21/Apr/2014 - Last News Update: 03:16

Ticketus contract with Rangers 'is being terminated'

Category: Scotland

Published: 18th May 2012 14:36:51

Administrators at Rangers Football Club have told Ticketus they are terminating its contract over future season ticket sales, it has been claimed.

The claim was made by Charles Green, who is leading the consortium which is on track to take over the club.

London-based Ticketus are owed £26.7m from a deal struck with chairman Craig Whyte last May for the future sale of three years' worth of season tickets.

Mr Whyte gave personal guarantees to Ticketus over capital issued to Ibrox.

Earlier this month, Ticketus formally launched legal action against him over money it was owed.

The finance firm purchased tickets from the club at the time of the businessman's takeover last May.

Sources close to Ticketus described the apparent move to terminate the contract as "a formality" as it was already being treated as a creditor in a CVA, which implied the ticket deal would no longer stand.

It is understood Ticketus will not appeal against its termination.

Mr Green made the revelation about the Ticketus contract in a statement which followed several meetings with supporters' representatives.

"My initial thoughts prior to these meetings was that season tickets prices should be increased as they had not been raised in the last three years," he said.

"However, taking on board the fans' concerns, I can confirm that when my consortium completes the purchase of Rangers and takes over the running of the club, season ticket prices will be frozen for next season.

"The club's administrators have informed me they have written to Ticketus to terminate the agreement that is currently in place with the club and supporters can now take heart from the fact that season ticket sales will be as normal."

He added: "Once we are in a position to issue season ticket renewals, and that will be as soon as possible, I would urge all fans to continue showing the tremendous support they have given to the club."

Mr Green added that in view of the public announcement this week that the Plus Market was to close, the consortium intended to make arrangements to list Rangers Football Club on an alternative market "at the earliest opportunity".

The English venture capitalist is leading a "worldwide consortium" which has agreed an £8.5m deal to buy Rangers.

He has said there were 20 individuals from Asia, the Middle East, Far East and the UK are involved.

And Green has revealed two of the names involved in his Sevco group: Indonesian investor Jude Allen and Mazen Houssami, a lawyer from the Middle East.

"These two are very prominent in their areas," Green told the Rangers website.

"And in addition to these two names there is also a Singapore family trust."

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2012. Ticketus contract with Rangers 'is being terminated' [Online] (Updated 18th May 2012)
Available at: http://www.ukwirednews.com/news/1429481/Ticketus-contract-with-Rangers-is-being-terminated [Accessed 21st Apr 2014]

News In Other Categories

  • Story of Joseph Heller's 'forgotten' Catch-22 script

    After Joseph Heller published his seminal war novel Catch-22 he adapted the book for the stage. He hoped it would go to Broadway - but more than 40 years on, his script has very rarely been performed. Now it is finally getting its UK premiere.
  • Luke Donald edged out by Matt Kuchar at RBC Heritage

    Luke Donald finished second at the RBC Heritage as Matt Kuchar's final-round 64 earned victory in South Carolina.
  • David Cameron risks 'alienation', public figures claim

    David Cameron could cause "alienation" with his comments about Christianity in the UK, public figures have warned.
  • Story of Joseph Heller's 'forgotten' Catch-22 script

    After Joseph Heller published his seminal war novel Catch-22 he adapted the book for the stage. He hoped it would go to Broadway - but more than 40 years on, his script has very rarely been performed. Now it is finally getting its UK premiere.
  • Biker dies after crash with 4x4 towing boat at Cardigan

    A motorcyclist who was seriously injured when his machine collided with a 4x4 towing a trailer carrying an inflatable boat has died, said police.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com