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.
701 Comments- Pages:
- «
- 1
- ...
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
timaloy29
11:58 on 4 March, 2014
It has been claimed that some within Celtic deliberately attempted to scupper the Food Drive by the Green Brigade.
Certainly after initially stating that the club would highlight and support the initiative they renaged on this, sadly.
In my opinion that’s ‘questionable credentials’.
Kitalba take your point @ 11.34 but without figures it is meaningless . Are we talking about 1-5 5-10 10-20 and you have talked to them all? Hail Hail Hebcelt
kitalba
11:53 on 4 March, 2014
Questionable credentials…..????……where did THAT one come from ????….keep it sensible
bournesouprecipe
10:05 on
4 March, 2014
Happy Bunnet Day – with school for the nostalgists
viaHB
cheers for that mate,dont suppose you have an old one of the Celtic end?
just to see my old ‘bit of paradise
HH
timaloy29:
Credentials: when all else is sacrificed so you can support the Celtic.
Our need for money: that pot that does not fuel our ambitions and might very well go towards unearned dividends and bonuses. (depending on what you personally determine is a successful year for the club, or the team, or the PLC, or individual employees)
How much did Brother Walfrid get paid a week?
@Hamiltontim
Certainly a serious accusation. On what ground did they attempt to block this and who was it that was involved? (security/stadium manager etc)
67Heaven:
Okay mate, tell me the history of each of the Celtic board.
Hamiltontim is praying for Oscar
11:52 on
4 March, 2014
I totally agree it’s a wide range of things, and others’ experiences will be totally different from mine.
I’m pleased to see the club are trying to enhance the experience in the kids sections.
I think if they can bridge the gap that seems to have developed with some of the fans – and appointing JPTaylor was a small step towards that – some might come back.
If we can get safe standing which is a) cheaper and b) heralds more of an atmosphere – yet more might return.
There’s lots of angles to be attacked, and hopefully they’ll make an effort at all of them.
I believe 30k might be an reasonable base level for ST sales, to build form. I think we’ll always be around that.
Cowiebhoy
There has been action by the Board.
It has been posted on the CST site in response to questions asked and it was covered at the Supporters Forum.
I’m on my phone or I’d get the links.
You might think more can be done and it was made perfectly clear at the Supporters Forum that the OBB and policing was having an adverse effect on attendances. So Celtic know it is in their best interests to be acting and doing more, but they have not been idle.
The problem seems to be no ones sees that they are which is a communication issue.
hebcelt:
5 – 10 and yes I speak to all my mates quite regularly.
new article posted.
Auldheid
how many fan meetings will it take to believe the plc are on the same page?
the plc are perceived to be at best, distant and at worst, at odds with the rank and file. After all your efforts we are still left with that perception and no sign, not a peep that the plc are considering tackling any issue, even half way.
HT
I agree with your assessment of the the variety of reasons behind falling attendances
Another factor though – I wrote on here about 5 or 6 years ago about the elephant in the room being that once attendances were falling to low to mid 50k there was no longer the absolute need to own a season book, as you could more or less gain access to as many individual games as you wanted. Once this happens the reality is that those who give up their books go to fewer and fewer games in the subsequent seasons.
I share your concern about attendance levels for next season. Although I expect an increase the following season for reasons that many Celtic supporters would rather not acknowledge.
Kitalba
don’t always understand some of your posts , but i would like to thank you for highlighting the poorer fans on here ( of which i’m one ) do matter
Kitalba
i love Celtic , but family always comes first always..
?