PAUL Murray says he has struck a deal with Ticketus that will see the investment company write off “very significant sums” of cash they believed are owed to them by Rangers.
Former Ibrox director Murray’s Blue Knights consortium will table their bid for the Scottish champions tomorrow ahead of the deadline set by administrators Duff and Phelps for best and final offers.
Deals agreed between owner Craig Whyte and Ticketus over the sale of future season tickets were worth £30.5million in total, with £27million still owed on them, but reports today claim the London-based firm are willing to accept just £10million back.
It has been reported they will allow Murray to pay the debt back over a period of nine years, while also supplying Murray’s regime with a £10million loan to cover the club’s runnings costs until they launch a share issue to bring fans on board.
Murray told the Daily Record: “Our original aim was to get Ticketus on board so we could restructure the original deal and assist our efforts to secure a CVA. This deal does both.
“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.”