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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Paul Murray has been lying low through all this. Might be due an appearance on shortbread…..?
I can hear him now – “the debt was coming down”.
so Mc gills have guaruntees over Edmiston hoos for loaning a half million?
I thought they were doing it interest free,silly me lol
Laxeys loan a million til september
they get £150k for their troubles
they get first dibs on albion car park
they have a lot of future rent to be collected if Admin for the new club occurs.
no albion,no open club deck i believe.
people like Laxeys are always planning and it looks like they are positioning themselves as a creditor.
On david murray i believe he is not a well man,quite common for amputees to suffer pain like he is,at his age as complications set in from loosing his limbs.I pray for his health.
HH
Auldheid@15:07
“I think there was genuine fear of the consequences of title stripping.”
And yet it seemed to have been on the discussions for the first version of the 5 way agreement. Someone persuaded them to remove that threat from the table and, from having a punitive outlook, they retreated to a position with no consequences (back in the SPL, history intact, and the investigations heavily curtailed and time-lmited). Again it begs the question, no appetite??, amongst whom??
“I also think there was and is an absolute aversion to admitting Rangers cheated.”
Again, amongst whom was this aversion?? Are we talking about just the SFA or in the Celtic Board?
“So rather than admit wrong, that the spirit of the laws were broken, like the Pharisees they interpret the law in such a way that the words are not broken but the spirit is. You see that in the defense of ebts put to the FTT, you see it in the bizarre Bryson ruling, you see it in the even more bizarre no sporting advantage ruling of LNS. So bizarre btw I bet they cannot find a way to incorporate it in the registration rules.”
How did they get all these people to take part in a conspiracy? The more links in a chain, the more breaks can occur.
“Thus clear evidence of cheating is buried, especially by the guy who started it.”
Who orchestrated the conspiracy? These people do not fall in line when legal and financial investigations are in place, without someone putting pressure on. What’s in it for Sandy Bryson, who, until he gave false evidence to the LNS enquiry, was totally in the clear and had no stake in the game.
Recieved my FOI request from GCC on safety issues at Ibrokes this afternoon.
Will post later when fully digested their response.
eddieinkirkmichael
17:06 on
3 March, 2014
Recieved my FOI request from GCC on safety issues at Ibrokes this afternoon.
Will post later when fully digested their response.
look forward to that Eddie
Whit age wiz Ronnie Simpson, when he signed fur Celtic?
n.. D’yae think that a Goalie , gets.. Bettah wi’ Age..ilke…
Wine n Clay- Pipes?
or..PerChance, ye Couldnae care Less..
Although…
Ah think that, Mebbe, Neil DIZ CARE.. n.. well… Aloater!
Although….No aboot . Wine or Clay-Pipes..
Na…
But,aboot if a GOALIE,gets Bettah wi’ Age.
And.. Also, My readers wull be Happy tae Learn…
that This memo is..
No aboot Wine or Clay-Pipes, Eethur..
It’s Aboot a Guy , Who is Called..
Eduardo..
and…Eduardo.. May be acomin’.. tae Parkheid oan the Clyde.
And Na, Eduardo..isnae a Hair-Stylist.
n let me tellya that… Neethur. Stokesy or Lee, wid hiv any use fur Wan o’ them…even,
if He wiz!
His Full Name is .. well.. check that.. His NEARLY full Name..is
Eduardo Calvalho.. n he Plays fur Braga..in Portugal..as thur First Eleven Goal-Keeper.
n
He wull be oota contract at the end of the season..
Ah Know..
He Is a Player who is Embroiled in.Jist the Kinda Circumstances that Peter relishes..
A Good Sound Player, who kin be Snatched fur.. The Price o’ Five Woodbine.. n.. A Quarter Pound o’ Dolly Mixtures!
It sure looks tae me, fae Ma Seat in Ma Man Cave.. that Forster.. is set tae Head Fur the Tall n Uncut.. This August..
Which wid be maist Inconvenient..if we wur left ..scrabblin’ fur an Experienced Goal Tender..Just afore oor. C.L. Prelims get under way..
It could Happen, ye Know..
So..
Eduardo, may be the very Guy.. tae Help us get Thru ‘em.
He is a Veteran Portuguese Internationalist..n he his Oodles of Experience,in Europe.
He is Six Foot n Wan Inch.. n.. He Could dae Ah suppose ..at A Pinch..
although, He is Thirty Wan Years Old..
Nevertheless… that May turn oota tae Be a Blessing.. Like Findin’ Pure Gold..
.. if
He Turns oot tae be Anither.. “Faither”!
Still a Long time tae go, Yet.. Afore we wull Find oot is Neil . wull get his Man..
Ah jist thought Ah wid Alert Ma readers Tae whit may be “Goin Doon”
Nae Harm in Daein that.. Ah reckon.
Right?/
Kojo
Still Laughin’
scotpatsfan
15:59 on 3 March, 2014
Just tell him that 2 sevco shareholders are taking £2.50 a year out of sevco and there taking it in 10p pieces FACT :-) HH
Deidco board demand that the shameless glib one appears before them to explain.
Hun on Hun butchfest here we go. Should be on pay per view!
Who are this board to ‘demand’ anything of anyone?!?! The emperors lost their clothes… er sashes…,.
All the while the putrid carcass continues to revolve on the spiv spit…
SpinOnItCSC
HH jamesgang
jungle jim
16:20 on 3 March, 2014
Not sure mate.
Winning Captains,
when will the Virtual Ticket “Goody Bags” be sent out? I am away next Wednesday, any chance before then? How will I recognise the VT? Green Plasma edges?
wishiwasthere csc
HH
jamesgang ; they’re no’ getting my money…….pay per view indeed !!
Charliebhoy
It’s like free pay per view if you catch ma drift!
HH jamesgang
The Battered Bunnet@15:27
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 understand that a mob is more impatient than a judge.
And yet, the initial instinct among both seems to have been that Rangers’ cheating needed some punishment as a for of restitution and rehabilitation. The initial plan was to keep them in the SPL with titles stripped. Similar to the Italian rulings where that distinction between administrators and mob did not get in the way of reaching for the title stripping option. And they have shown a greater propensity for riot than we do.
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.
Where is the evidence that any long term (5,10 or 20 years) plan is in place to preclude abuse of fair play and fair administration. What have we done in changing the rule book? Removing the automatic regulation for a club entering administration suggests that Operation Save Rangers is still more prominent in their thinking than Operation Without Fear or Favour.
The delay in action may have had more to do with the self interest of club treasurers in the lower divisions being keen to fleece the Sevco hordes than with curtailing their influence. We laud Turnbull Hutton but he was not a voice which was echoed by other chairmen. They did not stand firm on his view that the SPFL should not sort out the mess of the SPL. They acquiesced.
Your sense of a “singular objective” amongst club chairmen has escaped my notice. I only felt a sense that other SPL chairmen thought they could take advantage of an isolated Celtic, without the vote of its Old Firm partner, to squeeze through proposals for gate-sharing, and more equal distribution of our earned money to them and their earned debt to be paid by us. What statements from chairmen can you point to in support of your assertion? What evidence of regulation changes can you cite to show we are getting a more level football field?
This 3 year window ends with the new Ibrox club possibly on the verge of entering the top Division. During that time, the new found ardour for justice among the game’s administrators has seen them provide false evidence to their own rigged enquiries, fail to establish who actually owns the assets they allegedly sold, and fail to issue clear statements on the status of the club in question.
In this case, I think the suspicions of the mob are well grounded.
a stream…..pun totally intended lol
‘Those responsible for strategy, oversight and governance at Oldco set the wheels in motion’
hilarious paul, absolutely hilarious
Mayanman
The virtual ticket goodies will be sent out on the Monday after CQTEN – the book arrives on day of CQTEN and we will get as many people to sign from the blog as possible. We will have Beanies from Pat and a new CQN badge – so need to gather all to post.
Anyone who wants a virtual ticket email BRTH – editor@cqnmagazine.com
Surely it’s time for Keech Jacksie to invent another billionaire.
http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-26422106
interesting
ScotPatsFan
15:59 on 3 March, 2014
Looking for some CelticFC financial info.
I’m in a discussion at work with a zombie who is mudslinging.
One of his accusations is that one of the CelticFC shareholders receives £500k every year in perpetuity.
He alleges that it is documented and in the yearly accounts.
Does anyone know if this is true and, if it is, why?
Thanks.
~SPF~
=
I see you’ve alreayd had the answers, SPF. But what intrigues me is the ‘mudslinging’ this bewildered zombie is doing.
Mudslinging?
What is transpiring at Celtic re that situation is the result of a well-run company making money for its major shareholder.
As well-run companies do.
Point your zombie colleague in the direction of Bloomberg TV instead of FollowFollow if he wants to gain an inkling into a world far, far removed from the cornershop shambles his kind are continually duped by.
DD reaps the rewards his investment in a sporting plc generates; he does not occupy his time scalping sweeties oot the penny jars to spivs on the side.
CorporatemetaphorsCSC
Good evening friends
Sevco Facts No112:
In Sevconia there is a pot of annual accounts at the end of every rainbow.
Good to know that some football authorties are on the case of a member clubs situation.
Something we in Scotland can only dream of.
Instead we have the 3 monkeys changing rules to suit one club on a daily basis(IMHO)
http://www.football-league.co.uk/latestnews/20140303/football-league-statement-on-birmingham-city_2293301_3695983
Cumulative Convertible Shares were issued with 6% return. If that is not paid out in any year then it accumulates. It has been paid out every year since they were issued (1994). I have no idea how many CCP share Dermot Desmond has, but like all holders he would get 6% of his original investment.
CCPs can be converted to ordinary shares, although there is no current requirement to do so.
eveningtimes
one of the dave king stories
featured advert by company called minelab with text “click here to see how you can find treasure”
made me laugh anyway
ScotPatsFan
The writer of footballtaxhavens is a lets just say confused mud slinger.
His GCC celtic Lennoxtown theory has been blown out the water by…. facts
Kojo
As in you question as in how Irish am I, well sir, I trace my family directly back to this fine man, Nial of the nine hostages, and what a man he was ;)
http://floridairishheritagecenter.wordpress.com/2011/08/19/are-you-a-descendant-of-irish-king-niall-of-the-nine-hostages/
I have been telling the good people here for some time where to buy the only chicken I eat on these shores but like the eateries I suggest before they get a star accreditation from a higher source will be a game changer:
http://www.scotsman.com/lifestyle/food-drink/features/tom-kitchin-cooking-with-chicken-1-3325865
Evening Timland from a stormy hun free mountain valley..
This is superb, by cartuja.
http://i61.tinypic.com/2mdl37a.jpg
HH
hope all you good Celtic people have a good night.back to lurking
HH
steinreignedsupreme
17:39 on 3 March, 2014
Surely it’s time for Keech Jacksie to invent another billionaire.
Death Star to MSM
‘We’re going to need a bigger billionaire’
LoanSharkMunchedTheBunsCSC
HH jamesgang
THE EXILED TIM
17:57 on 3 March, 2014
The oars are a nice touch.
ernie
>}
HH
@mctears @McTears 1h
The Baird’s Bar Memorabilia Auction is now online…
Celtic fans across the world now have the chance to snap up… http://fb.me/18tzJdij0
THE EXILED TIM 17:57 on 3 March, 2014
http://i61.tinypic.com/2mdl37a.jpg
———-
The answer to all their money problems is right there in the middle. That top that Father Dougal is wearing would be a best-seller.
*Other products are available – try our range of Forces Sauce
jackie Mac
police Inspector Andy Imray said:”I consider this unacceptable incident to be an isolated occurrence, which will be fully investigated.”
Why would he bother mentioning that he considered this to be an isolated incident?
I have my own view but would be interested in what others think.
JJ
I think that it was the poet and philosopher, Ernie Lynch, who posted a very prescient observation at the beginning of this fiasco.
He said that once Regan, Doncaster et al spoke of Armageddon and “Scottish Football needs R……”, then the ba’ was burst.
They handed Green and co the initiative and it was they who called the shots.
Only the support of clubs other than Celtic, who forced their chairmen to act with some integrity, stopped them gaining outright victory in their Phoenixing.
It must hurt the hun that Celtic have a shareholder who can take his dividend out the front door, rather than the looting going on at Ibrox.
By taking a dividend on his investment, he is acting as a shareholder.
Not to and he is a Sugar Daddy….and we don’t want one of them, do we?
Good old @STVSport @STVNews @STVGrant
showing racism at Peterhead game then surprise surprise the Celtic game at parkhead with Diouf
If Sash Wednesday arrives… Poor wee Jimmy…
http://i57.tinypic.com/ykvt5.jpg
WheresthelinkcreatorCSC