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Friday, March 12, 2010
Kilmarnock tie too tight to call
It was after out last visit to Kilmarnock that I concluded we were not going to win the league. I watched Jimmy Calderwood's new team hold Hamilton Accies a week earlier before they harassed the life out of Celtic and took all three points.
Tomorrow's visit on Scottish Cup duty is not really an opportunity for revenge. A win and progress in the Cup would be welcome but consequences for defeat in the league game will linger for a while yet.
Celtic must simply win the Cup. They have made more than enough mistakes this season to know dozens of potential pit-falls and have had ample time to work on deficiencies.
Kilmarnock would have gone bottom if Celtic beat them last month but now sit six points ahead of Falkirk, so the threat of relegation has diminished considerably, so the Cup will be tackled with more gusto than it would by a team scrapping at the bottom of the league.
Expect the team with the greater appetite to come out on top; no predictions from me.
Tomorrow's visit on Scottish Cup duty is not really an opportunity for revenge. A win and progress in the Cup would be welcome but consequences for defeat in the league game will linger for a while yet.
Celtic must simply win the Cup. They have made more than enough mistakes this season to know dozens of potential pit-falls and have had ample time to work on deficiencies.
Kilmarnock would have gone bottom if Celtic beat them last month but now sit six points ahead of Falkirk, so the threat of relegation has diminished considerably, so the Cup will be tackled with more gusto than it would by a team scrapping at the bottom of the league.
Expect the team with the greater appetite to come out on top; no predictions from me.
Thursday, March 11, 2010
HM Revenue, hedge funds, investment banks move on football
Financial trouble hit English football yesterday. HM Revenue & Customs closed the first of several targets as Chester City, who were relegated from the Football League in May, finally bit the dust along with non-league, but wonderfully named, Farsley Celtic. Southend United and Cardiff City, who are both being pursued by the Revenue, negotiated a few more weeks to meet their commitments.
Portsmouth, who are enjoying their football these days as manager, Avram Grant, defied gravity by reaching the FA Cup semi final at the weekend, made 85 non-playing staff redundant. Gravity will eventually have its revenge once his team breaks up in two months.
Background noise grows around Manchester United as an approach by a group called the Red Knights talk to fans about buying out the unwanted Glazers. The Glazers have no intention of going, so I would not normally give such an approach consideration, but the man heading up Red Knights is Goldman Sachs chief economist, Jim O'Neill, and you don't get that far up the food chain without knowing how to assemble a £1bn deal.
He has reportedly pulled in further big hitters, including a hedge fund chief and the corporate head of law firm Freshfields, who worked on the Glazer takeover of the club. The group are apparently seeking funds from our (very) old friends, Japanese investment bank Nomura.
Fans almost unanimously back the proposed bid. A classic case of locking the stable door after the horse has bolted. Noone, least of all an investment bank, is going to take a chilled view on a £1bn funding package. If it means more debt, and it does, it means more interest, more financial pressure, higher ticket prices and less money for football operations.
When you borrow £1bn is doesn't matter if you were born supporters of the club, as the Red Knights apparently were, or need to Google the club to find out which colour they wear, the piper must be paid.
Manchester United fans should have bought and held shares in their club years before the Glazer deal in 2005. If several heavy hitters, like those from Red Knights, together with tens of thousands of smaller fan-investors, acted before the stakes got out of control, their club would be safe. By the time people saw the takeover coming it was too late.
Anyway, I'm getting to the point of wasting five minutes of your time on pampered brands, never underestimate the importance of that 'dirty old picture on the wall all alone' detailing your Celtic shares.
Portsmouth, who are enjoying their football these days as manager, Avram Grant, defied gravity by reaching the FA Cup semi final at the weekend, made 85 non-playing staff redundant. Gravity will eventually have its revenge once his team breaks up in two months.
Background noise grows around Manchester United as an approach by a group called the Red Knights talk to fans about buying out the unwanted Glazers. The Glazers have no intention of going, so I would not normally give such an approach consideration, but the man heading up Red Knights is Goldman Sachs chief economist, Jim O'Neill, and you don't get that far up the food chain without knowing how to assemble a £1bn deal.
He has reportedly pulled in further big hitters, including a hedge fund chief and the corporate head of law firm Freshfields, who worked on the Glazer takeover of the club. The group are apparently seeking funds from our (very) old friends, Japanese investment bank Nomura.
Fans almost unanimously back the proposed bid. A classic case of locking the stable door after the horse has bolted. Noone, least of all an investment bank, is going to take a chilled view on a £1bn funding package. If it means more debt, and it does, it means more interest, more financial pressure, higher ticket prices and less money for football operations.
When you borrow £1bn is doesn't matter if you were born supporters of the club, as the Red Knights apparently were, or need to Google the club to find out which colour they wear, the piper must be paid.
Manchester United fans should have bought and held shares in their club years before the Glazer deal in 2005. If several heavy hitters, like those from Red Knights, together with tens of thousands of smaller fan-investors, acted before the stakes got out of control, their club would be safe. By the time people saw the takeover coming it was too late.
Anyway, I'm getting to the point of wasting five minutes of your time on pampered brands, never underestimate the importance of that 'dirty old picture on the wall all alone' detailing your Celtic shares.
