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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Been no well and not paying attention over the weekend. Just catching up a bit..
phyllis dietrichson’s post on page 12 of last article ( 00.52 I think) is the funniest thing I have ever read on this blog.
Like kojo, I’m still laughing.
Ah but Petec
It’s not the glits and the glitter that is important in terms of Rome. it is the craftsment.
At Celtic we do not have many craftsmen. Journeymen YES ( I love that word YES. Such positve wonderful purposeful word) but craftsmen no (such a negative dull boring destructful evil horrible word).
But then you know i was talking about the craft rather than the bible.
MWD said AYE
Moonbeams WD. Wee Oscar’s our Bhoy and Kano’s our mhan. The Vow – Critically Rebuked by 45% of this fine nation.
15:47 on 29 September, 2014
Ah but Petec
It’s not the glits and the glitter that is important in terms of Rome. it is the craftsment.
At Celtic we do not have many craftsmen. Journeymen YES ( I love that word YES. Such positve wonderful purposeful word) but craftsmen no (such a negative dull boring destructful evil horrible word).
But then you know i was talking about the craft rather than the bible.
MWD said AYE
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I read it both ways.
TBB
It was easier to trust Lenny’s team. His defence was solid. He played his best players in their best postions in the main. He did not use 28 (or is it 26 players) by September in all manner of rotations, positions, tactiacla deployments and yet still not have a clue where he was going?!
MWD said AYE IMO
League season 2012/13 was unusual in 2 respects.
Firstly, it was the lowest points total accrued by any Celtic team since the mighty John Barnes All Star Strollers of 1999/2000.
Secondly, we lost 7 league matches, none of which to Rangers or their successor clubs, equalling the poor league form of season 1993-94, but sufficient nevertheless to win the league.
Lenny’s 3rd full season with us brought some remarkable high points, life long memories for most of us, none of which occurred in the league.
It’s very difficult to put the brakes on when a Club is in decline[ even LVG, with his stellar career, might not succeed at Old Trafford].
Celtic have been in decline, on the pitch and in the stands, since the high water mark of Seville; things were so good then that the fact we won hee-haw that year if forgiven
There have been periods when the trend has been reversed temporarily [under GS and NL] but the direction is downward, and might not pick up again until we bottom out.
As Ronny Deila is finding out timing is everything in taking over at Celtic.
No difference it’s the same three points, even though NL did have more of them than RD, at this stage, last year . Many will need a lot more convincing, because we have a new manager that’s hardly setting the heather on fire, with results, or with performances.
He was an unpopular choice with many before a ball was kicked, so it’s not surprising, that his changes draw criticism, especially on CQN where lots of the posters are fans, and not supporters.
Dontbrattbakkinanger
15:53 on 29 September, 2014
It’s very difficult to put the brakes on when a Club is in decline[ even LVG, with his stellar career, might not succeed at Old Trafford].
Celtic have been in decline, on the pitch and in the stands, since the high water mark of Seville; things were so good then that the fact we won hee-haw that year if forgiven
There have been periods when the trend has been reversed temporarily [under GS and NL] but the direction is downward, and might not pick up again until we bottom out.
As Ronny Deila is finding out timing is everything in taking over at Celtic.
Paul67 had doubts about our 3 previous Managers but he was right behind this appointment. I can make my own mind up and I think there is a tie in here about getting as many Celtic Daft kids into the first team as possible, to make that team full of passion about Celtic before any money is received.
Dontbrattbakkinanger
15:53 on 29 September, 2014
It’s very difficult to put the brakes on when a Club is in decline[ even LVG, with his stellar career, might not succeed at Old Trafford].
Celtic have been in decline, on the pitch and in the stands, since the high water mark of Seville; things were so good then that the fact we won hee-haw that year if forgiven
There have been periods when the trend has been reversed temporarily [under GS and NL] but the direction is downward, and might not pick up again until we bottom out.
As Ronny Deila is finding out timing is everything in taking over at Celtic.
###############################################################
Paul67 had doubts about our 3 previous Managers but he was right behind this appointment. I can make my own mind up and I think there is a tie in here about getting as many Celtic Daft kids into the first team as possible, to make that team full of passion about Celtic before any money is received.
Sorry about that dbbia
“He did not use 28 (or is it 26 players) by September”
Moonbeams,
How many did lenny actually use in the first 15 games of his first full season?
Lenny, who was coaching at the club prior to becoming the main man and knew the players inside out?
This is not a lenny v ronny point. It’s a comparing like for like one.
BSR
what is the diff between a supporter and a fan?
MWD said AYE
“McGregor is not playing well because of Ambrose”
ClassicCQN
BOURNESOUPRECIPE
With respect,he wasn’t an unpopular choice.
Sacking Neil Lennon was an unpopular choice.
Hiring RD just made many of us go-Who? WTF?
He is carrying the can for corporate failure.
He is paying for it,the fans are paying for it. But the gravy train continues.
Celtic need to focus on what is on the pitch.
Geordie Munro
Go on tell me. you obviously NO (sorry know). Canny help myself.
MWD said AYE
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Neil got sacked, is that offishul noo.?
Moonbeams,
I thought you’d know.
I certainly would before I ran about quoting it as some sorta stick to beat the manager.
In fairness to Ronny he needs to look at what was right against Dundee United and then replicate it.
United were hopeless that day but Celtic played very well. I would play Berget on Thursday. I like the look of him.
I would drop young McGregor to the bench and I would play Griffiths before Scepovic who looks to be still finding his feet. McGregor would be a good impact player when the game is being stretched later on in the match.
Thursday is probably a must win to progress out the group. We must win our home games.
Commons should be a starter as well and I think Ronny has been quoted previously that Kris will not play 3 games in a week. I would assume that is why he was rested at the weekend also of course he had a wee muscle injury. I would much rather players were not risked when not 100% fit. Any news when wee Jamsie is back?
LB
Moonbeams
I’ll try and answer that later, when not on a phone.
BMCUW
Perhaps unpopular is too strong but definitely surprise, with immediate detractors,
and even “he was an assistant” third choice, yada, yada
NL said “winning football games/trophys is in Celtic DNA.
RD said “doesn’t matter if we get beat as long as we are playing good football”
One knows what Celtic is all about the other doesn’t.
STARRY PLOUGH
Story goes that he was asked how he would react if offered a job down south.
His reply was along the lines that he’d be offski.
Following his wee convo wi DD when he excused last year’s CL performance by pointing out that he had had his best players sold from under him ‘and replaced with s…e’ his 12 month notice period was activated.
lennon’s passion
Playing good football tends to win you games. Bit of harsh comparison to pick out on Ronny. Im sure you can pick out a better comparison.
TBB
That is the question I keep asking
This guy is rotating his squad. Adding players. Trying to learn. On the job.
He has won 3 an drawn 2 since the window shut. Inc an away tie vs top seeds in group.
Just as a point of interest, how many players ought a manager use in 16 games?
Obviously, there’s a starting 11 plus a pool of subs, most commonly 3 of whom are used.
So that’s 14 players featuring in the first match for starters.
Then factor in injuries and suspensions: Kayal for Brown after the Reykjavik game, Ambrose for Matthews for Lustig, Zaluska for Gordon last week, Scepovic for Guidetti on Thursday and so on.
15 games down the line, how many players ought the manager have used.
“At this time the result or the opposition doesn’t really matter. It is all about how we perform.”
Lennons passion,
Is this the quote you refer to?
Question for any posters in the investor Section are we being offered an extra ticket for the Hamilton game on Sunday FOC? Are any SB holders getting this offer? If not why not? hAIL hAIL hEBCELT
Gearoid from last night with regard to your post about Tommy Reilly’s death.
I’m sorry I didn’t reply last night.
A friend of mine who is from Belfast told me Bananarama’s Siobhan Fahey had to be restrained by fellow mourners as she was giving the Army & RUC pelters for what she saw as a non-accidental death of her pal, Tommy.
Just after Bananarama came to prominence after their songs with the Fun Bhoy Three, the Smash Hits magazine they asked Siobhan Fahey what her favourite ten songs were. She included s Wolfe Tones song in her list.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Hmmmmm, I guess we will never know:)))
Tbb,
Lenny used a couple of dozen and after half a dozen did not have a European distraction.
The Battered Bunnet
Tend to agree. We usually hit a wee hangover this time of the season due to the early start in Europe.
I think the lack of goals are worrying people. The fact that Sevco are looming on the horizon next season has some other punters flapping. They are junk and Hearts will romp that league if they keep playing the way they are now. My Jambo correspondent at work says they are not even at full speed yet and will get better.
LB
!!!Paul Le Garnier!!!
philvisreturns
“but in the real world of limited resources, sovereign debt, competing interest groups, currency crises, structural deficits and so on, ”
could you not just have said “but in the real world of capitalism” por cierto
I think the number of players used by RD has been inflated because he chose to rest a virtual 11 against Inverness rested 6 against Motherwell and did the same in the pre season friendly with Spurs, for example.
With no reserve league and x number of seniors the number of players used in the first team has risen dramatically, so it’s not all down to rotation.
lawwellsacountant
16:33 on 29 September, 2014
Well said BAWSMAN,PROUD TO HAVE VOTED NO,been fighting the Tartan Tories all my Adult life,sure the yes campaign made a lot of noise,but could not back up any of their claims with cold hard facts or economical reasons,we would be signing a death warrant with monopoly money no markets without import duties for a long time,at least now we can get some peace from the twats with saltires and the manky unclean fannies with dirty hair and wearing something akin to proper kilts that haven,t been washed for years and all the tartan army crossdressers wearing pleated checked skirts
The racist SNP should disband just a pressure group with one policy that lost heavily never a proper political party,NO MORE REFERENDUMS
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Oh dear.
LIVIBHOY YOU ARE EITHER DELIA OR KNOW BEGGAR ALL ABOUT FOOTBALL.AS ONLY YOU AND RONNY DELIA LIKE THE LOOK OF BERGET,THE GUY,S A DUD
Lawwellsaccountant name your top 11 Celtic team and in your opinion the best up coming youngster we have who has not played for the first team yet. Hail Hail H4ebcelt
lawwellsacountant
Well done sir !
I so like it when someone is so strident, forthright and obviously superior. Well done for making such great points, in such a nice way too.
If you don’t mind me suggesting something ? Have you considered politics………with your acumen and invective, many would rally to your banner.
Oooops Hebcelt