A KC acting for ‘Rangers’ has told Lord Braid that the draft agreement with Elite Sports over breach of contract hasn’t reflected the bargain struck between the legal teams last week.
Four years after Hummel pulled out of a three year contract it was thought that the matter had been resolved with the administrators for the sportswear firm getting a deal to take back to their creditors.
It is believed that Elite were looking for a figure of £9.5m for the lost profit on the three year deal that they signed upto in 2018 which was portrayed as a breakthrough as Dave King ended the long running Sports Direct dispute.
Eventually an out of court settlement was agreed with the Mike Ashley’s firm but it seems that there are issues with last week’s reported settlement with lawyers for Elite Sports.
Now they are having to settle up for breaking the Elite deal with STV reporting:
Last week, lawyers told Lord Braid that a deal had been agreed between parties in “the last minute of stoppage time.” No sum was disclosed.
However lawyers in the matter returned to court on Thursday to tell Lord Braid that the matter hadn’t yet settled.
Elite’s lawyer David Thomson KC said the deal agreed between the firm and Rangers had to be put in writing.
He said that a draft agreement had been given to lawyers acting for Rangers but that the Glasgow club hadn’t given any instructions to their lawyers about the agreement.
The advocate acting for Rangers, Gavin MacColl KC, told the court that the draft contained things that hadn’t been agreed between parties last week.
He told Lord Braid that the proposed agreement didn’t “reflect the bargain” made between parties last week.
Lord Braid told the lawyers that they had a two-week deadline to settle the action.
He told them that the matter would call in court next Tuesday to see if matters had been resolved.
Anything relating to the ‘settlement’ is pure speculation but the timescale for the payment could well be the issue.
In other circumstances payment over two or three year years would be acceptable but with Elite in administration there is a pressing need to increase the pot to make an offer to creditors, jam tomorrow isn’t much use.
With the Champions League income stream closed off every invoice now carries more weight, with Elite hammering at the door it seems unlikely that Phil Clement will be making any more signings before the transfer window closes on August 30.
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