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Octopus' Ticketus abandons Rangers rescue bid
by Sarah Miloudi on Apr 27, 2012 at 13:11
Octopus' Ticketus has pulled out of the investors group trying to save stricken Scottish football side Rangers.
Ticketus said that after discussions with the Blue Knights Consortium it had decided to withdraw from the bid.
In a statement it said that following extensive talks with the consortium, which is led by Paul Murray, it had been unable to settle 'satisfactory terms of agreement' for its investors around the restructuring of its ticket purchase agreement.
'Consequently Ticketus is no longer able to play a role in the consortium’s bid for Rangers Football Club PLC at this stage,' it said.
The Glasgow football squad fell into difficulties earlier this year as mounting debts estimated at around £134 million weighed on the club's balance sheet.
Murray's Blue Knights consortium also includes Henderson fund manager John Bennett, who runs the asset manager's European Focus Trust, as well as the £1.1 billion European Selected Opportunities fund.
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