scotfree

Rangers bidder Bill Ng denies agreeing a deal with Ticketus By Alasdair Lamont BBC Scotland The Singaporean consortium led by Bill Ng that is bidding for Rangers has denied that an agreement has been struck with Ticketus. On Monday, Paul Murray's Blue Knights said it was "stepping back" from the process because its bid could not match the deal Ticketus and Ng had struck. "We have not agreed on any terms with Ticketus at the moment," Ng told BBC Scotland. A rival bid from American Bill Miller is being considered by administrators. Ng added: "I do not want to speculate on the reasons of Blue Knights' withdrawal but the apparent withdrawal from the bidding process by the Blue Knights means only that the chances of taking over increases for the two remaining bidders left in the process." Continue reading the main story “ We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA ” Paul Murray Blue Knights consortium He would not comment on reports suggesting his consortium has offered £14m and more immediate repayment terms to Ticketus, the firm who supplied Craig Whyte with funds to buy Rangers last May. The Blue Knights, with Ticketus as a partner, had appeared to be front-runners to take the club over from administrators Duff & Phelps. It had hoped to be named preferred bidder on Friday and was asked to provide a £500,000 non-refundable deposit for exclusivity. Murray told BBC Scotland that Ticketus were not prepared to provide this cash for the administrators on Friday and over the weekend he said it became clear that Ticketus had agreed a "substantially" better deal with Ng's group of investors. "We stand ready to complete our offer of 4 April which included a deal in principle with Ticketus. We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA," said Murray. With the Blue Knights cooling its interest, perhaps temporarily, it leaves Ng and Miller to fight it out for control of the Glasgow club. "The best interest for Rangers will be the best bid forward; we accept this as a matter of fact," said Ng. "I do not have the facts of what Mr Bill Miller has proposed. I only know what I can do and what my plans are for the club, if I am successful. Use accessible player and disable flyout menus "I believe it is more important for me to stay focused at this point of time and prepare for our ground works, regardless of the result of the announcement by the administrators." Meanwhile, Sale Sharks owner Brian Kennedy has reiterated his claim that he may re-enter the bidding process should the club face liquidation, rather than an exit from administration through a company voluntary arrangement. "I do not want to distract the time-critical process of appointing preferred bidders," he said. "However, should this fall through with the effect of endangering the existence of RFC, I would reconsider my position." LOLZ

You don't know who Trevor Francis is ??? http://en.wikipedia.org/wiki/Trevor_Francis

Good Post Mate

Gutted. Feel sorry for all the fans that travelled down for the game. The team has let us down again.

Bench. Langfield mackie Magennis Anderson and fyvie

Team : Brown, McArdle, Reynolds, Considine, Robertson, Arnason, Clark, Jack, Vernon, Fallon, Hughes.

I'm Getting nervous as fuck now. :ultras: :ultras: :ultras: :ultras: :ultras: :ultras:

North Korean missile falls apart-missing target by 100 miles'. NATO have called it a blatant act of, Torres ism

:lolabove:

:lolabove:

Since i posted that i have got in to putting a bet on. And i'm rather good at. No idea why like. But i still stand by my post that the Grand National should be banned in that it fucks up horses.

Fixed

Don't be so fucking pedantic.

Well?

Only for him to pick up you Jager.

If this does happen, i would lose all faith in it SPL. I don't go to games any more as I'm a wee bit far away. But the lower leagues are looking good at the moment. And I'm sure I'm not the only one that thinks so.

Can.

I'm off to Australia.

Aberdeen 6 Rangers 0. This day 1954. Scottish Cup Semi Final.

Anyone Watched Drive? Best film i have watched in a long time. No that it means much but it got 93% on Rotten Tomatoes. Cool Soundtrack as well.

This.

Fat Cunt.

http://news.stv.tv/scotland/west-central/301435-rangers-administrators-lose-in-court-move-to-ditch-244m-ticketus-deal/ A judge has refused an attempt by Rangers administrators to gain legal guidance on whether they could breach a £25.3m season ticket deal. Duff and Phelps had sought directions from the Court of Session over whether they could renege on the agreement and not pay Ticketus the proceeds of sales. At the Court of Session on Friday Lord Hodge returned his decision on the move by the insolvency firm, stating that he would not give them guidance on what could be done in this case. He told the court that he did not have enough information regarding the situation at the crisis-hit club to make a ruling. However, the administrators claimed they could still press ahead with a move to tear up the deal if it was "in the interests of creditors generally". After the hearing, Paul Clark, joint administrator, said: "We welcome the decisions announced by Lord Hodge today and view them as a significant step towards clarifying the future for Rangers Football Club. "Lord Hodge has made it clear that the Ticketus arrangements do not mean Ticketus has property or real rights over seats at the stadium or, indeed, the proceeds from the sale of future season tickets. "Lord Hodge has stated Ticketus has what are known as contractual rights, essentially a contract between the club and themselves. It is clear from the judgement that, as administrators, we have the statutory right and powers to have the company (the club) refuse to honour the Ticketus arrangements if such a decision would be in the interests of creditors generally." Lord Hodge declined to grant Ticketus, which is backing the Blue Knights consortium to take over the club, preferential treatment as creditors under English law. The judge also confirmed that "in Scots insolvency law, a contracting party who has paid in advance for an asset does not thereby acquire an equitable right in the thing and is treated as an unsecured creditor." Sale Sharks Rugby Union Club owner Brian Kennedy, who has submitted a conditional bid for Rangers, released a statement after the court outcome. He said: "I am taking legal advice to find out what the court ruling means with regard to the indebtedness of Rangers Football Club and until that is clarified I will be making no further comment." In response to the agreement, the firm that is part of Octopus Investments released a statement. It read: "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 Ticketus has with Rangers Football 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." 'Protect investors' Ticketus stated the company "will do everything necessary to defend our position to ensure our contract is honoured and our investors’ interests are protected." In the statement, the firm also claimed that it is "part of the solution" to Rangers’ financial plight. It is backing the Blue Knights consortium led by ex-Ibrox director Paul Murray, which submitted an indicative bid for the club last week. The statement added: "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. "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." Rangers owner Craig Whyte sold off 100,000 season tickets at Ibrox until 2015 for £25.3m which effectively funded his takeover as he used part of the cash to wipe off the club’s £18m debt to Lloyds Banking Group. The court heard on Friday that £20.3m for season tickets from 2011 to 2013 was paid by Ticketus on May 9 last year, three days after Mr Whyte bought his 85% shareholding in the club for a nominal £1 from Sir David Murray. A second tranche of season tickets for 2013 to 2015 was sold to Ticketus on September 21, for around £5.07m. The court had previously heard the season tickets would have brought in around £48m into the club over those four years. Duff and Phelps had claimed that the deal would hamper their attempts to sell the club. The administrators QC David Sellar had claimed in court that two of the four indicative bids for the club were dependent on the Ticketus deal being breached. In his decision, Lord Hodge noted: "I am informed that the expected income flow from the sale of the season tickets is likely to represent about 60% of the cash flow of Rangers in those seasons. "Accordingly, the sale of that income flow is likely to have a significant effect on what interested parties may bid for the majority shareholding in Rangers or for that company's business and assets." The judge noted on Friday that "An administrator would not be acting in breach of his duty to the company if he refused to perform a contract having acted reasonably to satisfy himself that the continued performance of the contract (i) would impede his achievement of the objectives of the administration and (ii) was not in the interests of the company's creditors as a body." However, Lord Hodge felt that if the administrators could establish reasonable grounds for ripping up the Ticketus contract, they would most likely need "legal justification" to do so. The judge also found: "I am satisfied that I cannot give the original direction which the administrators have sought without further information about the relevant circumstances of the administration and the administrators' proposals in the light of their discussions with interested parties." Lord Hodge also addressed the status of the Ticketus deal should Rangers go into liquidation. He stated "as a general rule" if a company sought a court order to enforce a contract with a firm in liquidation, "it should refuse to do so because the company could not perform or because such an order would conflict with the statutory duties of the liquidator."

Mike Farrell ? In Scots insolvency law, a contracting party who has paid in advance for an asset does not thereby acquire an equitable right in the thing..