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Ticketus set to lodge £27m legal claim against Rangers owner Craig Whyte

Ticketus is set to launch a legal claim against Glasgow Rangers Football Club owner Craig Whyte for £27m, according to BBC Scotland.

Octopus Investments owns Ticketus, a London-based firm which provided Rangers with “working capital” in exchange for future season ticket sales through its protected EIS.

Ticketus claims Whyte gave personal guarantees in connection with the four-year deal which is thought to be worth around £24m.

On February 14, Rangers entered administration as a result of a tax dispute with HM Revenue and Customs. It is thought the club’s total debt could reach £134m.

In February, Glasgow Rangers’ administrators Duff & Phelps said it was unclear on the whereabouts of £24m advanced from Ticketus to Rangers’ account.

It later clarified that £18m of £24m advanced had been accounted for and was used to pay off Rangers’ debt to Lloyds Banking Group when the club was taken over by current owner Craig Whyte last May.

It is thought that Whyte’s finance company, Liberty Capital, which owns a 10.8 per cent stake in Merchant Capital and is registered in the British Virgin islands, is expected to be the focus of the legal action taken by Ticketus.

AWD Chase de Vere and St James’s Place have both said they have a small number of clients invested in the Octopus protected EIS caught up in the Glasgow Rangers’ administration.

Last month, it emerged that over half of the money owed to Ticketus by Glasgow Rangers would have been wiped out if the Blue Knights Consortium had taken over the club under the proposed terms.

Ticketus pulled out of discussions with the Blue Knight’s Consortium over a deal to buy Glasgow Rangers Football Club in April.

Ticketus said it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement.

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  1. Scrottie McBoogerballs 11th May 2012 at 1:55 pm

    the man is a crook and should be banged up in the slammer

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