Belief structure of the debt lunatics


The wisdom of Hearts owner Ann Budge’s comments to the BBC that “Borrowing money for a particular capital programme you can understand, but running up debts that are prevalent in football is beyond my understanding really” is now, in 2014, surely beyond dispute.

Clubs are at liberty to borrow for infrastructure, or in exceptional circumstances, but in the normal course of business, borrowing for football costs should limited to covering the short-term fluctuations in cash-flow.

This thinking was orthodoxy until Sir David Murray led Scottish football by the nose into a spiral of debt accumulation.  The Murray Gospel found many converts among us, those who spoke against it were hounded as heretics.  Debt accumulation was the new crusade, the promised land could be reached with just one more brave act, apparently.

Suggesting this was self-harming nonsense to adherents who had supported a debt-fuelled battle for years attacked a fundamental pillar of their belief system.  Reactions were seldom considered.

It’s in this light we should consider the real lunatics.  Those who encouraged a business model which ended in liquidation, only to come back to the table demanding a fledgling incorporation ‘act like a big club’.  There’s a fair amount of research suggesting humans are hard-wired for religiosity.  We search for something to believe in, then stick with it as best we can.  If you have grown to believe that one more outrageous act will deliver European glory, a good harvest or a rain cloud, part of you will buy into it.

Stewart Regan’s “concern for the Scottish game” at newco Rangers financial position will be genuine, although the “Armageddon” merchant from the SFL has long left the scene.  He notes, “Rangers have got a strong economic impact, not just for Glasgow, but for Scotland generally”.  Well, oldco sure had an economic impact, on the public purse and several hundred creditors.  Mr Regan’s words should be a warning.

This morning Rangers International served notice that their AGM would take place on 22 December, just days within the permitted time period.  Accounts are normally issued with this notice, but for some reason, they were not on this occasion.  They are required 21 days before the meeting (i.e. within days); I’ve no idea what to expect, but it’s sure to be a quintessential Rangers document.

Some great offers on Celtic books and DVDs at CQNBookstore, a name already telling only part of the story!

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  1. poseurs


    a person who behaves affectedly in order to impress others.



    KevJ. Don’t look in mirror.

  2. Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma on

    Out and about just now bit lots to say on Paul’s leader and about Regan’s complete lack of factual accuracy re the economics of Rangers FC in the last 20 plus years.



    The fact is that there is no serving SFA officer who has the slightest idea what the economic impact of a properly run Rangers would be because there hasn’t been such a beast since David Holmes left the south side, and even the figures in those days are worth analysis and comment.



    Regan should actually think about what he says, and just on what evidence he basis any opinion.



    Increasingly, I consider him to be simply thick.



    Right back to work as they say …………

  3. The Battered Bunnet on

    Just popped onto the RIFC plc website to check out the news Paul refers to.



    Nothing there.



    Hasn’t been updated for a year.



    A touch tardy I thought.

  4. Geordie Munro


    12:07 on


    26 November, 2014





    You were awe nawed mate.




    It seems the “back to their winning ways” quote appeared in the original DR article but has subsequently been altered.

  5. CELTIC legend Tommy Gemmell is recovering in the Forth Valley Hospital in Larbert after a fall at his Dunblane home on Saturday morning.



    The 71-year-old Lisbon Lion was unconscious when the paramedics were called to the scene.



    Doctors are keeping Gemmell in the hospital for observation over the next few days.



    Alex Gordon, co-author of Tommy’s autobiography ‘All The Best’, told CQN: “I talked with his wife Mary last night and, obviously, everyone is a bit shaken by the events.



    “I saw him last week when we had lunch in Stirling and he was in superb form, so this was the last thing anyone could have anticipated.



    “However, knowing Big Tommy, he’ll make a full recovery.



    “His health hasn’t been great in recent times, but, as everyone who ever saw him in the Hoops will confirm, the lad is a battler.



    “I’m sure he’ll come through this.



    “Mary will be passing on the best wishes from the Celtic Family when she visits him today.”

  6. Canny wait for the morra night ticket safely stored under my pilly and counting only wan mair sleep noo


    Pre venue meal booked for a kebab oan Argyle street and a few wee drams in the Park Bar


    John Bishop at the Hydro highlight of the year so far



    Ps anyone point me in the direction of a link for the LTC (Livingstone Tax Case)

  7. Paul67 –



    Do these accounts have to be signed off by an auditor who is fully aware of the financial situation of ZombieCo, and willing to accept the brickbats (and whatever legal oucome) they might get for allowing incomplete / incorrect information to be sent to shareholders?



    BRTH at 12:32 –



    Thick? There are a number of adjectives which could be used, none complimentary . . . .



    TBB at 12:35 –



    Surely that is because no one will work on their behalf since they never get paid?????



    winning captains at 12:36 –



    Aye, thought with Tommy and his family. Hope he gets well soon and is with us for many years to come.




  8. If their annual panto has been announced I expect some creative accounting to follow follow. Last years 2.5 million free money which disappeared like snow Aff a dyke is old hat when you can sell off over priced assets.


    They need what ? 9 million to get them to the end of the season if they cut costs? My money is on Ashley giving a PO over for Lewis McLeod plus some overdraft facility from any combination of spiv


    KEVJ 1217



    You should read my post again.



    I was gonna explain where you misunderstood me either through ignorance or design to do one of yer wee cheap ‘point-scoring’ thingies that you pride yourself on,but I’ll refrain.

  10. Geordie Munro


    12:07 on


    26 November, 2014





    You were awe nawed mate.




    It seems the “back to their winning ways” quote appeared in the original DR article but has subsequently been altered.





    The “winning ways” quote was definately edited out of the original that I saw on their site.


    I wonder how it was presented in the actual DR “newspaper” – did anyone happen to see that?

  11. Neil canamalar Lennon hunskelper extrordinaire on

    Writers cramp from signing books is what I heard:)


    God bless big Tommy Gemmell and assist his full recovery.


    Hail Hail

  12. No Hun AGM mentioned anywhere.Not on The Stock market site,which would be the 1st place.I always thought that the accounts had to come 1st,then the date one month later be given for the AGM.No accounts zilch.


    Think this all comes from someones wishful thinking.

  13. Wouldn’t mind an “outrageous act ” from Celtic tomorrow night and qualify with a game to spare. Never that straightforward with us though, is it?


    Win tomorrow and “BOOM!”


    Euro glory here we come!

  14. mullet and co 2 on

    Reagan should look for the chief WWF post. Mind you they normally don’t bum up the villain. In this case they will have to be surgically removed from the villains bum.

  15. Our agm seemed to pass by the blog headline pretty quickly



    Lawell lies arent a problem it seems.



    Im sure he’s saving the warchest for a rainy day.

  16. The Battered Bunnet on

    RIFC Articles require 21 calendar days notice of an AGM, and that accounts are published not less than 21 days before an AGM.

  17. get well soon Tommy. I hope Griffiths starts tomorrow we need a bit of pace up front. The only pace that Stokes will provide is a pace-maker for me. I would also like to see more strong tackling both in defence and the middle of the park. On saturday we were second to every loose ball and the tackling was powder puff as usual . hope there is a good crowd to help the atmosphere. the place is like a morgue for most games and only the GB provide any sort of noise. The jungle was a far better place to generate some real atmosphere particularly in euro nights. enjoyed the discussions about old hamilton bars. I used to be a regular in the county and ewings. Docherty’s in the old town is still a good celtic bar as is the railway vaults

  18. Was there any update on the standing areas a t Celtic Park,at the AGM.Dont think I heard any.We could do with it.

  19. Very best wishes to Celtic legend Tommy Gemmell for a full and speedy recovery.



    My old dad was diagnosed with type-2 diabetes and suffered from poor circulation, but with careful monitoring, medication and a healthy diet(most of the time!) lived for another 20 years!



    HH Tommy!!!

  20. blantyretim is praying for the Knox family on

    Vaults punter


    When Ewing and county closed we used to go yo the vaults after work…..



    Not been in for a few years as I’m in Glasgow working.(.when not confined to the couch)

  21. Get well soon tommy g.



    Jamesgang is being sent along for yer bed bath so it’s in yer best interests to get fit;)




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