Under the cover of coronavirus, Dave King resigned as chairman of Newco. Four months ago he said the club needed £10m before the end of the season. In his farewell statement, released last night, he noted a hoped-for round of funding “has been put on hold”. With the postponement of fixtures since last month, the funding requirement could now be as much as £20m.
The statement was unnecessarily wordy, had he got to the point, he would have said ‘The proposed funder has bailed out and so have I. You’re on your own.’
Claiming he hoped to extend his tenure as chairman until after the coronavirus crisis, but was unable to as South Africa authorities insisted he self-isolate for 14 days, insults the intelligence of even his advocates. The world is self-isolating at the moment and the rest of us have figured out how to communicate by phone or videoconference.
This football club needs tens of millions to pay the liabilities incurred to get this close to Celtic. Hopes of selling its player assets for inflated figures have disappeared from their fantasies. Ex-pats prepared to sink millions into covering previous losses do not exist.
Without Dave King menacing to get his hands on the club within days of Charles Green buying Oldco’s assets, Newco would now be solvent and competitive. Instead, Green was forced to cut ticket prices and pay Ally McCoist and his squad over the odds in order to keep the fans onside, blowing his business plan apart from the off.
The architect of this clusterstaunch has left the scene, unwilling to be held accountable for what happens next. Dave, you will be welcome to make the Paradise Windfall draw any time the South African authorities permit you to travel – but I realise you are unlikely to visit Glasgow again. When the history of our 20-in-a-row, or whatever the sequence becomes, is written, there will be a chapter dedicated to fools like you who made it possible.
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The history of the ten point deduction and reason for its introduction should be part of any consideration of points deduction, but it being Scotland and the beneficiary of a force majeure pardon being TRFC/RIFC then it will not be considered or will be dismissed.
Briefly Neil Warnock (Sheffield Utd) cried foul on Leicester City who beat Utd to a promotion place whilst undergoing form of insolvent reconstruction. https://www.wsc.co.uk/the-archive/13-Editorials/2483-the-disadvantage-rule
Warnock’s argument was that Leicester gained an on field advantage from paying players over the odds rather than creditors what they were due, whilst Utd paid their way. The FA listened, agreed and introduced the ten points deduction rule to offset the advantage gained and deter clubs from choosing insolvency as a way out from paying their debts. The SFA followed a year or more later.
it is a pity Rod McKenzie did not acquaint Lord Nimmo Smith with this history during his Commission.
If only we had domestic financial fair play rules to establish if a club was acting in an unsustainable manner then there might be a chance that TRFC would get a points deduction if they entered administration this season, but without it, how could it be proved they gained advantage and what rules would it be breaking to make a sanction stand?
TRFC are morally as well as financially bankrupt.
Auldheid @ 4:27
A virtual kiss I hope in these days of social distancing.
GG
The shops took a battering the last 3/4 weeks
Early figures suggest due to panic the stores done the equivalent of 3 Christmas’s in the last 4 weeks.
The retail sector normally has from September to Christmas to build up it’s stock to handle it’s big day.via panic we have had 3 of these.so it will take time.
The shopper over here will have to readjust to personal space.socially with rules being implemented for all in shops.maybe the days of the big shop is over.we will see.i hope you and yours are safe
HH
Is there any sign of the Interim Accounts?
When are they due?
Will their absence be attributed to Covid-19?
Or perhaps a note from the auditor?
AT
There’s a shake out due here of the large retail mall.
Too many malls whose anchor stores are struggling.
Too many malls with high rents.
The Cheesecake Factory has already stated they are unable to pay rents.
The success of Amazon and other online shopping facilities is changing the retail landscape.
Retailer need to adapt or be like Sevco.
Spent some time video conferencing with my grand children today.
They treated me to Tik Tok(?) dance moves.
The better half and I were roaring and laughing especially at the three year old’s antics.
Thanks to Tim Berners-Lee.
Or Al Gore. ;-)
Auldheid
I heard on radio4 last night a discussion that laws on insolvency are being put forward to help companies who are distressed at this point in time
The view was it could give them time to recapitalizes/reappraise a company if it were experiencing difficulty.
I just thought HUN!! as they are in a bit of bother.
Incredible to think there is a hair of credibility
With nimmo smiff!
Hope your safe
HH
I hope everyone on here and their loved ones are safe and well today.
Good night and God bless.
From my layman’s understanding, Sevco have a liquidity problem. Their cash flow is drying up fast.
Losses in previous years have been financed by director loans which in turn were transferred into equity in the club.
To enter admin now will not alter their finances too much, they’ve little debt to shed. The close loan is undoubtedly secured against assets so admin will not get them off the hook on that one.
They also have an Ashley bill coming further down the line but for now, that’s a problem for another day as far as they’re concerned.
Admin this month or next can allow them to break contracts with their high earners but el buffalo and Kent will be out the door as soon as they do that. Even then, they still are faced with a liquidity problem.
They need a massive injection of money from somewhere to save them, admin in itself will not save them should they run out of cash.
Good wee clip of debut goals
https://twitter.com/i/status/1244280609003966466
HH
Hello again all you young rebels.
Well thats Victoria moved into stage 3 lockdown at midnight
tonight.
People over 70 to stay indoors.
No more than two people outdoors together.
No evictions for people who can’t pay rent.
Payments to small companys to keep people employed.
And Aussies returning put in hotels for two week
isolation.
Fines of $1600 already being issued for rule breakers.
Even though Oz infected and death toll is lower than
most countries it seems our Premier is not messing
about.
Good on him.
H.H . Mick
whaurswurtitle?
THE_HUDDLE on 29TH MARCH 2020 8:33 PM
Thai king self-isolates in Alpine hotel with harem of 20 women amid pandemic
…………….
Im jealous as I only have 19 wummin in my harem !
I did have 20, but one left last week because I demanded a half share in Her “Monday Book” !
LOL
HH
BIG JIMMY
You should have Thai-ed her to the bed 8-))
H.H . Mick
Big Jimmy.
I remember Archies in Waterloo st,was in it a few times,
Nico’s on Sauchiehall st I believe is still there.
I went there odd time too.
Was more a Midas and Rock Garden regular in my time.
Hope your well big Jimmy,and have Tesco informed of your isolation so they prioritize you
Be safe,stay in 😊
HH
HAMILTONTIM on 29TH MARCH 2020 8:55 PM
BT
Aye, thought it was Bertie that had it though I don’t ever remember seeing him in it.
I’m kind of glad in a way. When I went on the Willie O’Neil bus from Bairds there were a couple of the Lions at the time working behind the bar. I never once went to them to be served, it just didn’t seem right that such being served by guys you held in such high esteem.
…………………………
My apologises as I did post this wee story a long time ago, but as the “Subject” of Ex Celts working behind the Bar in Bairds has came up…here goes…..
I was a regular in Bairds since the early 1990’s and I was served often by Wullie ONeill ( RIP) and wee Bertie. I got to know Wullie quite well and at times he would give me a lift home as I was last to leave the Pub at night, and he had a very Dry sense of humour, but he was truly Celtic mad.
Wee Bertie always enjoyed a laugh and a joke and wee stories etc.
However, I walked in one Saturday lunch time and lo and behold there was the great Joe McBride RIP, also working behind the Bar. Joe and I had never met before.
Joe approached me and asked “Yes son, what can I get you ?”
I asked for my usual bottle of beer, and once Joe had given me it and I went to pay him I introduced myself and told him how I was a regular etc, and how it was great to finally meet him etc.
I then said to Joe…” I remember the time when YOU nearly got me a right doing” !
” ME….. he said…how did that happen son” ?
He leaned across the Bar to listen…
I told him that one Saturday in the early 1970’s, my mate and I had travelled on the local Supporters Bus from Easterhouse to go thru to watch the Hibs V Celtic at Easter Road.
That day, there was a lot of aggro on the terracing and bottles and cans were flying between the Hibee support and Celtic support.
Hibs won 2-0 that horrible day, and me and my mate also had to sprint to get the Bus back to Easterhouse, after stopping at a local Chippy.
I told Joe…
As you can imagine, there were a lot of unhappy Celtic fans on that Bus, grown men growling etc and me and my mate ( we were probably only 18/19 at the time ?), took our seats at the back of the Bus, just relieved to get out of Edinburgh in one piece.
However, on the journey from Glasgows east end to Edinburgh prior to the game, as usual on Supporters buses, they had a ” 1st Goal Scorer Raffle”, with a half bottle of whiskey and 6 cans of beer as the Prize.
You picked out players numbers from someones Celtic Tammy, and back then the players were numbered 1- 13, including the two Subs.
I had taken a “shot” of this raffle travelling thru to Easter Road, and I had accidently picked out ” Hibs No.9″ on my ticket/piece of paper.
As soon as I told Joe this..he got all excited and said, ” I remember that Day and I scored the Two goals, and in particular, I remember my 1st goal, as it was a beauty etc”
Joe then subjected me to listen and watch him describe this Hibs goal, until I eventually stopped him and said….” Joe..I dont want to know how “Good” your 1st goal was” LOL
I then explained that having just escaped the Bottles/Cans from the Hibs fans etc, and finding some safety on our supporters Bus.. the Bus Convenor then came up the aisle of the Bus asking….
” Okay then…who has got Hibs No. 9″ ?
At that……… a large groan was heard from the Men on the Bus, and out of fear, I nearly didnt put my hand up to claim my Prize.
After what seem an eternity, I put my hand up and said to the Convenor….” Me mister…Ive got Hibs No.9″
ALL the heads on the bus turned around to see who it was that claiming the “Prize” ?
I was only a visitor on that Bus, and no one knew me except my mate of course.
Amidst all the growls and groans, the Convenor handed me my “Prize”…. and then I had a “Brain wave.
I told the Convenor to pass the half bottle of whiskey around the Men on the Bus and likewise 4 cans of the beer…as I kept Two cans for me and my mate.
That “Gesture” probably saved me from a doing that day…LOL !
After I had told Joe this story he was laughing away, and refused to allow me to pay for my bottle of beer that he had just given me !
A fine Celt, a fine Hibee….and a fine Gentleman was Joe McBride ( RIP)
HH
MELBOURNE MICK on 30TH MARCH 2020 8:06 AM
……
Very good Mick…I enjoyed that wee joke.
HH
AN TEARMANN on 30TH MARCH 2020 8:30 AM
I have a delivery this morning from Tesco’s between 10am and 11am….I see that they have no further slots until April 19th !
I am very concerned about getting food beyond this morning as I have a feeling my wee local shop may well be closed, and I plan to go out tomorrow and have a look ?
due to my poor health I will struggle very badly to get to any shop and/or supermarket, as I am quite Dizzy and still losing blood each day.
I took my rubbish down the One flight of stairs this morning…and really struggled with the dizziness and shortness of breath, so I dont think I can get a Taxi and Walk around any Supermarket, as that is what I had planned to do in the next few days…..I will have a word with the delivery driver this morning about things.
HH
Good morning all from a sunny and no water Garngad
We awoke thus morning to no feckin water, a burst pipe which is causing supply issues in a few areas. 😁😁😁
Big Jimmy I might have to go out for some stuff on either Wednesday or if we stretch it Friday, so if you want I could get some things for you (if they have them).
Let me know
Hail Hail
D. :)
AN TEARMANN on 30TH MARCH 2020 8:30 AM
………….
I was usually in Archies Pub around 3/4 times a week back in the early 1990’s, usually with some of my fitba team mates.
I remember one night, I was in Archies before a game at Celtic Park, and I got a Taxi ( with my 1st wife” from Archies to a Pub in Duke St to meet my mates prior to going to see Celtic.
My wife and I left the taxi…and she must have paid the fare as I made my way to the Pub and she went to our home around the corner ?
Imagine my horror, when I ordered a round of beers for myself and 4/5 mates in this Pub…only to discover that I had NO Wallet !
I had lost it.
My mates starting taking the piss outta me for having no money etc !
One of my mates gave me a loan.
The next day, I phoned Archies Pub to see if by chance my wallet was there ?
It turns out that it WAS there, after I described how much etc was in it to the person on the phone…and it had been one of the Waitess’s in Archies that had found it on the floor of the Pub and had handed it in…intact !
I realised then how I lost my wallet, as after our drinks and meal…my wife and i were leaving to get a Taxi etc…and I went to the Gents….during which time She had folded my Jacket over her arm…and it must have been then, that my wallet slipped out.
I went to Archies that day and left a box of chocolates and a thank you card for the honest waitress who had found and handed in my wallet.
HH
BIG JIMMY
I’m sure i must have been in your company at some point in Bairds.
Like you i hated asking the lions to serve me but sometimes i got
to buy them some drinks during Tam Carburys lockins.
I’m sad at your predicament and illness Jimmy ,so please take any
offer of help from the CQN family, i guarantee they will be only too
happy to help you.
H.H . Mick
DAVID66 on 30TH MARCH 2020 8:44 AM
……
Cheers mate, that is very good of you.
after the delivery this morning I should be okay for a few days….but Wednesday or Friday would be great IF my wee local shop is closed ?
Can I get back to you tomorrow, as I dont feel well enough to go back down the stairs and out onto the street to see if my local shop is still opened or now closed ?
HH
MELBOURNE MICK on 30TH MARCH 2020 8:53 AM
…………
you probably did come across me….I was the most Handsomest and Best dressed Guy in the Gallowgate…..and you probably found me lying upside doon…drunk…in some corner ?
LOL
HH
Good morning, friends from a beautifully bright and sunny East Kilbride. Looks just perfect for me and Mrs B’s early morning Walk of The Day. Stay safe.
Morning all.
Thanks for all the fun stories.
I’ve enjoyed reading them all.
As Jobo says, Be safe.
Big Jimmy take your time buddy.
Just let me know if you need anything , probably Friday we are going.
Stay safe and Hail Hail
D. :)
Was that you Jimmy? i remember lying beside you 8-))
H.H . Mick
DAVID 66
Your a good mhan David.
I knew CQN wouldn’t let a fellow Celt down.
H.H . Mick
And you JIMMYNOTPAUL
H.H . Mick
Time to declare us CHAMPIONS
DAVID66 on 30TH MARCH 2020 9:08 AM
……..
Thanks again mate.
I went down my stairs and onto the street on Saturday morning and my wee local shop was closed, but I dont know if he was just late in opening or IF he has closed down due to having little or no customers as The Saltmarket ( like other places), is like a Ghost town ?
I phoned my local Taxi company on Saturday and they are still operating and my “Plan” was to book a Taxi for later this week and get myself to a Supermarket and get a Taxi back home ?
I really dont feel well enough to go to any Supermarket etc, but I WILL have a look Tomorrow morning to see if my local shop is still open and I will let you know.
I dont feel well enough to back down stairs again this morning.
If the local shop is open..I should be okay…but if its not due to lack of business…then I may need your help and Friday would be fine…whatever suits you ?
Cheers.
HH
MELBOURNE MICK on 30TH MARCH 2020 9:09 AM
Was that you Jimmy? i remember lying beside you 8-))
H.H . Mick
……………
Aye that was me….and I didnt buy a round !
LOL
HH
Im that miserable….I owe myself a drink !
LOL
Like others… I have several funny stories especially regarding Bairds Bar…….including the one about the Junkie Guy who offered to sell me a “Leopard” one Saturday afternoon !
Thats for another day…although I did share that story many moons ago on here.
HH
Big Jimmy – No problem
MM – 👍 keep up the good work down under.
Still don’t believe you got 15 at the toilet roll keepie uppie challenge.😂 only cause I got 8 or was it 7 ?? Ffs canny remember. 😂
HH
D. :)
Big Jimmy talking about selling Leopards, I remember working with a bhoy from Maryhill for about 15 years and he swore when he was a kid he saw someone walking down Maryhill with a lion on a lead. No one believed him but he was adamant.
Also there is a video going about of someone taking an Emu for a walk just this week, somewhere Dan sooooof (down south)
Bet there is loads of story’s of exotic animals in or around Glasgow from years ago, I remember ma Da saying his brother was in the Merchant navy and used to bring back monkeys and the likes.
D. :)
Not too many posts that start with “talking about selling leopards”!
Morning cqn 🍀