Admin only one option being considered

701

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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  1. embramike supporting wee Oscar and Res 12 on

    Just read that my bank branch in Corstorphine was robbed of thousands at 9:30 this morning by a guy who seemingly arrived and left in a taxi.

     

     

    Really concerned that it may have been my EBT (Embra Bloody Taxis) account that he targetted – I know they are expensive but to stop and rob a bank en route ??

  2. leftclicktic We are all Neil Lennon on

    CaltonTongues#TeamOscar

     

     

     

    18:13 on 3 March, 2014

     

     

     

    That is superb :))))

  3. embramike supporting wee Oscar and Res 12 on

    Peter Lawwell joins European Club Association Executive Board

     

     

    By: Newsroom Staff on 03 Mar, 2014 18:11

     

     

    CELTIC Football Club is delighted to announce that Chief Executive Peter Lawwell has been elected to serve on the main Executive Board of the European Club Association.

     

     

    Peter will join other existing Board members including Chairman Karl-Heinz Rummenigge of Bayern Munich, AC Milan’s Umberto Gandini, Edwin van der Sar of Ajax and Arsenal’s representative Ivan Gazidis.

     

     

    The European Club Association is the sole, independent body directly representing football clubs at European level. It is the authoritative, independent voice of European club football, the lifeblood of the European game.

     

     

    ECA exists to protect and promote European club football. Its aim is to create a new, more democratic governance model that truly reflects the key role of the clubs.

     

     

    ECA will act to strengthen each of the clubs for the benefit of all and to ensure that club football is recognised by decision-makers as the most direct link to the fans and their communities. The ECA currently represents 214 clubs from 53 nations.

     

     

    Peter Lawwell said: “This is a tremendous honour and a role which I very much look forward to undertaking.

     

     

    “European football is an ever-changing landscape and from the perspective of Celtic, it is vital that we ensure we are at the heart of the action and at the centre of discussions regarding the development of the game.

     

     

    “As we look to the future, I look forward to representing Celtic, Scottish clubs and the other clubs in Europe to ensure that the voice of these clubs and their supporters is heard.”

  4. BIG-CUP-WINNERS on
  5. Tony Donnelly67

     

     

    Thanks fur the Welcome Reply, Tone

     

     

    Ah read yer Storyline aboot the Nine Hostages.

     

     

    Wheredya get all this stuff?

     

     

    Ah find it Grossly.. well.. Engrossin’!

     

     

    Ah like Old tales .

     

     

    Lotsa Writing Material in ’em… They hiv stories that are jist waiting tae Be Told.

     

     

    Ah am convinced that Ye must be a True Irishman.

     

     

    No worries ,there.

     

     

    Och.. The Irish ur Great Folk , AH hiv nae trouble in Likenin Them, Aloater..

     

     

    but..

     

     

    As Ah pointed oot..

     

     

    Ah find You Are the Exception that Disproves the Rule

     

     

    That..

     

     

    The Irish, Jist canny Stomach.. The Rich n the Powerful.

     

     

    Kojo

     

    Still,Laughin

  6. @MinogueTom: Has there ever been a word said about anti-Irish racism which was loud & clear when Oldco Rangers played us? Still prevalent but no MSM fuss

  7. embramike supporting wee Oscar and Res 12

     

     

    18:22 on 3 March, 2014

     

     

    Peter Lawwell joins European Club Association Executive Board

     

     

    By: Newsroom Staff on 03 Mar, 2014 18:11

     

     

    CELTIC Football Club is delighted to announce that Chief Executive Peter Lawwell has been elected to serve on the main Executive Board of the European Club Association.

     

     

    Peter will join other existing Board members including Chairman Karl-Heinz Rummenigge of Bayern Munich, AC Milan’s Umberto Gandini, Edwin van der Sar of Ajax and Arsenal’s representative Ivan Gazidis.

     

     

    ================================

     

     

    FollowFollow just folded in upon itself, producing an anti-matter field that will expand to form a new black hole.

  8. I assume there will be absolute outrage expressed by the zombies

     

     

    CELTIC Football Club is delighted to announce

     

    that Chief Executive Peter Lawwell has been

     

    elected to serve on the main Executive Board

     

    of the European Club Association.

     

    Peter will join other existing Board members

     

    including Chairman Karl-Heinz Rummenigge

     

    of Bayern Munich, AC Milan’s Umberto

     

    Gandini, Edwin van der Sar of Ajax and

     

    Arsenal’s representative Ivan Gazidis.

     

    The European Club Association is the sole,

     

    independent body directly representing football

     

    clubs at European level. It is the authoritative,

     

    independent voice of European club football,

     

    the lifeblood of the European game.

     

    ECA exists to protect and promote European

     

    club football. Its aim is to create a new, more

     

    democratic governance model that truly

     

    reflects the key role of the clubs.

     

    ECA will act to strengthen each of the clubs

     

    for the benefit of all and to ensure that club

     

    football is recognised by decision-makers as

     

    the most direct link to the fans and their

     

    communities. The ECA currently represents

     

    214 clubs from 53 nations.

     

    Peter Lawwell said: “This is a tremendous

     

    honour and a role which I very much look

     

    forward to undertaking.

     

    “European football is an ever-changing

     

    landscape and from the perspective of Celtic,

     

    it is vital that we ensure we are at the heart of

     

    the action and at the centre of discussions

     

    regarding the development of the game.

     

    “As we look to the future, I look forward to

     

    representing Celtic, Scottish clubs and the

     

    other clubs in Europe to ensure that the voice

     

    of these clubs and their supporters is heard.”

  9. leftclicktic We are all Neil Lennon on

    embramike supporting wee Oscar and Res 12

     

    18:22 on 3 March, 2014

     

     

     

    I await the hun implosion on twitter :))

     

     

    Peter can you find out who reported to ASA please :))thanks in advance.

  10. Aye, the ludges will going into raffle mode, brilliant.

     

     

    Off topic I know but do any of my friends here know or have had confirmed, what it was Fat Sally said to Neil on that infamous night which has cost us so much. I’d love to know or has NFL ever reported what was said. The sneaky way Fatso knew the camera was behind him and looking at Neil kinda tells it all and exposes the sneaky wee crap bag for what he is.

     

     

    KINGLuBO

  11. Tony Watt not getting picked for U21 team after scoring 7 goals in 8 games is nothing to do with him wearing an Eire top I assume…

  12. embramike,

     

     

    That’ll do down like a lead balloon with the huns, especially this part…..

     

     

    “As we look to the future, I look forward to representing Celtic, Scottish clubs and the other clubs in Europe to ensure that the voice of these clubs and their supporters is heard.”

     

     

    Cheers for posting, I might suck a few huns into a debate with it tomorrow :-)

  13. The Celtic Kids..well.. Plus.. Kayal, Boeriggeter

     

     

    Smash the Ross County Youngsters..

     

     

    Five tae Nil.

     

     

    Ah see that..

     

     

    Young Paul McMullan , goat a game,the Day..

     

     

    Ah wondered whit had happened tae Him..

     

     

    He has bin no Getting The Games, recently.

     

     

    He is ..

     

     

    In Ma Opinion..

     

     

    Wee Jamesie Mark 11,

     

     

    Mebbe,he wull turn oota be bettah than Wee James.

     

     

    Ah like him.. Aloater.

     

     

    Kojo

     

     

    Still,Laughin

  14. Steinreignedsupreme on

    Gordon Dalziel: “Dave King is the only man to revirtualize Rangers.

     

     

    “The fans are all backing him to be successfully successful.”

  15. embramike supporting wee Oscar and Res 12 on

    Sandman @ 18:41

     

     

    FollowFollow just folded in upon itself, producing an anti-matter field that will expand to form a new black hole.

     

     

    Explosion of quirks, spewons, bozos and morons picked up by bampot detectors!

  16. bournesouprecipe on

    BBC tea time news shows Dave King arriving in Scotland again, the same pictures they show every time he’s going to save Sevco.

  17. leftclicktic We are all Neil Lennon on

    Cheeky Haggerty‏@AngelaHaggerty·5 mins

     

    Good news that Lawwell’s in Europe now. Should help Celtic cover up that whole state aid land scandal #UnseenHand

     

     

     

    Hahahahahahahahahahahahahahahahahahahahahahaha

  18. valentinesday on

    How does PL getting on the ECA help Celtic?,,,genuine question

     

    from a thicko.

  19. KingLubo

     

     

    Hiya,Palomine..

     

     

    Great tae greet Ye..

     

     

    Great Subject.. ye hiv brought up..

     

     

    Yep.. Ah often hiv wondered jis whit McCoist did Murmur in Neil’s Ear,oan that . Terrible Night.

     

     

    Whitevah it wiz.. It Sure Galvinised ,Neil.. intae.. nearly…Pulverizing,his Tormentor.

     

     

    Ah sure wid like tae Know this McCoist Said…

     

     

    Strange that Neil has Never Divulged whit it wiz..

     

     

    that is..In .Public.

     

     

    Dis Anybuddy oot there.. Know whit McCoist Said..???

     

     

    Nice Chattin ,Palomine

     

     

    Kojo

     

     

    Who Likes ye.. aloater

  20. eddieinkirkmichael

     

    16:27 on

     

    3 March, 2014

     

    ScotPatsFan

     

     

    15:59 on

     

     

    This is what he is on about.

     

     

    http://footballtaxhavens.wordpress.com/2012/12/19/celtic-fcs-9-million-hidden-debt-paying-6-in-perpetuity/

     

    ================================================================

     

     

    No news here….this stuff is in the accounts every year.

     

     

    Ordinary Shares pay nothing……..your relying on their value to increase based on supply and demand which is linked to financial performance of the company presumably.

     

     

    Preference Shares pay an agreed dividend annually……..you buy the shares from CFC who agree to pay you a % dividend.

     

    They could offer these shares for fixed periods and then convert to Ordinary or remain Preference in perpetuity…….its what is agreed in writing that counts.

     

     

    Keep the shares…keep the deal.

     

    Sell the shares…..lose the deal

     

     

    Essentially you invest in business and you want a return on your money.

     

     

    Move along now…..nothing to see here :)

  21. I know it’s a long shot but anybody going to the partick th hamilton u-20 game at firhill tonight ?

  22. johann murdoch on

    CELTIC Football Club is delighted to announce

     

    that Chief Executive Peter Lawwell has been

     

    elected to serve on the main Executive Board

     

    of the European Club Association.

     

    Peter will join other existing Board members

     

    including Chairman Karl-Heinz Rummenigge

     

    of Bayern Munich, AC Milan’s Umberto

     

    Gandini, Edwin van der Sar of Ajax and

     

    Arsenal’s representative Ivan Gazidis.

     

    The European Club Association is the sole,

     

    independent body directly representing football

     

    clubs at European level. It is the authoritative,

     

    independent voice of European club football,

     

    the lifeblood of the European game.

     

    ECA exists to protect and promote European

     

    club football. Its aim is to create a new, more

     

    democratic governance model that truly

     

    reflects the key role of the clubs.

     

    ECA will act to strengthen each of the clubs

     

    for the benefit of all and to ensure that club

     

    football is recognised by decision-makers as

     

    the most direct link to the fans and their

     

    communities. The ECA currently represents

     

    214 clubs from 53 nations.

     

    Peter Lawwell said: “This is a tremendous

     

    honour and a role which I very much look

     

    forward to undertaking.

     

    “European football is an ever-changing

     

    landscape and from the perspective of Celtic,

     

    it is vital that we ensure we are at the heart of

     

    the action and at the centre of discussions

     

    regarding the development of the game.

     

    “As we look to the future, I look forward to

     

    representing Celtic, Scottish clubs and the

     

    other clubs in Europe to ensure that the voice

     

    of these clubs and their supporters is heard.

     

    I look forward to my first meeting in Rome”

     

    ———————————-

     

    *waits for zombie implosion*

  23. Evening, my boy informs me that the Scotland squad are using Murray Park, also ibrokes is being used for an U20 cup final…

     

    Are these all SFA help them out decisions, if true.

     

     

    Ayrshire is Green and White

  24. good evening cqn

     

    Just in house listened to ssb in car,Alick from Airdrie,bitter bitter man,moaned about PL,then it was Leigh Griffiths late inclusion in the Scotland Squad,Then it was about David Moyes at Man Utd,and Celtic fans want them back,…………………………

  25. bournesouprecipe

     

     

    18:50 on 3 March, 2014

     

    BBC tea time news shows Dave King arriving in Scotland again, the same pictures they show every time he’s going to save Sevco.

     

    ———————————————–

     

     

    Saw that, thought he had arrived, appears he hasn’t.

     

     

    HH

  26. Kinglubo

     

    on that subject , i’m a bit dissapointed , Neil said if we won the league that year he would tell us …..still waitin

  27. bournesouprecipe on

    “When the terms of the Laxey loan were announced I was horrified.”

     

     

    Fat guy with cap who wants the big hoose to stay open

  28. Steinreignedsupreme on

    bournesouprecipe 18:50 on 3 March, 2014

     

     

    “BBC tea time news shows Dave King arriving in Scotland again, the same pictures they show every time he’s going to save Sevco.”

     

     

    He’s been on more failed rescue missions than the British Lifeboat Association

     

     

    Is that the footage where the Lying King is wearing his club in crises trousers?

  29. I am amazed that Scotland does not seem to recognise anti-Irish racism, which still seems to be commonplace in football grounds, if not elsewhere. According to the STV, the last person found guilty of racism was someone who made gestures to Diouf. To say I’m gobsmacked is putting it very mildly.

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