AJ requests that Insolvency Service investigates takeover

[GeneralCartmanLee 313]

Pretty woman? wtf?

Ok, on that (assets not Pretty Woman)

Which assets did murray actually leave us? As, he seems to have already stripped out the important ones

Someone lecturing someone about asset stripping who doesn't seem to have the first clue himself

[GeneralCartmanLee 313]

Outsourcing is not asset stripping ....why outlaw can't grasp this simple fact i don't know.

[lanbrox 10]

Even I am getting fed up with all this off the field shit. It would depress the fuck out of the most well balanced. All we hear is half truths, subversive inuendo & speculation, downright lies and doom and gloom. Let's leave that shit to the dark side, it's what they are born to.

I just want to be a supporter of the greatest Club on earth, not a tax expert, nor a business guru, nor a venture capitalist.

All will be revealed in good time. In our owners good time and not at the behest of the taig minded who are on a feeding frenzy and who just want to twist any facts, make lies the truth and demonise our Club.

Stay postive, stay cool(rich coming from me I know!), show a united front and show the rabble scum what loyalty is all about!

Remember, there will always be Rangers FC!

[barbear 1]

Outsourcing is not asset stripping ....why outlaw can't grasp this simple fact i don't know.

Agreed, but owning a football club and then outsourcing services to other companies you own at the expense of the football club isn't great either. I'd love to know the profit margin built into the deals 'won' by Azure Catering, Response and Carnegie Information Systems.

[GeneralCartmanLee 313]

Agreed, but owning a football club and then outsourcing services to other companies you own at the expense of the football club isn't great either. I'd love to know the profit margin built into the deals 'won' by Azure Catering, Response and Carnegie Information Systems.

I've mever seen the proof the deals were at the expense of rangers Rangers....

As long as the deals were competitive then surely our chairman making money from it is better than another outsourcing company....

[gunslinger 270]

closer to 20 million could mean 22.19 million.

we can be sure its not less than 20 million.

[forlanssister 157]

From an interview with Darrell King:

Contrary to a report elsewhere this week, no form has been signed that would allow season-ticket money to be used as a guarantee against any future loans; indeed, the form lodged at Companies House by RFCG last month does the opposite: it prevents season-ticket money from being used for that purpose.

What Whyte says there is 100% true, no form had been signed that would allow the season-ticket money to be used as a guarantee against any future loan, by obtaining the monies for the season-tickets upfront it removes any possibility of raising a loan against the future tickets, after all you can't put something up for security if it no longer exists.

So you are now saying it was a purchase, so why would we owe them any money for something they "purchased" take your time a definitive will be most welcome, loan = zero vat, or purchase = zero repayments, which is it.

Yes it was a purchase, Ticketus purchased a portion of 4 years season tickets (over 100,000 tickets in total) at a discounted rate. VAT is due on the sale of season-tickets.

You do understand that VAT is charged on season tickets don't you?

If you buy a season-ticket from Rangers, Rangers then forward a proportion of the cost to HMRC as VAT, you understand that don't you?

So why then would Rangers not be due to pay VAT to HMRC for the season-tickets they sold to Ticketus ?

Rangers don't make "repayments" to Ticketus they just act as agents for Ticketus and forward the monies for the season-tickets that are owned by Ticketsus.

Perhaps with your superior knowledge you should contact Watford and see if they'll cut you in on a deal if you can recover the VAT that according to you they should not have paid to HMRC.

Watford chief executive Julian Winter has told fans not to be concerned by the club selling a percentage of their season tickets for the 2011/12 campaign to a ticket agency.

The half-yearly accounts of the Hornets’ parent company Watford Leisure Plc and the cash offer document for the proposed takeover, which were both released this week, made reference to the agreement with Ticketus Services 35 Limited.

The club sold a percentage of their season tickets for the 2011/12 campaign to Ticketus in December in exchange for just over £1.5m.

The £1.506m, plus VAT, is secured against the sale of future tickets and is fully repayable before the end of June this year.

There is also an agreement between the two where Ticketus appointed Watford as their ‘agent’ to sell the tickets.

"Forming an agreement with Ticketus is a means of the club managing a cashflow issue," Winter said.

"We borrowed against a percentage of our projected season ticket sales back in December.

"Supporters should not be concerned, however, when it comes to season ticket purchases.

Winter added: "Let me make it clear that fans will be dealing directly with the club. It will then be our business to deal with Ticketus at the appropriate time."

http://www.watfordobserver.co.uk/sport/watfordfc/watfordfcnews/8946398.Watford_fans_have_no_cause_for_concern_over_ticket_agency/

Laurence Bassini has stated he has put around £10m into Watford since his takeover.

“There has been a lot said by people who think I have just bought the club for £440,000 and that is it," Bassini said.

“Yes I did buy the club for £440,000 but I put £1m into the bond repayment on day one to pay that, I also lodged another £1.5m, which is held, to come off the bond – so there is £2.5m put in to start paying off the bond.

“I have put in £3.5m in working capital, the club owed Ticketus £1.5m plus VAT so I have paid them £1.9m and Strand Hanson was owed money, so I paid them that £240,000.

“I have ordered two giant screens – one will be going up now and the other one is awaiting stadium developments on the east side of the ground – that was another £300,000.

“We have spent £100,000 on seating around the stadium. They also owed £570,000 in building work money here, which hadn't been paid for a few years, I paid that.

“SNR Denton solicitors was another fee they hadn't paid, that was £150,000 I paid that and for a new PA tannoy system which is £450,000.

“So that total comes to around £10m. I don't take a salary for working here, I have a team of people who I pay personally so they don't take a penny out of this club, not even for expenses. I just wanted to let (DELETE: those) people know that.”

http://www.watfordobserver.co.uk/sport/watfordfc/watfordfcnews/9128677.Bassini_has_put___10m_into_Watford/

[caseyjones 3,009]

What Whyte says there is 100% true, no form had been signed that would allow the season-ticket money to be used as a guarantee against any future loan, by obtaining the monies for the season-tickets upfront it removes any possibility of raising a loan against the future tickets, after all you can't put something up for security if it no longer exists.

Understand now. Thanks.

[cd true bluenose 86]

correct should have stood up to sdm long before the shit hit the fan ? easy to shut the door after the horse has bolted ?? as the saying goes

[gunslinger 270]

looks like watford paid the vat as the money became due not when the loan was taken out.

[cd true bluenose 86]

is he not after white under the (unfit director )due to him being banned before more than anything else ?

[StudsLonniegan 9]

StudsLonniegan, on 11 February 2012 - 08:31 AM, said:

So you are now saying it was a purchase, so why would we owe them any money for something they "purchased" take your time a definitive will be most welcome, loan = zero vat, or purchase = zero repayments, which is it.

Yes it was a purchase, Ticketus purchased a portion of 4 years season tickets (over 100,000 tickets in total) at a discounted rate. VAT is due on the sale of season-tickets.

You do understand that VAT is charged on season tickets don't you?

If you buy a season-ticket from Rangers, Rangers then forward a proportion of the cost to HMRC as VAT, you understand that don't you?

So why then would Rangers not be due to pay VAT to HMRC for the season-tickets they sold to Ticketus ?

Rangers don't make "repayments" to Ticketus they just act as agents for Ticketus and forward the monies for the season-tickets that are owned by Ticketsus.

Perhaps with your superior knowledge you should contact Watford and see if they'll cut you in on a deal if you can recover the VAT that according to you they should not have paid to HMRC.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Vat is not applicable to loans, you now state we do not make repayments to ticketus so what is or was the alleged 9 million + payment that was missed.

Vat is simply explained below for purchase of season and event tickets, so once again is it a loan deal or a purchase deal. You seem a tad upset that your expertise is being questioned, perhaps your informant should hone up before putting you into print.

10.7 Sales of tickets to events (theatre, concert,

football season tickets etc)

In the case of tickets to a concert (or theatrical performance etc) what you are

selling is the right to attend a particular event. If the ticket is sold before 4 January

342011 VAT of 17.5 per cent is due even if the event does not take place until on or

after that date.

The same principle applies to football season tickets. If these are bought and paid

for prior to 4 January 2011 they are subject to 17.5 per cent VAT even though the

majority of matches may take place after the rate changes to 20 per cent.

[marmalade1872 40]

who will set the prices for the tickets us or ticketus

[StudsLonniegan 9]

who will set the prices for the tickets us or ticketus

Ticketus buy at an agreed discount off face value normally between 10 and 20% depending on how they factor in the risk, so for talking sake if a ticket has a face value of 500 pounds worst case is Ticketus would buy from us for 400 pounds.

[forlanssister 157]

OCTOPUS PRESS STATEMENT ON TICKETUS

17 February 2012

Octopus Investments would like to clarify the position of Ticketus with regard to the current Glasgow Rangers coverage.

Ticketus is one of the many entities into which Octopus Protected EIS invests. Ticketus has purchased tickets for Glasgow Rangers games for a number of seasons in advance, as it has done for a number of years previously with the club.

Ticketus does not lend money; Ticketus is the owner of assets - the tickets. Octopus is continuing to work with the administrators and Glasgow Rangers on this matter.

http://www.octopusinvestments.com/press/news.html?newsId=363

[AMMS 27]

So if the club comes out of administration but not as a 'new' company they 'own' our tickets? But if we close and a new 'company' is formed all deals are off and they've lost their money? Are they that stupid or perhaps its me that is?

[Boab 73]

So if the club comes out of administration but not as a 'new' company they 'own' our tickets? But if we close and a new 'company' is formed all deals are off and they've lost their money? Are they that stupid or perhaps its me that is?

Yes, was just said on BBC news.

[gunslinger 270]

Yes, was just said on BBC news.

so realistically its liquidation.

which explains the administrator saying. we won't "be liquidated and close down"