It looks like Rangers (Administration) won't owe the money for season tickets back to Ticketus as is was secured against a different company....Whytes walking with the cash Gutted but **** me that's incredible
But as he done them over & they are not secured creditors they could now swing the vote to stop any CVA going through unless it sees them get most of the money back!! Did they not also say its not clear if Whyte is even a secured creditor?? They haven't even gone through the finances at any level yet so god knows why they come out with these statements about the club continuing & should hope to be out of admin by end of March.............how can you do that when you don;t even know the finances???
There's got to be more to this? Tickets must have known rangers had the tax case hanging over them and Rama risk of going tits up. Not very bright to give them £24m and not secure it??
The suggestion is Ticketus made an error in not checking the signed agreement as the company name was not The Rangers Football Club Ltd but The Rangers FC Group Ltd which is the parent company which Whyte set up (originally named Wavetower) when he bought the club. The parent company do not own assets and therefore they are not a secured creditor. The administrators also suggest Whyte wasn't either though!!! If Ticketus stick with HMRC they could wind the club up and force the sale of assets to recover the debt through liquidation if a reasonable offer is not made through a CVA. This would help them save face and try & stop others from doing the same and obviously recoup more cash. This will run & run. HMRC refused offers from Whyte to negotiate an offer on the debt before Administration - they wont back down now unless they get close to the 80p mark in my opinion.
Wasn't the ticketus deal done before craig whyte bought the club so how could it be a deal with rangers fc? You cant make a deal for a company you dont own. My suspicion is that whyte will have to liquidate rangers to recieve his monies to pay back ticketus via his parent company. People thinking ticketus would be niave to just give out 24m without assurances and guarentees have clearly never seen a contract for this type of transaction.
When was the deal done with ticketus and how are they not secured then? Liquidation is the only way anyone will get money..........Ibrox or Murray Park?
cant give you the facts but the media suggests the deal was done days before the takeover in may. If we look at the facts, rangers published accounts showed they owed lyods 18m and they also were not making any profit. Therefore the risk of administration or liquidation would be very high and its naive to think this company would not know all this and just gave mr whyte 24m for the season tickets for the next 3 years. The key to this will be uncovering the deal with ticketus and what securities they have but i suspect the securities that mr whyte has will actually be transfered to ticketus when they move for insolvency on mr whytes company.
So the security is with Whytes company (the parent company - Wavetower)......but that company isn't in administration so thats another court case coming up!!! Wavetower Ltd (as they were) are owned by another company Liberty Capital or something........**** sake this is too late for this!! I'm guessing the security is Rangers At least they will have a new owner soon.
Wavetower was the name of rangers fc ltd before the takeover. Once the takeover was complete wavetower changed name to rangers fc ltd, and is owned by mr whyte and are the secured creditor in this administration process.
If the Ticketus money never went through Rangers accounts, then how would they have a say on the CVA? Technically Rangers have nothing to do with Ticketus. I would imagine if they want their money then they are going to have to chase ol' Whytey personally.
Only speculating here dont want to get in trouble. Now if ticketus and whytes securities are one and the same thing then basically ticketus bought rangers not whyte, he's just the middle man. Whyte borrows 24.4m to cover the share purchase agreement (says its closer to 20, I suspect 21.5m) pays 18m to lyods then pays back ticketus 3.5m. http://www.dailyrecord.co.uk/football/spl/2012/01/31/rangers-owner-craig-whyte-admits-he-sold-four-years-worth-of-season-tickets-to-keep-ibrox-club-running-86908-23728301/ Borrows an extra 6m for future season tickets against rangers. Ticketus will get they're money through whyte as he's the secured creditor after administration. So now ticketus have security for they're money and have just become creditors for 6m. People kept wondeering what was in it for ticketus well basically they are getting money for nothing. Buy rangers put them into administration before the tax case, get they're money back as secured creditors and get a bonus of probably 20p on the pound for 6m+.
The Administrators seemed to doubt he was a secured creditor!!!! & now it has come to light that Ticketus are not a creditor because they actually own the season tickets!!!!
