Ticketus case decision (analysis in first post)

[Danny 0]

The timothy's are going NUTS about this. Half of them saying Liquidation is THE ONLY WAY. LOL.

 

Glad you're feeling upbeat about it. My first reaction wasn't how Celtic feel about this.

[Gers4Life 0]

So what now for season ticket renewals? Where does the money go?? Looks like Whyte has well and truly screwed us

[BlueMazza 0]

The good news is they didn't get preferred creditor status. That's really important imo. It would give them more right to our assets than they have. So ignore the Septics and take it as reasonable news. We are in no worse position than we were a few weeks ago. We might lose some bidders, we'll see.

[BlueMazza 0]

Glad you're feeling upbeat about it. My first reaction wasn't how Celtic feel about this.

 

Um actually it was the full twitter stream of news was Celtic accounts. They are claiming the death of Rangers based on a judge saying he won't give guidance, not whether the contract can be torn up or not. He also confirmed Ticketus are not preferential creditors.

Please do not presume to think what my first thoughts were. I had plenty others which I've been discussing on twitter.

[johnnyk 158]

Ticketus Statement

 

Response to court ruling

 

Ticketus is issuing a statement following today’s decision by Lord Hodge not to grant the Administrators’ request for the Court to give them the right to tear up the ticket purchase agreement (the “contract”) Ticketus has with Rangers Football Club (“Rangers” or “the Club”). The legality of Ticketus’ contract was not an issue.

 

The Court has made it clear today that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the Administrators are able to significantly improve returns for creditors and improve the chance of returning the Club to a going concern.

 

 

 

Given the strength of the Blue Knights Consortium’s bid, and Ticketus’ role in this with its contract remaining valid and enforceable, we question the ability for this to happen.

 

 

Ticketus’ position

 

Ticketus has a duty to its investors to protect the investment that it currently has in the Club. As previously stated, we will do everything necessary to defend our position to ensure our contract is honoured and our investors’ interests are protected.

 

With Ticketus as part of the solution, the Blue Knights Consortium, led by Paul Murray, can achieve a rapid resolution for the Club and provide it with a future that is free of unnecessary uncertainty. By incorporating Ticketus into their bid, the Consortium is uniquely able to secure this outcome.

 

 

 

Blue Knights Consortium’s Bid

 

Ticketus’ preference remains being part of a solution that brings financial stability to the Club. We are confident that the Consortium’s bid is in the best interests of the Club, its fans and creditors by guaranteeing the future of Rangers and ending this period of uncertainty for the Club.

 

Collectively, the Consortium has the ability to provide the Club with the financial stability it needs to continue to perform at the highest level of competition. The Consortium is committed to providing Rangers’ loyal fan base with the transparency and disclosure it deserves, as well as exploring ways for fans to have a closer relationship with the management of their Club.

 

 

Resolution

 

With every week that passes, further value is destroyed in the Club. To conclude the administration process as soon as possible so that the Club can secure its future in the hands of a new owner is in everyone’s interest. We feel confident that we can conclude this process more swiftly than other bidders.

[GovanAllan 0]

Not great and not bad more a case of the judge getting skelfs in his arse, important bit for me is they aren't a preferred creditor so they to get in the Q.

 

Another thing on the sale of the club it may get the not so serious bidders out the way and leave it to the guys who actually want the club.

[Owain 0]

We don't owe them money, we owe them season tickets so they weren't going to be a preferred creditor.

 

The guidence couldn't be given to the admin because they wanted to tear the deal up. You can't get guidence for something you can't do.

 

This is not good.

[Bluedell 5,329]

Ticketus has a duty to its investors to protect the investment that it currently has in the Club. As previously stated, we will do everything necessary to defend our position to ensure our contract is honoured and our investors' interests are protected.

 

Ticketus are making it quite clear where their priorities lie. What say you, Blue Knights?

 

Does this look like Ticketus will meekly accept a renegotiation of their contract afterwards?

[Bluedell 5,329]

So what now for season ticket renewals? Where does the money go?? Looks like Whyte has well and truly screwed us

 

The annual £10m shortfall that we had has now increased to £16 million+, given the huge chunk of our income that is going to be diverted to satisfy the interests of the investors of Ticketus.

[Darthter 542]

The Court has made it clear today that the Ticketus contract cannot be breached unless there is substantial evidence that by doing so the Administrators are able to significantly improve returns for creditors and improve the chance of returning the Club to a going concern.

 

Given the strength of the Blue Knights Consortium’s bid, and Ticketus’ role in this with its contract remaining valid and enforceable, we question the ability for this to happen.

 

My reading of this is that if Ticketus was not part of the BK's consortium, their coats would then be on a VERY shaky peg. However the BK's bid process has now ensured that the contact is enforceable & may therefore scupper any other bids!!!