chilledbear

Don't understand this myself. Rangers owner Craig Whyte has filed legal documents protecting his hold over the club as the battle for control of Ibrox looms. The debenture document registered with Companies House gives Mr Whyte's company Liberty Corporate Ltd a new fixed and floating charge over Rangers FC Group - the parent company that owns the football club. Liberty Corporate sole shareholder is Liberty Capital Limited, which is owned by Mr Whyte and registered to the British Virgin Islands. His father, Thomas Whyte, is the sole director of Liberty Corporate. The document is dated March 21, 2012, two days before a key court decision that saw administrators battle with Ticketus over the deal Mr Whyte struck to sell off 100,000 future season ticket sales at Ibrox for £25.3m. The new charge means Mr Whyte holds key powers over the parent company in the battle for control of Rangers, which is likely to come to a head this week with administrators revealing their preferred bidders for the club. Crucially, the new document signed by Mr Whyte covers Rangers FC Groupâ??s main asset â?? its 85% shareholdings in playing club, Rangers FC plc. Mr Whyte's status as fixed and floating charge holder would put him at the head of the queue to benefit from the proceeds of any sale of these shares. Unsecured creditors and any other shareholders in Rangers FC Group would only receive payment after Mr Whyte's company. Mr Whyte's position is not guaranteed if Rangers FC Group went into liquidation in the next two years, because the new charge might then be struck down, although that would likely to be the subject of a lengthy and expensive legal battle

From Kennedys PR. As promised I said I would keep you updated. I have spoken to Brian and I have sent the following to the Media I have just spoken to Brian Kennedy who is on business in New York and he has advised me that he has NOT issued a revised bid regarding Rangers Football Club. If the situation changes Brian will advise me and accordingly I will notify you. Follow me on Twitter @swannymediaman

Kennedy has said he has not issued a revised bid. Hasn't ruled it out.

Hope this finds it way into the main media.

Does that mean the Admins are giving wrong information out?

Raman Bhardwaj ‏ @STVRaman Reply RetweetedRetweet Delete FavoritedFavorite · Close Open Details We understand Brian Kennedy bidding is back on the table.... administrators expect 4 or 5 bids by tomorrow's deadline

Raman Bhardwaj ‏ @STVRaman Reply RetweetedRetweet Delete FavoritedFavorite · Close Open Details Craig Whyte has agreed to sell his shares to Blue Knights consortium, STV has learned

If ticketus are not in the deal, does that not mean they are creditors, who could then scupper a cva?

He has made a reputable Rangers Group look silly. Either he was correct in what he said [not the walking out], or the Group should issue a statement refuting the allegations.

The name Bill Ng was put out there last night. Do you know if he is involved?

Did the Working Group ever refute these allegations, or have we to accept that Reagan was telling the truth.

Interesting developments with TBK, also the info from Frankie about the Singapore bid. Will give the Admins food for thought.

Re: Ticketus debt smashed by £17m in stunning Paul Murray deal -------------------------------------------------------------------------------- Rangers in crisis: Blue Knights takeover bid worth £17m to Ibrox club as Paul Murray strikes deal with Ticketus PAUL MURRAYâ??S rescue plan for Rangers will see Ticketus slash a massive £17million off the bill from the notorious deal which funded Craig Whyteâ??s takeover. Record Sport can reveal the London firm yesterday signed off on the details of the proposed partnership with Murrayâ??s Blue Knights who will tomorrow table their bid to save the club from Whyteâ??s clutches. The agreement means if Murray and his group are handed the keys to Ibrox, Ticketus will agree to rip up the infamous contract that saw them hand Whyte £24.4m to buy huge chunks of future season-ticket sales. We can reveal the overall debt due to Ticketus as a result of their tie-in with Whyte now stands at £27m. But, following some intense negotiations with former director Murray, Ticketus are now willing to accept clawing just £10m back from the most damaging deal in Rangersâ?? 140-year history. And they will allow Murray to pay it back, on an interest free basis, over the next NINE years. The news will strengthen Murrayâ??s bid to win control of the SPL champions and drag them away from the brink of extinction. It will also go a long way towards allaying the fears of fans who were initially shocked to hear his plans to link up with the very firm that bankrolled Whyteâ??s regime. And Murray believes it provides cast-iron proof there is no need for the club to be plunged even deeper into financial crisis. A rival bid from Chicago, involving Club 9 Sports, is also expected to be tabled tomorrow but itâ??s believed the Americans favour liquidating the Ibrox outfit and starting up again as a new company with a clean slate. But Murray is determined to protect Rangersâ?? history and last night, speaking exclusively to Record Sport, he said: â??This deal makes delivering a CVA a great deal easier and shows there is no need for Rangers Football Club to be placed in any further danger. â??It brings the debt to Ticketus down to a level that the club can properly service without being hamstrung by the terms of the deal struck by Craig Whyte. â??These numbers alone show there is no need for the club to be placed into liquidation. But letâ??s be honest here, why on earth are we even discussing liquidation when we are dealing with a club that can bring in more than 47,000 fans to watch a legends game.â? Whyteâ??s original deal left the club facing massive instalments every summer, which would have wiped out up to 60 per cent of all cash raised from season-ticket sales over the next three years. A ruling at the court of session declared that while Whyteâ??s deal could not legally be dismissed as null and void the £27m of Ticketus debt makes the firm the clubâ??s largest unsecured creditor. Murrayâ??s plan is to remove them from any CVA pot and offer a higher pence in the pound deal to HMRC in the hope of doing a deal to save the club from liquidation. And now he has successfully persuaded Ticketus to relax the crippling terms and conditions of their deal with Whyte. The restructured agreement will also mean Rangers have nothing to pay for the first two years of the Blue Knightsâ?? regime. And, even then, Ticketus will only be paid back in dribs and drabs when the club have coined in extra revenue from qualifying for European competitions. Ticketus will also supply Murrayâ??s regime with a £10m loan to cover the clubâ??s runnings costs until they launch a share issue to bring fans on board. The money will allow Murray and his group to carry out talks with key first-team players with the aim of keeping most of Ally McCoistâ??s squad intact over the summer. The cash would be repaid in full from the money raised by putting the shares on the market and opening the club up to a form of fan ownership. Murray added: â??Our original aim was to get Ticketus on board so we could restructure the original deal and assist our efforts to secure a CVA. This deal does both. â??It is important we recognise the role of Ticketus. They have been demonised because of their part in the original deal with Whyte. â??But they have been supportive and professional. Clearly, they have an interest in making sure that Rangers survive but the concessions they have made have been painful for Ticketus and are in the best interests of the club. They have agreed to this to help Rangers survive and prosper. â??Not only are they prepared to write off very significant sums but they are also committed to putting more money into the club in the short term which would give us the ability, this coming summer, to carry out some essential activity in terms of the first-team squad. â??In effect, what Ticketus are prepared to do here is act like a â??supportive bankâ?? in order to help us stabilise the club. â??The deal reflects Ticketusâ?? position as an unsecured creditor and gives the club vital breathing space as Ticketus will not charge interest on the money and they will not expect any repayment for the first two years. â??Any repayments over the remaining seven years are based upon us having European participation. If we are not in Europe we wonâ??t be paying anything back. â??Itâ??s perfectly in line with the Blue Knightsâ?? business plan which is to have the club breaking even on domestic revenue alone. Any European income will be a bonus which can be reinvested in terms of transfer activity and so on.â? A consortium from Singapore has also been invited to bid for the club by administrators Duff and Phelps, who last week rejected an indicative bid from Sale Sharks owner Brian Kennedy, below. Kennedy and the Blue Knights have remained adamant the club can be saved without going into liquidation. And both camps are suspicious of the motives of the men from the Far East and North America. By the end of this week one of the interested parties is expected to be granted preferred bidder status and a two-week period of exclusivity to examine the full extent of the financial carnage Whyte left behind.

Who brought Rangers to their attention?

Dave King has been out there as well.

My mistake. Admin have sent out notices of a creditors meeting to be held at noon on 20th April at Ibrox. The voting forms and 'statutory proposals' will be on rangers.co.uk this Thursday, 5th April Meeting called in accordance with Rule 2.28 of the Scotland Insolvency Rules (1986)

Just seen this posted on FF.

Would that be the accounts showing us with money in the Bank, or the other one?

Was there not supposed to be something released by Admins at some point re. financial report?

To be fair, the managing members of Club 9 Sports â?? the new owners and most recent saviors of the Quad City Mallards â?? do indeed like the game of hockey. That's not why they are here, however. Club 9 means business. Serious business. They are building a portfolio and they have a plan. That plan starts with a franchise in trouble. Just under two years ago, Jon Pritchett and business partner John Prutch formed Club 9 Sports to serve as a subsidiary of banking firm Prometheus Capital Partners, LLC, and sports advisory firm Tobacco Road Capitalists. The Quad City Mallards are the group's first franchise purchase, though they have other assets in business target areas identified by CEO Pritchett as "sports entertainment, media and recreation." Club 9 is in the process of building its sports franchise portfolio and is looking specifically for teams in distress, but also teams that they believe exist in a market with opportunity. Then came the Mallards â?? a team abandoned suddenly for reasons yet to be clarified by former owner Eric Karls and a team on its third new owner in three years. Pritchett has made it quite clear that Club 9 knows what is it getting into. Their plan goes like this: Find and purchase a team that Pritchett described as "distressed, undervalued or out of favor," rehabilitate the team within what they view as an opportunistic market, and exit -- selling the team to a viable ownership candidate. "That's how we get our return," Pritchett said. "It takes a while to find those kinds of things. They are out there, but you have a lot of work to do. "Typically, it's five to eight years, but the way that we're set up with some of our partners and private equity planners, we can operate the team and keep them depending on how they perform. â?¦ I don't think in Quad-Cities there is any kind of short-term play here. It's going to take a while. There needs to be stability, and it's not an overnight proposition." Pritchett did something similar few years ago while with General Sports Venue. In 2006, the firm worked up a licensing arrangement with the AstroTurf brand, and quickly grew the brand's revenue from $1 million to close to $50 million. Shortly after selling the business, Club 9 Sports was formed. So, why QC? "I think there's a legacy of history there that we understand and like," Pritchett said. "It's a good hockey market. There's not a whole lot of competition from a standpoint of discretionary sports spending. It's a nice facility with a good relationship between the building and the franchise. They've proven that when things are working, they can be successful on the ice and in the front office." Pritchett said inconsistency has been the hockey market's greatest enemy. He said there must be stability in order to put a proper strategy in place and execute that plan. He said the right amount of capital is also key. It's not expensive, but it's not cheap, he said. "It takes a while to get the mojo back, but once you do that, and you prove to people that you'll give them a quality product and care about them, it's going to be worth the money put into that, because they'll come back," Pritchett said. He believes the Central Hockey League is the right fit, but added that he doesn't believe the league is as important as the team and the market's stability. As for the team, front-office work gets underway first. He hopes to hire someone that will serve as both general manager and coach by the end of this week, noting that 2010-11 coach Frank Anzalone will be a candidate. The front office will then be assembled. Pritchett said changes will be made there. Change, overall, appears to be a common thread.

From FF The Jon Pritchett mentioned in the following piece is the CEO of Club9 sports Four shareholders have filed a lawsuit against former executives of Team Sports Entertainment Inc., which failed to create a stock-car racing league that would compete with NASCAR. That effort, Huntersville-based Team Racing Auto Circuit, was abandoned in August. Its first season was supposed to begin this spring. The suit alleges breach of contract, wrongful conversion of company monies, mismanagement, breach of fiduciary duty and fraud. Named in the suit are William Miller, former chief executive of Team Sports, and Jon Pritchett, former president. In an Aug. 14 filing with the Securities and Exchange Commission, the public company reported a cumulative loss of nearly $7 million since its creation in 2001. In a press release about the suit, shareholder Edward Garland says, "The company and its directors thought they were getting an experienced CEO capable of completing the company's team auto racing concept. Instead it got a man full of greed who wanted control of the company for himself." The suit, filed in Fulton County, Ga., Superior Court, pins Team Sports shareholder losses of more than $50 million on the former managers. Miller left TRAC in August 2002 and Pritchett departed soon after. Company officials were unavailable for comment. Team Sports Entertainment is a sports and entertainment-marketing company based in Huntersville

Sheffield Wed. gave them short shrift. If they are not good enough for them, I don't want them at Rangers.

You Liberals are all the same, shoot the fud.

What's your thoughts on the young lad that was on the bench yesterday?

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