regime will be barred from being the director of any company for a long time in the not to distant future.
I am also sure that any club looking for entrance to the league has to show accounts for the previous three years and a business plan to continue as a going concern. No one from a non existant club could do this, therefore a take over as suggested would have to take place. More money required for start up costs. Clyde has been muted a few times for a takeover, has anyone any idea of how much debt Clyde have outstanding?, again, this would have to be paid off also at start up.
All of this of course before we reach the “fit and proper” person test. Anyone from the old regime going to pass that quickly.? Neither the SFA or the Scottish League can afford to get any entry into the league wrong, and must be seen to be completly impartial in the selection. All rules for entry will be published before hand and a date set for any interested parties to come forward and apply. Anything that they do will have to be completely transparent to all, this will include Uefa & Fifa who I would imagine will setup their own enquiry into this in the very near future.
In the meantime Newco should not stand a chance of gaining entry to any league in Scotland and like a drifter life will just move on.
Speaking of Drifters, “Come on over to my place, hey girl, we’re having a party.. “
I cannot see why they are delaying the announcement until tomorrow on players… Do you think they will wait until Monday and bank on a bumper crowd Saturday?
“The Peeple dont do running away!” :)
Changing the subject slightly, does anybody know who was in for Naismith (if anybody) or was he simply “available”?
And any truth in the rumour that Celtic could be interested in Carlos Cuellar?
I am loving the Ticketus statement. Telling everyone, they don’t care who you are but they are staying and expect their money paid back.
bye, bye rangers
che/fotunes favor
the irony that i relayed last night
http://au.news.yahoo.com/thewest/sport/a/-/soccer/13051472/glory-want-to-play-gold-coast/
hope i havnt broke the blog with the link’
apologies in advance
hail hail
ramie
So basically, Ticketus have blown approx £24M of their investors’ cash and are now desperately trying to get some other fools to buy the huns before the FTT result is announced to enable them to recoup said cash. In otherwords, the big house must stay open or they have lost that money. Even more interesting times ahead. Has anybody told Ticketus that most of the “fans” money was the result of bogus pledges? It’s not often that you see a whale and an octopus working together, (For all media enquiries, please contact:Luther Pendragon Oli Winton / Leigh Marshall / Simon Whale).
Could be a future Cinema Block buster:
” Whale and Octopus v Gorilla and Elephant”
tigertim – they could certainly buy Clyde and move them to Ibrox and cvhaneg their name. What they couldn’t do is give Rangers’ SPL share to Clyde. The only way a NewCo could even attempt this is buying a team currently in the SPL. As I said earlier a Spanish side did this and FIFA implemented a ton of rules to prevent this happening again. I believe the case is still rumbling through CAS as we speak. As of now though, with the new rules, this would be impossible. Places in the league heirarchy are to be based on merit, FIFA have now legislated for that.
Retweet of and RT from Phil,
The administrators are adopting an unusual selection process in those for redundancy
” Good guy, good guy, W……..”
p;-)
Paul67,
This is why people read this site.
A complex situation, simplified and then expanded on. Great article.
Maybe the players have been told who is going, but the announcement waits till tomorrow so that they can tell their families before the press release the details. It also stops the embarassing pictures of players being driving away in their sponsored cars, oops leaving in taxis, from Murray Park.
Amidst all of this I forgot my manners and as a result I’d like to issue a sincere apology……
To the good people of Malmo and Maribor…….THANK YOU! You are forever in our hearts.
Didn´t I read in the past that the Octopus Protected EIS invests into on behalf of investors. Was actually set up for 50 investors. I presume Craig Whyte, Ellis, Duff & Phelps, Aidan Earley, Gary Withney etc. David Murray ??? naw surely he is not that daft ??
So this investment vehicle was set up specifically with this phoenix opportunity entirely in mind. 50 individuals that were willing to take a punt on bending SPL & SFA rules and taking advantage of the fact that Rangers are Scottish football AND with insurance against it – if it all going belly up. ? What´s not to like ?
Where is the risk ?
Now I have also read that HMRC will not do any business with Craig Whyte
This must also mean that they wont do business with Ticketus as they are in it together.
So apart from a new entity buying Rangers I think they are well and truly doomed forever.
Could it be that the 50 investors are actually only 2 or three investors who have double identities and a plethora of investment vehicles that would disguise who indeed they/he actually are ? and if the trail always ends back up in Motherwell ? or a vineyard in France ?
Have the Barron Knights through their refusal to deal with Whyte .. cut of their noses to spite their faces ?
Or would putting more money into Rangers either via D. Murrays, The Barron Knights, Dave King, Craig Whyte or even altogether not help at all in what is already an accepted plan of recovery. I.e screw the tax man.
Glad to hear that Paul67 is confident that a vote will see no chance of a phoenix Rangers
I DONT BELIEVE THAT MYSELF
Hail Hail
Loving the irony in the name “the blue knights”
Great article Paul67.
This story just keeps giving.
Their aptitude outweighs their arrogance.
Paul – thanks for the clarity with regards to this hugely complicated shambles.
C’Mon Hector and The Judges, you have my Christmas Wish in the palm of your hand.
God Bless Celtic, a true institution. To hell with rangers, a true blue disgrace.
Portsmouth administrators have said the remaining parachute payments (money owed from Premier league following their relegation) will be paid to ex-owner meaning the club get nothing more from PL.
Their most recent CVA has failed and 2 options are left for creditors. Either liquidation, which is most likely option or creditors accepted revised CVA working out at 4pence in the pound.
Mort
The Clyde route, or even the St Mirren route, would struggle to be allowed.
From FIFA’s 2008 Activity report:
P R I N C I P L E In national leagues all over the world – with the exception of the
USA and Australia, where teams play in “closed” leagues – events on the pitch
decide whether a club is promoted or relegated. Recently, there was a case of a club gaining promotion to a higher division “artificially” after purchasing another club
and relocating its head office. FIFA aims to ensure that this cannot happen again.
O B J E C T I V E To protect and maintain the system of promotion and relegation
in club football that has been in place for more than 100 years and is based solely
on sporting criteria, thus making it the very essence of the game.
S TA R T D AT E A corresponding resolution was passed by the FIFA Executive
Committee in Tokyo on 15 December 2007. The relevant clause will be ratified
at the forthcoming FIFA Congress in May 2008 and then incorporated as a “new
article” in the Regulations Governing the Application of the Statutes.
E X A M P L E In Spain, the president of the club Granada 74 bought the seconddivision club Ciudad de Murcia and promptly relocated its headquarters to the vicinity of Granada to allow Granada 74 to be promoted to the second division by artificial means.