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Ashley fait accompli

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By on CQN BLOG & Comments

Tuesday’s Telegraph suggested Mike Ashley is about to increase his shareholding in newco to 29.9% via a share issue, in contravention of his agreement with the SFA on multiple ownership.  This morning the club informed the stock market the Ashely’s appointee, Derek Llambias, is now chief executive.

The key passage in the Telegraph article is:

“There is no certainty of anything like unanimous approval, but many in the higher reaches of the Scottish game acknowledge that a revived Rangers, capable of resuming the Old Firm rivalry and renewing the club’s presence in Europe would make Scotland more attractive to broadcasters and league sponsors, with general benefits.”

This has almost certainly come from the same kind of club source which in another lifetime were assuring journalists that HMRC would agree to a CVA; I know for sure the SFA are far from ready to rubber-stamp an Ashley land grab.

There are a few points which, despite blanket coverage of this issue, are not getting a proper hearing:

At current trading levels, Ashley is earning around £4m p.a. from newco as their retail ‘partner’.  He is also their exclusive wholesaler, so the club is worth even more to him, let’s say £5m p.a. in total.

Anyone who tells you his financial pay-off is through having newco wear his branding on a European stage is either wholly compliant in an attempt to mislead newco fans, or is simply regurgitating information handed to them by PR agents, without the wherewithal to digest the information correctly.

He’s making £5m per year and he therefore has an interest in ensuring the club continues in its current condition.

The second issue is around the legality of multiple-ownership.  It is not against Uefa rules (you can simply comply by one club not competing) but does breach rules in Scotland and England.  I recommend not getting too hung-up on this point.  In the event he was asked to disinvest from one of his clubs, Ashley could with pull a Blue Pitch Holdings/Margarita stroke.

For all you know about those two newco investors, I could own them.  It’s a paper exercise for Ashley to move his ownership beyond the reaches of oversight, and there is nothing in the rules to prevent this.

The question for the SFA, and eventually the FA, is what level of Ashley’s influence, not ownership, they are comfortable with.  There are no guidelines on this point.

A further consideration is that whoever briefed the Telegraph at the start of the week is likely to have painted a scenario that without Ashley’s next bung, newco is likely to go the way of oldco.  This is far from certain.

If all newco need to survive another season is circa £8m it’s not a figure beyond the realms of possibility for some of the blowhards who have been trying to disrupt Ashley’s strategy in recent months.

My hunch is that the SFA and newco’s fans will be presented with a fait accomply – it’s Ashley or bust.  What is certain is that the club will be vastly more inhibited by Ashley milking it dry than with a unifying figure.  He has the makings of a memorable Ibrox owner, a true heir to Sir David Murray.

Still time to order Caesar & the Assassin, the 2015 CQN Annual, with or without bundle, or anything else from the vast array of Celtic books and DVDs in time for Christmas post, but you don’t have long……

Thank you to everyone who participated in our Magners ticket competition yesterday – and who donated to Mary’s Meals. The answer to the question, who do we play on 27 December, is Ross County, which proved to be trickier than I thought. Draw will be made this afternoon and winner informed thereafter.

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  4. Marrakesh Express on

    Dena29

     

     

    Only KOK, Dalglish and Jinky are ahead of him in my book.

     

    I know 3 or 4 guys who’ve got him down as No.1 though.

     

    Murdoch was that good.

  7. Gordon64 on

    roy c

     

    Was that when Charlie used to support us

     

    before he became an Arsenal fan.

     

    Seriously how can you stop supporting Celtic.

  9. dena29 on

    Marrakesh Express

     

    22:25 on

     

    20 December, 2014

     

    Dena29

     

     

    Only KOK, Dalglish and Jinky are ahead of him in my book.

     

    I know 3 or 4 guys who’ve got him down as No.1 though.

     

    Murdoch was that good.

     

     

    can only go by what others have said but he was one of my dads favorites.

     

     

    and thats good enough for me. the greatest really have come through Park heads gates

     

     

    HH

  13. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    ROY CROPPIE

     

    DENA29

     

     

    Jim O’Rourke and John Blackley in that photie wi The Great One.

     

     

    Both were smashing players in a superb Hibs team at the time. Horrible man as a manager though.

  19. Celticrollercoaster supporting Shay,our bhoy wonder along the way on

    Gents & Ladies

     

     

    Just heard that Kano is not well and needs our prayers and thoughts.

     

     

    HH to Kano, we are all here for you.

     

     

    CRC

  20. vim_fuego on

    Roy C

     

     

    Fantastic pictures

     

     

    Celtic is a truly magical club and I’m so proud of our history

     

     

    HH

  22. Gordon64 on

    There has been a load of utter claptrap

     

    spouted on the blog in recent days.

     

    I’m not naming names.

     

    But Kit was one.

     

    Celtic is not PL or the board.

     

    Celtic is us.

     

    HH

  23. Pod i on

    Just popped in ala Kev

     

     

    Did you know you can get Glen Daly on Spotify?

     

     

    “Jewish folk and wealthy tallies”

     

     

    Happy man

     

     

    Off oot.

     

     

    P

  25. dena29 on

    BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS

     

    22:31 on

     

    20 December, 2014

     

    ROY CROPPIE

     

    DENA29

     

     

    Jim O’Rourke and John Blackley in that photie wi The Great One.

     

     

    Both were smashing players in a superb Hibs team at the time. Horrible man as a manager though.

     

     

    theres a few of those right enough

     

     

    HH

  27. dena29 on

    Celticrollercoaster supporting Shay,our bhoy wonder along the way

     

    22:39 on

     

    20 December, 2014

     

    Gents & Ladies

     

     

    Just heard that Kano is not well and needs our prayers and thoughts.

     

     

    HH to Kano, we are all here for you.

     

     

    CRC

     

     

    Thoughts and prayers , God how much can one man take

     

     

    Get well soon Kano

     

     

    HH

  32. Dallas Dallas where the heck is Dallas on

    Big Cup Winners at 21. 55, talking of Gary Stevens watcing Paul Elliot and not the ball.

     

     

    When we beat the dearly departed on 24/3/91, the week after St Patrick’s Day massacre, my dad had recorded the whole game, it was live on STV.

     

     

    When I got home after the game, I watched it. Ian St John, not known for his fondness of us, mentioned a lot about Stevens playing Paul and not watching the ball. He said there should have been at least one penalty for us due to Stevens’ inappropriate behaviour.

  36. Gordon64 on

    There will be thousands of Celtic supporters

     

    making there way to Dundee tomorrow to support

     

    the greatest team on the planet.

     

    The best supporters in the world bar none.

  37. GerryBhoy on

    roy croppie,

     

    thanks for the great pics – memories flooding back. Herrera said Bobby M was the best footballer he had seen. I saw him too and can only agree with him!

     

     

    HH

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