Gavin Masterton, who as managing director of Bank of Scotland in the 1990s, was one of the financial lynchpins behind the issuance of credit to some of the leading investors in Scottish football, and was responsible for what was seen as reluctance to extend competitive terms to Celtic AFTER Fergus McCann’s takeover, today issued notice that one of his companies will be wound up, as it cannot meet commitments to repay loans by new Dunfermline Athletic owner, Christopher McBay.
Masterton came under pressure, which he eventually relented to, to write-off money he loaned to Athletic to allow it to avoid liquidation last year. He also claims these developments will lead to his personal bankruptcy.
In September last year, Ian Fraser, author of Shredded, an analysis of the debacle that was the Scottish banking industry, wrote in his blog;
“Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer and managing director of the Bank of Scotland, it looks like it could be the crux to an extraordinary financial scandal at the heart of Scottish football.”
In March last year, Mail on Sunday wrote: “Bank of Scotland wrote off a £4 million loan to a company owned by Mr Masterton – then sanctioned the £12 million loan to another of his companies that allowed it to skip repayments for the next 35 years.”
In 2004, The Sunday Times, explained that while Masterton was at Bank of Scotland, an associate of his received a loan to buy Dunfermline Athletic, which included a guarantee that the loan would not need to be repaid until the borrower’s shares in the acquiring company were sold. Two years later, after Masterton left the bank, his company bought his associate’s shares and gained control of the club.
I bet the British Virgin Islands are nice this time of year.
Sean’s Trust, the charity setup by our late friend, St John Doyle to aid those dealing with stillbirth, are holding a Terry Christian stand-up comedy evening at the People’s Palace on 24 October. The show, Confessions of a Recovering Catholic, is a light-hearted look the legacy of his Manchester-Irish upbringing and has received excellent reviews. Billy NoWell is also on the bill, performing some of his unique material.
There’s a bar and buffet, tickets are only £16, email seanstrust@gmail.com for details.
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Bada,
I think I’ll go look at odds for a red card
Was reading about the forthcoming sevco hibs game the other day and the report pointed out that Dylan McGeoch would not play due to straight red card.it set my mind back to a midweek game just before an old firm game.Scott brown received. Two very easily given yellow cards.this meant that he would miss hun game.it seemed to me that the ref was way too eagre.the ref was Stephen finnie a son of Fergus mccansville and a well known hun I know this cause I come from that area.guess who the ref was who sent Dylan off
McCoist must stay
Hibs team is full of weans
Hibs were 6-1 the win and 10-1 btts and win. Never touched either and happily watching University challenge but online bookies keeping me updated.
None of that matters as Sevco are getting pumped !!
The refs gonna find it hard to explain 3 penalties in 2nd half.
This could go horribly wrong.
Supercoisty could get his ole jotters.
I love Stubbs for 2 reasons
(1) he wore the Hoops with pride
(2) He played for another great team who sing “Grand old team to Play for”
Rangers ripped apart. How lovely to hear that!
3-0
could be the end for Sally, sadly
Hibs no longer available at 7/1
3-zip for Hibees.
News from Ibrox making me happy for the first time since the 19th. Go’on yerself Stubbsy
……….turning ugli(er) at asbestox!?
Titter ye not ……
Remember Stubbs in his first season?
He spent it on his arse, falling about.
After that, I though he was magnificent.
So not only is Bilel Mohsni a she-ite footballer, he’s no prophet either. Hibs are out of the title race already, he said. I guess using his logic, the tribute act are relegation candidates…
mmpd
Dylan deserved a straight red – terrible tackle that put the opponent on the track
Yon Jobo knows his stuff :)))))
I would prefer Hibs scored three in the last five minutes of the game so the honest mistakes, apart from twenty minutes injury time, would have less chance of having a bearing on the game.
Jobo Baldie
20:28 on
29 September, 2014
Hibs no longer available at 7/1
——————–
You’re not wrong!
Did anyone happen to catch the six O’clock news headlines on radio shortbread tonight ?
Was just wondering if the VVD racism story was amongst the stories.
I was listening to 5 live who had it as their 2nd or 3rd sports story, yet when I switched over to catch Scottish sports news, no mention of it.
Surely the national broadcaster would deem it as being newsworthy especially if the uk wide sister channel covered it ?
ticktaewin
You hate Ireland?
Hate is a bad thing…
Hoof ball from Sevco.
……any audio from wee chick?
DBBIA
Quite
Cannae help myself tho
If the commentator hadn’t said that was Mark Hately beside Gordon Durie I wouldn’t have known.
Sunbeds are like a new signing, dearie me
HH
Just switched BT sport on…
A doing being administrated..(?)
Big Stubbsy should go over to McOist at HT and offer his hand – Jose M style.
Sorry, not the Irish people.
Heart and soul.
Mair the rain.
Can’t wait to hear the boos at half time!
You have to ask yourself how did Humpbaw FC manage to beat Inverness???
blantyretim is praying for the Knox family
20:30 on
29 September, 2014
ticktaewin
You hate Ireland?
Hate is a bad thing…
——————————-
Only if it’s against anything not tied to the huns.
The bad news is that Hibs are awfull
However Sevco are just a joke. Boyd clattering into everyone and should be teetering on a red card under normal circumstances.
I bet both to score and His to win at 12/1.
Hope the orcs don’t score any….
Dallas Dallas
‘They will need to use every sinew of their bodies to hold onto their lead’
The septic commentator
sixtwo
20:29 on 29 September, 2014
yes, it was on the news, and the Police are investigating
Sevco are very definitely improving. They’ve managed to get a shot on target in the first half. Just the one mind, just the one.