Rangers administration: Blue Knights and Ticketus to bid for Rangers

ON another day of fast-moving events, the crisis at Rangers could be viewed to have receded slightly following confirmation last night that a rescue package was in the process of being put together by the Blue Knights consortium, led by former Ibrox director Paul Murray.

The latest in a series of surprise revelations with regards to the Ibrox club is that the proposal is in collaboration with Ticketus, the firm who played a key role in current owner Craig Whyte’s ill-starred takeover of the Scottish champions last May, and also fans’ groups.

In another positive development, Rangers’ administrators have also confirmed that the players have agreed a wage-reduction deal that has secured jobs at the club. Duff and Phelps say there are minor issues to be resolved but a deal is in place to keep the playing squad intact and prevent redundancies among the general work force.

The temporary wage cuts among the players range from between 25 per cent and 75 per cent of their salaries. The senior management team, including manager Ally McCoist, have also agreed temporary wage cuts.

“We are especially grateful to the manager, Ally McCoist, who has put the interests of the Club, his players and the staff first and foremost at all times,” said a statement from Duff and Phelps. “Senior first team players have also been very helpful in trying to secure a successful outcome.

More positive news emerged last night with the release of a statement from the Blue Knights consortium, who are in the final stages of preparing an offer to be put to the administrators prior to next Friday’s deadline.

Murray expressed the hope that the group 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”. Members of the consortium will meet the administrators on Monday in order to discuss the proposed deal “in detail”.

There was, however, no mention of Dave King, the South African-based businessman who it had been anticipated would offer Murray financial backing.

King, it emerged yesterday, will not be permitted by the Scottish Football Association to be an official at the club post-administration, since he was sitting on the board when Rangers entered administration on 14 February. On Thursday the SFA ruled that Whyte was not a “fit and proper” person to run a football club following an independent inquiry into the stricken club, one which centred on revelations that the businessman was previously disqualified as a company director for seven years from 2000.

The impulse for Rangers supporters might be to blanche at news of an official association with Ticketus. The London-based financial firm emerged as a surprise backer for the Blue Knights consortium, who are one of several interested parties holding talks with the club’s administrators. Also on board are three fans’ groups - the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust.

Ticketus became notorious with Rangers supporters after agreeing a deal with Whyte to purchase Ibrox season tickets for the next three seasons. Whyte is understood to have used this money, raised from the mortgaging of up to 100,000 season tickets, to help fund his takeover of the club, which he then put into administration just eight months later. “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,” read the statement, which was released by a PR firm working on behalf of Ticketus.

“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.”

For the time being, Rangers will commit to a cost-cutting programme that was finally put in place by the administrators last night, following agreement with the Rangers playing staff. As a result, non-playing job losses, according to a statement from Duff and Phelps, are “being kept to a minimum”. However, one recently appointed employee has left, it was confirmed. The Rangers office in London, which was only opened in January with a view to expanding the club’s international brand in overseas markets, has been closed, meaning Misha Sher’s role of “Global Partnerships Director” has been made redundant.