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Ticketus secure their £40m of tickets

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

    Imagine if a pound coin is thrown onto the pitch at Ipox on Sunday.

     

    Police will be in a quandry to decide whether it’s a missile or a last-minute takeover bid.

  2. My God, just read the latest CTC blog…quite simply the most hilarious piece of prose since Declan started gracing these pages…..wondeful stuff…eyes still watering….

     

     

    Paul67, got my hard copy today, congrats to you and all who contrudyibuted keep up the good work

     

     

    Summer of 65

     

     

    notwokingaway CSC

  3. Afternoon bhoys from a warm hun free mountain.

     

     

    Good news re ticketbus, and a new Celtictaxcase to boot, what more good news beckons.

     

    Looks like the msm got it all wrong again, oh dear !!!

     

     

    The phone ins should be interesting tonight

  4. !!Bada Bing!! Kano 1000 on

    I think if there are any gigs at Poundland,e.g Willie (we dont do walking away)and His Performing Organ,Ticketus own the first 26,000 seats. I know huns who are mortified at this wee ditty getting an airing on Sunday.Can’t wait, myself.

  5. Paul67 on 23 March, 2012 at 16:02 said:

     

     

    ”Mort, I am sure that is correct. The Ticketus deal cannot be flushed away with liquidation.”

     

     

    There’s no reason why a personal contractual right would survive liquidation.

  6. Mort

     

     

    Would that be like you can buy a property, but it is under lease to someone else?

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

    Why is this the main headline on BBC Scotland site?

     

    23 March 2012 Last updated at 15:22

     

    ‘No ruling’ on Rangers administrators’ Ticketus challenge

     

     

    Anyone?

  8. Obviously smarting from their defeat in court yesterday re the GB Lenin/Lennon banner and the use of the word Hun being non sectarian, eddies cavalry arrested a young GBer at 6.30am this morning and charged him with inciting the crowd to riot and also under the new snp law of offensive behaviour at football. His crime…….

     

    singing ‘Roll of Honour’ at Hampden last sunday. He happened to have been at the Udinese game in Italy late last year which the police couldn’t resist mentioning as they arrested him, so i’m told. Wonder why they said that ?

  9. So, no matter what happens, they are on their uppers. As my mate just said, wonderful news. Best news of the day.

     

     

    I would echo Paul67’s cautionary words to all those going to the den of iniquity on Sunday. Be careful. As my Dad said to me this afternoon, they don’t like losing. Indeed they don’t. They’ll be out to cause as much damage as possible to us, Tims. I include their team in that.

     

     

    Anyway, we can party as that club dies (never to phoenix again, I hope and pray).

  10. Monaghan1900 on 23 March, 2012 at 16:05 said:

     

    ‘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.’

     

     

     

    On the face of it yes.

     

     

    But what if they have the benefit of Whyte’s floating charge? He’s on record as saying he had to give personal guarantees for the money, and it’s just possible that for once he might be telling the truth.

  11. sixtaeseven: No NewCo in SPL and it’s Non-Negotiable! on 23 March, 2012 at 15:52 said:

     

    The Onlooker

     

     

    Would that be a Double Whyte Album?

     

    ;o)

     

     

    =========

     

    Nice one ,a few very appropriate tracks on that fine Album

     

    1The Continuing Story of Bungling Billy

     

    2 Everybody’s Got Something To Hide, Except For Me And My (400lb Gorilla)

     

    3 Back in the HMRC

     

     

    The Onlooker

  12. Hearing now the judge just bottled it and not made any ruling. He has only declared Ticketus is a creditor and that is all.

     

     

    WTF?

  13. This whole “we don’t do walking away” thingymabob is pure cheatin…many of the huns haven’t evolved to the walking stage yet.

  14. fergus slayed the blues on

    Now that we know ragers will have to pay ticketus for the first 25/27,000 tickets sold .Can we now dispense with the ,The SPL needs ragers in it bullsh*t .

     

    The ragers need to be in the SPL , how many of the Minty weaned glory hunters are going to fork out to watch the likes of Clyde and QOS .

     

    Meaning who is out of their tiny mind enough to buy them

     

    hail hail

  15. You can’t run before you can walk. So to speak:

     

     

    Or “We don’t do erect spines”.

  16. “The first 26,000 (approx.) tickets sold to each Rangers game for the next three years are owned by Ticketus”

     

     

    Paul – all the reports I’ve read including today’s legal ruling refer to season tickets, so I was wondering whether the Huns could just sell tickets to indiviudal games and avoid passing the money to Ticketus. I assume this isn’t the case?

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

    The Onlooker

     

    Certainly wouldn’t include “Dear Prudence”

     

    ;o)

  18. Is it not the case if the huns go into liquidation, then Ticketus goes to Whyte and asks for their money back, in turn whyte ask the new buyer or Admin he needs 24m for the sale of rangers?

  19. Ernie,

     

    I am not sure of the mechanism by which Ticketus could have the benefit of Whyte’s floating charge. He may have given personal guarantees to the effect that he would reimburse Ticketus once his floating charge had crystalised and he had realised the value of the assets covered by the charge?

  20. fergus slayed the blues on

    Bada Bing re wee wullie ‘s ditty

     

    A guy at work txtd his gers supporting mate to tell him that ragers were going to play it before the game on Sunday

     

    The gers fans response was …….

     

    I’d rather they played that than Broadfoot .

     

    So fair play

     

    hail hail

  21. The Ghood will prevail on

    Pardon my ignorance, but shurely if the hun is liquidated, and a new hun pops up, the new hun has nothing to do with the old hun’s debts e.g. the ticketus money?

  22. !!Bada Bing!! Kano 1000 on 23 March, 2012 at 15:48 said:

     

    The Sale Shark does swimming away- Kennedy consulting his brief.

     

     

    ***

     

    The Sale Shark? Isn’t that Whyte?

  23. !!Bada Bing!! Kano 1000 on

    This is Shortbread’s take on it

     

    A judge has declined to rule on whether Rangers can rip up a £24.4m season-ticket deal with Ticketus.

     

     

    Administrators Duff and Phelps wanted to tear up the agreement on the basis it could discourage bidders who may want to take over the club.

     

     

    After a five-day hearing at the Court of Session, Lord Hodge said he did not have enough information about bids for Rangers to make a ruling.

     

     

    However, he declined to give Ticketus preferential treatment as creditors.

     

     

    The judge said Ticketus no security over the assets of Rangers and was a simple creditor with the same rights as others owed money by the club.

     

     

    The Ticketus deal was struck by Rangers owner Craig Whyte during his takeover last year.

     

     

    Mr Whyte used money from the Ticketus deal to complete his purchase of the Ibrox club, taking over its £18m debt from Lloyds Banking Group.

  24. Very surprised that this ruling has come today. I thought for the purpose of less carnage on Sunday the courts may have decided monday was a better day. But I suppose life don’t stop for fitba.

     

     

    It is also great to remember that real stuff actually happens from time to time in the build up to a Glasgow Derby – not just made up negative crap about Celtic.

     

     

    Oh the times they are a changin’

  25. The Ghood will prevail on 23 March, 2012 at 16:20 said:

     

    Pardon my ignorance, but shurely if the hun is liquidated, and a new hun pops up, the new hun has nothing to do with the old hun’s debts e.g. the ticketus money?

     

    ——————————-

     

     

    Don’t know but newOrcs without a stadium = no Orcs.

     

     

    Neworcs with a stadium seems to = Craig Whyte and Ticketus meaning skint Orcs

     

     

    There doesn’t appear to be an escape route. But I’m sure they are tunnelling as I type!!

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