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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JamieBhoy75
I think the BBC Trust found the matter too “complex” for them.
For once BBC Scotland got it right , but their own Trust decides they got it wrong.
Hen1rik
Thanks for posting the earlier link, made the distinction as clear as day. I have previously described Lord Nimmo-Smith’s interpretation as one of “legalistic sophistry” and I have no good reason to change that opinion.
seen slade live one afternoon in the old electric gardens cant remember what year though? Its all a bit of a haze, they were my lost years so to speak?
Djbee
I frequented the shawlands / battlefield area often… doune castle …. village… cant remember the name of the place on the corner at the pollock ground.
Mulberry / ivory. .. church / bar bhudda…. mission… armstrongs …
Meant to say, I HATE THE F@@@@@G close season. :)))
Weefra HH
sipsini
There must be quite a few of us that know each other from that time, I remember seeing those who were punks a wee bit mair dressed up around the Rock Garden and Maestro’s etc..
I worked in the Cul de Sac for years and got to know a lot of the staff around town which was handy for going out and getting in places!!
Scum, pure scum…..I wouldn’t pee on them if they were on fire………….
A view of our peaceful Muslim friends who we helped free from persecution from Colonel Gadhafi – this is obviously their way of saying thanks.
WW II – British Military Cemetery in Libya .
Every time a joke and or cartoon is made about the Koran, the whole world turns upside down…!! And we
are all called racists!!
However they appear to do what ever they like and no one says
anything…and the majority of people remain SILENT !!!!.
See this video whilst it’s available and before it is removed!
http://www.youtube.com/embed/RtgbvotqVFE?rel=0
.
CRC, good stuff.
Kayal33
HAHA. I lived in the CC most of the late eighties but would fall down the hill to the Mulberry as well, usually after the games.
Ian Banks last interview on BBC2 now
Hooper…should he stay or should he go now?
Couldn’t help that…it’s seems obvious to me, his cards are on the table.
It’s a no brainer take the money and hopefully it will be spent well.
I am away oot for a glass of wine, will help me keep my sanity.
starry plough
22:03 on
18 June, 2013
I remember going to Cul De Sac mid 80s when we fancied a change from the Rock Garden. Is it still there? On the rare occasions I’m up that way now I go to Tennents
johann
Seem to recall the bouncers were quite choosy on admissions there.
Also a wee drunk guy hung around the right hand side of the bar. Never seen him buy a drink:o)
jeez_I_thought_blinker_was_pants 21:50:
Yeah they probably are not rolling in it but EPL Teams will pay more to Blackburn and Rhodes as individual in my opinion.
Keep the Faith!
Hail Hail!
Kayal33
I think it is, went through a few owners since then, it was a good pub, we had decent music, good looking girls and quite a few Tims, we used to leave from there on a Saturday and a semi regular at that time was none other than the Ole Blue Knight himself Paul Murray, apparently he played fives with us but I canny remember that..
Starry _ silver thread was popular punk venue ,SPOTS ( sex pistols on tour were booked to plAy until council got wind of it !)
Elvish Costello Gen x Rezillos definetly played there hh
Praecepta
Yes,Pal..ye present a very sound Argument.
The Pursuit of More Money,is always the Spur.. or… More tae the Point…the Lack of same.
Nothing, pits a spring in yer step, like the welcome Jingle of a Few Tanners in yer Sporran!
Hoops, feels he is Grossly being Underpaid.
Celtc, feel..he is jist being… Gross!
And He is.
Underpaid … that Is.
If he is Receiving such a Pittantic Pittance as .. what you have Guestimated..is his present weekly Emolument..
then..He.. Soitenly, soitenly, is .
If Celtic, relented… and gave him the Extra Monies..
Making him .. A Double Millionaire..fur Every futher year he remained with us..
Then ..even after Three Years, enjoying the Stipend of 40,000 Pounds per weei.(A 20,000 Pound INCREASE in his present Wages.)
That would only amount tae an Out of Pocket Increase, in Expenses, tae Celtic, of
THREE MILLION POUNDS..in THREE YEARS.
Noo.
Where the Hell wid Celtic, be able tae Buy a Replacement fur Hoops( if,indeed , he leaves) for the Niggardly sum of
THREE MILLION POUNDS??
Ah say..
It wid indeed be a Very Difficult task.. tae Find a Sound Replacement fur Gary.. fur that comparatively small amount of Dough.
Could be done, Ah suppose.. but.. It wid be very unlikely.
Ah say..
To Celtic…
Give the Lade the extra 20,000 Thousand a Week.
It Maks Sense.. Tae Me.
Kojo
Still, Laughin’.
The Boy Jinky
22:02 on
18 June, 2013
Djbee
I frequented the shawlands / battlefield area often… doune castle …. village… cant remember the name of the place on the corner at the pollock ground.
Mulberry / ivory. .. church / bar bhudda…. mission… armstrongs …
Drank in them all and danced in most of them, still go to armstrongs, brother drinks there. The one next to the Pollok club, went there a lot, usually a Sunday night! Was it JJ Booths? I here the Pollok club is being turned into a Steakhouse, I watched a couple of games in there this season, the Ross County game I think there was 6 of us and only the three of us drinking.
starry plough
22:09 on
18 June, 2013
Might go in for old time sake when next up the west end. The other one I went to when up west was Curlers on Byres Road
ELDB..yes remember the bouncers
Hh
I seen wishbone ash fur a quid.
Djbee
It was the newlands hotel and the bar was called jj booths and the other side was bloomsbury square. My big mate worked the door
One of my earliest haunts was the old shawlands hotel… upstairs in the arcade. Must have been about 1980.
Djbee..yes it was JJ booths can’t remember previous name but was a hotel I think hh
Kayal33
I used to go to Tennants a lot, then I moved down to Partick and fell in with a bad crowd in the Dolphin and The Smiddy… Curlers could be quite mental sometimes, it wisnae ma favourite..
johann murdoch
I never made it out to the Silver Thread, Paisley was to far away for us Shire Bhoys!!
The Bungalow now that’s a whole different story or Neutral Blue at the Ole Doune Castle..
Tbj..I went to st Convals school pollokshaws so know shawlands area quite well – lots if pals in shawlands area hh
Re punk gigs in late 70s
Does anyone remember the Teddy Boy who used to go to all the gigs? Mind he got his picture taken with Viv Albertine of the Slits at a gig in Tiffany’s – she was wearing a see through frock. Though that may have been the Breaker Malt Liquour having some influence on my teenage consciousness.
And now I wonder if there is a decent place to listen to jazz .
Jimbo
Can any of you timsters provide me a contact addy for paddybhoy1888, or ask him to contact me at acgr@hotmail.co.uk.
I got pelters from the young skud for not brining him home a shirt and brollie from Aberdour on friday.
Fanx
Curlers owned by same company as the horseshoe, all bar one , browns , lauders,and the bishie inn!
Kojo 22:12:
We have a wage structure if as you suggest we give Gary an extra £20k a week it would suggest he is on around £5k the now,
We bought Gary for less than £3 million, there are strikers out there that can be bought for reasonable money and score as many if not more than Gary. We bought Victor for a paltry amount, albeit a different position but he has been a stand out, my point there are bargains to be had.
Even if we have to pay more than £3 million it will be well worth if they are as good as Gary.
As I posted earlier better Players have left and will leave, we will replace them and we will continue to win many more Trophies.
Keep the Faith!
Hail Hail!
.
Well done Australia..
Celtic have a Absolute Diamond in Tommy Rogic..He will be a First pick by July next Year..Great lift for the Bhoy to be Going to Brazil..
Anyone fancy going send me a email..
Summa of SambaCSC
jimbo67
I remember him, canny mind his name tho’ wis he no a mate of Parkys??
A Ceiler Gonof Rust
22:19 on
18 June, 2013
You have mail
CRC
sipsini
the florida park was actually one of the last pubs broggy owned and ran, his last was the viccy bar, before the FP he had the star bar across from mcnee’s at egilton toll and before then he had the big pub on byres rd which is know known as wintergills. and way back he has a big pub in Coatbridge called the sportsman, he also had a pub at the top of Maryhill rd
Johann
My cousin lived in hillpark.. when I left school end of the 70s I used to hang around with him down in Shawbridge st.
Once we were old enough to swally we walked to shawlands although we did go to tinto firs and shaws bar.
A Ceiler Gonof Rust 22:19:
patmcg1888@aol.com
Keep the Faith!
Hail Hail!
There ARE better players out there than Gary Hooper.
but with our budget we have about a 1 in 3 chance of buying one.
ACGR
You have mail,