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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KevJungle – MURDO MacLEOD’s Title Winning Boots 4-2 LEGEND
Dang outsmarted again by the Jungle Nut…
BurghBhoy
I see Paul Larkin promoting on Twitter his film investigation into what he calls The Asterisk Years meaning those years in which a * should appear against trophies/ titles won by RFC.
He particularly mentions the role of the Edinburgh financial establishment in bankrolling SDM.
I think it comes out November and will hopefully expose further the sham that our game has been since Murray got involved.
BT
Best of luck with the docs
Clink\o/
11:35 on 30 September, 2014
Cannt believe this didnt raise a single comment.
May only have played 4 games in the forties but he at least got to wear the jersey.
..
RIP Hugh ” Dick” Doherty.
Buncrana
til yesterday our oldest past player
…………………………………
RIP Hugh.
Celtic Wiki have a decent biog and tribute for one who played so few games with the club. He was obviously well respected:
http://www.thecelticwiki.com/page/Doherty%2C+Hugh
H.H.
Just watched the St Mirren game for the first time. Some observations…
First 15 minutes we were pretty active, crisp passing and forward movement but with few real chances.
Next 15 minutes more static, more passes sideways and back, composure affected by Saints pressing up.
Last 15 of the first half very disappointing, disjointed, slow to act, watching the game rather than influencing it…but…a goal. Despite the scrappy conclusion ( confirmed as nauseam by Sky) the lead up play of 14 passes involving 6 players was really good. Bet you never knew that!
Second half pretty tame full of mis-passing and a poor effort by our goalie. However other than the goal really no danger at all.
Moving to 424 seemed to suit the players and we went onto the front foot. Nice interplay before our second and a lovely spot and pass by AS.
Players…Efe much better, Izzy continues his good form, Callum made poor decisions throughout, Broonie busy and occasionally effective, John busy and occasionally effective, Wakaso busy….
Finally…I read on here about Specovic’s attitude and body language. Obviously I’ll accept the view of the folk that were there but from what I saw he was always trying to get into the box or get beyond the defence. Think I’d be frustrated if I did that but nobody got the ball to me!
Phil ‘ s latest on Ally
http://www.philmacgiollabhain.ie/mr-mccoist-and-the-pet-goat/#more-5108
Auldheid 12:01
4 Stars and 1 Asterisk on Dead Club Retro Jerseys.
Works for me… to a point…
Probably need to replace the Stars with 4 exclamation marks
to cover the ‘Honest Mistake Years’
! ! ! ! *
The Onlooker
From what i saw of the game it was very disjointed. .. though it did seem to me the ball kept getting stuck at the players feet. ..perhaps the field had been left dry for a reason. .. to stop fluent movement of the ball. Most clubs and pro players prefer a slick field. 442 we did look much more comfortable. .. I’m not using that as the main excuse but one of them. The TV cameras for the st. Midden game are possibly at the worst angle for getting a game on TV. They are too low and you don’t really get to see the complete game… the movement etc…
kevjungle – murdo macleod’s title winning boots 4-2 legend
09:09 on 30 September, 2014
Your a complete Muppet. People go to watch Celtic are sheep. People who sit on blogs all day slagging Celtic fans are wee cowards. Your a hot yin.
fastbhoy
11:58 on 30 September, 2014
4,265,000. sevco shares sold.
Has the fat sleekit one cashed in his chips:))))Hmmmmmmmmm
tallybhoy
11:38 on 30 September, 2014
BMCUW
Could we not get Bar67 to have a ‘lock-in’?
That way we could get the 1030 train on Sunday, get off in Kilwinning as we did last time and…?!
HH!!
~~~~~~~~~~++~~~~~~~~~~
Park bench is looking good!
Big Nan
He was well respected here. He was very active in the local scene here which was acknowledged this morning by FAI CEO John Delaney
Love Celtic
Laugh at sevco
RIP
Hugh Doherty
Clink\o/
Do you happen to know who is now our oldest surviving player?
SFTB
Sorry I dont.
Main reason I posted was because I knew the man and went to school with his children
Firstly RIP Hugh Doherty
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From Twiter
@CelticChuck67: Pls RT: First Celtic Foodbank drive of the season takes place November first. 5 collection points around Celtic Park. http://t.co/hYdxLNKvSU
HH
new article posted.
Congratulations to Alan Stubbs and his Hibernian side for there good away win last night watching the game I certainly could see improvement in the Hibernian teams play.That is what bothers me as a supporter of Rony I do not as yet see any lasting sign of Celtic improvement come on Rony come on Celtic let the improvement start on Thursday.H.H.
justafan
That game was crying out for wee Griff imo!!!