Savage Henry Posted February 21, 2012 Share Posted February 21, 2012 Indeed, thought i think Naismith has a year or two left on his contract so he wont go unless he is advised to just take a payoff and then get a free start somewhere down south next season. Lafferty, if he is out of contract at the end of this seaosn and currently injured would be near the top of the list for a compromise deal IMHO So it's not all bad news for Rangers fans then? 0 Quote Link to comment Share on other sites More sharing options...
SodjesSixteenIncher Posted February 21, 2012 Share Posted February 21, 2012 Decent analysis there. The TicketUS issue seems to be wrapped up in the OLD or New Rangers needing to use Ibrox. Therefore meaning that TicketUS can resell the tickets to the fans and get there 24m back while meaning that Rangers New or Old have no revenue from Ibrox ticket sales for years...............best option...would be for Newco Rangers to play somewhere else........Ground share anyone? Now where else in Glasgow could you hold 50+ thousand every other Sat..........mmmmmmmmmm Hampden? That's to assume Whyte intends to wriggle out of Ticketus deal. Whyte's team (especially Betts) are tied into Ticketus/Octopus. Plus Johnston confirmed weeks ago that Rangers already use Ticketus. "Hey, you know my mate Craig, the cheeky lad who's always robbing creditors by liquidating companies?" "Whyty! I know him well. Top bloke" "Gonne lend him £24.4m to buy that company Rangers that you know are facing £49-75m of tax debt" "No worries. I'll write the cheque to Craig then" I'm not buying that 0 Quote Link to comment Share on other sites More sharing options...
~~~ Posted February 21, 2012 Share Posted February 21, 2012 Indeed, thought i think Naismith has a year or two left on his contract so he wont go unless he is advised to just take a payoff and then get a free start somewhere down south next season. Lafferty, if he is out of contract at the end of this seaosn and currently injured would be near the top of the list for a compromise deal IMHO So it's not all bad news for Rangers fans then? I'm sure i heard he has a clause on his contract meaning if he plays a few more games this season Burnley will be due money, If that's true i think it's safe to say he's played his last game for the club. 0 Quote Link to comment Share on other sites More sharing options...
Skyline Drifter Posted February 21, 2012 Share Posted February 21, 2012 Indeed, thought i think Naismith has a year or two left on his contract so he wont go unless he is advised to just take a payoff and then get a free start somewhere down south next season. You're implying he has some kind of choice in this? He doesn't. He'll go if the administrators believe his wages are money down the drain, which considering he won't play for nigh on a year is a given. He'll be entitled to have his contract paid up of course as a secured "football creditor" but sacking him will enable them to put the liability on the back burner. He doesn't get a choice in it just as the Dundee players didn't. 0 Quote Link to comment Share on other sites More sharing options...
Savage Henry Posted February 21, 2012 Share Posted February 21, 2012 I'm sure i heard he has a clause on his contract meaning if he plays a few more games this season Burnley will be due money, If that's true i think it's safe to say he's played his last game for the club. Michael Ball all over again. Why do Rangers keep putting these clauses in contracts? Oh aye, so they can flog their players for no apparent reason. 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted February 21, 2012 Share Posted February 21, 2012 My initial thoughts on Ticketus are that they may have bought tickets from Rangers but are guaranteed payment based on ticket sales at Ibrox, whether Rangers FC are the stars of the show or not. 0 Quote Link to comment Share on other sites More sharing options...
swedishsale Posted February 21, 2012 Share Posted February 21, 2012 You're implying he has some kind of choice in this? He doesn't. He'll go if the administrators believe his wages are money down the drain, which considering he won't play for nigh on a year is a given. He'll be entitled to have his contract paid up of course as a secured "football creditor" but sacking him will enable them to put the liability on the back burner. He doesn't get a choice in it just as the Dundee players didn't. It is a negotiation....and he does have choices which balance the potential risk of gettng nothing (because of Liquidation) getting a new club quickly, or just sitting there picking up wages....both sides have choices it is a matter of whether they can agree a way forward or end up going legal now or in the future 0 Quote Link to comment Share on other sites More sharing options...
Ivo den Bieman Posted February 21, 2012 Share Posted February 21, 2012 Latest financial unravellings according to the Daily Ranger Cosity leads from the front in calling for pay cuts to keep the tea ladies in a job 0 Quote Link to comment Share on other sites More sharing options...
SodjesSixteenIncher Posted February 21, 2012 Share Posted February 21, 2012 Latest financial unravellings according to the Daily Ranger Cosity leads from the front in calling for pay cuts to keep the tea ladies in a job So the link between Ticketus and Whyte (Betts) has been taking kickbacks? The more I see, the more certain I am that they will be owning Ibrox soon. 0 Quote Link to comment Share on other sites More sharing options...
topcat(The most tip top) Posted February 21, 2012 Share Posted February 21, 2012 A little bit of research on Ticketus They are primarilly backed by Octopus Investments an investment group with about £2bn of funds under management about £230 through Venture Capital Trusts. I found the following summary of their operation as one of the types of low risk operation that an Octopus Secure VCT would invest your money into EXAMPLE COMPANY – TICKETUS THE BUSINESS The Ticketus business model is based on purchasing an allocation of tickets for an event, up to two years in advance. (An example of this will be season tickets for English Premiership Football Clubs.) Event organisers receive a discounted price versus face value for their tickets in return for an immediate level of ticket sales. Ticketus is then able to sell the tickets on to the general public at face value, to mitigate the potential distribution risk. The event organisers will distribute this portion of tickets first through their normal distribution channels, which allows Ticketus to recover its original investment, plus a margin. Get investment advice now or call us on 0800 678 5929 PROTECTION Ticketus only buys tickets for well established, long running events that regularly sell out. It only buys a portion of the tickets available, and ensures its tickets are sold ahead of other stocks available. By buying in bulk and in advance, Ticketus is able to purchase at a discount to the price at which it intends to sell the tickets. LIQUIDITY In order to provide investors with a clear exit route, the Octopus VCT Directors intend to seek shareholder approval to wind up the Octopus VCT and return capital to shareholders after the end of the five year holding period. Octopus expects that this approval will take place at the AGM scheduled to be held in August 2015. This will allow investors to release capital, or perhaps re-invest into a new VCT and receive another tranche of 30% income tax relief (assuming that the appropriate VCT legislation is still in force in 2015). TARGETED MINIMUM RETURN Over the life of the investment, this product is designed to deliver a minimum effective tax free return of 50%, after all fees and charges. This is calculated as 100p invested less the 30p income tax relief (which provides an effective net investment cost of 70p) with a targeted minimum return to investors of 105p. This equates to an annualised tax free return of 7.85% (equivalent to a return of 13.08% per annum for a 40% taxpayer). Octopus will not receive their AMC until this has been achieved. OCTOPUS INVESTMENT TEAM With a total of 120 staff including a team of over 30 investment professionals, Octopus has over £230 million invested in 17 VCTs under Octopus management. The text seems originates from the brochure they released in late 2009, They've doubled in size since then http://www.cfgwealthmanagement.co.uk/files/pdf_09/Octopus%20Secure%20VCT%20Brochure.pdf You've probably already seen the statement they released last week http://www.octopusinvestments.com/press/news.html?newsId=363 It looks like they're saying that Rangers don't owe them money so they're not fighting for a place in the queue with all the other creditors. What they do own however is the first x thousand season tickets sold this summer, next summer and maybe a few subsequent summers This would make their investment safe as long as Rangers season ticket sales next season don't drop below the number that Ticketus bought. The obvious question is whether the "Rangers FC" season tickets that Ticketus own would be valid for "Glasgow Rangers FC" next season. It appears that if all the rangers season ticket holders didn't renew and instead switched to Pay as you go then they could effectively help the club bump Ticketus for several million pound. Were I in charge at Ibrox I'd offer a "club membership" deal where you sign up to be direct debited on a game by game basis and that activates your membership card for that game. 0 Quote Link to comment Share on other sites More sharing options...
Skyline Drifter Posted February 21, 2012 Share Posted February 21, 2012 It is a negotiation....and he does have choices which balance the potential risk of gettng nothing (because of Liquidation) getting a new club quickly, or just sitting there picking up wages....both sides have choices it is a matter of whether they can agree a way forward or end up going legal now or in the future No it isn't (unless the administrators want to negotiate of course). The employer always has the right to dispense with an employee if he so wishes. Employment rights notwithstanding, you can't make them keep you. You can sue for breach of contract, involve unions, tribunals, etc, but you can't make them keep you on. If the administrators decide to pay him or anyone else off in the meantime then they will be gone. 0 Quote Link to comment Share on other sites More sharing options...
pozbaird Posted February 21, 2012 Author Share Posted February 21, 2012 (edited) Latest financial unravellings according to the Daily Ranger Cosity leads from the front in calling for pay cuts to keep the tea ladies in a job Comment following the McCoist story copy/pasted below.... No-one mention the big tax case... the wee soul is feeling chipper, best let him enjoy it. talktothehand wrote: After this week we will have turned the corner, onwards and upwards, I can see the light at the end of the tunnel, in 2 years time we will be back above that lot where we belong. Edited February 21, 2012 by pozbaird 0 Quote Link to comment Share on other sites More sharing options...
Richie Posted February 21, 2012 Share Posted February 21, 2012 So it's not aactually a pay cut at all. It's just a deferral of some wages? Which will presumably be paid at a later, more financially sound date. 0 Quote Link to comment Share on other sites More sharing options...
P45 Posted February 21, 2012 Share Posted February 21, 2012 Cosity leads from the front in calling for pay cuts to keep the tea ladies in a job More pro-Rangers spin. How many tea ladies were they planning to get rid of to get that sandbag Cousin in on £5000 p/w? 0 Quote Link to comment Share on other sites More sharing options...
swedishsale Posted February 21, 2012 Share Posted February 21, 2012 Latest financial unravellings according to the Daily Ranger Cosity leads from the front in calling for pay cuts to keep the tea ladies in a job A great Gesture. But if it is correct and RFC are £10m per year over budget and with a wage bill of £1.3m per month on players only..it will be an unfortunantly empty one 0 Quote Link to comment Share on other sites More sharing options...
H_B Posted February 21, 2012 Share Posted February 21, 2012 No it isn't (unless the administrators want to negotiate of course). The employer always has the right to dispense with an employee if he so wishes. Employment rights notwithstanding, you can't make them keep you. You can sue for breach of contract, involve unions, tribunals, etc, but you can't make them keep you on. If the administrators decide to pay him or anyone else off in the meantime then they will be gone. Correct. 0 Quote Link to comment Share on other sites More sharing options...
swedishsale Posted February 21, 2012 Share Posted February 21, 2012 No it isn't (unless the administrators want to negotiate of course). The employer always has the right to dispense with an employee if he so wishes. Employment rights notwithstanding, you can't make them keep you. You can sue for breach of contract, involve unions, tribunals, etc, but you can't make them keep you on. If the administrators decide to pay him or anyone else off in the meantime then they will be gone. Which is what I would call a negotiation.....I will do X of you do Y etc etc 0 Quote Link to comment Share on other sites More sharing options...
HibeeJibee Posted February 21, 2012 Share Posted February 21, 2012 Rangers Now, Rangers in Admin...or Ranger 2012 post liquidation....issue would be that if that is the case then any new owner who wants to use Ibrox will have very little in the way of season ticket money to play with for a large number of years It's worth noting that Whyte has only 'mortgaged' about 30% of Rangers ST sales each season, IIRC. He took a sliver over £6M p/a and if Rangers have a bit over 35,000 STs paying a bit over £500, it's £19M. This is only front page, there's still the £59 million debt to the revenue that was in place before he took over the club. That's still subject to the tribunal. Geoff Brown sooking in with the bigots now: http://www.bbc.co.uk...otball/17106764 He was asked a question to which he provided an answer. He makes it clear that he doesn't support the sort of practices which have gone on at Ibrox - but that's a seperate matter to the financial cost, to other clubs, of Rangers not existing. Which for clubs like St Johnstone is very substantial. Their turn-over hovers around £4M and over 1/3 of that's SPL prizemoney. Then add-in OF gates/hospitality/cup prizemonies/etc. 0 Quote Link to comment Share on other sites More sharing options...
swedishsale Posted February 21, 2012 Share Posted February 21, 2012 Correct. You are correct in that you cannot make them keep you as an employee but you can make them pay you either by Compromise Agreement, or Trubuneral (if you win) 0 Quote Link to comment Share on other sites More sharing options...
Savage Henry Posted February 21, 2012 Share Posted February 21, 2012 A great Gesture. But if it is correct and RFC are £10m per year over budget and with a wage bill of £1.3m per month on players only..it will be an unfortunantly empty one It's hard not to have sympathy with McCoist here. He's being surprisingly dignified considering Whyte has basically shafted him. 0 Quote Link to comment Share on other sites More sharing options...
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