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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BINGO2
podium
Kayal33 (from previous blog)
From my understanding of these sort of deals, if Rangers don’t sell the required number of season tickets, they have to pay the balance to ticketus up to the purchased amount so lets take this crude example:
25,000 season tickets bought by Ticketus for £6m (each year)
If Rangers sell 30,000 season tickets at £300 each, ticketus receive £7.5m, RFC get £1.5m plus all the rest of matchday sales etc.
If Rangers sell 20,000 season tickets then Ticketus get £6m, RFC get nothing.
If Rangers sell 15,000 season tickets, Ticketus get £4.5m and Rangers owe them a further £1.5m to make up the original £6m
Mort
I like this sentence in the ruling:
“Where I disagree is that I do not consider that the Rome Convention deals with proprietary rights at all”
Should cause apoplexy on FF!
leftclicktic on 23 March, 2012 at 15:03 said:
Does this mean the £110k RFF disnae even pay half Duff & Duffers legal costs deary deary me :))))). Wee wullie blue nose will need to bring oot an album now to boost the funds.
HAIL HAIL
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~
I think it means it covers less than half the OTHER SIDE’S legal costs.
Never mind their own.
A very strange form of administration indeed.
They seem hell-bent on increasing rather than reducing liabilities.
Creditors should be very worried indeed
top ten?
Mort on 23 March, 2012 at 15:11 said:
thanks for that
Ticketus don’t do walking away!
Stupid, skint huns. :-)
Ah, the comedy gold continues in earnest.
Just read through the court order, didn’t see the part about paying the 250k costs, is that correct?
Duffer & Duffer really are class acts.
here’s to a good weekend!
Bedtime for Bertie,how I’m gonna prepare for an arduous night-shift on the back of that news is anyone’s guess.
Even if hardly unexpected.
Superb leader,btw,PAUL67.
NutshellCSC.
leftclicktic on 23 March, 2012 at 15:03 said:
Does this mean the £110k RFF disnae even pay half Duff & Duffers legal costs deary deary me :))))). Wee wullie blue nose will need to bring oot an album now to boost the funds.
HAIL HAIL
————————
If they get the contracts sorted that would be a Double Album.
Onlooker
And in the midst of all that, the new Celtic Taxcase blog is out.
Best one yet!
God yer quick on thedraw Paul :) Just posted this on rtc.
So it will be Newco with Ticketus either pumping in a wee bit more capital to see if a share issue in Newco will generate enough immedaite income to allow a Newco to actually operate.
Ticketus might be prepared to lower their annual take from SB sales but extend the period over which they will be involved.
So it will be liquidation, lose all the HMRC debt (and what a legacy that is, and probably titles
Liquidation will make it easier for the SFA to refuse a licence on both the disrepute charges and on unratifed by AGM accounts grounds.
The quicker D&P push the liquidiser button the quicker Newco can get on with applying for a licence from the SFA for Newco so that they can then apply to join a league.
I’m assuming of course that an SFA licence is a bit like a pub licence. That is you can open the pub, but without a licence you cannot sell alcohol in it.
Aipple,
are you any further on with your app for a windows phone,
or do you know if theres a good one available
Paul67 – as D+P have merely given a temporary reprieve to the £10m operating black hole with the temporary wage cuts, now this deal stands, Rangers in June will have an operating deficit of circa £20m.
Even if they could agree some sort of pennies in the pound deal and time to pay, how on earth are they going to manage that?
Ssn: lord Hodge refused to grant Ticketus preferential creditor status.
This is very significant, the blue knights were relying on Ticketus being the preferred creditor in order for them to force through a CVA.
That will now be HMRC and the chances of them doing a deal are thinner than Craig whyte’s wallet.
Liquidation looms.
Friday Afternoon…….
Declan is posting
Ticketus deal stands
Staring at ticket for Broomloan Rear
Lager at 5….
I’m in a glass half full mood
That moment when Craig Whyte put that pen to paper and signed for the Ticketus deal was THE knockout blow for the survival of Ragers FC.
http://celtictaxcase.wordpress.com/
classic
SSN – brian kennedy taking legal advice on what rangers indebtedness to ticketus means
save yer cash brian, they’re donald ducked
Ho ho ho.. Christmas again
Paul67
Good old Duff&Duffer giving us a right good gee-up before the game on Sunday after the downer of the cup final.
Sitting here doing ‘Always look on the bright side of life’ on my Fisherprice keyboard and surrounded by my Celtic teddies…
Paul67, an honest court in Edinburgh? I for one am surprised. I’m shocked; I’m falling about laughing. From Audi’s to Skoda’s… ah! well, such is life for cheating huns.
Richie, surely the sheriff didn’t say that!!!
BOBBY MURDOCH’S CURLED-UP, thanks.
Auld Neil Lennon heid, chances of a phoenix just dropped by 30%.
RogueLeader, yes. The CVA or Liquidise debate is all about history, theirs and everyone else’s, but going forward, there is no debate. Rangers have a huge trading deficit and will need to revert back to the 50s.
“We will not wok away”,brilliant
gordybhoy64
Managed to port to Blackberry and Android minus a few features, stuck with Windows at the moment I’m afraid. Not enough hours in the day or dollars in the bank. Thanks for asking though buddy. Hoping a few things come through soon that will enable to get a lil help.
The iOS one has been great, still ad free as well. Added in Push Notifications that folks seem to like.
HH buddy.
Aipple on 23 March, 2012 at 15:15 said:
The usual position with expenses is that they are awarded to the successful party. In this case, RFC(IA) will be picking up the tab.
HH
Monaghan
ASonOfDan, ha!
kitalba, well, an honest sheriff, not a jury on this one, fortunately.
I said early this morning Ticketus owned an asset not a creditors slip and would not lose the case or be able to push a CVA.
Thank God for Trinity High School…
Aipple,cheers and best of luck with the project
‘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.’
######
Not sure that’s correct. If it’s a newco arising from liquidation the ticketus deal is dead.
‘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.’
I suspect that somewhere in the background Whytie has in effect assigned the benefit of his floating charge to Ticketus, and that’s their protection.
Monaghan1900
250k? I’m in the wrong job, where’s that dusty old legal book…..
Celtictaxcase blog is brilliant! I’m sure Declan is CTC
A one way Ticketus to Liquidation.
Mort on 23 March, 2012 at 15:11 said:
Ticketus will know they cannot get blood out of a stone. More likely that in return for a wee bit more Newco startup capital they will settle with a Newco for a smaller annual take over an extended period. Better that than nothing.
They will also want a bite of any capital raised by a share issue.
All ofthis means Rangers, if the continue as Newco, will have to become a football club with a business model a bit like Celtic but hampered by restricted income and smaller gate money.
Now at least we know why the predicted G.O.D did not happen.but now it might. :)
https://docs.google.com/document/d/1mbjSTpOvkG_av5MrXlRjSPAhLv6YHyZ9QRdVZ2o2ooY/edit?pli=1#
I normally dread games against that horrible mob but as today as worn on I’ve gotten more excited and I’m actually now looking forward to it.Hopefully all going well I’ll be joined by fellow minded Tims in a huge traffic stopping huddle at the corner of Pollokshaws Rd and Allison street at about 3pm on Sunday…………..:-)
RFC(IA) 0 Ticketus 1
Next fixture
RFC(IA) vs HMRC
Havingapartywhenthehunsdiex csc