Ticketus, one of Rangers three major creditors, Craig Whyte and HM Revenue and Customs, being the others, have announced they will no longer work with the Blue Knights (or it is Blue Knight) consortium in an effort to buy Rangers.
Ticketus were crucial to Duff and Phelps hopes of being able to acquire Craig Whyte’s shares in Rangers. Although anyone who actually listened to Mr Whyte will know how unlikely this was, their withdrawal from the process formally brings an end to this fantasy.
Without Rangers shares, Duff and Phelps cannot sell the club. Mr Whyte also has security over Ibrox stadium, so they cannot sell the stadium either.
Some weeks ago suggestions were leaked to the media that Ticketus had agreed to forgive all but £10m of their debt. It was even suggested this figure would be repayable on easy terms. Now the company will take their place alongaspirationsside other creditors. In the event Rangers remain in business long enough to sell tickets for next season, revenue from the first (circa) 25,000 tickets sold for each game goes directly to Ticketus.
The charade is over.
Those hoping to see a club resembling Rangers form in the future have had months to secure a stadium, club licence, stadium, players, stadium, and commercial infrastructure. Instead they have stalled, chasing an unattainable CVA.
There is no time left, there will be no CVA and the chances of a phoenix next season is increasingly remote.
#OneteaminGlasgow,
There’s only one team in Glasgow.
One team in Glasgow,
There’s only one team in Glasgow.
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Good knight.
Knights out – all out…
KerryBhoy 74
Video looks good alright, I heard the song on Today FM this morning.
Good seeing barnery McKenna on video, he will be sadly missed
Ireland Abu!!!!
From InvestmentWeek
Ticketus, the company backed by the Octopus Protected EIS scheme, has withdrawn from discussions with Blue Knights Consortium over a takeover of Glasgow Rangers FC.
The ticket exchange firm was working with Blue Knights with the view to bid to takeover the beleaguered football club but said it failed to finalise satisfactory terms in restructuring its ticket purchase programme that would protect its investors.
A statement from Ticketus said: “Our willingness to work with all interested bidders, and to try and be part of a solution for the club, was undertaken with the objective to agree terms that would satisfy both our investors’ needs as well as being in the interests of the club, its fans and its creditors.
“Regrettably over the course of this week it became impossible to reconcile these interests with the proposals put forward by the Blue Knights as the terms of a deal became clearer.”
Octopus Investments’ exposure to Rangers came to light in February when the club announced it was going into administration. Octopus holds the £100m company Ticketus in its £500m Protected Enterprise Investment Scheme and used to hold it in its secure VCT, although the group confirmed this investment was closed last year.
The owner of Glasgow Rangers FC Craig Whyte admitted he used a £24m payment for future season ticket sales from Ticketus, to complete the takeover of the club by paying off an £18m debt to Lloyds Banking Group, according to reports.
Ticketus had paid the cash for tickets for the next three seasons’ games but Rangers’ administrators said the money could not be traced in the club accounts.
At the time, Whyte said: “The Ticketus deal was by far the best way to protect the club given the circumstances, in that they have no security over any assets. The only person at risk from the deal is me personally because I gave Ticketus personal and corporate guarantees underwriting their investment; the club and the fans are fully protected. In terms of exposure, I am personally on the line for £27.5m in guarantees and cash.”
There are a number of likely outcomes involving Ticketus re-obtaining its cash. If there is a CVA (company voluntary agreement) outcome, Ticketus is one of the biggest creditors and will get a share of what is left in the pot.
Any potential bidders will need to acquire Whyte’s 85% shareholding. This cannot be done without the help of Ticketus or the bidder faces a lengthy court battle.
Whyte’s personal guarantees on the loan also mean Ticketus can pursue him for liabilities.
In its statement Ticketus added there have been numerous obstacles during the negotiations with Blue Knights: “There have been a number of challenging issues that have emerged over the course of the last month, including delays to the administration process, the SPL’s ruling and the recent news from the SFA, all of which have affected the value of the Club and added complexity to the bidding process and our discussions with the Blue Knights.”
.
are they now the knights of naw?
two knight out by sunday
Kojo – Consortium, led By Murray minor… Expected, to Unite with Kennedy.
Even better, why don’t the Bills, the Shark, the Knights With Nae Money, Ticketus, Dracula, Zombie Hitler, Francis Dolarhyde, Chupacabra, and every other Rangers-minded luminary get together to release a charity single for Rangers FC?
“Here’s to you giving cash to feckless huns,
Here’s to them, bitter bluenosed deadbeat bums.
Do they know it’s Liquidation time at all?”
(thumbsup)
For a laugh maybe Celtic should bubble wrap their seats to protect them from any “accidental” damage they inflict.
Will obviously have no effect, but it would be a laugh & might also make a bit of a comical noise when they all sit down.
Nytol….proud sponsors of RFCIA.
Top Corner
It moves us up to second seeds for the qualifiers and more importantly it moves Bate Borisov into the top seeding bracket.
They would be difficult opponents.
Mon the Bayern.
One of these Knights,
one of these crazy old knights,
you’re going to find out smelly numpties
who’ll turn out your lights!!!
IThangYouCSC
Just when is the next CQN knight out?
Kojo on 27 April, 2012 at 13:51 said:
My dear, dear Kojo
As was established a number of days ago, a duck billed platypus is merely a duck manque. (I can’t do an acute accent on this computer.)
Keep up!
Still quackin’ (thumbsup)
The Pantaloon Duck – As was established a number of days ago, a duck billed platypus is merely a duck manque.
So it’s a toilet duck? (thumbsup)
I expect the ‘very close to a deal’ statement by Sally has been issued with a view to the march tomorrow and the game on Sunday.
It gives the hordes some false hope so maybe they won’t riot too much.
l bet there is no deal or anything like a deal.
Why arent the all the knights being named ?..who are these peepul?….
Here’s my song, it won’t take long,
When it’s finished I’ll be gone.
I’m overdue to travel on,
Just stopped to say goodbye.
bye bye rangers…
Ten Men Won The League on 27 April, 2012 at 13:49 said:
Fat Sally on SSN
“I demand to know the names of these Ticketus people”
If he waits a couple of months he’ll probably know the names of each season ticket holder at Ibrox.
AGENT CRAIG 1121 from previous
I wouldn’t have Gascoigne on the list because he simply did not know any better.
He bought into the RANJURZ CULTURE thing cos he was a thick no-mark alcoholic who joost wannit tae be wannae the boays,like.
There are a number of more intelligent former players-they can never be described as ex-huns,cos they will ALWAYS be huns-who bought into it too,and who should have known better.
It’s the WATP,mob mentality. We all know really smashing fellas who support Rangers. Fantastic company,stand their round,seldom short of a witty remark,a helping hand,and a pleasure to be with.
Until they get together………
Phil…
‘I see dead football clubs…’
‘In your dreams?’
‘No.’
‘While you’re awake?’
‘Yes.’
‘Dead football clubs? Like Gretna? In graves?
‘Walking around like regular football clubs. They don’t see each other. They only see what they want to see. They don’t know they’re dead.’
Ellbhoy,
that would just be petty and childish and a bit surreal
:-)
Maybe we could make bubble wrap knickers in honour of the hitherto uncontroversial and reserved Jimbo67
Our hero Craigy will be at the match on sunday sitting in the directors box
for security reasons he will adopt the guise of Brian Badonde
you will hear him
bye bye Bangers
ulysses mcghee – Brilliant. :) (thumbsup)
My dear,dear,dear,friend..Philvis
Hiya,pally?
Never Thought o’ That!
Whit an Excellent suggestion..
The Answer tae..well. EVERYTHING … is ..
“Whit Ye really Need is a Bigger Truck!”
So..
Tae tak that tae the next Level..
why no..
“Whit Ye Really need is Mair Boadies oan Board!”
Maks sense .Tae Me~
Nice Chatting.. wi’ Ye.
Kojo
Still,Laughin’
I thought I heard someone say “NO HUNS AT HAMPDEN, THERE WILL BE NO HUNS AT HAMPDEN this season…….. Got that one wrong, eh …?
McCoist now absolving himself of responsibilty for his words by claiming he is not interested in the lunatic fringe who hide behind the internet. Doesn’t he realise that it is those very words which have incited the lunatic fringe. He should be charged by the police, even if he is a nice chap (copyright G. Spiers). He did, after all, incite a witch hunt (copyright G. Spiers).
Who is McCoist kidding when he denies any responsibility for the after affects of what he says. Comments like “supposedly independent judicial panel” are hung on by the Rangers support
For example when he said “we don’t do walking away” it became their administration slogan found on their football tops to banners and songs in their stadium
Its time the cheekie chappie became responsible for what he says
McCoist is guilty of stoking the fires, someone in authority should whisper that or even shout that in his ear.
anyone seen the printed press articles about the Celtic Walkway.
Tarmac to be replaced with Granite stones like Hollywood.
I like the idea.
If they do start trouble on Sunday, it will be reported as “both sides” by the media, just like 1980, the shame game etc ……….fuds
Headtheball
was just about to post the same.
Historically, the MSM printed unsubstantiated negative stories about us in the lead up to these games. Now it’s unsubstantiated positive stories about them.
I suppose we shoudl let them have their fun as it will be the last time they can do it.
The stakes were high but the danger low
Without a friend these risks would grow
This the night their eyes would glow
Charade…
Saint Stivs on 27 April, 2012 at 14:12 said:
SHOWZIT
Snake
thanks for that !!
so the outcome of the CL final does affect us after all
if Bayern win, it improves our seeding
good news !
i see our first game will be played 31st July
(drawn on 20th July)
a busy holiday time of year
Do we have to give our names to sally as well, we need to hump them on Sunday, really hump them, I would love to see tears running down the fat cheeks of that wee rat sally, every time i see his wind battered wee face on the box i just want to put my boot through the telly, despicable little runt.
Paul67
You are ignoring the jags!
McCoist’s statesments over the last few days have been the equivalent of lighting the blue touchpaper and running away.
He knew damn fine well at EVERY stage,what he was saying,why he was saying it,and what the reaction would be.
The Press also knew that.
For his words to have been repeated in print without at least a bit of speculation as to the possible effects on the neanderthals amongst their support is frankly shocking.
For them to be repeated without condemnation as to the possible outcome beggars belief.
For them not to be condemned loudly and from the rooftops is,erm,not in the least surprising.
Philvisreturns @ 13.46,
Music makers? Dreamers of dreams? You an Elgar fan, then?
howdy – any tips for punchestown going?