As we reported yesterday, Celtic have been busy buying up land around the periphery of the stadium for many years. The club managed to get the deal to buy land behind the Jock Stein Stand done before the mineral seam running below it was discovered. I hear the excavation rights are estimated to be worth £50m to Celtic, who bought the land for £3m in January 2009 with money which had been earmarked to buy Stephen Fletcher. Hibernian thought the Fletcher deal was done but Celtic pulled out at the last minute when the land deal became available due to an emergency cash requirement at the Council, who needed to build schools to educate children arriving in the city from Eastern Europe.
Back then, when I asked why we weren’t signing Fletcher a senior source at the club told me, “We can only spend that £3m once and we need the land for burger vans and stuff.” Before kick-off, fans currently go off-premises to spend their money, cash that could be going to Celtic. Source added, “We’ll be able to buy a Fletcher every year with the catering income we’ll make from this land deal.”
Made sense at the time, makes more sense now.
That £50m is due to arrive in time to get the Co-op off our case and leave a substantial amount available to deal with what could be the first season we ever face Sevco- keeping them in their place.
Good luck to the Celtic fans based in North America ahead of the Féile on the weekend of 17-19 January. Events are based at The Plough & Stars, Philidelphia, include live music, a tour of the An Gorta Mor Memorial, a live Beyond the Waves broadcast and a Q&A with Celtic Youth Coach, Willie McNabb.
Visit ploughbhoyscsc.com for more details, including how to secure accommodation.
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Man utd (Moyes; Ferguson)
Everton (Martinez; Moyes; Smith ??)
Think I would rather pull my toenails out with rusty pliers than read TSFM blog these days.
They bang on about the same thing day after day after day after day………
It is moderated more than the minutes from a North Korean Peoples Party Meeting.
When they eventually decide on a probable outcome to an issue they have discussed beyond the boredom threshold…..they get it wrong.
How we miss Paul McConville compared to these.
Rest in Peace big fella.
Sunderland ?
Stoke ?
Manu, Arsenal, Swansee, Chelski…….Cardiff
Chelsea are not. Think it was Hoddle ( but can check Wiki)
Man u arsenal everton Swansea cardiff
Hilarious that tonydonnely and notthebus now believe that the pukki blade combo is now the answer. Says it all really.
Celtic are playing in a crap tournament to try and earn more money while alienating supporters who want to go to a game on a Saturday,
And you wonder why crowds are dropping….
What am I missing……?………… Villa?
Arsenal (Wenger; Graham)
Or Everton?
Everton has wilkinson back in 1992 I think.
Its
Man u (ferguson, moyes)
Arsenal (graham, rioch, wenger)
Stoke (pulis, hughes)
Cardiff (malkie, ole gunner)
Swansea (rodgers, laudrup).
Man U Arsenal Man City Stoke & Norwich
NegA2
Pukki will be a star, Amido will be better than Drogba……….
You heard it here first >}
HH
Stoke >}
HH
A good day all round to be a Celt! P67 puts out a corker of a post lunchtime then the Hoops give us all a welcome lift tonight!!!
Just home fae the pub.
Amido is a future Celtic Superstar. Give him and Teemu ten games together in the SPFL and they will score plenty. That was a great team performance. Celtic pride tonight! :)
It was a friendly match.
A good result but just one game.
We need more than that before we proclaim anyone as re-born
From Lotte
““NewCo” in the Context of an Insolvency Event
Introduction
The SPFL Articles and Rules both contain a definition of Insolvency Event. The definition is identical. The possibility of an insolvent owner and operator of a Club applying to effectively exit insolvency by means of a share transfer of the SPFL share from the insolvent owner and operator to a new solvent owner and operator of a Club is not expressly referenced as an Insolvency Event.
A CVA is referenced as an Insolvency Event but would not typically of itself attract a 15 point deduction in accordance with section E of the SPFL Rules because, except in exceptional cases, a CVA would be part of an Insolvency Process and each stage of one Insolvency Process does not attract individual 15 point penalties.
The traditional exit route of an owner and operator of a Club from insolvency is by means of a CVA and it has been tacitly accepted by Clubs, both in the SPL and SFL, that a single sporting sanction of a one off deduction in points is appropriate for a single Insolvency Process where a CVA is used as an exit method providing that the whole Insolvency Process is completed within the same Season and the immediately succeeding close Season.
In effect, the SPFL Rules provide that if the Insolvency Process as a whole is not completed for the start of the following Season then a further 15 point penalty results.
There are instances in England where, for whatever reason, a CVA route has not been possible to implement in order to exit an Insolvency Process and in Scotland, to date, we have the one example of Rangers FC where a CVA could not achieve the requisite 75% vote of creditors in favour of the CVA proposal.
In such circumstances, if “a Club” is to be “saved” and not to suffer the fate of Third Lanark and Clydebank then the only solution is what has become known as the NewCo solution.
In contradistinction to football the NewCo means of exiting an insolvency situation with the business continuing, albeit with new owners, is the norm. Often this is accomplished by a “pre-pack”. Whilst CVAs have become slightly more popular in general business in the course of the last few years, the great majority of Insolvency Processes which involve the “saving” of the business are implemented by means of a NewCo typically as a component of a pre-pack.
For whatever reasons a NewCo solution to an Insolvency Process is regarded negatively in football and the widely held view is that additional sporting sanctions, over and above any sporting sanctions that might have been imposed at the time of administration (15 or 25 point penalty and registration restrictions in the case of the SPFL) ought to result from a NewCo solution being adopted to secure an exit from insolvency.
SPFL Articles
The possibility of the transfer of the business assets and undertaking of a Club between one owner and operator and a new owner and operator has always been envisaged in the Articles of Association of the SPL. The relevant current SPFL Articles are 31 to 43 (inclusive).
These Articles apply whether the context of the proposed NewCo is one which involves an Insolvency Event or otherwise.
So far as SPFL Limited is concerned the critical component of a NewCo Transaction is the transfer of the one SPFL Limited share held by the existing owner and operator of the Club (“OldCo”) to the proposed new owner and operator of the Club (“NewCo”).
Subject to a series of mandatory requirements where to consent to the registration of the transfer of the SPFL Limited share must be refused, the Board of the SPFL Limited has absolute discretion, unfettered by any express criteria, to approve or otherwise the registration of the transfer of an SPL share between owners except in the context of relegation and promotion.
The discretion is not limited by any express criteria becausethe discretion must be exercised in the best interests of SPFL Limited and the members of SPFL Limited. In short, the members of the Board cannot either refuse to approve the registration or decline to approve the registration for reasons which are not reasons having regard to the interests of SPFL Limited and its shareholders.
Rangers FC
It is important to bear in mind that whilst Rangers FC spent Season 2011/2012 playing in the SPL and Season 2012/2013 playing in Division 3 of the SFL, that was not as a consequence of any sanction or penalty imposed either by the SPL, SFL or, for that matter SFA. Rather, what some argue effectively amounted to a relegation of three divisions was the result of the then shareholders in SPL Limited not agreeing to register the transfer of the Rangers OldCo share in SPL Limited from Rangers OldCo to Rangers NewCo and then Rangers NewCo only being able to secure associate membership of the SFL on the basis that Rangers FC, owned and operated by NewCo, would enter the SFL in Division 3.
There are many, and to some extent, conflicting analysis and rationales as to why the result was as it came to be of that process and, in the present context, there is unlikely to be any benefit in further examination of the events which led to it.
NewCo Arrangements in Insolvency Contexts – for discussion
It is understood that there is a view held by a number of SPFL Clubs that explicit provision should be made for a specific sporting sanction to be imposed in the event of “a Club” seeking to emerge from an Insolvency Process by use of a NewCo procedure. Whilst SPFL Article 33 entitles the Board to attach whatever conditions that it thinks fit to the approval of the transfer of an SPFL Limited share between an Oldco and a Newco, it is considered by some not to be appropriate to leave decision making on such conditions to the unfettered discretion of the Board.
The proposal that has been articulated is that whatever other conditions may be attached to the approval of the registration of the transfer of an SPFL Limited share in an insolvency context, the conditions should, as a minimum, require that the Club concerned be relegated by one division if a NewCo solution is implemented (“Sanction Relegation”).
If the Club concerned were to be liable to be relegated in any event, by reason of its position in the relevant division at the end of the Season or by virtue of the result of a Play-Off Competition then the Sanction Relegation should be applied on top of the “Sporting Relegation”.
The proposal is best explained by example.
Assume during a Season that the owner and operator of a Club suffers an Insolvency Event, most likely an administration, the result would be that the Club owned by that owner and operator would immediately suffer the fixed 15 points deduction. Assume that the Club is playing in the Premiership and that at the end of the relevant Season the Club concerned holds tenth place in the Premiership, taking account of the points deduction for the administration. Assume also that the Club is unable to exit its Insolvency Process by any means other than a NewCo solution. In such circumstances the Club concerned would, as part of the conditions attached to the SPFL share transfer, be relegated to play in the Championship in the immediately succeeding Season i.e. a “Sanction Relegation” would automatically be applied.
If the same Club were to finish in twelfth place in the Premiership at the end of the Season in question, taking into account the 15 points sporting sanction, then the Club would be relegated initially to the Championship, being a Sporting Relegation, and would then be subject to the Sanction Regulation taking the Club down to play in Division 1 in the immediately succeeding Season.
Precisely identical principles would be applied in the case of Clubs in the Divisions below the Premiership in the relevant Season.
One anomaly could arise where the Club using the NewCo solution finished in a play-off place at the end of a Season. The proposal in that situation is that the Club in last place in the Division shall participate in the play-off competition and the Club using the NewCo solution would be automatically relegated.
Further detailed provision would need to be made in the Rules for situations in which more than one Club in any one Season in any one Division uses a NewCo solution and/or are in the Divisional play-offs or are compelled to take part in the Pyramid Play-Off Competition from League 2 in which case some kind of pre-play-off competition(s) would need to be included in the Rules. Detailed provision would also require to be made for which Club(s) would be promoted as a consequence of a Sanction Relegation.
Steps Required for Implementation
The above approach to Sanction Relegation by essentially one Division has unanimous support from the Board. The next step is to identify the extent of support for the proposal amongst the Clubs.
Any change in the existing arrangements would require amendment of the Articles which would require (i) 11 Premiership Clubs to vote in favour (i.e. 11 Clubs); (ii) 75% of the Clubs comprised in both The Premiership and The Championship; and (iii) 75% of all the Clubs in membership of the SPFL.
The required changes are to Articles which are not included in SPFL Article 194 and therefore the three year moratorium and the 100% vote in favour do not apply.
One option would be to take the proposal as a discussion matter to Clubs at an All Club Meeting in order to identify the level of support. If the support was at a sufficient level and was sufficiently broad based to indicate likely adoption by the required majorities, then detailed drafting could be undertaken with a view to bringing proposed amendments to the Articles to the General Meeting proposed for 13 January.
neganon2 –
You say the crowds are dwindling then you say the supporters want a game to go to on Saturday.
Bit of a contradiction there wot?
http://m.imgur.com/1cjoo1e
Norwich is a good shout but apparently John Deehan from Solihull was manager between 1994 – 1995.
Great goals by Pukki and Balde tonight, hopefully gives them a bit of confidence for the rest of the season.
SFTB, see by the time I get through my starting eleven I’ll be reborn and I’ll probably look like the creature from Alien.
Looking forward to seeing a good attacking game at CP sometime soon e.g. next Saturday. In the meantime, I’ve the rest of my midfield to test.
HH
SFTB
I posted this afternoon that I wanted Amido and Teemu to start. Want them to start together for the rest of the season. Toshack Keegan type pair. Amido is strength and bravery personified. A Celtic player!
Mineral seam behind Jock Stein Stand…and to think just after they pulled down the old “Celtic End” me and me Da were only interested in picking up a couple of bits of concrete terracing in the rubble as souvenirs. Still, worth they’re weight in gold to me!!
setting free the bears supports Res. 12 & Oscar Knox
23:22 on 9 January, 2014
It was a friendly match.
A good result but just one game.
We need more than that before we proclaim anyone as re-born
Yes, agree somewhat but Balde has not been given a matchday chance.
I have seen him on the park twice and he has scored 2 fine goals……….
what’s not to like?
GivethebhoyachanceCSC
Reading between the lines, of of which there are many…………
They are going to get away with it again !!!
HH
Can one of kind gentlemen please post the goals from the game. I’m officially an auld duffer now and as such have taken leave of my internet skills.
Plus, the Lagavulin fella needs a right good appraisal.
Turkey’s Green and White.
Balde goal
http://m.youtube.com/watch?v=kGXoUzVSYto&desktop_uri=%2Fwatch%3Fv%3DkGXoUzVSYto
All the goals
http://m.youtube.com/watch?v=um0IK9eTa1s&desktop_uri=%2Fwatch%3Fv%3Dum0IK9eTa1s
Paul67 – stop it – you had me crying with laughter.
ACGR and MurdochAuldandHay – seems us ex St. Berts are everywhere!
ACGR Lagavulin is for you on your special day. Mind you I’m now in 10 January!!
HH Gerry
ACGR, now just for your Burfday :-)
Teemu 1st goal
http://www.youtube.com/watch?v=g4gItjhUgUc&feature=youtu.be
O.G 2nd goal
http://www.youtube.com/watch?v=dYdlj8FmT3o&feature=youtu.be
3rd goal Amidos
http://www.youtube.com/watch?v=kGXoUzVSYto&sns=em
Hail Hail and congrats Bhud
tnt
The last time he hit the ball, in the vid, was the best imo >}
HH
ACGR
Lagavulin is the berries. The Islay are my favourite malts. Laophraig for me fae my cousin in a gingy bottle :))
scotDMsport @scotDMsport 1h
Which Rangers star is wanted by Hibs but is holding out for a £200,000 Ibrox pay-off? Full story in tomorrow’s Scottish Daily Mail
TET
Obviously , after all those practice shots :-))
tnt
Exactly what went through my mind >}
HH