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.
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E=Mc2 Nobody has as much influence on popular music as you are claiming for ol’ Bobby Blue Eyes. He was just a link in a chain.
SFTB – I Want You is about the only Dylan song l Iike, and mainly for the reasons you state. Are you Damien Love?
However, Bob Dylan’s singing is an insult to my ears. For me, people who like Bob Dylan are like people who like The Rangers – I suppose they have to exist; I’m just very, very glad it’s not me.
Lay, Lady, Lay by the Brothers and Sisters – there’s a whole album of it out there if you’re not already aware of it.
http://www.youtube.com/watch?v=Prci7iRaW2Q Another cover version.
Ryecatcher, my very tech savvy friend recorded the Seville game direct from the TV and put it on DVD for me; I still can’t watch it.
Will the book be available via Timland, Calton Books etc?
Attention all you Sevconian lurkers, looking in.
Fate can be a real cruel lady at times and she’s kinda hit me one right between the eyes.
So, I thought, given the way fate has treated you an’ all, perhaps you guys would be sympathetic.
Some time back I decided to give up blogging for Lent and wouldn’t you know it, you guys look like getting into the Lenten theme by giving up a wad of league points.
With all the other stuff that looks like kicking off (perhaps you guys might get the chance again – if you’re lucky) I am now left with missing out on what could be the best action on-line, for 40 days!
How could Lady Fate do this to me? I mean, you guys have had a whole year and a half to get to this point and you choose to do it in Lent!?
Why me? How could she be so cruel?
Anyway, I’ll try to do my best and not do any fly-blogging.
How on earth do you cope with keeping your head buried off-line for so long? How do you survive on just the printed media? It’s so frustrating not having the slightest clue what is actually happening.
Fair do’s though, you guys have such a great talent for really getting into the mood of the occasion.
Sending out all your love to us Tims on Valentines Day.
Doing the whole Zombie thing at Halloween.
And now, as I said, giving up a wad of league points for Lent. Nice touch!
I have to admit though, with Easter coming up, don’t go getting any ideas on that one.
I guess I’ll just have to take the week off after Easter and spend the whole time catching up with all the blog posts I’ve missed.
But, you guys make sure and not go anywhere ‘til I get back. You know how much I’ll miss you.
Iain Bankier:
============
On pan-British competition
We’re not going around knocking on doors, because we feel that makes us look too needy, but we are super alert to the opportunity because the facts are that we deserve a bigger arena for the sheer size of the club.
A bit like the Berlin Wall coming down, these things happen when people least expect it and when they happen, they happen very quickly.
We have excellent relationships in Europe at every level and we have as high a profile as you could wish for when we participate in Europe.
When we played Barcelona in the group stages the car park was choc-a-bloc with media from all over the world. This was just a bog standard group stage game but it was getting semi-final status from the media.
That’s the sort of stuff we need to be happening and we can capitalise on. Another thing that was most gratifying was that when we went to Milan and to Ajax the first thing they said was: ‘When your name came out of the hat we were delighted. We think it’s a glamour fixture to get Celtic.’
=========================
HH
THERE are so many disgraceful branches to the oldco,Sevco , SFA,LNS,SMSM, that you actually forget some of them. I think that’s their hope.
Literally- hundreds of dodgy goings on..
The herald today talks about racism in football and the poor young Jordan Tapping..it then highlights examples…none of which mention Neil Lennon! SHOCKING
HH
Paul67:’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.’
================
Celtic Nation?
HH
Options, options, options – their heads must be spinning trying to work out which one to go for.
King is a sideshow as he has absolutely no way of enforcing his will on the board without actually offering to buy a load of shares from people who aren’t likely to sell to him. He is, for the umpteenth time, playing to the galleries without spending a penny of his own money.
Laxey, Easdales (Green), Margarida Pracatan etc. aren’t going anywhere. Does admin help them? Does a swift cost-cutting exercise improve or diminish the value of their portfolios?
Didn’t Brown once say Green would turn Ibrox to dust if he didn’t get his own way? Maybe this is what Paul is referring to when he mentions the hardballers option to raze the stadium to the ground.
This is a great cover, so funny.
http://youtu.be/vZtkmHXhF74
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.
____________________
You really need to keep up my Bhoy ;)
Paul67
Good to hear we have a stragety.
Read fourgreenfields commets about already boycotting the cup is concerning.
Looking at the behaviour of the police/stewards in our stadium its only natural more and more supporters are going to stay away.
Maybe thats the stragety.
Administration may not solve all the problems but as sure as hell solves the outgoings at a stroke. I don’t know how far they are down the line with the end of contracts of some of the higher earners, if they can remove them from the books with no need to pay up anything then they may go for the lease and back idea, however if they are not near completion of those contracts, and they may be currently trying to negotiate them out the door, then Admin is the BEST scenario to move them on and start to operate within their means por cierto.
Paul67
“we have a strategy to get into another league,”
Is that a fact? Also, is it a feasible strategy?
JJ
ryecatcher
11:50 on 3 March, 2014
How the feck can Campbell Ogilvie still be in a job?
How the feck could Uncle Tom Lawell vote for his re-election?
Something really stinks at our board level.
Stevie Wonder would spot this a mile away.
~~~~~~~~~~**~~~~~~~~~~
Strangely the politically correct amongst us think that comments about SDM disability is beyond the pale,but comments about Stevie Wonder are fine.
High horse,get aff it.
If it’s funny before it’s offensive then it works as a joke. Cheese grater,for instance.
BTW Bob is a legend because of his contribution to music. Not to singing.
Are these our eleven best players?
Forster;
Lustig;
Ambrose;
van Djik;
Izaguirre;
Forrest;
Brown;
Biton;
Johansen;
Commons;
Griffiths.
?
JJ
I as mildly baiting one of my best pals last night on Facebook re Hun admin 2 rumours – he replied – ‘I’m completely disinterested’
This guy is a genuine Hun supporter – he’s 50 not 15 and is always ready to give as good as he gets. I actually felt quite take aback at his response.
He ant thousands like him are the big challenge facing RIFC. There are a few loud mouths still courting the media and there are the many who still turn out on a Saturday who already have season tickets. I expect both groups to dimish in number next season.
Many Hun fans have simply had enough.
Wahtever some on CQN may think – it is decent news for Celtic on the finacial front (give me guaranteed Europe over Rangers every time) but its not good for our crowds to be in a one horse race. Sadly – unless another team can step it up soon, our fans are voting with their feet.
A new league required…
Benjybhoy mul @ 12.47
Read the mcmurdo ‘stuff’
‘It’s like me trying to buy a car from the Honda dealer by giving my money to the Ford dealer. Or ordering a Chinese meal and telling the delivery person that the money is with the Indian takeaway’
Nice simple analogies, but prob ruined by the fact that many of his readers will have probably tried to do the latter on many occasions.
CosmopolitanTheyAintCSC
HH jamesgang
Dharma Bam
My last attempt to convert you to Dylan vocals:-
Bob Dylan sings Bucks Fizz
JJ. Yes!
HH jamesgang
JJ
Matthew and Mulgrew ahead of Biton and Johansson at this point in time – Biton woll be our best player in a year’s time imo..
Cultsbhoy
Reckon his interest will return when they do (sic) via the inevitable hunnery pokery?
HH jamesgang
CultsBhoy
“but its not good for our crowds to be in a one horse race. Sadly – ”
I find that my experience at the games is changing. Before, winning was very important because there was the chance that, if we lost, THEY might win the League. Now, I find that I can more appreciate the talent of the likes of Biton , van Djik, Ambrose and Commons and also the occasional brilliance of Forrest.
A less emotional experience but one I still enjoy very much. So much so that the 22nd seems an age away!
JJ
First time for everything,I suppose.
Sauntered into the pub toilet and a fella was doing his bit while using his smartphone.
That must be important then,I opined.
Not really,he replied. Just my mate.
If I was you,I added,I would pay more attention to the stream of pash running down yer leg.
Oh dear,kids nowadays defo have their priorities wrong.
Jamesgang
I’m sure many huns will ‘return’ but it can never be the same for any of them. Their fundamental ‘simly the best’ belief has been exposed as a worse then a lie…the sense of superiority has evaporated – they can only be a meeker version of their old selves.
The only thing that would redress this would be a celtic scandal on a similar scale..which seems unlikely.
They carry the shame forever now. My mate is a great guy but I think he secretly loved thinking he was supporting the ‘best’ team. He will never again be as enthusiastic about about the now shamed club.
CultsBhoy
Yes, I was reluctant to leave Charlie out but , excellent and versatile a player as he is, I feel he is too slow for the modern game. Matthews I like , too but , at the moment, he is not at his previous level.
Cheerio for now.
JJ
JJ
I’m with you. Changed times, changed expectations. No FOD does effectively mean the league is won from day 1 and it’ll be a while if ever before the new/ only firm will challenge that.
So let’s use this time to try to play great attacking football and bring thro a new generation of young Celts.
HH jamesgang
On Ogilvie being elected. Was there anyone else standing against?
If not was a vote taken or was it like the bit at the wedding when you are standing at the altar with second thoughts hoping somebody in the congregation does know why you should not be wedded in holy matrimony and yells
“Haud the bus”
BOB
Some feel the rain, others just get wet!
Marley
and he could make music you could feel too
HH
I have a question
Whither the cash strapped scrofulous hillbillies
… the day?
Good evening all, I am a very occasional poster over the last 7 years ( I leave the serious posting to my brother Folly Folly ) , but constant lurker. I have just been given a hand-me-down iMac desk top – really for kids to do homework and projects etc. I have Norton 360 for the other computer in the house but it won’t cover the iMac. I was wondering if any of you good people knew of any good, reliable free security for downloading? Many thanks in anticipation.
Bashi
Cultsbhoy
Hope you’re right and I too know of decent fans who will feel shame. And/ but I fear a rabble rousing riposte that seeks to rewrite history with a ‘stab in the back’ theory that blames the unseen Fenian Hand. ‘they tried to destroy us blah blah blah’.
Maybe I’ve spent too long studying history!?!
HH jamesgang
bashi-bazouks
avg have an excellent free version
HH
DONTBRATTBACKINANGER
Ah,that is the $64,000 question. Adjusted for inflation and spivery.
Our taste in music diverges at that point.
I think that songwriters who can’t sing should stick to getting others to sing their songs
Seville; I can’t watch the DVD but I wouldn’t have missed the whole trip.
I was in the front row, well the first occupied row – they kept the first few rows empty, very close to the Porto end and opposite the players’s tunnel. At the end, Jose Mourinho ran over to where we were and gave a big clenched fist, like a big GIRUY. He got booed alright! I had a strong dislike for him after that.
Now, I wonder if there were Porto fans above us, to whom he was reacting. There’s not much difference between an expression of victory and of taunting your rivals, when they both involve a clenched fist.
Also, shouldn’t Newco be Newclub?
How cool is this?
_________________
https://www.facebook.com/jamie.reid.353/posts/670389286352824
BASHI-BAZOUKS
I think one or two people replied to that last night. Could be wrong of course,but go back to your original post.
No help from me,of course. Arch-Luddite.
McCann’s rare feat was to straddle and serve both the football and business worlds, and yet, in the main, also make Celtic aspire to higher ideals of conduct. That is one monumental legacy.
Andrew Smith