A court ruling is expected this afternoon over the validity of the season ticket deal between Rangers and Ticketus.
Whatever the outcome is the London-based agency will remain critical to whether Rangers avoid liquidation.
If the companies position is upheld they’ll remain as secured creditor entitled to the income of around 25,000 season tickets for each of the next three seasons.
If Duff and Phelps have their way they’ll become an ordinary creditor, in the same way as HMRC, as the club attempt to get out of administration.
Should the legality of Ticketus be confirmed it’s likely that two of the four conditional offers for Rangers will be withdrawn leaving Paul Murray and the mysterious Blue Knights, which includes Ticketus, in pole position.
With Craig Whyte seeing no reason to sell his 85% shareholding and judgement on a tax bill of £49m still to be delivered a quick settlement is highly unlikely.
Paul Murray has led the most high profile campaign to take over Rangers and remains uncertain about the effect of today’s ruling.
Asked out the impact of today’s decision on the other bidders Murray told The Scotsman: “It will be interesting to see how they react, depending on what the judge says.
“Ticketus are part of our bid and any agreement with them is obviously dependent on their legal position. So we have to clarify what that is first of all before we finalise any terms with them.
“In my judgment, if they [Ticketus] are an unsecured creditor, probably the biggest unsecured creditor until the EBT case is determined, even bigger than HMRC, then they are obviously going to have a seat at the table. They are going to be the main creditor voting on a CVA [Company Voluntary Agreement].
“From our point of view, a CVA is far and away the preference here in terms of the exit from administration, as opposed to liquidation. So, if they are an unsecured creditor, then I think working with them in partnership is the most effective way of exiting administration via CVA.
“But, obviously, the terms have to be right for Rangers. The terms will have to reflect Ticketus’ position.”
Last weekend Murray had spoken about his hope to be in charge of Rangers before Sunday’s match with Celtic in order to give the club a lift.
With half a dozen other obstacles to overcome and enquires on-going from the SFA and SPL it seems certain that the saga over the debts and ownership of Rangers will continue for months to come.
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