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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BMCUW
Just showed her your birthday wish. She’s delighted. :-)
Weefra HH supporting Wee Oscar.
Paul67,
Just in. Been out all day. Haven’t read back, except your article. Are we then not to enjoy this week but just await happy developments down Govan way?
Len Brennan
Indeed. Pity somebody already had digital copies.
D&P must be dreading the BDO report which I understand is forensic.
moonbeams wd. kano 2000 \o/ supporting neil lennon 29.9%. champions. c’mon wee oscar.
14:48 on 3 March, 2014
C’mon Tony Donnelly all 6′s and 7′s
You appear to be the Oracle of all thins Celtic, PLC, SFA. Please furnish us with all the factual evidence you have that our PLC have been whiter than white in the whole Orc death dance and replica orc reincarnation. Oh aye and while you are at it let’s see all the detail that shows the PLC top be the good guys and the GB to be the naghty little bhoys that you have.
MWD propaganda fae the Brazen CSC
_________________________________
I keep telling you guys my posts are my opinions and not up for discussion, I trust PL And the Celtic board, to look after the club and our business, you wish like many hear to slag them off, so go ahead, fill your boots, you will get no oxygen from me, lurking Huns GIRUY.
Tallybhoy
14:38 on
3 March, 2014
South of Tunis
Benny Hill was bad enough in English, but excruciating when dubbed into Italian.
Think I watched it once.
I then drank a bottle of gin.
HH!!
============================================
Shocking post
Benny Hill was a great programme
Auldheid. Here’s hoping mate.
HH
/Bishop B
MWD
You know that Celtic knew about CO?
You mean evidence or suspicion.
Celtic did ask questions, and the answer supplied was unchallengeable.
Res12 changed the questions and until they get unchallengeable answers it is not going away.
This is really cool!
To be is to do (Plato) To do is to be (Sartre) To be to be do (Sinatra)
STEINREIGNEDSUPREME
THE DELGADOS album,THE GREAT EASTERN is an outstanding piece of work.
I canny take the credit for the number of links I’ve put on here to it as I had never heard of it till my kid sis opened my eyes.
Not a track on it which falls short.
Thanks,THE BIG ELGEE!
Tony Donnelly All 6’s and 7’s
Thanks for confirming you are just talking PISH but making it as fact.
MWD noo away n boil your napper.
Another topical post
The search for Essex Lions cost millions. Gers once chased 11 Lions and never caught them. The cost was LIQUIDATION!
Dontbrattbakkinanger
14:35 on
3 March, 2014
:))
Livibhoy @11:56 and your miroslav klose
You want explosive stuff regarding the SFA, Stewart Regan, Campbell Ogilvie, Craig Whyte, David Murray, LNS title stripping then listen to this 20 minutes in totally unreal.
Paranoid FFS we weren’t paranoid enough.
Please listen to @paullarkin74 “Asterisk Years Interview #6” by homebhoys via @spreaker http://t.co/mb86hUqMcn 20 mins in explosive stuff
Livibhoy 14.50
Not sure about the exact specifics of the Europa qualifiers, but I could certainly see Aberdeen and maybe Dundee United (if they can hold onto their players) making it through. St Johnstone were a whisker away last year.
As you say, it would help them financially and make them more competitive. I really don’t see Sevco coming close to these teams – let alone us – for a LONG time. King has mentioned needing £30m to be competitive with us. I reckon he’s in dreamland. The old club needed around £250m (various “investments”, tax dodges, debt write-offs, etc) over around 15 years to just about keep up with us. Money the new club will never have.
Hopefully the other clubs can put up a bit more of a challenge. They have shown they can do it in one-off games. Just need to be more consistent over the season.
mike in toronto supports oscar knox
14:27 on 3 March, 2014
Hello lads
Was having trouble logging in, so I am a bit late on the ‘best cover ‘ debate…. but madness’ It must be love must get some consideration …
———
Heard it all now.
A burd being chatted up in the pub told her pals he was Rangers man
and she was not interested.
He was not in her league!
WEEFRATHETIM
She deserves it,mate.
I’m delighted that she’s delighted.
And that for once my timing was spot on,top of the page,top of the world.
I’m not known for good timing where women are involved as a rule. Nice to get one right!
Call me ole fashioned but I was sad to see the ole school reduced to a pile of rubble.
P Lawell is in touch with his inner Bomber Harris.
hen1rik
I listened to it earlier sir.
Thank you for posting it
Sorry Auldheid
How come 4 or 5 supporters can unearth the evidence to at least make a job of producing the correct questions yet a very proffessional well reputed board of directors and astute business men couldn’t. I don’t buy it. The will was not there and as ever it is only when pushed with the evidence thrust in their big beetroot pasted embarrassed faces that our PLC had no choice to act as thankfully the fans involvede were also minor shareholders.
MWD as he says doesn’t trust our board to do anything unless it means bonus’s all round.
moonbeams wd. kano 2000 \o/ supporting neil lennon 29.9%. champions. c’mon wee oscar.
15:19 on 3 March, 2014
Tony Donnelly All 6′s and 7′s
Thanks for confirming you are just talking PISH but making it as fact.
MWD noo away n boil your napper.
__________________________________
Thanks for confirming with your potty mouth why I don’t debate my posts, clown.
MOONBEAMS WET DREAMS
You got anything planned for tenthamay?
I promise not to mention politics and apologise profusely for the last time
SFTB
Take a look at the situation through the various lenses of timescale.
We in the baying mob want action, and we want it now. Always.
Administrators and executives tend to take a medium term view, over a contract period or business cycle for example.
Those who consider themselves to be custodians of their football clubs, the legacy guardians, perhaps take a longer term view, the 10 year, or perhaps 20 year.
Depending on your perspective, you will perhaps come to a different solution to a given problem.
I think a number of SFA and particularly SPFL member clubs have taken a 3 year view of the short term opportunity to deliver a longer term objective of a level playing field. I sense that the singular objective of the senior professional clubs in Scotland is to replace the blazers and run the Game thereafter for the benefit of the clubs as a whole.
George Peat and David Longmuir are gone. Others will follow until the dog is wagging its own tail again. I sense a consensus around ensuring that the Game can never again be bent to suit the whim of just one club, one shameful, shambolic, insidious, swindling club.
Hence the three year window.
Just a thought.
Does anyone have any news on the Amsterdam defendants.
Are the trials/appeals due to go ahead soon
And what about the people who were filing complaints against the police
It would be good if there were some positive results there before we went int Europe again next season
Auldheid – will the BDO report be made public?
http://www.bbc.co.uk/sport/0/football/26420403
Sevco board want to meet dodgy Dave.
LB
The young uns are 2-0 up at Cappielow.
Weefra HH supporting Wee Oscar.
hen1rik @ 15:21
Explosive indeed!
That’s why I contributed to the Asterisk Years project and wait patiently until the end result is distributed widely to see the ensuing reaction
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS ………FC not PLC 15:19 on 3 March, 2014
The first three albums fron The Delgados are very impressive.
That Chemikal Underground is a good wee label.
Clink\o/
Tom Waits and Neil Young
I’d have them in the back room, writing songs.
Maybe after a few years, they could release a CD of the pick of what would be demos of their best songs, that other people sang.
Since Neil Young’s success, lots of singers seem to think it’s acceptable to whine instead of singing.
And don’t get me started on Billie Holliday…
squire@ 15:22
Do you not like the original (Labi Siffre)l, or the cover? (or both?). very different, but each have their own charms.
Would be interesting to find out Duffield’s role in the huns Hustle.He held high office in the SFA and Oldco in quick succession.Coincidence?
BMCUW@1523
Hahahaha. Class.
Weefra HH supporting Wee Oscar.
Can someone give me Paul67 email address please, I can’t access it from my phone.
Thanks in advance
livibhoy – god bless wee oscar
15:34 on 3 March, 2014
http://www.bbc.co.uk/sport/0/football/26420403
Sevco board want to meet dodgy Dave.
LB
__________
Gunfight at the ok coral.
Auldheid @ 15:12
D&P must be dreading the BDO report which I understand is forensic
Is there a timescale for the release of the BDO report?.
celticquicknews@gmail.com