News that Hearts are set to go into administration today will give Scottish football has yet another morality lesson to consider, but this time, there will be no pleas for rule changes, no lobbying by the massed ranks of the media for other clubs to ‘do the right thing for Scottish football’, as opposed to the actual right thing. Hearts will face their fate with a straight bat.
This is an unusual football insolvency. Normally clubs go into administration when they cannot cut costs quickly enough to satisfy a creditor but on this occasion it was the way the club’s debt was structured which caused the problem.
While Celtic have long term loans with fixed repayment terms stretching years into the future, Hearts owed money to their own shareholders, most of which was repayable on demand (as almost all non-term loan bank borrowing is). If Hearts shareholder-creditors had issued loans instead of an overdraft, as long as the club continued to make repayments administration would not be on the table.
Ukio Bankas and UBIG, once both controlled by Vladimir Romanov now both insolvent, extended generous credit to the club without the formalities of an agreed repayment schedule. This informality led to their ultimate downfall.
I’ve read interesting views elsewhere that the absence of Rangers International from the SPL has claimed a further victim but there is no evidence to suggest that RI FC playing in the SPL would have sufficiently supported the Lithuanian property and investment market to prevent the collapse of the country’s banking system.
As far as we are concerned it is business as usual but there could be a crunch coming. All we can do is look after Celtic (principally by buying season tickets, never underestimate how important this is) and let nature take its course. If the crunch comes to Kilmarnock (I know, how would this be possible with a sharp kid like Michael Johnston in charge?), St Mirren, Motherwell and others, the game here needs to come up with something more radical than a unitary league body. Any ideas? I’ve one.
You can buy Willie Wallace’ autobiography below:
[calameo code=0003901713852289beccb lang=en page=12 hidelinks=1 width=100% height=500]
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Was Tiffanys not the old Locarno on Sauchiehall Street?
Don’t want to google it. Wasn’t the Mayfair up a hill?
hen1rk
I wonder how long it will take for the BBC new building to be burned to the ground? Never underestimate the zombies.
Weefra HH
GM-Spain to dominate Europe for years to come,Brazil next year will be a test.
Anybody got a link to the Aberdour gowf foties? Been searching for ages…
Cheers
bada
I would think Spain would not see Brazil in their road. Just MO. :)
Weefra HH
New Sevco Investor
the spirit of arthur lee
19:23 on 18 June, 2013
FANTASTIC……!!!!!!!!
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors 19:18:
Hooper wants to go, let him go. A number of Clubs in for him, including Southampton.
Keep the Faith!
Hail Hail!
bourne
Brilliant. Lol
Weefra HH
TT,
Just back from the toilet :oD))))
I was getting just as sick as you with my perpetual moaning, enough has been said its time to move it to the next level, I’m surprised how many have already been in touch in such a short space of time with the info requested. Hopefully when I request their bank details and PIN numbers :oD)))))
Brasil are a middle of the road team just now imo, no better than england.
Spain and Argentina will take some beating, even Ecuador are worth a shout.
Just a shame Levein made a bollix of things !!!!!
HH
Canamalar,
I am about to surprise you.
I am well pleased with how the board is representing our club.
No matter. If you need 100 shareholders to give you backing to have them openly answer to guys like yourself, ..& you have no intention of harming our club, then count me in.
KK, insignificant shareholder.
Right, going oot to feed ra burrs. Back shortly, not that anyone’s bothered. Hehe
Weefra HH
ElDiegoBhoy 19:31 on 18 June, 2013
There was another venue on one of those steep hills – I think I saw Bow Wow Wow or Pete Shelley there one time.
Why are people so anxious to get rid of our best goal-scorer? If we sell him and don’t get to the CL, we will have lost out.
Hi Paul.
Would appreciate your thots re my post at 13.09 today??
Parkheadcumsalford-We knocked back good money in January in lieu of Juve games……if he wanted to stay, he would have signed before now IMO HH
Hello lads
Just popped on and saw the discussion about music….had to throw my two cents worth.
Was a big Go-betweens fan… but, best of the Aussie bands BY FAR …. the Lucksmiths…. songs like ‘the year of driving langorously ….. cross the violent femmes and the trash can sinatras …a criminally underrated band …. and for their NZ neighbours…. like Neil Finn, but it has to be Bic Runga …. a voice like an angel, and she looked like one too.
Parkheadcumsalford
I trust Lennybhoy’s informed info. that Hooper is determined to leave and won’t be surprised if Wanyama also leaves.
I don’t want them to leave but life will go on at CP.
lennybhoy…supporting neil lennon and cfc until i die
19:39 on 18 June, 2013
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors 19:18:
Hooper wants to go, let him go. A number of Clubs in for him, including Southampton.
……………………..
When there is any certainty about him leaving I will adopt your stance.
Until then I would ask Gary Hooper to consider why he and Forster were even on the England radar.
They performed on the CL not at Norwich, Reading or Newcastle.
They never will at those clubs.
Parkheadcumsalford
don’t think anyone really wants hoopy to go anywere, but he has made it abundantly clear he wants out, so it makes sense to get as much as poss for him.
Big Stuart 1888 @white_italy 5m
@CharlotteFakes My ohh my. Even the fans groups were duping the fans. I wonder what they got in return? http://www.scribd.com/doc/148567205/Independent-Supporters-c-o-Media-House …
View summary Reply Retweet F
KK,
I have never wanted to harm our club, I simply want transparency, my intention is to raise the question, unlikely as it seems I believe they have done a lot of good things for the club, it’s just the things I don’t like grind my gears.
My intention is to let the SFA and msm know that it’s the small shareholders who will be driving this agenda, I would like to think the board have been hoping for something like this to give them deniability but then I’d have an issue that they wanted deniability :oD))))
WeefratheTim
19:32 on
18 June, 2013
Spot on they low life’s can’t handle the truth.
Canamalar you incorrigible old malcontent (of the hardcore variety but not quite the deranged type) .Do I detect a mellowing of your attitude to the board ?
Well blow me down
googybhoy ♥ celtic
19:28 on 18 June, 2013
Hilarious
canamalar1 at 1843, its refreshing to see a positive post from you for a change. So much better than your usual rant filled drivel and anger. If I was a shareholder I’d have already sent you me details. What I need to do is buy some shares and then send you my details.
If Carlsberg did canamalers…………..
Off to check out buying some shares.
TaxLawPlebeian @TaxLawPlebeian 6m
BBC Trust Appeal p27 onwards
http://downloads.bbc.co.uk/bbctrust/assets/files/pdf/appeals/esc_bulletins/2013/apr_may.pdf …
Canamalar.
There can never be too much openness.
I will get in touch with you if required.
Mike in Toronto 19:48 on 18 June, 2013
Don’t know the Lucksmiths – adored The Smiths though.
Parkheadcumsalford 19:44:
I am not anxious to get rid of Gary, yes he is our top goal scorer but you cannot discount that his replacement will do the business and get us to the UCL, if their goals do then Gary will be a fond memory plus we may get enough of a profit and still have change left over.
!!Bada Bing!! 19:47:
I am not fussed either way if Gary stays or goes, we have seen better Players go and we will see better Players go in the future. We have replaced Players that we have considered to have been irreplaceable. It may have taken a few years between Players leaving but in my opinion we have done, not necessarily as good but we have been pleased with some of them and their contribution has been the difference between us winning Trophies. Celtic has continued for 125 broken years and will do so for another 125 years. It is impossible to go through our existence with the same Players, it is a matter of fact. We will continue to grow, winning countless more Trophies with or without Gary or who ever comes after him.
I also think mate that it was wrong to keep Gary for the Juventus game.
googybhoy ♥ Celtic 19:50:
You are correct they will not play in the UCL. However, we must accept that Players will want to move for other reasons, amongst those will be for money, to keep family happy or to be near or with family.
Keep the Faith!
Hail Hail!
Canamalar
Quick,Quick..Get oan this Bloomin’ Blog… afore yer Rep… is Ruined!
Thur’s Someboady oan here..
USING YER Name!!
Kojo
Still..Laughin’.
masty is neil lennon 19:52 on 18 June, 2013
Parkheadcumsalford
“don’t think anyone really wants hoopy to go anywere, but he has made it abundantly clear he wants out, so it makes sense to get as much as poss for him.”
I don’t think Hooper’s made it abundantly clear he wants out at all – I think he is trying to get a better deal than he has been offered.
He has never said he wants to leave.
steinreignedsupreme
20:10 on 18 June, 2013
But what indication has he given that he wants to stay??
BigVic @Lennysbhoy 3m
Only in Scotland can a team with a registration ban buy more players than any other team in both the seasons the ban affected. Corrupt SFA.
Ooops, apologies my last post should have read …125 unbroken years…I need a drink…:)
Keep the Faith!
Hail Hail!
Steinreignedsupreme
maybe I am reading to much into the press releases from down south, even then his on field interview after the cup final was far from convincing in my opinion,dont think the money is an issue, he wants an England shirt, he aint gonna get that playing up here,
Steinreignedsupreme
Perhaps a better description for the Lucksmiths would be ‘the Smiths but dont take themselves too seriously’. Go on to youtube … and give them a listen…. if you dont enjoy them, i’ll buy you a pint next time I see you.
PS….. Johnny Marr …. my favourite guitarist of all time! Just brilliant….. like Chet Baker in that he could say more with one note than alot of guys could say with 20 notes!