A judge has declined to give Ticketus preferential treatment as a creditor of Glasgow Rangers Football Club.
Duff and Phelps went to the Court of Session in Edinburgh last week to seek legal directions on whether they could break the club’s agreement with Ticketus. The Ticketus deal, in which the firm offered Rangers working capital in exchange for future season ticket sales, allowed Craig Whyte to pay off the Ibrox club’s bank debt and complete his takeover in May last year.
Ticketus say it has a legally-binding agreement to receive £27million back in the next three years. However, the administrators argued the deal could put off potential investors in the club.
Octopus Investments owns Ticketus through an EIS. Last month, it issued a statement confirming Ticketus is one of a number of companies the Octopus EIS invests in. It added Ticketus, which has been linked to one of the attempts to buy the club, is continuing to work with administrators and Rangers on the matter.