Paul Murray insists it will be easier for financially-crippled Rangers to exit administration with Ticketus on board supporting their bid.
Ex-Gers director keen for crisis club to exit administration
Ex-Rangers director Paul Murray insists it will be easier for the financially-crippled club to exit administration with Ticketus on board supporting their bid.
The London-based investment firm were named as surprise backers of Murray's Blue Knights consortium bid when details of his proposed takeover were revealed on Friday.
Current incumbent Craig Whyte gained control of the SPL giants via the £24.4million secured from Ticketus against sales of 100,000 future season tickets.
Under the terms of Whyte's deal with Ticketus, Rangers will be hamstrung by massive repayments at the start of the next three seasons, leaving them exposed to serious financial peril for the foreseeable future.
Murray believes as Ticketus are the largest stakeholder in the club they more than anyone are desperate for the Gers to survive and prosper in order to ensure they recoup their investment.
The plan will alleviate the pressure on the club's debt with Ticketus and parent company Octopus backing the Blue Knights' cash offer and pledging to provide running costs until a share issue launch, which would entitle fans to buy a stake in the club.
Combined approach
"Ticketus approached me about 10 days ago with a view to supporting our bid," Murray told the
Daily Record.
"Our primary objective is to try to complete a successful CVA (Company Voluntary Arrangement) exit from administration. I believe a combined approach with Ticketus makes that easier.
"Initially Ticketus were presented in a bad light given their association with Craig Whyte's takeover but they advanced the money in good faith - and remember, that money was used to pay off the club's debt to Lloyd's Banking Group.
"They are also a substantial business who have completed 50-60 football ticket deals. Some say Ticketus have no rights and no security so why deal with them?
"It is a matter of fact, however, that they are the largest stakeholder in the club, even bigger than HMRC. They therefore have a complete alignment of interest with us to see the club survive and then prosper.
"There are two parties involved as creditors - HMRC and Ticketus - and the last thing the club needs right now is any kind of long legal battle. If we move forward with Ticketus we can proceed in the best interests of the club."
Consortium
Those involved behind the scenes in the Blue Knights consortium have remained a mystery, but now Murray has revealed Scots motoring tycoon Douglas Park along with John Bennett and Scott Murdoch are among those interested.
"The Rangers supporters want to know who the Blue Knights are," Murray told the
Daily Record.
"To date, I have chosen to be the public face because I have the most knowledge of the situation and I am trying to provide a focal point for people to engage with.
"I also did not want to name individuals publicly until everyone was happy.
"This has been a complex and fast-moving situation so I wanted to choose the appropriate time to 'launch' our plan. That time is now.
"There are still discussions taking place with a number of individuals so the group is not final but it is beginning to become clearer.
"There is room for anyone else who wishes to step forward. We need individuals with money and ideas who can help move Rangers forward. I can confirm that some of the people who have expressed interest so far are Douglas Park, a successful and well-known Scottish businessman, John Bennett, a London-based fund manager, and Scott Murdoch, managing partner of a London-based international property advisory company."
