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FACT Ticketus owns the next three years' revenue from season ticket sales. FACT Craig Whyte owns 86% of the shares in Rangers FC I don't like either of these facts anymore than you do but we have to deal with them.

Whether we like it or not Ticketus presently own the next three years' revenue from season ticket sales. Whoever takes over Rangers has to do a deal with them. They can either pay them cash to get the season ticket book income back or they can offer them shares in the club in return for the repatriation of the season ticket money. To my mind, the latter makes more sense. To those of you who say we should just stick two fingers up at Ticketus and force them to sue Whyte, remember this. For any deal to work, we need Whyte to agree to sell his shares to the new owner. He is not going to do so if he thinks he is going to be landed with the Ticketus debt. ATM the administrators can argue with some strength that Whyte is owed nothing because he only invested £1 in the club. Lumber him with the Ticketus loan and the dynamics of the deal changes completely. In short, I think we should back the Blue Knights deal.

This may not be all bad news. I don't think Ticketus are backing Paul Murray as such. They and Paul Murray are just considering all the options. The fact remains that whoever takes the club over has to come to some sort of deal with Ticketus because, whether we like it or not, they own the season ticket revenue for the next three years. It seems to me that the new owner would need to get out of this arrangement. This could be done by buying the season ticket money back (£20 million plus VAT) or by giving Ticketus some shares in the club i.e. a debt for equity swap. This is a perfectly common financial arrangement. If I were Paul Murray I'd prefer to give Ticketus a share of the club than hand over cash to them. There could even be an agreement to buy their shares back over time with a fans share issue. In short, I'm not too concerned by this development.