10 April 2013 Statement regarding legal proceedings against Mr Craig Whyte
Ticketus can confirm that it has been undertaking legal proceedings against Mr Whyte.
As part of these proceedings, Ticketus confirms that a Judgment was issued in its favour on Friday 5th April 2013 following a claim it made against Craig Whyte.
The Judgment relates to Ticketus’ claim against Mr Whyte for the serious and deliberate misrepresentations he made during the due diligence process that Ticketus conducted ahead of entering into the ticket purchase agreement with Rangers Football Club plc (“the Club”) in May 2011, when Mr Whyte owned the Club.
Ticketus would not have entered into the ticket purchase agreement with the Club if Mr Whyte had disclosed, as required, relevant information concerning his previous seven year disqualification from serving as a director, and the reasons for the disqualification.
The Judgment consequently is for damages of £17.7 million, which is the total amount Ticketus invested through the ticket purchase agreement; (further interest of around £680,000 and costs have also been awarded). Ticketus will now seek payment of these sums from Mr Whyte. If such payment is not made, Ticketus will enforce its rights to receive such damages.
Ticketus can confirm that during the proceedings Mr Whyte also raised counter-claims against Ticketus. These were rejected in the Judgment.
The Judgment does not preclude Ticketus from continuing in the proceedings to pursue Mr Whyte under the personal and corporate guarantees built into the ticket purchase agreement as it seeks to recover funds on behalf of its investors.
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27 April 2012 Statement on Rangers Football Club
Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus today confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement. Consequently Ticketus is no longer able to play a role in the Consortium’s bid for The Rangers Football Club PLC at this stage.
Ticketus first and foremost has a duty to its investors to protect the investment that it currently has in the Club. Our willingness to work with all interested bidders, and to try and be part of a solution for the Club, was undertaken with the objective to agree terms that would satisfy both our investors’ needs as well as being in the interests of the Club, its fans and its creditors. Regrettably over the course of this week it became impossible to reconcile these interests with the proposals put forward by the Blue Knights as the terms of a deal became clearer.
There have been a number of challenging issues that have emerged over the course of the last month, including delays to the administration process, the SPL’s ruling and the recent news from the SFA, all of which have affected the value of the Club and added complexity to the bidding process and our discussions with the Blue Knights
After much hard work from all parties involved, we are deeply disappointed that we are unable to secure an agreement with the Blue Knights. We do not wish to attach any blame to the failure of these talks as, while there have been frustrations on all sides at times, we believe all parties have been acting in good faith to agree terms.
Paul Murray and the Blue Knights have the interests of the Club at heart and we wish them well as they continue to try to secure the best outcome for the Club and its fans. We hope that a swift resolution can be found for the Club that will enable it to continue to play a leading role in Scottish football.
04 April 2012 Statement from the Blue Knights Consortium
The Blue Knights Consortium, led by Paul Murray and supported by fans’ representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today’s deadline, as requested by the Administrators.
The members of the Consortium remain united in their belief that a collaborative approach is essential in securing the Club’s future through a successful and swift CVA process. The Consortium strongly believes that a CVA, not liquidation, is the best way to protect the Club’s value and legacy and consequently that is the approach presented in our offer.
Commenting on the final bid, Paul Murray said: “We are determined to try and save the Club in its current form. We strongly believe that there is value to be gained from the financial and football benefits that a CVA can deliver that would be immediately lost if the Club went into liquidation.
“We are confident in the strength of our bid and the Consortium’s unique ability to rapidly return financial stability to the Club with the support of Ticketus. As a Rangers fan first and foremost, I want to bring a swift end to the current uncertainties that are clouding the Club. Our bid can deliver this.”
23 March 2012 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.
9 March 2012 Statement on Rangers Football Club
The “Blue Knights”, led by Paul Murray, today confirm that they are finalising an offer for Rangers Football Club (“the Club”) in partnership with fans’ representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus (together, “the Consortium”).
The members of the Consortium are united in their belief that a collaborative approach is essential in securing the Club’s future through a CVA, thereby achieving a fair and fast resolution that will put the Club on a secure financial footing. Through a CVA rather than liquidation, the Club will benefit from being able to qualify for future European competition and access the significant revenues associated with this. Preserving this revenue stream, and the Club’s 140 year old legacy, is paramount and in the best interests of all parties.
Paul Murray said:
“I believe that the Blue Knights, working in collaboration with the fans and Ticketus, are able to deliver an attractive solution that will see the Club emerge from administration with a clear plan for the future that will bring the financial stability that the Club needs.”
“We firmly believe that a CVA is the best way forwards and we are working hard to offer a solution that will enable this to happen. As the Administrators have stated, the alternative route of putting the Club into liquidation is much less attractive for creditors, supporters and players, with its capacity to destroy value. Under current UEFA rules, a football club is banned from European competition for three years in the event of liquidation. Taking this route would have a significant impact on Rangers’ future revenues and the overall financial viability of the Club, so it is something we want to avoid.”
“We believe that the Blue Knights understand very clearly what needs to be done to stabilise the Club, and represent the most attractive long-term solution to Rangers’ financial situation. We are therefore backing their bid and will be an active partner, contributing to a successful outcome. We believe working alongside the Blue Knights and fans’ representatives offers the best chance of the Club surviving and becoming a viable business.”
The Consortium is confident that the Club can achieve financial stability through appropriate restructuring and the appointment of a new and experienced board with a sensible business plan.
The Consortium have spoken to the Administrators today to tell them that they will be working together to buy the club out of the CVA process and will be meeting the Administrators to discuss the proposed deal in detail on Monday.
The Consortium will continue to work with the Administrators as it finalises its bid in order to bring a swift resolution for the Club, its fans and employees.
1 March 2012 - Statement regarding Rangers Football Club
Following a meeting yesterday with Rangers Football Club's (the "Club" or "Rangers") administrators Duff & Phelps, Ticketus would like to state its desire for a rapid and successful conclusion to the Club's administration process and confirm its willingness to enter into discussions with any serious potential bidders for the Club.
We met with the administrators yesterday to make it clear that we intend to be part of a solution for the Club, and to ensure a fast and fair resolution is achieved for all parties. We outlined that this includes working with potential purchasers to help provide various financing solutions to the Club that would be attractive to new owners.
Ticketus believes that the best outcome for Rangers, its fans, Ticketus and our investors is for the administration process to be concluded as soon as possible, with a purchaser found who is able to bring stability to the Club.
Ticketus has an obligation to its investors to pursue all avenues to ensure that the ticket purchase agreement it entered into with the Club is honoured, and we are committed to going to the lengths necessary to ensure that the future of the Club is preserved and its agreement with Ticketus fulfilled. We believe that our investors' interests are aligned to those looking to safeguard the Club's future.
We have already been in contact with a number of other key stakeholders, including potential bidders and fans' representatives, and believe working collaboratively with all parties to create a solution for the Club that puts it on a secure financial footing must be everyone's priority.
Ticketus looks forward to continuing to work with the administrators and serious potential bidders to secure a positive outcome for the Club.
Notes to Editors
What does Ticketus do?
Why does it do it?
What are the benefits to the football club (and its fans)?
How does Ticketus make a profit?
Why don't sports clubs and other organisations using Ticketus just borrow the money from a bank?
Does Ticketus set season ticket prices?
Who does Ticketus work with?