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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Happy Mondays moving into Top of the mornin Tuesday ;)
Dontcha just luv it when Sevco get a right humpin cudve shudve been Hawaii five o plus one !!
Wee Chic Hun ” ally still the glue that has kept Sevco together ” lol lol !!
As long as the delusional media keep givin Sally the easy Ride the longer they will have to endure the pain ;)
Shame innit !!!!
Saltires, a nice happy glow at the moment with the bodysnatchers( invasion of the bodysnatchers anyone) losing tonight.
Sally having a pop at Stubbsy for asking for a strong ref tonight showed he knew Alan knew the score with Ibrox and officials.
He has made it clear he knows the advantages given to a club playing out of Ibrox by officials.
Hopefully, Alan had a huge smile at the end of the game.
Night all, enjoy what’s left of the night.
I might watch a wee bit of sky sevco news to hopefully see the goals or they might say there has been a transmission failure or something.
If they sack mccoist the mullet is a stick on for the job
Pretty sure what chic said was ‘ally is on glue. It keeps him together.’
Happy Mondays
dena hehehehehehe :)
£18.72
D D
Nite Nite
Just can’t help myself…hunmedia on meltdown….;))
r t ….
Very, very funny!
No way they can sack pie man. No enough dough.
TOSB
The hibs player involved with Elbows at the time didn’t make too much of a fuss. ???
Pfayr, I must be in a one man minority. I want to see the sleekit wretch humiliated and sacked.
Even if they did get a new manager, thier players will be the same useless shite.
I cant wait to read the headline that the fat waster has bad his jotters.
Hail Hail Alan Stubbs
Please post from FF…someone Please…
Scottish Parliament to hold a summit regarding the Hibs players conduct in this game, look out for some sort of Offensive Behaviour Order…..
Ayrshire is Green and White…..
Where’s Monaghan when you really need him?
Go on Mhan. Copy and paste some hilarity for us!!
HH jamesgang
goodnight timland
HH
ACGR
You got a date for Thursday yet?
Cults
“ally must be given more time he has all the attributes to be the next guardiola, he can take us to new levels,”
Sunshine on Leith !!!!!!
Well done Stubbsy. Undeid….deid.
Just saw the goals on SS. Great stuff!
The Mike Ashley Sevco Key Rings
Cultsbhoy – I’m banned. Think they saw through my user name, TaigymcfenianLoyal67
RM seems to have melted down, pity.
Moshni punches a Hibs player after they score, nothing happens.Remember thut fud Craigen wanted Kelvin Wilson jailed for a much lesser offence at Dens Park, a couple of seasons ago.I’m sure he will condemn Moshni in the same manner….
posted this earlier,Craigen not as forthright when his boyhood heroes are involved.
a ceiler gonof rust
22:15 on 29 September, 2014
Pfayr, I must be in a one man minority. I want to see the sleekit wretch humiliated and sacked.
Even if they did get a new manager, thier players will be the same useless shite.
I cant wait to read the headline that the fat waster has bad his jotters.
Hail Hail Alan Stubbs
##############################
That me old son, is a fair point.
Question for all…
Can I buy a Scottish tabloid rag tomorrow. ?
HH
Night Dena.
HH jamesgang
could we have a whip round to guarantee sally’s wages at ibrokes
patmcgrathtakesapenalty
That is probably the same stream as I watch (USA?) and they are always fererred to as Victoria Highlanders. Sevco did play Victoria Highlanders in America this year so it might be connected to that. I like it!
JJ
Odd feeling yesterday being happy about the jammed farts winning.
Unclean……
Any Sevco fans who want rid of Ally should think again, they’re bitter off together.
V
MickTT , I wouldn’t, they’ll buy another history overnight and it’ll ll be rosy in the morning.
ohits
22:18 on
29 September, 2014
ACGR
You got a date for Thursday yet?
=======
2nd October ?
Stubbsy wanted a strong referee
From what I seen in the video clip earlier, they were denied a Stonewall penalty, and from what I read, the new team should have had 2 players sent off ?
Didn’t work then did it
Have a heart! Imagine the gloom in that changing room; think of the anguish; the near despair; the sorrowful recollections of aimless passes, missed tackles, poorly executed headbutts, lack of team spirit; think of the arguments, recriminations, the scapegoating; think of the sense of uselessness that those athletes will be experiencing…
Great, isn’t it?
Alan Pardew….. Another man on an onerous contract as I recall. Just as well his boss is the beneficiary of one or two himself…..
Che
Gladiola??
iki
Your on form tonight .
Nicked from twitter
Rangers will be rolling over in their grave at that shambles tonight :>)
V
mungolian bhoy
22:15 on 29 September, 2014
TOSB
The hibs player involved with Elbows at the time didn’t make too much of a fuss. ???
………………………………
Watch it again. He throws both arms up in the air in disbelief, if I remember correctly.