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Ticketus secure their £40m of tickets

1467

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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  1. Paul67

     

     

    In view of the favourable judgement perhaps you could refer to Lord Hodge by his Christian name.

     

     

    Patrick.

  2. South Of Tunis on

    Double bind ! ——–

     

     

    “the Agency Agreement contains a mechanism by which Rangers as Ticketus’ Agent is to sell the STA tickets and hold the proceeds in a designated account on behalf of its principal ”

     

     

    ” I conclude that the legal nature of the rights which Ticketus has in Ibrox Stadium , the Season Tickets for that stadium and the proceeds of future sales of the season tickets are purely personal contractual rights ”

     

     

    Lord Hodge 23 03 2012..

  3. ArranmoreBhoyLXV11 on

    A couple of Sunday leagues must be looking for teams.. Sally should buy tonight’s paper and apply..

  4. Auld Neil Lennon heid on

    ernie lynch on 23 March, 2012 at 15:25 said:

     

     

    I think Ticketus, if indeed part of the BK, consortium will make the contiunuation of the deal in some form a condition of their participation. How else are they going to get their money back?

  5. Was looking forward to the next installment of the CelticTaxCase but it was a bit of a let down. I was hoping it was a real Rangers fan who was expecting to get some serious information on Celtic but it turns out its just a tim on the wind-up or else a hun out in care in the community for a week. Here it is:

     

     

    http://celtictaxcase.wordpress.com/2012/03/23/huge-new-development/

     

     

    Here are some of the best parts:

     

     

    What is most certainly NOT a red herring is the dubious links between Dermot Desmond, Celtic FC, the Irish state and China.

     

     

    Following some intensive detective work into this link my searches, both on google and at the Mitchell Library returned a number of different routes of enquiry. They all however ended up at one destination.

     

     

    SHANGHAI SHUFFLE ON BATH STREET!

     

     

    And so by foot I marched across the flyway on the M8 from the Mitchell Library to Charring Cross and up Bath Street to staunchly stand outside Shanghai Shuffle, take out my iPhone, and tweet for Dermot Desmond to come outside and face the music.

     

     

    He then found that Shanghai Shuffle is on the corner of Bath Street and Holland Street and he is away to investigate possible links now to Holland.

     

     

    Mort

  6. Just a taster from @CTC surely and I mean surely a wind up!!!!.

     

    Yes! Shanghai Shuffle, the home of the probable Celtic/China/Ireland/possibly Vatican conspiracy, is on the corner of Bath Street and HOLLAND STREET! Yes. HOLLAND STREET. As in the fatherland of Oranje. The home of our forefathers. The site of the Boyne. The sacred ground where Pope James was banished from the land by William of Orange and his white stallion. The home land of Tulips and the home of Protestantism and Bert Konterman! Yes you read it right… HOLLAND STREET!

     

     

    But what does this mean? As of yet I have no idea!…. BUT!!!

     

     

    It’s far too big a coincidence to be a coincidence!!!

  7. Well bhoys thats the end of another days hard graft , its no easy keeping up with all these blogs and tweets , so as they say down ibrokes,

     

     

    Chapati,s over its time to call it a day

  8. philvisreturns on

    Paul67 – Rangers have a huge trading deficit and will need to revert back to the 50s.

     

     

    Hey you…get your damn hands off her! (thumbsup)

  9. Paul67,

     

     

    Sorry you and the judge are wrong, the jurnos that work in Scotland said the Ticketus deal is near to collapse….

     

     

    poor Tom, here’s a tweet from him last week (as Kojo would say, Tom how do you like them appels)

     

    ————————————————————-

     

    Tom English ‏ @TomEnglishSport Reply Retweet Favorite · Open

     

    Things are looking up for the beleaguered Bears. Next week’s big story confirmed: Ticketus deal collapses.

  10. Sorry Paul67 , i have to confess to being unfaithful to CQN . I’ve just grabbed a podium on celtictaxcase .

     

     

    I reckon , for my penance , i should learn to play “We don’t do walking away” while singing “Simply the Bust” – i blame MWD and his schools analysis from last year .

     

     

    Sanna (contrition csc)

  11. 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

  12. huns fc- love the queen but wont pay her on

    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.

  13. 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

  14. 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

  15. 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”.

  16. 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

  17. craigwhitesoptometrist says u have 21/20 vision, is that even possible? on

    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.

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

  19. sixtaeseven: No NewCo in SPL and it's Non-Negotiable! on

    The Onlooker

     

     

    Would that be a Double Whyte Album?

     

    ;o)

  20. 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

  21. 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.

  22. 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

  23. 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,

  24. 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.

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

  26. 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.

  27. 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?

  28. 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.

  29. philvisreturns on

    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)

  30. 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.

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