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:
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shuffles
joannas
clouds – penthouse
gi-gis
maestros
white elephant – nightmoves
When Is Neil gonna Wise -Up?
Esmael..is a Brammer..and He and His Agent.. wulnae Staun aroon fur ever..waiting fur that Call.
He a 21 Year Auld , going oan 22.
He is Strong oan the Ba’..
He kin Hustle and Bustle.
He kin Score the Goals.
He kin Intimidate the Opposition,
He kin Beat his Man.
And even Bettah,yet he wullnae coast an Airm or a leg.
And.. Even Bettah…than that .. even Bettah..
He his Proven he has the Impressive Credentials tae Mak a Very Impressive Impression,when he has played
against ither S.P.L. teams.
Therefore..
If ye go fur this Lad..
Ye wullnae be taking.
The Usual..Unpredictable Gamble.. that All Newcomers tae ..the S.P.L. kin represent.
Neil, if ye dinna go fur that Kid..
Ah wulll be extremely disappointed.
Kojo
Still..Laughin’
not forgetting the Savoy
The Boy Jinky 20:49 on 18 June, 2013
The Ultrateque. Mind that – I got a few lumbers in there.
The Sub Club was another one – down near Central Station.
Steinreigndsupreme
Peter Lawwell has been dealing with representatives of much bigger name players than GH for many years now. I trust him to agree on a deal that is best suited to both parties i.e.
Celtic and Celtic.
GH is simply an employee who can easily be replaced in my view.
Steinreignedsupreme
20:53 on 18 June, 2013
the sub club might have been the Jamaica inn when I was a boy
Nightmoves Sauchiehall met my wife there at a Killing Joke gig in the 80s –
Canamalar
Would you not be as well to use a twp pronged strategy.
What you are talking about, and it has no guarantee of success, why not get together with a friendly lawyer, whose services can be had for say expences,and go after the SFA for compensation, at least a lawyer will tell you if there is a case to answer.
Just a thought.
HH
Jinky- I’m not young in any way- I used to walk to Shuffles from the Gorbals on a Friday night- until I came to my senses and shifted to Minsky’s
Hooper wants to leave
GTF…..ungrateful basket …
CFC only need players who want to play …
We’ve had much better strikers than Hooper..
Tbj.
I was a poser with a wedge…hair that is :-)
Charles k.
My mate was the dj in joannas about that time, Celtic mad, has had a table in the number 7 for a few years now.
Prior to clubbing at Nightmoves it was a pint in Midas or Target bar (think Charlie Nic owned it )
Ralston Row
20:56 on 18 June, 2013
or sylvesters
Charles or any of the old posers
How about city limits… renfield st… across from side door of central station.
The fixtures on the 1st day of the new season ,that will be televised have just been announced.
Celtic v Motherwell
Inverness v Ross County
Aberdeen v Dundee Utd
All on BT
The Rangers v The Hearts
The History channel.
TT
charles kickham 20:54 on 18 June, 2013
“the sub club might have been the Jamaica inn when I was a boy”
Not sure – but it could have been.
Electric Garden
Lindellas
Sgt. Peppers
Revolution
Lunar 7
Elizabethan
Caverna
sipsini
20:56 on 18 June, 2013
I wish I could say I could recognise him if I saw him – but the memory cells are eroding
….PFayr 20:55 on 18 June, 2013
“Hooper wants to leave
“GTF…..ungrateful basket …”
Why is he ungrateful?
Stairheed
Minskys… kilmarnock rd ?
Surely you frequented the plaza at Eglington toll… not bad hot dogs and chips at the jigging .
I think I got a dog at the savoy too…… cue the jokes ;)
The Boy Jinky
20:57 on 18 June, 2013
remember it well – it was THEE place to be at one time
Saw many a fight in Shuffles- must have been the most dangerous dancing in Glasgow- one night a guy pulled a machete out inside the club- that dwarf couldnt reach to frisk him
Stairheedrammy
20:55 on 18 June, 2013
Jinky- I’m not young in any way- I used to walk to Shuffles from the Gorbals on a Friday night- until I came to my senses and shifted to Minsky’s
jeezo! what a blast from the past man…used to get a bevvy in the Cleland, walk upto beidge st and get the bus upto shawlads…
charles kickham
20:52 on 18 June, 2013
shuffles
joannas
clouds – penthouse
gi-gis
maestros
white elephant – nightmoves
>>>>>>>>>>>
Pubs…
City limits.
City lounge.
Midas.
Centuary 54.
Rock garden.
Tiny tim
Got a text of the matches at work today…. was giggling like a wee lassie.
The zombies must hate me ;)
PaddyBhoy1888, apologies, nome de blog error earlier.
make that bridge st..
hen1rik
20:31
http://t.co/mRA6K0BWg8
think this from hen1rik would help ASA make up their mind?
HH
sipsini
21:02 on 18 June, 2013
what about sylvesters in Ingram street I was never out of it at one stage
Masty- I did the Granite city and then Minskys- was a wee bit young for the Clelland- though my mate was in it when it got bombed- he told me he was sipping a pint and then found himself under the jukebox
Evening all
I am just in from work and have not read all the way back so this venue may have been mentioned – Satellite City which was upstairs from the Apollo . Saw the Adverts, Vibrators, Wayne County, Elvis Costello. Not on the same bill.
Jimbo
TET,
Gregory Loannidis has already told us the sfa can be forced to answer charges, I seriously thought about it then thought, wait a minute, I already pay a professional organisation to represent my interests at that level that’s their job, now I have decided to ask them why they are not doing their job should be much cheaper and less time consuming but probably won’t knowing my luck :o)
SRS
In the same way that McGeady and Petrov were grateful
From BBC complaint document.
The good old Scottish Football Authorities eh boys.
The Committee noted, however, that the administrators of Rangers Football Club plc, its
liquidators and those representing the Scottish football authorities had taken a common
approach when explaining how the football club had been affected by this process. The
Committee believed that these groups had made clear that in their view the club was a
separate entity from these two companies and that its operations were unaffected by
either its previous owner being placed into administration or its sale to a new company.
Charles
City limits… or cimits as we called it… sure was the place to be.
I had a workmate from townhead who was a regular. He vouched for me to get in a few times… all the beautiful people frequented it.
First place I ever met users of banned substances. Not my scene as I was daft enough sober
….PFayr @ 20:55,
Totally agree…
The Hooper thing is simple.
He wants to commit to Celtic he signs his knew contract.
He doesn’t he goes to the highest bidder.
Only question – do we keep him for the qualifiers and sell him late August?
Or do we say we want fully committed bhoys for the CLQs and sell him ASAP then buy a proven goalscorer (as Sydney Tim says)?
Up to oor No 88 & the boss.
Know what I’d do………..
Hail! Hail!
sipsini 21:02 on 18 June, 2013
The Rock Garden was a great pub. Next to Tam Shepards.
Wonder if it is still there – the RG that is.
A typical 80s Saturday night out, Rock Garden, Hurricanes then onto Maestros.