Delighted Aberdeen are now free of their “debt servicing burden” after long-term supporters Willie and Elaine Donald proposed to reduce net debt by an astonishing £14.9m. The club have been able to service their debt but it’s been caught between paying for old overspends and driving ahead with a new stadium to provide for its future.
Aberdeen has a vibrant business and corporate entertainment sector which the club is well-placed to exploit. In the right environment, specifically, playing a regional league with a new stadium, they could be transformed into a European power, as they were back in the day.
Unfortunately, it’s not all rosy positive financial news for Scottish football clubs. Rangers International’s statement to the stock market this morning confirmed that Mike Ashley’s £2m loan will not be enough to see the club through to the end of this month. Ash’ has provided a further £1m, which will take them through to the second week in December – at least!
The statement confirms yet more money will be needed before the end of the year and that the directors have begun a cost cutting exercise. So where does this leave them?
Living week-to-week is fine if you are within sight of season ticket renewal deadline but that’s six months away. The funding requirement to get them to that day is likely to be north of £10m, with Ashley now the only wallet in town.
A great deal of analysis is taking place over his commitment to the SFA that he’ll not acquire more than 10% of the club, but this overlooks all the important factors, specifically that owning more share capital is neither necessary nor helpful to Ashley.
Football clubs are a collection of businesses. There is the football, of course, but there is also a media business (print, online), retail services, brand merchandising, corporate hospitality, there’s advertising space to fill, and with some, there’s a link to a charity, which requires administration.
The charity and football operations cost money but everything else tends to make a profit. Football clubs are horrible entities to manage. You have unrealistic competitive pressures, fans who demand conflicting objectives and your performance can be undermined by a defender’s lapse, before you’re scrutinised in public. Only lunatics would apply.
By contrast, corporate retail management is a walk in the park. Ashley already has a healthy share of Newco’s retail, merchandising and IP rights. He can and will make money out of them, and no one has been able to tell me why he’d be remotely interested in owning an ounce more than Rangers International.
The funding which will get the club through the rest of the season is likely to cost them all those profitable income streams in perpetuity. There’s a good chance security will be required over the property assets too.
Newco is pretty much hollowed-out already but the scavenging isn’t finished. By the time the consequences of all that ‘we will continue to act like a big club’ nonsense of the last two years has comes home to roost, the cost of their hubris will be laid bare to even the most blinkered mind.
All of this was inevitable when Sir David Muray overruled his board’s recommendation and sold out oldco to a liquidation expert.
TIME CHANGE Remember, we’ve got Davie Hay on the blog tomorrow from 9:30 – 11:30.
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Morning Timland from a warmish hun free mountain valley.
Davie
I saw you mention the Spanish players you had at Livi.
Why do you think the Spanish are better technicaly and are willing to apply themselfs more than say scottish players, and why IYO, are we not looking here for said players.
Thanks
HH
Thanks Davie. You were ahead of your time in more ways than one! Good luck with the book, hope it keeps you in packets of Hamlet for many a day.
justafan
You only have to look at Seville, for instance. We lost, of course, but the hurt wasn’t the same. We could never celebrate Milan because I think we let everyone down. You can’t celebrated such things. We beat Leeds home and away and we might have thought we were as good as European champions.
the no.13 shorts
Thank you for the very kind words. Dr Who? I’m flattered! No, I was never going to take the players off the park that day. Actually, what happened was that I went ONTO the pitch. I went on to try to calm things down when it looked as though the referee had lost the plot.
Davie…
Thanks for your honest answer about Milan.
That was at the time and still is my opinion too as a supporter.
Good as they were on the night, it should be noted that Feyenoord were knocked out in the first round of the following season’s European Cup by Uta Arad of Romania who themselves were hammered home and away by Red Star Belgrade in the next round.
Perhaps the Dutch were also guilty of under-estimating their opponents.
A further question(s) if I may, did you ever discuss the final with Wim Jansen and have you ever watched a recording of the game? (I could only bring myself to do it a few years ago!)
Thanks
Mr Hay never seen you play for Celtic but watched us during your management of our club, just one word, Thanks.
Ayrshire is Green and White
Thank you for the reply Davie. Another quick one for you…
What can you remember about heading up the Celtic Park tunnel after the Atlético Madrid game in 1974?
Davie, it’s great to have you on the blog. I saw you many times in the hoops and still feel that our midfield has never been as secure since you left. My dad said that your departure added 3 years to John Greig’s career.
How did you feel when Jinky was never played in the 1974 world cup, and mediocre players like Morgan and Hutchison were chosen in front of him?
greenpinata
Good question. However, I have to say I’m not really sure. We have to get on with what we have. TV could hold the key in the future. England? Or Europe? Yes, it could happen, but when I don’t know. Money will dictate and Celtic are one of the biggest clubs in the world. Who wouldn’t want them in their league?
kingoh
I knew what happened at Dens Park, of course. The roar from our fans at Love Street told us all we needed to know, but I actually wanted to know if that was definitely the final score.
st patricks day 1956
I’ve got good hearing, but not THAT good. There was a fair bit of noise at Celtic Park that night, as I recall!
Mr Hay .
Wim Jansen played for that Feyenoord team ( he scored a goal when they eliminated a very good AC Milan ).
How do you rate Wim Jansen as a player and as a Manager ?
Thank you for the reply MrHay, Celtic legend
Davie,
Thanks for the reply. The tap in by he who shall not be named that day still remains my favourite Celtic goal!
DAVIE HAY
Firstly,my grateful thanks for all your achievements at Celtic,in each of the three roles you occupied. Outstanding at all of them.
The term ‘hard man’ was loosely thrown about back in the hammer-throwing days,but Celtic had two players who could match anyone at that,but we’re supremely gifted players too.
I refer,of course,to yourself and Bertie Auld. So my question is…
Did you and Bertie ever go for the same ball in training,and if so,did everyone watching close their eyes?
Davie,
Many thanks for your answer and your time.
Much appreciated.
HH.
Davie,
Do you think that John Gorman left Celtic at the wrong time?
gordon
I made a joke about the game when I saw Wim Jansen and said: “I see you haven’t changed your hairstyle!” I only watched the game recently on Celtic TV alongside Big Billy and Bertie. It didn’t make for pleasant viewing.
Paul John Dykes
There was trouble in the tunnel mainly because Wee Jinky was getting a doing for some of their players. He needed a helping hand, put it that way. And we weren’t slow to step in. Just as well the tunnel was so dark back then or the TV cameras would have some amazing pictures.
rewee jinky
Wee Jinky never sulked all the way through that tournament. I roomed with him and, of course, he was disappointed, but he never created any disharmony in the camp. I admired him for that. Willie Morgan was an excellent outside-right, but I didn’t think he was in Jinky’s class. I think he was made a bit of a scapegoat.
Davie Hay talking: “I’ve just been browsing through the book and I think it’s excellent. Okay, I’m biased, but it is a fabulous read. Honest!”
Richie.
Happy birthday, got it from Facebook just now.Are you feeling that year older.
teuchter ar la
John Gorman was a superb player, but, remember, there were so many good young players at the time. Big Jock had cover at full-back at the time and must have thought he could afford to let him go. He had a superb career at Spurs after a short spell at Carlisle.
bobby murdochs curled up winkle pickers
No, I stayed out of bettie’s way in training. Everyone with a brain would do the same. That wee man was ferocious!
Re Milan
We never discussed the possibility of a replay against Feyenoord. However, we would have beaten them in a second game. No doubt about it.
philbhoy
I thought Tiny was a fair referee. Did he fall on me? I wouldn’t be alive today if he had done. No, that never happened. As far as Dallas is concerned, I thought he was a fair referee until the 3-0 defeat from Rangers. Then I changed my opinion.
Davie Hay 10.56
Your lucky! I did not know Dundee had scored twice as I waited to pick up my lad after the Love St game.
I had young kids to watch and left the house when their mum came home to pick up eldest son. It was 0-0 at Dens and I had no radio in the car .
I’m standing like a depressed /anxious chookie at the bottom of Love St wondering why no crowds are on their way home and it’s nearly 5pm.
Then I see Billy Connolly and his kids swaggering down the street towards me all smiles and I began to hope.
A guy turns up at bus stop behind me and I asked him if any score at Dens. On hearing result I’m off up Love St at rate of knots to hug my lad on his way down.
Something like that day lives in your memory and thanks for the many you gave me.
Davie
Not a question. Just huge thanks.
And a hope that days like today bring home to you the love and esteem that exists for you in the Celtic Family.
HH jamesgang
Hi Davie hope you are well,given our current squad,what players and formation would you play middle to front?HH
Good morning Davie Bhoy
As you can imagine I’m a huge fan of dear Lubo. With your experience, how highly do you rate him.Don’t you think we are in dire need of a real creative player at Celtic?
Thanks for all the great times you gave us and continued good health to you and yours.
KINGLuBO
Hail Hail Davie Hay…
that is all…8)
Thanks for the special memories Davie,
I always thought That John Gorman would have been a Celtic legend if he had still been at Parkhead after the departure of big Tam to Forest.
blantyretim
My first medal for Celtic was in the League Cup Final against St Johnstone in 1969. We won 1-0 with an early goal from Wee Bertie, but I remember your dad, John Fallon, having an excellent game that day. The Saints were a good attacking team back then with good players such as Kenny Aird, John Connolly and Henry Hall. Willie Ormond was their manager. And John had an exceptional game against Real Madrid in the Alfredo di Stefano Testimonial Match a couple of weeks after the European Cup Final success. On his day, John was superb.
Davie, thanks for the reply, lots of other questions I would liked to have asked, but most of them covered by others and answered honestly by your good self.
You will always be remembered as a great Celtic man, All the best.
SPD 1956
Davie
Many thanks once again for your time today answering our questions.
And many thanks for your time at Celtic Park.
You are a true Celtic Legend.
Best wishes and take care.
Davie
I was in your pub in Paisley a few times in the 80s, but never saw you!
Mind you, you did have another job at the time!
…and your prices were cheaper than most of the pubs in Troon!
HH!!
Davie
You and your wife were very kind to my son last year when we met at Celtic Park. He was recovering from a serious injury at the time.
Pleased to say he’s fit as a fiddle again, and would like to say ‘thank you’ for the time and kindness shown by both of you.
Cheers,
TBB
Hi Davie, was a great admirer of you since playing a wee game of keepie-up with you on the big grassy bit near Catherine’s house in Bothwell. Am I right in saying that in the 3 – 1 game against the Deid Team Big Jock played you in midfield as a tactical move to sort out their Greatest Ever Player?
Cheers for that Davie
I’ll get him to buy you a drink next time you’re in KSC Blantyre…
Unfortunately for yourself Mr Hay, I met you at one of big Peters legendary pre cup final gigs,
I knocked a pint over you as I went to shake your hand,
I still get it tight for that because I was sober,
Sorry again, but i blame you for being the legend that made me nervous. .
Hail Hail ..
Guys
Remember that you can get a copy of the new Book Caesar & The Assassin, Managing Celtic after Jock Stein from cqnbookstore.com
Lots of Davie Stories in there.
Davie
Thank you very much for your words this morning. Would have loved to have seen you spend your full career at Celtic, like Danny McGrain. Thank you for my best ever day in Paisley in ’86.
Looking forward to reading the book.
Davie
Was the eye injury you received the reason you retired
from professional football? i believe it was a detached
retina, i had the same injury and found it very difficult to
play again after my op.
H.H Mick
Melbourne Mick
No, the eye injury didn’t put me out of football. Actually, I received the injury as a kid and had it all the way through my career. But I received a combination of injuries while I was at Chelsea and I knew it was time to call it a day. I would have liked to have prolonged my career by another four or five years, but it wasn’t to be.