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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celticrollercoaster 22:24:
He put that e-mail addy on blog on Saturday/
Keep the Faith!
Hail Hail!
Also seen Geno ninepinz.the verge a Tanner,love affair wan&six the casuals two bob.
don’t know why im postin im caught up in the nostalgia that only cqn can generate.
back to lurkincsc.
Lennybhoy…Supporting Neil Lennon and CFC until I die
22:27 on
18 June, 2013
How was the golf?
HH
CRC
Starry Plough
I wouldn’t know either way – he was more than just an ordinary follower though. Part of a local punk inner sanctum. I wasnt.
Jimbo
on the shawlands hotel,seem to remember going to rebel nights in there once a month I think..
Masty
Was Brogie’s bar in Maryhill not the Star and Garter on Garscube Road. Owned jointly with Dixie?
Jimbo
masty is neil lennon
22:29 on
18 June, 2013
That was the Burrell Hotel (rip). Went to the odd rebel night there and actually had my wedding reception there as well.
HH
CRC
Tbj..I stayed round the corner from shaws bar ! But left shaws area in 73 to sunnier climes ( aw right Linwood !! ) . .
celticrollercoaster 22:28:
Played a blinder, my best hole was the 19th…:)
Enjoyed the Company of PF and oldtim up and the Party Bus on way home.
A great day as usual.
Keep the Faith!
Hail Hail!
RE gary hooper.
Controversial as it may be, he don’t owe us nothing.
He has been a very important player for us since he has been here. He has another 8 years maybe of a career left.
The next 4 will set him AND HIS KIDS up for life.
Players like The Maestro and KoK are few and far between. They got us and we got under their skin and infected them with what we are and what we stand for.
Hoops might not get it as much as them.
If he leaves for more cash I can understand it. When I was a wage slave I would have turned off my computer and walked out in a moments notice for double my salary.
Lay off the guy. He has been good for us. If he leaves and gets more moolah elsewhere then we have been good for him,
If he leaves then maybe he will get it many years down the line, like many explainers who left for more moolah.
Ex players even
did anyone listen to the Kinnear interview earlier tonight? What a wally – e.g. “we don’t want to be 15th or 16th from the bottom like last year”
What an embarrassment for the Newcastle fans to have to deal with that on a regulat basis – JFK indeed!
HH
Slabhoy
jimbo67
naw mate, his pub on Maryhill rd was the reddan…
Nacho Novo linked with East Fife hahahaha!
On a more serious note, apparently East Fife have some cash to splash this year. They may be the Tribute Acts main challengers in Division 2.
East Fife are the benchmark…..
Summa of Sammi
Hiya,pally?
Nice tae greet ye.
Why dae ye Think that Ah Call the Laddie..
“Tom Terrific”?
Well.. Because.. He Is!
Joe Ledley, wull hiv tae waken up and mak the effort tae string a Coupla good Games,in a row.. ( Fur a Chinge!) instead, of his.. Wan Good Yin.. then…Three .. Ho Hummers, which hiz bin his wont.. fur the Past Two Years.
Ah agree wit you ,pal.. oan awe points.
Tom Rogich ..is a Brammer.. but… He disnae know it Yet!
Obviously, YOU DAE!
He wull be even Bettah , next season.
Kojo
Still, Laughin’
Went to a couple of Celtic Film nights in the Shawlands Hotel (pre-Video days).
Night started out tamely enough, but as the night wore on, we would end up on top of tables shouting/singing/swearing particularly games against the deid mob.
Kayal33
Ha , nice one – old pubs though I m not THAT old.
I n the mid to late 80s I worked for yrs in the Granary in Shawlands- was forever listening to Jim White s mince..remember Talking to Joe Miller in the Granary after he won us the Scottish cup v Oldco.
I worked in the Cafe Gandolfi too. I recall my cousin gettin the sack for practising his golf swing as he waited for the customers to select from the menu -geez I could nt spell ratatouille never mind eat it!
Ah the 80s – Glasgow.
JCGE
Clunks
I’m with you on Hooper – happy if he signs a new contract. If he goes – All the best. Thanks and no rancor…
Talking of JJ Booths, I met my wife in there in 1990.
She wasn’t best pleased, she thought I was at work!
Boom boom, I’m here all week!
HH
Develish pot?
We’ll get a decent replacement for Hooper…if we spend all the money we get in from his transfer
Will we do that ….doubt it ….
Hooper played well in the CL …but was out scored in the SPL by moderates like Higdon and Griffiths….McGinn ran him close too
Ah well, missed the 666
Nice talkin tae masel..
Aff tae the scratcher
CRC / TET, cheers, I’ll check that out shortly. Watching Spain hump Italy in the U21’s.
Really tidy stuff from the young Spaniards, Can the Lenny no jist sign them awe?
Paul67 et al
Gary Hooper may not be as good a player as Henrik Larsson, but he is certainly our best forward since the King (Mark II) left for the coast. He was unlucky not to go to Sweden with England, and even more unlucky not to at least get on the bench against Ireland at Wembley. I happen to think he would be a good fit at his favourite team, Spurs, but unless AVB expresses some interest, then it is to the highest bidder, which could quite well be a Championship side. If Southampton are interested then that is interesting in itself given that their manager is Uruguayan and if he sees something in Hoops well, he has been around, saw a lot of players. Hope he stays though!
masty is neil lennon
22:29 on 18 June, 2013
that was a bit later when manny O’Donnell was involved
Masty is Neil Lennon
Thanks . Been told duff gen . Again.
Right things to do before going to my scratcher – enjoyed the wee trip down memory lane. Expect when I switch on in a few hours that I’ll read the usual moonhowling rancour!
Jimbo
First televised fixtures announced for next season.
Celtic v Motherwell (sky)
Hibs v Patrick thistle (Espn)
Hearts v rangers (history channel)
19lisbonbhoy67,
Re… Novo and east fife …i’m expecting a backpage spread from the msm on how they have been gazzumped by the mighty sevco.
Lisbon@22.37 East Fife are the benchmark. Hahahahaha class.
and the bar in the shawlands hotel when I went there was angie’s bar
jonny the tim.
Cradle snatcher ;-))
A Ceiler Gonof Rust 22:44:
Haw Whisky Bhoy I posted the e-mail addy patmcg1888@aol.com
Keep the Faith!
Hail Hail!
Until we meet again…
Keep the Faith!
Hail Hail!
Should have read on, ACGR you have lots of mail.
Never rally managed to get into reb music when I was younger, due to the fact I was a lone tim.
Love Let The People Sing by The Malleys. Never really explored this any further.
Guys could you help educate me. What’s good?
Charles
Thank you sir… been racking my wee pea sized brain trying to remember that it was angies bar. .
Dya remember the pub in the arcade. .. had a pool table.
Seem to remember it began with a P…. no jokes about it ending with a pee
Celtic mac
Better than Hartson ….not in my book
Clunks
Try a night out at bar 67 …plenty reb tunes there