In full: Ticketus statement on Rangers

IN the wake of today’s news that no ruling was made on Duff & Phelps’ request for legal guidance to annull the ticket purchase agreement between Ticketus and Rangers, Ticketus have released the following 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.