Rangers Football Club 0 Posted February 21, 2012 Share Posted February 21, 2012 (edited) LATEST information from Joint Administrators Duff and Phelps More... DUFF and Phelps, Administrators of Rangers Football Club, today issued the following statement. David Whitehouse, joint administrator, said: "Since being appointed administrators last week there has been widespread concern raised with us, not least by Rangers supporters and season ticket holders, about the agreement between the Club and Ticketus. "Following information received, it is now apparent that the proceeds from the Ticketus arrangements amounted initially to a sum in the region of £20 million plus VAT. Subsequently, £18 million was transferred to the Lloyds Banking Group. "The application of the remainder of these proceeds is subject to further examination. "We are now investigating all the circumstances surrounding both the purchase of the majority shareholding in Rangers Football Club plc and the flow of funds which stemmed from the transaction and were intended to fulfil the purchasers' obligations at the time of the sale. "We cannot comment further on these matters while enquiries continue." Edited February 21, 2012 by Zappa 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 21, 2012 Share Posted February 21, 2012 If it could be proven that Donald Muir knew about the ticket deal before the takeover while on the board of directors he would be in BIG trouble. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 21, 2012 Share Posted February 21, 2012 If it could be proven that Donald Muir knew about the ticket deal before the takeover while on the board of directors he would be in BIG trouble. His main concern was to ensure that the bank got paid, and he probably wouldn't worry too much where the cash was coming from. However I tend to think that he would not have known. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 5,856 Posted February 21, 2012 Share Posted February 21, 2012 If it could be proven that Donald Muir knew about the ticket deal before the takeover while on the board of directors he would be in BIG trouble. We need a time line on the Ticketus deal. Considerable speculation at the weekend suggesting the Ticketus deal was concurrent activity with Whyte's due diligence. Further, as I understand it, Whyte initially negotiated 3 years of a tranche of Rangers season tickets for in excess of £18million. I believe this was March/April of last year. The first repayment was due in August, a sum of just under £6million. Whyte could not afford the payment and sold another tranche for a 4th year. 0 Quote Link to post Share on other sites More sharing options...
bluebear54 0 Posted February 21, 2012 Share Posted February 21, 2012 His main concern was to ensure that the bank got paid, and he probably wouldn't worry too much where the cash was coming from. However I tend to think that he would not have known. So - purely speculation of course - who do you think DID know? 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted February 21, 2012 Share Posted February 21, 2012 Surely what Ticketus have done must be against some trading law or other? I can't see how Rangers can be held responsible for a debt that was created by someone who, at the time, had nothing to do with us. In my mind that says that the club owe nothing - and the debt is all CW's. If he is removed as owner, then he can't use our cash to repay the debt. It would be like buying a house to let and being liable for the previous owner's mortgage and having to pay them future rental income in a financial transaction you had nothing to do with... 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 21, 2012 Share Posted February 21, 2012 Surely what Ticketus have done must be against some trading law or other? I can't see how Rangers can be held responsible for a debt that was created by someone who, at the time, had nothing to do with us. In my mind that says that the club owe nothing - and the debt is all CW's. If he is removed as owner, then he can't use our cash to repay the debt. It would be like buying a house to let and being liable for the previous owner's mortgage and having to pay them future rental income in a financial transaction you had nothing to do with... I think it all comes down to timing. Unless and until we have a timeline it is difficult to know what chonology shows to let us see when the debt was created. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 21, 2012 Share Posted February 21, 2012 So - purely speculation of course - who do you think DID know? My guess is none of the board. I suspect Ticketus had a fair idea though. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted February 21, 2012 Share Posted February 21, 2012 His main concern was to ensure that the bank got paid, and he probably wouldn't worry too much where the cash was coming from. However I tend to think that he would not have known. I would like to think you are correct but David Grier claims to be "Donald Muirs' best mate", the same David Grier sat at Whytes' side as AJ asked about the Ticketus deal to which Whyte denied all knowledge of it, this happened while the Ticketus money was sitting in Collyer Bristows client account. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,354 Posted February 21, 2012 Share Posted February 21, 2012 I would like to think you are correct but David Grier claims to be "Donald Muirs' best mate", the same David Grier sat at Whytes' side as AJ asked about the Ticketus deal to which Whyte denied all knowledge of it, this happened while the Ticketus money was sitting in Collyer Bristows client account. Muir did seem very pally with CW in the directors' box during the first couple of games, but hasn#'t been seen since. I'm not fan of Muir but I still tend towards him not knowing. whyte's MO seems to be to for nobody to know. 0 Quote Link to post Share on other sites More sharing options...
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