Admin only one option being considered


Not for the first time around Ibrox, we’re deep into denial territory than an insolvency incident is imminent.  A whole load of irrelevant questions have been answered; they will not go into administration on ‘Sash Wednesday’, nor will a board meeting be convened today, but the pertinent question, whether club consultant Philip Nash, and director Graham Wallace, have held pre-administration talks, remains curiously unaddressed.

My information is that administration is only one of a number of options under consideration.

They have alternatives.  A sale and leaseback of the stadium and (still magnificently named) Murray Park could provide the club with enough money to see them through until season ticket renewal time next year, when they have a chance of being in the Premiership.  If it was your objective to maintain shareholder value, this must surely be considered.  Cast your mind over what we know about the bulk of the shareholders and there should be no doubt about their priorities.  These are not shareholders who will accept cumulative losses or even a pound-in-pound-out model.

They could continue to secure assets against borrowing from hedge fund-shareholders at an interest rate of 30%.  This is an attractive return for a hedge fund.  If they secure the stadium in return for a future loan they will be in a position to earn attractive returns from whichever club plays there for many years to come.

If you are a fan, or indeed, a director of Oldco, who set on a path to liquidation, this reality will feel intolerable.  Those responsible for strategy, oversight and governance at Oldco set the wheels in motion; Newco’s burden is a consequence of Oldco trying to put their rivals in their place, and allowing the wolves in.

Intolerable though the situation may be, I’m not sure what can be done about it.  Using season ticket sales to threaten to subvert the value of investments made by hedge funds, and shareholders who have made it their absolute priority to remain anonymous, is incredibly risky.  Incredibly. Risky.

Here’s the question, are those anonymous investors likely to submit to threats, or are they the kind of people who can afford to play hardball and would raze the stadium to the ground rather than be bullied?

My guess is we are talking about hardnosed, wealthy individuals, who will forever remain anonymous and who have never been bullied by minority shareholder action in their lives.  It’s easy to whip football fans into a pitchfork-esque revolt, 10 years of CQN has provided regular evidence of this (mostly over comparatively trivial misinformation), but if this was my club, I’d be going off my head at the behaviour of just about everyone involved and I don’t think I’d be able to sleep at night.

‘Seville’, the book detailing the incredible stories you, the Celtic support, experienced and set down on record, is out this month. To order your copy click on the link below.

Please select delivery option

Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 19


    I didnae have to log in.



    I had to log out from good company.



    Monday Club in full flow.

  2. 12:27 on 3 March, 2014


    embramike supporting wee oscar and res 12



    12:11 on 3 March, 2014



    Kind of answers my question!


    If buying the centre circle is they can come up with then they really are in the smelly stuff.



    Talking about the easdales reminded me of my favourite cover:


    Gangsters, by the Specials.




  3. Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma on

    In my opinion, Administration of itself solves nothing.

  4. They have been quite categorical in their denials about imminent administration, so while I have no doubt it has been investigated and may very well happen I cannot see it happening in the next few days. However for admin not to impact upon Sevco’s progression through the leagues the admin needs to happen and be exited this season. So they have a small window of opportunity, a 25 point deduction would make there chances of beating Hearts to the title next season slim. Not to mention the impact admin will have on the playing staff.

  5. Campbell Ogilvie must have the biggest brass neck of all time.



    Does he hide in a bunker at Hampdump?



    You couldn’t mark the Masonic scumbag’s neck with a blowtorch.



    Makes you ill thinking about him.

  6. leftclicktic We are all Neil Lennon on

    Mental picture time:))


    Spivs sitting supping champagne


    Edmiston House To you


    Albion car park to me


    Murray Park to you


    “Crime Scene” for leaseback to me


    Season ticket money to you


    Sale of any players to me .

  7. Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma



    12:32 on 3 March, 2014



    ‘In my opinion, Administration of itself solves nothing.’







    Though it might cause Lord Tyre some slight embarrassment.

  8. johann murdoch on

    Brothel at the back-Zimbabwean pimp and now “Sash Wednesday”!! in the headline article-I like it paul..keep up the good work HH



    [ps I dont think “they” own Murray Park is land not on long lease from owners/trustees of a Glasgow private school rugby club?-]

  9. Have no idea why we are hoping for a Hun Admin.Why?.Let them get into more and more debt.Let them give us more Hun on Hun action.They are in total meltdown.They cannot afford to keep going the way they are,but they are.Good.Admin would only help them out.


    We have no idea how the situation will eventually work out,but I would much rather their ass collapsed next season.If Dave has his way,chaos in the ranks.Let them get on with it.

  10. Clashcitybhoy on

    Paul 67,


    Any thoughts on Iain Bankier interview in the Harold today.


    A couple of observations from me


    1) it was with the rugby correspondent


    2) very disappointed with comments on trying to get into a better league. In essence, we don’t have a strategy except hanging about and hoping for the best .


    IMHO better to try and fail, than not try at all, particularly given our financial strength ….lobbing a £100k + to a top PR company to lobby on our behalf would be a calculated risk.

  11. I just wonder how they will square a scenario where a club that has paid players (and staff) salaries/bonuses they couldn’t afford to win two leagues, yet they will still promote them.



    That just stinks!!!!!!

  12. leftclicktic We are all Neil Lennon on

    Newco’s burden is a consequence of Oldco trying to put their rivals in their place, and allowing the wolves in.



    If you listen closely you may hear the spivs Knawing on the carcass

  13. johann murdoch on

    BRTH-does admin not allow immediate removal of high earners? Is this what current board want to allow club [or company-no sniggering at the back there!!] to be run on a more austere or should I say realistic basis to suit income?


    Then bring in someone like MCall to manage team on shoestring budget but achieve results to allow entry to SPL?




    Hold on that sounds like a plan!!

  14. leftclicktic We are all Neil Lennon on

    John O’Neil


    I have seen signs that the answer will be yes .


    well better prepared than we were for the qualifiers at the start of the season.



    Till later all ,nursery run with the wee mhan time

  15. Don’t consider myself a book burner by any stretch of the imagination,and revisionism should be avoided at all times.



    However,if Mrs.rye ever bought me a book or a DVD about Seville,then the a Zippo lighter would be out in a flash.



    I know it’s a true account but even 11 years on,I still feel gutted and traumatised about Mourinho and his cheating bassas.Wonderfully gifted players….there was no need for the theatrics.



    Still can’t bear to watch even one second of that feckin Final.The disappointment is so crushing.

  16. johann Murdoch, ‘Sash Wednesday’ wasn’t mine, that’s a quote.



    Clashcitybhoy, not read it but take it from me, we have a strategy to get into another league, even if it is not one for the media yet.

  17. ryecatcher



    Seville – The Celtic Movement is about the Celtic support in Seville. It is not about the football match. In essence the book is about being a Celtic supporter. It has taken a year of hard work to put together and you have your zippo lighter out before the ink is dry.

  18. ryecatcher,



    Same here.Have never watched the Porto goals.Cant even remember them.What made the time even worse was,we were still in Torremolinos and watched the league finale in a Spanish boozer.Milan only beats it by a whisker.

  19. GlassTwoThirdsFull on

    Spot on once again, Paul. Last title an Ibrox club living within their means won was 1978. They were only competitive with us after that with their debt splurges.

  20. jo’n agree totally but that’s the serious stuff, laughing at the hun is just great fun, h h

  21. kikinthenakas on

    Our own GordonJ has been nominated for new book crime award….it’s called “calling cards”


    Great read….



    The guys in charge at Spivco will be looking at the best way to make the most money….that’s what will transpire.




  22. BRTH – from previous



    Thanks for the more detailed insight into the CO election.



    My main point was to get away from the interpretation that some have that CO was unanimously voted in – I don’t know one way or the other if he was but I don’t think the actual votes were released, so we have no idea if any voted against or abstained.



    Or do we now know that PL definitely voted in favour? I would find that odd in the circumstances given that a ‘No’ or abstention would make no difference to the outcome but make a statement nonetheless.

  23. I'm Neil Lennon (tamrabam) on

    Ryecatcher and Turkeybhoy


    still havent watched the sevill game myself and in fact i left the park before the cup was presented, couldnt bear it.



    Nevertheless i enjoyed the bhoys from Sevill DVD and look forward to the seville book too

  24. Glasstwothirdsfull….



    Should have seen the help they got from the referee on 7 th January 1978, even to win that title.



    It was feckin disgusting Masonic stuff in its pomp that day.




  25. jinkyredstar cuts it back for Neil Lennon on



    Agreed – just finished Callling Cards- well done GordonJ


    Btw did you notice that the term Lazy Journalism and a reference to Celtic appear on the same page :-)

  26. kikinthenakas on

    jinkyredstar cuts it back for neil lennon



    Hahaha yes…..




  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 19