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GLASGOW RANGERS CLOSE TO GOING BUST
GLASGOW RANGERS CLOSE TO GOING BUST
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Rangers hopeful that £24m Ticketus deal can be written off in legal row
Feb 28 2012 Exclusive by James Traynor & Keith Jackso RANGERS’ hopes were rising last night that they can escape the tentacles of Octopus and write off their £24million ticket deal. And in another dramatic late night twist Record Sport can reveal the men fighting to save Rangers have started legal action to force the release of millions locked in a London account. The administrators believe as much as £4m could be in an account held by Collyer Bristow, the lawyers taken on by Craig Whyte during his buyout. It was into this account Ticketus deposited the £24m after Whyte sold off future season ticket sales. Whyte used this money to pay Lloyds £18m but the insolvency experts reckon there should be millions left in the account. They have had no luck in trying to get Gary Withey, Rangers’ company secretary, who is also a partner at Collyer Bristow, to open up the account. With the axe about to fall on players and staff at Ibrox Duff and Phelps felt they could wait no longer. Last night they instructed London law firm Taylor Wessing to take action in a bid to force the immediate release of Rangers’ money. The Ibrox fans will also be buoyed by the news that the Ticketus deal might not stand up to legal scrutiny. The Ibrox administrators are not convinced Ticketus, who are owned by Octopus, should even be considered creditors. Duff and Phelps have already told Ticketus’ lawyers that under Scots Law the clear advantage WILL lie with Rangers. They will argue that personal rights can’t be assigned and that the rights in this case belong to season ticket holders. With 60 per cent of cash from season tickets set to go to Ticketus until 2015, and with Gers fans threatening a boycott under such a deal, it will be tougher to escape administration. It would also make liquidation more of a threat and scare off any new owner. But if the Ticketus deal is declared void it will be a hugely positive step. The administrators stated their case last week in a meeting with Ticketus’ lawyers Pinsent Masons. Ticketus then wrote to Duff and Phelps stressing the deal still stands but the fact the letter came from the company, and not their lawyers, raised optimism. Rangers’ case would be strengthened if it’s shown Financial Assistance came into play in the takeover. Financial Assistance, or the use of a firm’s assets to raise money to buy that company, is illegal and the authorities will probe this. The administrators believe Rangers can wriggle off the hook and the absence of a legal presence from Ticketus after the meeting last week is regarded as ‘significant’. |
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Another Company preparing to be RIPPED OFF by the mighty RFC , No Shame , No Morals , No Soul !
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https://apply.mbna.co.uk/UKNeoCCapp/entry?sc=82ranggs_ost&mc=ECO-UK-33333-13511
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Interesting piece from Mark HATEley back in 2000
 April 1st 2000 RANGERS have just sounded the death knell for Scottish football’s current set-up. That’s the view of former Ibrox hero Mark Hateley – and his verdict is echoed by former Celtic rival Murdo Macleod. Both believe change is inevitable if Rangers’ staggering pounds 100million investment plan bears fruit. Hateley said: “This is the end of the road for the Scottish set-up as it is now. “Rangers are about to disappear over the horizon and eventually they’ll leave the rest to get on with the SPL – and that includes Celtic. “It’s all very well Rangers winning another title – now their fans want more. It becomes a bit tedious just cleaning up at home, so all the signs point to Europe.” Macleod, who had a spell as No.2 at Parkhead as well as playing there, also fears the worst for his old club. He said: “The points difference at the top of the Premier League is bad enough but when Rangers start racing away in terms of finance it begins to look ominous for Celtic.” The first part of David Murray’s financial scheme is to raise pounds 53.1m to erase his club’s debts and when this is up and running, more cash will follow. But Macleod believes it’s the debt-clearing operation that will set Rangers on the road to a future that Celtic can only dream about. He added: “Rangers are doing it right by getting rid of their debts. They tend to stop a club from growing. We see it all the time in Scottish football. “Then they will be able to go into the transfer market with a sense of purpose – and don’t think that the very best in Europe won’t come to Ibrox. “If a club is financially healthy enough to offer the right wages every top player will have to take a long, hard look at Rangers.” |
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Eviction day in " The Big House "
Remember no swearing  http://i114.photobucket.com/albums/n277/gerrythebhoy/Davina_-1.jpg |
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"A number of rangers players have asked to be released".
But... but... i thought ra berrs didnae dae walkin away.  |