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Rangers bidder Murray says he's done Ticketus deal
Published : 03 Apr 2012 16:16:57
Former Rangers director Paul Murray said Tuesday that he had struck a deal with Ticketus that will see them write off "very significant sums" they believed are owed to them by the Scottish champions.
Murray's Blue Knights consortium are set to submit their bid for cash-strapped Glasgow giants Rangers on Wednesday ahead of the deadline set by administrators Duff and Phelps for best and final offers.
Deals between Rangers owner Craig Whyte and Ticketus over the sale of future season tickets were worth some £30.5 million ($48.7 million) in total but, with £27 million still owed to the London-based company, it was reported Tuesday that Ticketus were willing to accept just £10 million back.
It has been suggested they will allow Murray to pay the debt back over nine years, while also supplying Murray's regime with a £10-million loan to cover the club's running costs until they launched a share issue.
Murray told the Daily Record: "Clearly, they have an interest in making sure that Rangers survive but the concessions they have made have been painful for Ticketus and are in the best interests of the club.
"They have agreed to this to help Rangers survive and prosper.
"Not only are they prepared to write off very significant sums but they are also committed to putting more money into the club in the short term which would give us the ability, this coming summer, to carry out some essential activity in terms of the first-team squad.
"The deal reflects Ticketus' position as an unsecured creditor and gives the club vital breathing space as Ticketus will not charge interest on the money and they will not expect any repayment for the first two years.
"Any repayments over the remaining seven years are based upon us having European participation. If we are not in Europe we won't be paying anything back.
"It's perfectly in line with the Blue Knights' business plan which is to have the club breaking even on domestic revenue alone. Any European income will be a bonus which can be reinvested in terms of transfer activity and so on."
Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill of £9 million built up since Whyte took charge at Ibrox in May.
That meant Rangers were docked 10 points -- a move that effectively handed this season's Scottish Premier League (SPL) title to arch Glasgow rivals Celtic, who now only need a point at Kilmarnock on Saturday to be crowned champions.
Administrators are appointed to run a company that cannot pay its debts.