Ticketus Withdraw From Blue Knights Rangers Bid

By Community | April 27, 2012

Ticketus has pulled out from the Blue Knights consortium bid and confirmed it will not fund any takeover bid for Rangers.

The investment firm had been in talks with Paul Murray, who is spearheading the Blue Knights’ bid, over helping to finance a takeover deal.

However, they no longer feel they can justify their involvement to their investors with this week’s Scottish Football Association sanctions adding another obstacle to the process.

Ticketus said it had made the move, which will most likely see it become a creditor worth £27m, with its investors’ interests at heart.

The firm struck a deal with owner Craig Whyte for licences for future Ibrox season tickets having previously reached a similar arrangement with Sir David Murray when owned Rangers in 2009.

In a statement, the London-based firm said: “Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus today confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement.

“Consequently Ticketus is no longer able to play a role in the consortium’s bid for The Rangers Football Club PLC at this stage.”

A spokesman for the branch of Octopus investments said: “Ticketus first and foremost has a duty to its investors to protect the investment that it currently has in the club. Our willingness to work with all interested bidders, and to try and be part of a solution for the club, was undertaken with the objective to agree terms that would satisfy both our investors’ needs as well as being in the interests of the club, its fans and its creditors.

“Regrettably over the course of this week it became impossible to reconcile these interests with the proposals put forward by the Blue Knights as the terms of a deal became clearer.”

While withdrawing financial backing, Ticketus claimed it remains supportive of the Blue Knights and their efforts to rescue Rangers.

The spokesman commented: “After much hard work from all parties involved, we are deeply disappointed that we are unable to secure an agreement with the Blue Knights. We do not wish to attach any blame to the failure of these talks as, while there have been frustrations on all sides at times, we believe all parties have been acting in good faith to agree terms.

“Paul Murray and the Blue Knights have the interests of the club at heart and we wish them well as they continue to try to secure the best outcome for the club and its fans. We hope that a swift resolution can be found for the club that will enable it to continue to play a leading role in Scottish football.”