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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PETETHEBEAT
He did,mate-St Anthony and St Jude came up trumps.
Mind,his house looks like a police forensics team have paid him a visit!
MIGHTY TIM,and everyone else going-I hope you have a g-r-e-a-t night,and that the weather stays fine.
Sorry– few typos in that– in a hurry and off oot!
.
Go ON Australia..
A Stor Mo Chroi
A few well made posts today that accurately describe the current situation
will we sit on our hands and wait for a bunch of proven cheats at the SFA to cheat further or will we do something about it, incidentally when i say we i mean the fans and the club, its not an anti board post
gerrrintaerum
BMCUW
The power of the media only works if they report the truth !!
Bear in mind the majority of the head honcho’s in our media industry learned their trade in these occupied 6 counties and know how to manipulate the truth and what to report and what not to report !!!!
The only time you get the truth from here is when the international press get involved.
Nationalists involved in riot – Unionists involved in distrubances is a typical favourite. Got used to it by the time I was about 10 but its great now I only watch C4 news & Al Jaziera the rest is just propaganda.
Back to work now for me !!!!
BRT&H
“Stranger than ever”
Freudian slip?
cliftonville celt from belfast
You echo my point about the international media;at a local level they are conflicted by self interest.
cliftonville celt from belfast
Thanks mate. Bought the green away top this season and it needs an outing somewhere. 16th of July is my birthday as well!
Marti
where are the Royal Ascot tips,I thought they were going on the previous post.
Oh Hampden in the sun,
Soon be time for Born To Run.
Big crowds already at Hampdump. Car travel not advised!
ASDA still have beer left.( £10 for 20 Miller!)
I have to pass it in each direction later to pick up the boss from work. (My boss, not The Boss!)
Enjoy, and dont clog up my route home from the boss’ work!
HH
SPL fixture list for 2013/14 will be released tomorrow.
KTF
HH
PeteTheBeat @ 14 00 .
Neil Young ?
I never really got Neil Young but I really liked and bought the On the Beach LP . Neil Young fans of my acquaintance didn’t like On The Beach . Taste is an interesting thing . .
I shouldn’t be here since I’m on the beach but I’m bidding online for some Fletcher Henderson choons and I’m stemming my anxiety by clicking on here to pass the time .
Macjay-Rogic will be a cert to start next summer,an ageing midfield will get overrun.Depressing to watch Iraq with average age of under 21,dive ,cheat and timewaste as if it’s second nature
TBB
From earlier.
I think the SFA will have a problem if the continue to allow Sevco Scotland to take part in senior football without certainty that they have the necessary provisions in place for a stadium, through ownership or a lease agreement.
A Stor Mo Chroi
Comes back to the same unanswered question: How?
BRTH above mentions skittling them one by one, but that requires the necessary (bowling) balls. Until the information in the public domain demonstrates that the office bearers broke the rules, there simply isn’t the ammo. Currently, that’s where we are. Whether Charlotte has anything substantial on these issues remains to be seen, but so far there’s been nothing of substance.
oldtim67
14:20
twist n’ turns gave a few of his choices on the last post. For my sins I have backed them as I’ve not looked at the flat this year. His first choice is an each way bet on Penitent in this 2,30.
Marti
I’m Neil Lennon (tamrabam)
I am not anti-board, I am very much pro-board and quite happy to voice it on most occasions; but I am even more so anti ‘lay down croppie (whether you’re a Scottish Croppie or an Irish Croppie)’ that we have each been subjected to. And after all this time of not disturbing the enemy when they’re making their mistakes – like ditching over one hundred million of toxic debt – and with the lack of a trusted leader stepping forward, well really, the silence coming from the top of the table, well you’d best shish! or you’ll just go and disturb their well earned slumbers.
I think the board, since Fergus McCann, has been great for our club’s stability, it is not that that I worry about though, I worry more about the family, the unity and the soul, the truth to our history and departed supporters, and when it comes to the crunch I’d take the soul and the ethos, and the memory of my fathers joys, every single minute of every single day before I took a less than notarised equality or tainted coin.
SoT/ Tallybhoy,
much appreciated HH
Bbhoy
mighty tim 14:23
SPL fixture list for 2013/14 will be released tomorrow.
Wonder when we’ll be playing Club 12…..
The Battered Bunnet:
I’ll tell you how, we do it the democratic way, we first of all agree to agree and once we are all agreed we’ll agree we ask for suggestions to actions. We take a show of hands to prove the majorities favourite suggestion then we go to war. No more talking.
C_F
On the stadium front, they have the “deeds”. Land Registry names tem as owners, and therefore, irrespective of other matters, as the Land Register is guaranteed, they are.
The issue is what happens if in time it is demonstrated that Sevco Scotland did not have good title to the intellectual properties – in such a case, ‘Rangers’ didn’t play last season. There’s a problem!
I’d like to know where Besiktas are getting the money from. Check that money’s genuine Peter, and then bite their hand off!
HH
The Battered Bunnet:
I’d like to say this too mate, if the powers that be thought we were organising seriously, they’d brick it.
“Sevco Scotland did not have good title to the intellectual properties”
That is the absolute crux, that most people overlook. Stadium ownership etc is a sideshow.
If Sevco Scotland have been trading using the IP of something they are not entitled they may well owe Sevco 5088 a heck of a lot of dosh and will need their shirts redesigned by Puma unless they pny up even more dosh to Sevco 5088 to allow them the licensed use of their IP.
CELTIC FIRST
Good point-normally I would expect the SFA to offer Hampden at a peppercorn rate to tide them over.
But The Commonwealth Games have scuppered that.
Maybe a ground share with Kilmarnock,which will suit all their fans in Ayrshire and Norn Iron,and won’t much inconvenience their Lamarkshire fans.
It would also suit large bus companies like,well,some chancers in their boardroom. Past and present.
My mates back home could virtually walk there,they’ll be practicing all summer!
The Battered Bunnet
14:35
Right. And at the moment, it’s Craig’s word against Charles’s.
What would you do if you were the SFA?
Decent run from twists n turns fancy,had my hopes up for a wee while
South of Tunis
Appreciate NY’s not to everyone’s liking.
For people that do like him, I reckon he could put on as good a show as Bruce if he wanted to do the crowdpleasers and a longer show.
Animal Kingdom…..feck me.
A Stor Mo Chroi @12.57 – good post and you’re bang on the money but in my view, like Auldheid, you’re p*ssing in the wind.
The organisation to challenge the ongoing corruption will never happen and that’s because the urgency to change is not there in sufficient numbers.
We require sufficient numbers of people sufficently motivated but in my view, only the Celtic can generate that level of motivation and they are clearly not interested in doing so. They are content to let this happen and will only take action if the support force them to. And the only way the support will do that is by withholding money.
Just my opinion, of course.
Hail hail
A Stor Mo Chroi / The Battered Bunnet.
Butting in ——
Pal of mine told me a great wee story re sharing a Yoker bus stop with a wee group of Celtic supporters who were heading to the Scottish Cup Final . At one point ,that wee group broke into a chant of- **** The SFA .
Pal said he didn’t know whether to laugh or cry.
Declaration of War won the first at Ascot for O’Brien. Not a good day for the Kentucky Derby winner.
Saw NY at seccccc few years back…he’s as good as the boss at his own thing..imo.
Not sure who posted regarding Nemanja Nikolic but I heard we were interested in this guy a few weeks ago.
Seemingly he is a very similar type to Hooper and has an excellent strike rate with 27 in 51 last term and 80 in 152 since signing.
He’s also played and scored in European comp so has ability but I think a lot depended on the Hooper situation this window.
HH
/Bishop B
C_F
Path of least resistance, as ever…
The big guy at the back….of Neil Lennon:
I know where you are coming from mate but I believe if a no colours standard is raised for a level playing field for all – that is in no way anti-Rangers per se but instead purely anti-corruption – then some will gather round, and if some gather around maybe if those who gather encourage the heart of others, then maybe others might follow. Maybe such a suggestion would ultimately prove humble to a passion and amount to nothing, but unless it, or something like it is attempted, then we’ll never know and the status quo will jump one more generation and we can all waste our passion and lives talking about ‘what if’ and ‘if only’.
We either do something or we endorse and condone the lies and the corruption. I can’t see it any other way.
I don’t see anything being achieved by talking much more. I’m just wasting my life even thinking about more talking and so I think are everybody else.
Winning captains
E mail received from WH Smith
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