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Thursday, May 1, 2008

Paris St Germain banned from next League Cup Paris St Germain have been banned from defending the League Cup next season after some of their fans unfolded an abusive banner during this season's League Cup final, the French League (LFP) said on Wednesday. (Guardian)

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McManus targets top team return McManus suffered a calf injury in last week's 3-2 victory over Rangers but is confident he can play in Celtic's final three league games. (BBC)
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Tuesday, May 01, 2007
Final stage of Leeds financial failure draws near

After their tragic visit to Istanbul in 2000 when two fans were killed, making Leeds United the most newsworthy football club in Britain, there has been no respite for the Yorkshire club.

Season 2000-2001 ostensibly looked successful, they despatched Deportivo La Coruna, Barcelona and Lazio on their way to the semi final of the Champions League, where they were overcome by Valencia, but crucially their European adventures cost them points in the FA Premier League. They finished fourth, one place from Champions qualification and the income that would provide.

Fans were then delighted with ambition of their board, let by Peter Risdale, but "living the dream" football was about to come off the rails spectacularly as debt topped £100m and income never reached anticipated levels. The next three years saw Leeds sell or release all of their quality players and assets, starting with the £30m sale of Rio Ferdinand and, in 2004, culminating in the sale of their Elland Road ground, as well as their spectacular Thorp Arch training ground for only £4.2m.

Without a property asset on their books, quality players on the field, and soon to be two divisions away from the FA Premiership, yesterday, their board issued a plea on the club website for parties interested in investing in the club to make themselves known, an unusual step, but one consistent with a club who are likely to be in administration within the next three days.

I know we are all familiar with the headline facts of Leeds United’s failure, but there are two lessons worth repeating:

Football clubs have to make a profit, cumulative losses are fatal.

Only fools think that transfer expenditure is a measure of ambition.

Labels:

Posted by Paul67 at 12:30 PM :: 

211 Comments:
  • At 01/05/07 12:37, chennaiseabird said…

    Hail hail.

     
  • At 01/05/07 12:37, michael said…

    The true measure of ambition for a club in Celtic's position is how far we wish to go in Europe.
    Winning the SPL is only a means to that end.

     
  • At 01/05/07 12:38, michael said…

    All this podium malarkey is sooooo Blogger`¬)

     
  • At 01/05/07 12:41, dunfydave said…

    Almost...

     
  • At 01/05/07 12:42, dunfydave said…

    Actually, Michael's second post shouldnt count, so i'll take the bronze

     
  • At 01/05/07 12:43, chennaiseabird said…

    So it is Michael. I feel so empty now :~(

    Poor Leeds, Twice on the brink of greatness, twice they couldn't quite take that final step. So hard for these smaller teams.....

     
  • At 01/05/07 12:44, dunfydave said…

    Paul - Any truth in the "Fernando Torres in talks" rumour?

     
  • At 01/05/07 12:45, Celtic_Gucks said…

    Paul

    Interesting Article. Im only just after reading an article about Leeds' situation online just now.

    http://www.timesonline.co.uk/tol/sport/football/championship/article1723091.ece

    Seth johnson and robbie fowler on the same day for a combined £18million. what the hell were they thinking??!!

     
  • At 01/05/07 12:47, Greenlion2 said…

    You are all cheats and im claiming first...taken from the last thread

    At 01/05/07 12:38, Greenlion2 said…

    im c;aiming a first on the new article I could not post

    On a serious note. The article at the top of the page posted by Cajunbhoy about Gordon not knwoing what he was sent off for is very interesting. In my memory I can never remember us coming out with something like this before.

    We are now calling into doubt the referees handling of the situation from an official capacity. Could this be another referee and laywer both appearing at hampden again.

     
  • At 01/05/07 12:50, Greenlion2 said…

    Also I ahve been sent a link to a book from Amazon for a book named
    Tears in Argentina: Celtics Quest for the world club championship.

    Has anyone read it and is it any good?

     
  • At 01/05/07 12:50, Warszawabhoy said…

    Celtic_Gucks

    Inadvertantly you hit the nail on the head.

    You assumed they were thinking.

     
  • At 01/05/07 12:51, bambi said…

    Celtic_Gucks,

    I don't think they were thinking at that point, they were just buying players for the sake of it. O'Leary had lost the plot with the amount of players in his squad. I think at that point they had Alan Smith, Viduka, Robbie Keane and Robbie Fowler, only Smith cost less than £6mill, they also had Danny Mills, Seth Johnson etc who cost them double their worth. They really showed how not to do it in terms of running a club. I believe they mortgaged the place on the future income from European runs and then failed to get back to the CL by which time the family jewels had to be pawned off.

    They are alledgedly still paying Keane and Fowler!!! David Murray take note.

     
  • At 01/05/07 12:57, BHOYSFOUR said…

    Paul,

    I remember Leeds had a few badboys on the team led by Smith, Bowyer and Woodgate, who were always in the news for their behaviour off the park.

    I think this also played a part in the downfall of Leeds.

    BF

     
  • At 01/05/07 13:08, dunfydave said…

    BF - did those three not "alledgedly" beat up an Asian student in a "racially motivated attack"?? I have no sympathy for Leeds...

     
  • At 01/05/07 13:09, KevinG said…

    new post on www.thelordofthewing.blogspot.com

    all the same lines that greed is bad for the game.

     
  • At 01/05/07 13:29, EdwardUrsus said…

    Hi Paul,
    Your article gives a good illustration of the perils that can hit any club through financial mismanagement, do you think a time could come in the future when a financially astute executive could be bought in the same way and with the same frequency that players are?

     
  • At 01/05/07 13:33, TheLeftWinger said…

    EU,

    No, you can't get rid of Murray on a Bosman........... ;-D

     
  • At 01/05/07 13:47, martinobhoy said…

    Plus Leeds recently signed Tore Andre Flo.

    A sure sign of a team in trouble...

     
  • At 01/05/07 13:51, michael said…

    I don't think Smith was involved,or at least charged.Woodgate was convicted of affray,and did 100 hours community service.Bowyer was acquitted of assault.

    I still think we should look at DHealy to replace Millerinho/Beats/ANother upfront.

     
  • At 01/05/07 13:57, BHOYSFOUR said…

    dunfydave,

    I'm not sure of the culprits, but I think they were all involved at some level.

    I don't know how they were allowed to continue in football if they were convicted of this type of crime.

    BF

     
  • At 01/05/07 13:57, Paul67 said…

    Dunfydave, don’t know a thing about it.

    Edward, a good chief exec is a must-have for any club. Losing a good chief exec might be a bigger blow than losing a top player. Top players can be replaced if you have the funds, chief exec's with experienced dealing with football matters are thin on the ground.

     
  • At 01/05/07 13:59, BHOYSFOUR said…

    michael,

    thanks for the summary, never did like that crew after that incident.

    BF

     
  • At 01/05/07 14:03, BlantyreKev said…

    I'll tell you a true story about Leeds at their height of madness a few years back.

    A young apprentice (Celtic supporter as it happens) is being offered a professional contract. His dad (who told me the story) goes with him. Father and boy very, very excited. Their planning meeting was in the car 5 minutes before the meeting. The fatherly advice is along the lines of this being the first rung on the ladder, grab it, head down, work hard etc. Be nice to the Chairman.

    The father has spoken to a friendly agent known to the Club. The agent meets them at the door and his advice is to let him talk about money, he is confident he'll get £700 per week.

    Peter Ridsdale invites them into the office and pleasantries are exchanged, football chit-chat etc and then he gets a bit serious and says something like "Right, son, we're going to offer you your first pro contract. It's all about football at your age so don't be fooled by the media frenzy, I'm going to make you an offer and you're going to sign it. I really cannot put up with any nonsense at this stage in terms of negotiations, you're not at that stage of your career."

    All a bit intimidating apparently.

    "£1,500 a week. Take it or leave it".

    The father, son and agent stare in shock and say nothing for a few seconds.

    Ridsdale gets mad and stands up. "Bloody hell! Football has gone mad! Right, £1,800 per week but that is absolute top whack or get out".

    The boy immediately tells him that's fine, where do I sign. All three leave the Chairman in his room and do a silent jig up the corridor.

    The boy never made a first team impact and is now playing in a lower league, or perhaps now the same league as Leeds, I'll need to check.

     
  • At 01/05/07 14:13, Celtic_Gucks said…

    Blantyre Kev

    That story you have told is identical to the story that has done the rounds when Seth JOhnson signed. Same thing,agreed with agent only to accept £20,000 plus per week. Ridsdale came straight out and said "right,we'r only giving you £30,000 per week,and no more".

    Furthermore,if Leeds do go into administration,they are automatically docked 10 points. Is it inconcievable they get relegated again next season???!!

     
  • At 01/05/07 14:22, BlantyreKev said…

    Probably lends a bit of credence to the Johnson story, this must have been Ridsdale's tactic but he had so badly misread the market it is incredible.

    I'm sure there's a few players around different clubs with similar stories but to do it on a wholesale capacity as Leeds did is astonishing.

    Probably a real argument to be had again as to the merits of a board, a plc, sub committees etc as opposed to a maverick individual flying by the seat of his pants. I remember listening to Clyde a few years back and BFDJ and other buffoons talking about how important it was to have one man in charge. Laugh? Hell yeah, long and hard.

     
  • At 01/05/07 14:31, thismancraig said…

    Interesting that Leeds sacked David O'Leary despite never finishing outside the top 4 in the Premiership. 18 months and 3 managers later they were relegated to the Championship. They lost out in the play-offs last year before sacking their manager in September(Incredibly they then appointed Dennis Wise, but I digress!).

    'I'd gladly see Strachan leave' - the phrase 'be careful what you wish for springs to mind'!!!!

    Robbie Fowler is not daft though, whilst at Manchester City he was still being paid by Leeds!

     
  • At 01/05/07 14:33, Celtic_Gucks said…

    The Celtic supporters Trust had pushed in previous years for a fan to be on the board,to prevent issues such as what happened at Leeds presumably. I havent heard anymore about it in recent times. Perhaps Paul could shed some light on whether they are still pushing the agenda of fan representation on the board. I think I remember DD saying that this was not going to happen while he was at the club....

     
  • At 01/05/07 14:36, danny said…

    If Leeds go into administration before the last game of the season they will suffer the 10 point penalty this season not next.

     
  • At 01/05/07 14:39, danny said…

    celtic_gucks

    Put me on the board and a repeat of the Leeds scenario is more likely not less !!

     
  • At 01/05/07 14:42, michael said…

    If we're serious about playing 4-5-1 on a regular basis this chap could be the one:
    http://www.telegraph.co.uk/htmlContent.jhtml?html=/archive/1998/06/25/swnflo25.html

     
  • At 01/05/07 14:52, Paul67 said…

    Celtic Gucks, the Supporters Trust did not propose a ‘fan on the board’ motion at the last AGM. I spoke to Sean Hammil (sp) from the Trust afterwards and he was in a very conciliatory tone, as he was when he spoke at the meeting.

    ‘Fan on the board’ is not the point in issue, as there are many fans on the board, the issue is for a supporters group to be able to nominate a person to the board.

    I don’t think DD has said anything on the subject, though Brian Quinn has said on several occasions that a representative from a specific interest group (such as the Trust) could not be accommodated, as PLC board members had to be equally responsible for the interests of all shareholders.

    It is a procedural point which I am surprised got as much attention as it did. Any shareholder can nominate someone for appointment to the board at the moment, but an organisation cannot nominate someone. In other words, as a shareholder, you can nominate someone, but you cannot do so as a club or Trust secretary. The board have the right to accept any nomination.

     
  • At 01/05/07 15:03, the right rev. david hay (preaching pure football) said…

    i think that is my only real bug-bear with GS.
    the lone striker.
    we should never, ever play with one up front in the SPL, or indeed at home versus anyone.
    JVOH certainly after the few times hes played that role is not fit for it.
    henrik larsson on the other hand, maybe if MON had tried the 451 with him we may have went through to the next phase of the CL once or twice.


    fernando torres???? why not just go the whole hog and get gattuso, kaka, C. ronaldo and cannavaro while we are at it.
    sometimes it would be nice to have a multi million pound leader...oops.

     
  • At 01/05/07 15:06, Nae Bread Nae Brains said…

    Celtic Guck

    Do you think that if Leeds had a fan on the board he would have voted against all the spending leading up to their champions league semi?

    Not a chance ! When we were £17mil in debt the fans were hoping for just another £5mil spent post Seville.

     
  • At 01/05/07 15:16, winningemmell said…

    Larsson -

    I am fine amigo and currently goutfree. Happy Feast Day.



    WG

     
  • At 01/05/07 15:23, winningemmell said…

    This happened 36 years ago today -

    Scottish First Division

    Celtic 6 Clyde 1

    The Lions' last hurrah


    Three for Lennox, two for Wallace and one for Chalmers in front of 35,000. I was there as a mere eight-year-old. Simpson was involved in the pre-match limbering up and Williams played in goal if memory serves. Auld had been given a free transfer the previous day and was carried shoulder-high from the field by the rest of the pride - again if memory serves.


    These we have loved.

     
  • At 01/05/07 15:34, winningemmell said…

    I also recall this fabulous performance 25 years ago today

    Scottish Premier League

    Celtic 6 Hibernian 0

    1-0 Burns (15)
    2-0 Crainie (19)
    3-0 Aitken (32)
    4-0 MacLeod (41)

    4-0 HT

    5-0 MacLeod (57)
    6-0 McCluskey (60)


    Bonner, McGrain, Reid;
    Aitken, McAdam, MacLeod;
    Provan, Sullivan, McCluskey, Burns, Crainie.


    I

     
  • At 01/05/07 15:42, Celtic_Gucks said…

    Nae Bread Nae Brains

    I agree largely with the point. Ideally though,Leeds could have had a supporter on the board who could have said "hang on a minute,we'r already £80 million in debt. Whats going to happen if we dont qualify for the Champions League?" then again,they just needed someone on the board to have the club's best interests at heart. There is no way Ridsdale did,with his ridiculous approach to transfers,wages and having the goldfish on a lease deal!!

    I personally dont think we need a supporter representation on the Celtic board. I have no doubt that the board members at present are as big fans as you or me and have the club's long term interests(and continued domination over Mister Moonbeam's mob) at heart.

    Paul

    Thanks for clearing that up.

    Danny,

    Im nominating you at the next AGM to be our representative on the board,with Peter Ridsdale as your financial guru. We'l take Kaka,Ronaldo and Carvalho to start. As any Leeds fan will tell you,you have to speculate to accumulate.....

     
  • At 01/05/07 15:55, danny said…

    celtic_gucks

    As opposed to Torres, Keane, Bellamy, Barton, Fletcher, Sidwell.

     
  • At 01/05/07 15:58, EdwardUrsus said…

    TLW @13.33 :- Hope springs eternal as they say :-)

     
  • At 01/05/07 15:59, michael said…

    rrdh-you may recall[if it isn't too painful]that after HL broke his leg Hoopslegend John Barnes played Mark Verruca upfront on his own,with some success against the Diddyteams.

     
  • At 01/05/07 16:12, chennaiseabird said…

    Edward, Curly

    I see you've been visiting. Sorry, wasn't in, but I've left a message now.

     
  • At 01/05/07 16:21, the right rev. david hay (preaching pure football) said…

    michael
    i dont know what was more painful in your statement.
    HL's broken leg v lyon (ayaa)
    john barnes 4213212321 systems (ooof)
    or the thought of that big good for nothing but bar tending, verruca.
    (ouch)
    ive tried to blot all that out as much as possible.

     
  • At 01/05/07 16:30, Celtic_Gucks said…

    id take the first 3 danny. we culd mayb have big jan the man up there to finish off any chances they create!! and,eh,scott mcdonald to come off the bench if things arent going our way!

     
  • At 01/05/07 16:37, dessybhoy said…

    Paul 67
    Is this another dig at The Mint and his running of that club while for the first time in a long time we turn a profit.
    One more thing Paul but you probably haven't got a clue, is Murray intending to back Smith with money out of his own pocket.I keep hearing this and not only from BFDJ but from Celtic fans citing his personal wealth as the reason. Surely his creditors would have first say on the disposal of his income especially with the debt position of MIH.

     
  • At 01/05/07 16:51, TheLeftWinger said…

    Dessybhoy,

    With the size of his companies, it is unlikely that any of Murray's money/property has been used to support a personal guarantee to secure any loans.

    He could put his own money in, but bearing in mind he has aready stated that he is priming the company to sell it, it would be a sunk cost, and he has not lost any money on Ran666rs to date.

    It is more likely that he will use his contacts in the media to report inflated purchase prices on anyone they sign to satisfy their fans' hunger for spending.

    Again, look at the last line of Paul's article.

    Don't worry, the future is still bright.......it's green and white

    TLW:BoringAccountantsCSC

     
  • At 01/05/07 16:57, Paul67 said…

    Dessybhoy, the financial plight of Rangers is not an isolated issue, you are correct to reference the near half billion pound debt of the parent company. If Murray was able to throw money at the problem he would have done so before now.

    Refer the next person you hear citing his personal wealth to Companies House, where evidence pertaining to his businesses is recorded as a matter of public record.

     
  • At 01/05/07 17:04, michael said…

    RRDH-And if HL doesn't break his leg..JB manages to keep his job..

    Karma.You can run,but you can't hide.

     
  • At 01/05/07 17:11, rimtimtim said…

    Paul, In my green tinted estimation Gordon Strachan put Leeds back up where they belonged and then they were unlucky not to ride the storm in the early CL years.They did not budget well. Newcastle might be in the same danger. But they are safe as long as they stay in the premiership or are they?

     
  • At 01/05/07 17:37, Collie said…

    Paul

    Speakin' o' Geldt,remember whit Kojo telt?
    Ye dinna recall?
    Aboot Zsa'a Zsa's comin'... INELUCTIBLE FALL?

    He reckons dis July, an' noo ah'll gae aheed... an' tell ye why...

    Noo, everyboady is aware, that tae predict da future is verra rare,

    But ah'll go oan,an' hiv a bash...
    As ah know dat Murray needs da Cash!

    A Consortium.. is dat da woid?.. is noo aformin', an' Chewin' da Cud.

    They ur havin' sich a heckava time,
    wi' thur argy bargy, maist o' da time!

    Eventualeee, a group will be Awinnin'...
    Den dey'll mak der play...
    Fur da... IBROX MIDDEN!

    It's gonna happen ,as sure a fate,
    the G.A. must be rescued.... afore it's too late!

    Fur da Mess dat Murray, has goat da goat o' da Goats.....

    An'should it continue oan....
    They'll be at each other's Throats!

    So, as Dom has said, we will wait an see..

    For Ibrox Park,to mak an impact,
    Murray must Retire!...
    An' pit away his Compact!

    Fur he kin no longer COVER UP, wi' Bluffs and Mirrors...
    wit' he has done... tae da Ibrox Sinners!

    collie.
    Tail's Awaggin', Tail's Awaggin'

     
  • At 01/05/07 17:41, smelltheglove said…

    paul

    Intresting article on LUFC.

    However, bares no relevance to our own club.

    We have made a profit.Are we still fools for expecting this profit to be re-invested into the playing squad?

     
  • At 01/05/07 17:42, rioskorrie said…

    This post has been removed by the author.

     
  • At 01/05/07 17:48, whitedoghunch said…

    Collie

    I've called you wrong before but I'm sure i have it this time.

    The sfa are conducting due dilligence and will appoint the men in black to directly run the govan team once they are through.

    Pandiani

     
  • At 01/05/07 17:48, michael said…

    The Consortium?Was that not wee Jim Kerr and his halfwit buddies that were going to save us before The Bunnet rode to the rescue?
    Or was it the Cartel?
    Or the Coterie?`¬)

     
  • At 01/05/07 17:50, chennaiseabird said…

    Michael

    Interesting you should mention karma.

    And rintimtim

    Where do Leeds belong?

    I posted earlier about how difficult it is for smaller clubs like Leeds to make the big breakthrough. They've been on the brink twice (early seventies, late nineties) but couldn't quite make it.

    (Any similarity with Rangers is of course purely coincidental.)

    There are good clubs and there are great clubs. Good clubs are a product of their time and circumstances. Leeds United. Derby County. Nottingham Forest. Hibernian. Hearts. Aberdeen. Celta Vigo. All of these can point to times in their history when they did things above their station. And they should be proud of those achievements.

    And there are great clubs. Clubs which, even though there may be periods of falling from grace, are the elite. Rod sang it, you're Celtic, United...... Barcelona, Real, Juve, would have ruined the song. We all know what too much football can do to a relationship.

    Leeds were always destined to rise and fall. So are Chelsea.

    In a way, Leeds are back where they belong. Let's see if their support can get them out of it.

    (Any similarities with any other team are purely dharma.)

     
  • At 01/05/07 17:52, Paul67 said…

    Collie, long may Zsa Zsa reign over Ibrox, I will miss him when he departs.

    Smelltheglove, no, it is not foolish to expect profits to be spent, but remember, this will be the first time we will see a profit since before John Barnes got his hands on the key.

     
  • At 01/05/07 17:52, rioskorrie said…

    ....at last I've broken the "The Blog say's no" hoo-doo (finally)

    Celtic First : Hope you enjoyed P.A. Pity you couldn't make it up for the Killie game.

    Greenlion2 : I've just received the book and intend to read it on my next trip offshore. IF (as I doubt) it's crap, don't tell me.

    Poor result on Sunday but a great day out nonetheless. Rio state championship final, first leg. Botafogo (hooray) drew 2-2 with Flamengo (boo). Second leg this Sunday.

    Watch out for the third goal of the Minas Gerais state final (Cruzeiro v's Athletico Mineiro). Definitely one of the most bizarre goals I've seen in a longtime. Mineiro scored a penalty and went straight back up the pitch. The ballboys provided a new ball (the other one was stuck in the back of the net). Cruzeiro kicked off, lost possession. The Mineiro forward runs towards the goal (Cruzeiro keeper now walking back to the goal to reclaim the original matchball) and slots it home. The goal stands amid uproar (apparently the second ball was not judged to be on the field of play). Maybe Noel or somebody can dig up a video clip. Worth watching.

    Leeds? There's a season ticket holder here at work with us. No matter how much you may dislike a club you never want to see them go that way do you? (well maybe there might be one notable exception).

    Ate mais.

     
  • At 01/05/07 18:00, Paul67 said…

    rimtimtim, Newcastle are sailing close to the wind. In their favour, they are still in the league and still have a healthy income, so a rescue should be easier.

    Interesting comment about Gordon Strachan, I forgot he captained them to the league title in the 1990s.

     
  • At 01/05/07 18:01, michael said…

    Chennaise-great clubs have soul.

     
  • At 01/05/07 18:03, chennaiseabird said…

    Imagine Sir David had bankrolled Le Guen?

    Would he not have, if he could have?

    What a season we would have had. And when the better manager had still won the league they would have been dead and their executors looking for a deep pauper's grave.

    He didn't, because he couldn't.

    But it's instructive. We learned our lessons the hard way, but we learned them. Fiscal and cultural.

    Have Rangers learned anything, fiscally or culturally, or are they just, by force of circumstance, guarding the walls until circumstances become more favourable?

    The next few years promise to be very interesting.

     
  • At 01/05/07 18:04, michael said…

    Leeds were the last winners of the old first division,and Sgt Wilko the last English manager to win the title.

    And there won't be an English winner next year,because Aston Vila are going to win it`>

     
  • At 01/05/07 18:13, chennaiseabird said…

    Michael

    That deserves a link from pablo. Since he's not here, here's this.

    soul

    Still room for improvement pablo. Not the best video.

     
  • At 01/05/07 18:14, deliasmith said…

    Two entries from The Times Rich List(s):

    Desmond, 56, is expanding after selling London City airport to a US consortium last year, making £736m, and divesting his stake in Irish food and property company Greencore to Liam Carroll (qv) for £112m, making £30m. A tax exile in Gibraltar, his Dublin-based IIU investment vehicle is evaluating new projects around the globe. His stakes in online betting exchange Betdaq and Barchester, a growing nursing home business, are worth £200m-plus. He has a £24m share of Toronto mining company Mountain Province and made £240m from selling stakes in Esat Digifone, Baltimore Technology, Manchester United and Golden Vale. Other wealth includes a share of a £2.3 billion oil refinery in Canada and 40.45% of Celtic football club, whose shares are down, valuing his stake at £8m this year. Properties, including a third of the Sandy Lane hotel in Barbados, horses, a jet and art have increased to at least £80m.


    Murray, 55, has added £100m to his fortune in the past year, ranking him 95th equal in Britain and fifth in Scotland. Chances are that he paid a pretty penny for the pear-shaped, pink diamond engagement ring for his girlfriend Kae Tinto, a 34-year-old lawyer. His first wife, Louise, died of cancer in 1992. The entrepreneur has known his share of hard times. Murray lost his legs in a car accident in 1976 and says: “You could say it concentrated my mind on business.” In 1997, he set up the Murray Foundation, which provides support for amputees and their families. Murray, who was knighted last year, started work in an Edinburgh metal alloy company, earning £7 a week. His steel business, Murray International, was originally based on metals trading. He now has a portfolio of mining, property and venture-capital businesses. Murray International should show profits of about £50m in 2006-07 while his Premier Property Group is investing in London and Europe to the tune of £200m last year. Then there is his football club, Rangers. It has been overshadowed by Glasgow rival Celtic and failed to qualify for the Champions League last season, which left it with a £700,000 loss in the first half of 2006-07 against a £6.1m profit in the same period last year. Murray International, with Rangers included, is worth £350m, while his property portfolio, including large tracts around Edinburgh, is also valued at £350m. With personal investments and property, he is easily worth £750m.

    Plenty of scope for ill-informed competition of the ‘Mine’s bigger than yours’ variety here.

    More to the point: a person could spend many a long hour writing a dictionary entry for the word ‘worth’; and never, never assume that a journalist, especially a financial journalist, knows what he’s writing about.

     
  • At 01/05/07 18:14, martin said…

    Michael,

    There is more chance of the South Side Team winning it than Aston Villa and they do not even play in thae country.

    STAND UP FOR THE CHAMPIONS.

    Martin.

     
  • At 01/05/07 18:33, antsman said…

    i agree fully with the sentiments of this article, but wastage is as bad os overspending. i watched paul hartley on sunday in disbelief we wasted £1m plus wages on this guy, he is a first choice yet has not had a good game yet, same applies to doumbe. if he was never gonna get a crack till all was done and dusted it represents wastage.

     
  • At 01/05/07 18:47, ItaliaBhoy said…

    Good article Paul. The Leeds situation is fascinating and is a real cautionary tale of over-reach and unblinking faith in your own future success.

    The fact that they got into this position whilst playing in the richest league in the world is amazing in itself. Not even the riches from Sky can insure against such financial madness.

    As for how this affects us: well, it would appear to vindicate a steady-as-she-goes approach, pioneered by the Board since Seville. On the other hand- could we conceivably fall as far as Leeds? Or will our fanbase always be there to save us?

     
  • At 01/05/07 19:02, Bloke109 said…

    Bit off topic this one.

    I was at the game Sunday and don't have Setanta. My mum watched it and there was an interview post-celebrations with Gordon Strachan, conducted by top investigative journo Stuart Lovell. There was reference made to John Hartson and something about a 'beep' or 'bleep' test?

    I haven't seen it, just seemed to confuse the dickens out of my mum, bless her.

    Any ideas?

     
  • At 01/05/07 19:21, GM said…

    Bloke 109, I didn't see the interview, but a bleep test is a form of fitness test.

    I can only imagine WGS was making a tongue-in-cheek remark about BBJ's fitness.

     
  • At 01/05/07 19:32, ternar said…

    Paul

    Fantastic article Paul.

    You are well aware that you and I are of the same opinion here.

    We should chant Brian Quinn's name at Celtic Park. Even if it was only just the once. We would be the first support to show REAL support for a REAL Celtic supporter.

    The Old Man would die happy.

    Ternar

     
  • At 01/05/07 19:36, Collie said…

    Paul

    To Ye ah gie a Wag o' ma Tail, fur thru thick and thin,
    ye wullnae fail,

    Fur Ye and da Boss, ye know da Game,
    An' fur dose dat don't... der thinkin's Lame!

    Aye watch da Bawbees, awe the while,
    fur if ye don't yer Future's Vile!

    Ye hiv battled fur da past Three Years,
    An' soothed an' smoothed, awe "Nega's", Fears!

    Fur thur are miny like him, who dinna know da Game,
    if ya spend too much..... ye'll go doon in FLAMES!

    Ye and da Boss,dae baith agree,
    dat de Celtic Board... God(?) Bless da Name!..
    Hiv saved us awe ,frae Impecunious Shame!

    As ah hiv said, the Plan is clear...
    Catch 'em young... before der DEAR!

    So dinna expect, us tae pay big Dough,
    Fer Well Known Players....
    Dat's A BIG... NO- NO!

    We must be content tae plug away, an' noo an' den... wan o' oor Yoofs... wull Mak Oor Day!

    Oor plan is sound, because o' whose around...

    In Pierre Lavalle...we hiv a man,
    who has plenty o' SAND..
    An' wull lead us awe...
    Tae da PROMISED LAND!

    Its' been said afore,but ah wull repeat it awe da same...

    Folks, Listen tae Paul..
    FUR HE KNOWS DA GAME!!

    collie.
    Tail's Awaggin',Awaggin'

     
  • At 01/05/07 19:59, El Diego Bhoy said…

    David Pleat talking about supporters inspiring players mentioned Liverpool and Celtic supporters.

    I used to dislike him.

     
  • At 01/05/07 20:26, Greenlion2 said…

    Riskorrie at 17:52 I ahve not read the book yet I was hoping someone on here could give me a summary before I will buy it anyway.

    For once actually enjoying a game involving 2 english teams. But you can just see Chelski snatching it.

     
  • At 01/05/07 20:35, Bloke109 said…

    GM

    Cheers - that fits the context.

     
  • At 01/05/07 20:37, Tom the Tim said…

    EDB,
    David Pleat was blown away by the Celtic support at the Liverpool game in Wim's year.

    He said that he had never heard singing like it, as it was actual songs they were singing and not the usual soccer chants.

    He was in complete awe that evening.

    The L'pool support are in great voice tonight, right enough. Let's hope it works for them.

     
  • At 01/05/07 20:39, ItaliaBhoy said…

    EDB,

    Pleat always talks us up when he at Celtic Park. Called the atmosphere "the best in Europe" one night I seem to remember.

     
  • At 01/05/07 20:46, El Diego Bhoy said…

    Seem to remember Terry Venables also saying great things about CP on CL nights.

     
  • At 01/05/07 20:47, ItaliaBhoy said…

    EDB,

    Tel was once doing the Weds night game at Highbury. He had been at CP the night before.

    "This is like a library compared to where I was 24 hours ago" was his comment!

     
  • At 01/05/07 20:54, El Diego Bhoy said…

    We need to do what it takes, sensibly, to be a CL team every year.

    Easy to say but not so easy to achieve.

     
  • At 01/05/07 20:56, noel90 said…

    Cruzeiro v Atletico Mineiro

    The incident that Rioskorrie mentioned happens about 5 minutes and 30 seconds in.

    Mental !

     
  • At 01/05/07 20:57, Paul67 said…

    Deliasmith, as you suggest, that is a remarkable account of Murray’s “worth”. By the look of it they have added up the untested-value of his assets and ignored his debts.

    Italiabhoy, the Leeds fans base has actually stayed remarkably resilient.

    Ternar, thanks. I hope the sprightly elderly chap on our board has a lot more to do before he dies happy.

    Collie, save us from “impecunious shame”. How often have we heard that high up in the North Stand; it has become a mantra for our age.

    Peter has created a wee space for himself to give his manager the necessary resources without getting back into loss, which I am led to believe, will not happen next year either.

    EDB, “I used to dislike him”. :-)

     
  • At 01/05/07 21:03, El Diego Bhoy said…

    Paul

    I'm easily bought! (SP)

     
  • At 01/05/07 21:08, El Diego Bhoy said…

    I really feel for Michael Essien having to play in central defence so often.

    Why is a club with so much financial clout having to play a class midfielder in defence?

     
  • At 01/05/07 21:14, thismancraig said…

    Never mind that EDB, he does a grand job there - what about Kalou? He offers nothing!!!

    Even Liverpool as well have Riise, Finnan, Zenden and Pennant who are average players at best.

    Just shows the impacty a manager can have on a team.

     
  • At 01/05/07 21:37, Tom the Tim said…

    Anfield tonight is a prime example of a crowd lifting a team and a team lifting a crowd. Raw emotion, that's what football is about.

     
  • At 01/05/07 21:41, El Diego Bhoy said…

    Tom the Tim

    I agree with you. I don't think Milan fans can do that and probably Man Utd will get through.

     
  • At 01/05/07 21:56, noel90 said…

    Liverpool 1 Chelsea 0 [agg 1-1]

    End of 1st period of extra time.

    Fascinating contest.

     
  • At 01/05/07 21:57, Tom the Tim said…

    EDB,
    I'm sorry, I have to agree with you and I have a bad feeling it will be Chelsea they meet in Athens.

     
  • At 01/05/07 21:58, noel90 said…

    Bellamy on for Crouch at the start of the 2nd period of E.T.

    Come On You Reds.

     
  • At 01/05/07 21:59, El Diego Bhoy said…

    Tom the Tim

    You're sorry to agree with me.

    What chance do I have with the others?

     
  • At 01/05/07 22:04, thismancraig said…

    I'm in the unfortuntate position of feeling utterly cold about the prospect of an all English final but hoping Man Utd get to the final.

    I don't know what to think about tomorrow night, Chelsea Vs Manchester United 3 times in a week will be garbage so it's a puzzle.

    I think Milan's home record speaks for itself but Utd are just the type of team that can go over there and score. What a shame it wasn't the final.

     
  • At 01/05/07 22:16, Greenlion2 said…

    Penalties

     
  • At 01/05/07 22:17, noel90 said…

    TMC-

    I'll put it a different way-

    Come On Anybody BUT Chelsea.

    Penalties.

     
  • At 01/05/07 22:19, thismancraig said…

    Rat Bag Robben misses

     
  • At 01/05/07 22:22, thismancraig said…

    Geremi misses

    Match Point...

     
  • At 01/05/07 22:23, Greenlion2 said…

    yes

     
  • At 01/05/07 22:23, thismancraig said…

    Yesssssssssssssssssssssssssssssssss

    FOOTBALL WINS!!!!!!

     
  • At 01/05/07 22:23, noel90 said…

    London Huns Out.

     
  • At 01/05/07 22:25, Paul67 said…

    Delighted for Liverpool.

    Are Chelsea still going to win 4 trophies this season?

    What do they say about cheats prospering?

     
  • At 01/05/07 22:26, Greenlion2 said…

    No new team will join the elite of winners...

     
  • At 01/05/07 22:27, El Diego Bhoy said…

    My concern is that Liverpool and Man Utd fans will wreck Athens.

     
  • At 01/05/07 22:31, Greenlion2 said…

    EDB my moneys on Milan tomorrow night...

    In truthfulness I dont really care as my worry was that they can no longer win 4 trophies as there is a certain club we all love as the only team to have done that and thats not including a few others

     
  • At 01/05/07 22:32, Paul67 said…

    EDB, Liverpool v Man United is the closest England has to Celtic v Rangers, it would be a great final. Mind you, Liverpool v Milan, with all that recent history, would not be too bad either.

     
  • At 01/05/07 22:32, noel90 said…

    Think about it.

    Semi-Finals Of The Champions League.....

    at home........

    win on penalties........



    to get into The Champions League Final........

    and get to sing This .........


    Bring It On.

     
  • At 01/05/07 22:35, Greenlion2 said…

    My big worry now is that with the special 1 probably for the off will Chelsea come after the back to back title winning manager of ours..

     
  • At 01/05/07 22:36, Tom the Tim said…

    EdB,
    I was only sorry to agree that Manu will probably go through, not for agreeing with you per se.

    I'm even happy to be wrong about Chelsea.

    There is no way in natural justice that an outfit like the Mourinho led Chelsea should prosper.

    The Greek police can enjoy themselves if at is an all English final

     
  • At 01/05/07 22:36, thismancraig said…

    Despite the hype, 3 games between Chelsea and Man Utd would have been the anti-climax of the millenium.

    Milan's home record is awesome and there is something special about Man Utd vs Liverpool so I'm relaxed about the outcome tomorrow night. Especially as I'll be on the golf course when it unfolds!

    Rafa Benitez is a tactical genius because there are a few average players in that squad. Not only that he comes across as a decent character - spare a thought for Jose...a ha ha ha ha ha ha aha

    I fancy red fireworks in Athens...

     
  • At 01/05/07 22:38, El Diego Bhoy said…

    Paul

    I don't mean to disparage the clubs from a player point of view but I'm concerned about the likely behaviour of both sets of fans.

     
  • At 01/05/07 22:43, Paul67 said…

    EDB, I have an eye on our chances for Pot 2 next season, a wee rammy in Athens and two expulsions would help greatly :-)

     
  • At 01/05/07 22:44, emu said…

    Robbie Keane, Robbie Keane dum de dum dum dum.

     
  • At 01/05/07 22:50, taggsy said…

    Jose

    What goes around...

    Smell the glove!

     
  • At 01/05/07 22:50, Greenlion2 said…

    were on itv 4 against juve

     
  • At 01/05/07 22:51, McGraininSpain said…

    Fantastic to see Liverpool beat the Cockney Blue Noses yet again and even better to revel in Mourinho's defeat.

    I don't like the man. Never have and my view is well recorded right here. Not up for debate. He's unpleasant and not nearly as clever as some would have you believe.

    Yet again Mourinho, you are a loser.

    Congrats all my many very dear Liverpool FC supporting friends. I guess I'd like to see them beat Man U in the final now but Milan will do.

    Hail Hail

    McGrain

     
  • At 01/05/07 22:52, El Diego Bhoy said…

    Paul

    I realise that collectively these days we're having a bit of fun but I can envisage significant violence in Athens. Sun, alcohol, passion and an inherent dislike of the opposition doesn't make for good reading.

    If we had to play our South Side neighbours in a European final just think of how low they would attempt to drag us down to,