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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Winning Captains
Anything else we can do to keep the pressure up?
I see that we are reported as bidding for both Van Dijk and Cedric Mongongu at the same time… which sounds a familiar story. It could be that the papers are just speculating or making stuff up.
Alternatively I’m wondering if it’s a tactic to put it in the other teams mind that we have a price and we will go for the other option if they mess us about.
Seems a useful ploy if you can genuinely scout out 2-3 similarly good prospects and agree a budget for each.
BURGHBHOY
Oh dear,need to buy it to prove a point,and most of us already have it!
!!bada bing!!
14:26 on 18 June, 2013
“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.”
Holger Oseik earned his corn tonight when he substituted Tim Cahill (who, to be fair, was getting no good service from his flankers) and put the tall timber of Josh Kennedy on instead. Tom Rogic had helped lay the ground work by taking the Iraqis way out of their comfort zone with his strong runs through their defence. He had 3 shots at them in his first 3 minutes on the field. Folks around me were shouting for him to come on long before he did.
After the Aussie goal went in the Iraqis no longer wanted to roll around on the pitch. They did a fine line in slow substitutions prior to that too. :-)
M
Bmcuw,
Or thank them for their time an let them know its been purchased from another source, identifying they have lost a sale :o)
Len Brennan
I was posting about Nikolic, glad to hear that we may have an interest in him as he looks a pretty decent peno box poacher.
The Battered Bunnet
13:53 on
18 June, 2013
Auldheid
I’m seeing nothing on the licence issues that couldn’t be justified at the time as ordinary course.
Nothing yet demonstrates or even hints at rule breaking on that issue at the SFA end.
A trip to Nyon is parsley.
+++++++++++++++++++++++++++++++
Rangers misled the SFA but they were not diligent in doing what the rules required and were part of the obsfuscation effort.
The SFA justification was first that the bill had not crystalised
http://www.philmacgiollabhain.ie/the-need-to-be-crystal-clear-about-the-uefa-licence-story/
when it actually had although on 20th May before the final date of 31st May for first submission to UEFA to grant a UEFA licence, but still it had crystalised.
Then in September the justification was that it was not an overdue payable, when the criteria for considering it as one were not, as CF leaks now show, met.
The justification now will be that Rangers were in ongoing discussions with HMRC but that is not what UEFA rules require of the SFA. The rules on what is an overdue payable are designed to stop frivolous attempts to get around the consequences of not paying tax and it is in the submission to UEFA in June or July that the answer lies.What was said to UEFA to persuade them the tax due was not an overdue payable as defined by UEFA?
If you are saying the SFA will come up with a way to interpret their rules to suit their aim – to ensure Rangers survived – I accept that
However if that is the case, given Regan’s attempt to put out “ongoing discussions” as the justification in Dec 2011 that ended up with Rangers meeting Ogilvie and Regan over dinner as a direct result of Regan’s draft, why was that case that it was a matter of ordinairy course not made made long before now?
At the end of the day all we want to see is something that says the SFA did not blindly accept what Rangers told them and did some checking with HMRC. All that was needed was a letter from HMRC saying something on the lines that we accept there are issues to be resolved and agree to discuss until they are. They did’nt, they wanted paid.
The thing is CF leaks make it a lot harder to back date any justification that this was a matter of ordinairy course.
As to Nyon, I do see problems anyone wanting to go there for the truth, but there or with a copy at SFA HQ is where the justification for granting a licence lies when it is clear the rules were being made up as they went along (see the has not crystalised effort) or Regan’s response that procedures had been fully followed but no explanation of what they were and how.
He can come out with that now but has to do so in such a way to circumvent what CF has leaked.
We all know what went on. The wee tax bill came late stage left. It fell foul of UEFA Article 50 and was a reason to deny a licence. That would have killed Rangers (as we saw when Maribor did the job) and nobody wanted that to happen. That is the only justification for doing what they did and I would have a lot more respect if they were just to come out and admit it (but of course that would leave them open to compensation claims.)
CANAMALAR
As always,like yer style.
Machiavellian…..
Regarding the debate going on with Canamalar and Auldheid. I think that rather than waiting on an AGM, is it not possible for Auldheid & BRTH to release the letter that they have to all Celtic sites. This would give a good idea of how many people are unhappy with the Board standing back and allowing all the corruption at the SFA/SPL to go unchallenged.
Now if a significant amount of people on these sites sign then the request goes to the Board.
You could ask them to give straight answers like are you willing to accept ogilvie to remain in place at the SFA. Are you desperate enough to allow decades of cheating in favour of one club and costing our club millions in the process to have the dead team back at the top table.
Are you willing to allow our manager to be a victim of the SFA/referee higherarchy, without taking them to task.
I am sure there are other questions that need answered.
If very few sign the paper then just move to the back of the bus, because we are fecked.
If the Board realise that they may lose a significant sum of money they just might act
I believe that this is how most of our fans feel, that we are fed up being shafted by corrupt incumbents at the SFA.
Now I am a season ticket holder, one of 5 from my family however I am not a share holder, so maybe have no right asking for this. I just feel it would also let other supporters see how a % of the support feel. One way or another we would perhaps get some answers that seem to cause divide on here at least.
KTF
HH
AULDHEID
I don’t believe that the SFA blindly accepted what Rangers told them.
I believe the SFA told Rangers what needed to be said.
Scottish first day fixtures have been released. Celtic v Aberdeen on sky. Motherwell v hibs on espn and hearts and rangers on the history channel. ….
Magnus-seen the game,as you say big call to sub Cahill but got the result.HH
Auldheid:
(but of course that would leave them open to compensation claims.)
Maybe, but do you have anybody in mind who would have the balls to make a claim?
http://www.telegraph.co.uk/news/politics/ukip/10126648/Nigel-Farage-Scottish-protesters-were-a-feral-mob-of-subsidised-students.html
Choob…..
BADA BING
Ker-Ching!!!!!
Haw,Canamalar….
Ah See The Taliban Are Hivin’ The Official Opening Of Their Office In Doha This Afternoon….
See Ya Doon There Fur The Wine & Cheese….?
(Maggie Has Cried Off…! ) :-(
Brogan Rogan Trevino and Hogan supports Kano 1000
(Canalamar)
I may well have written up something on those lines but for a different audience. However the time to do one is now but it needs a bit of discussion first.
I agree on focussing on one thing and the only item that impacts directly on Celtic and the SFA is the UEFA licence.I say that not because I am pushing it but because Celtic can.
Stuart Pearce bagged.
A Stor Mo Chroi
I think Celtic shareholders could at least ask the club to get at the truth.
Its not the compensation that is the issue (but a hard reason to ask questions of the SFA)it is getting admission from the SFA that they got it wrong from way back and what they propose to do about it
Changing personnel would be symbolic but unless there is culture change we could end up back where we were.
Football IS big business and the SFA, who provide a service to all the clubs via policing rules (don’t laugh) , referees, disciplnary process need to be answerable to those to whom they provide the service.
That is how to deliver culture change.
Dawn Approach wins but Stewards Enquiry.
Burghbhoy
Many thanks for your efforts! The problem is simply that this is our first book. We are looking at bring out our Seville book in the autumn and we have over 50,000 memorable words from CQNers as well as great contributions from the likes of Paul, BRTH, Setting Free the Bears and others. It is still work in progress but it is looking like a great second book for CQN.
Next year we are planning to release two further books – and after working with Willie from the Lions era we hope to publish autobiographies of Celtic stars from more recent times. Work is underway on these at the moment – a few Celtic legends simply don’t like the MSM so have backed away from such projects when approached. With Willie Wallace full of praise for CQN and CQNers we stand a decent chance of tempting a few more legends to work with us.
So WH Smith will come on board sooner or later.
One final point on them – they have a Scottish book chart. I am pretty certain that given we have had several thousand sales of Heart of a Lion so far – that we are easily the biggest selling hardback book in Scotland at the moment – so they have missed the boat on that one.
Waterstones and the Celtic shops have done very well out of Willie’s book and of course CQN sold a mini mountain of books – or so it seemed when Willie was sitting at my kitchen table for a couple of days signing them all!
twists n turns
07:47 on 18 June, 2013
On fools;
Jock Stein quote;
TV Presenter : ‘Scott Symon, Rangers manager, what do you think the score will be in the Old Firm match’
Symon : I think 2-0 to Rangers
TV Presenter : ‘And you Mr Stein what will the Old Firm score be?’
Big Jock : ‘Only a fool would try to predict the score in an Old Firm game’
*Oh dear not again, it wasn’t scott symon, never saw or heard him being interviewed ever, probably beneath him.
It was davie white, I recall the interview well.
Hoping Dawn Approach keeps the race.
Not sure this has been posted
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-22951447
It is Being Reported…..
Howevahhhhhhhh.. Ah wid be astounded if it turns oota be True!
That…
Neil ,is Interested in.. wan.. Fellah..
By the Name of…
Cedric Mongongu,a Big Brawny, Center Hauf,who currently plays fur
a French Fiba’Team..Evian..(Waater??)
Noo..Why Wid Ah be Astounded?
Because..
Nutsy Says…….
“Cedric Mongongu? This Guy went frum a Peak Transfer Fee Value, of SIX and A Hauf Million Euros,in 2010,
when he wiz 20 years auld..
tae a Current Transfer Fee Value..of… ONE and a Hauf Million Euros!!!!!!!!!!!”
Noo… If Nutsy, his hiz Figgers correct..(And..if ye remember whit Ah telt ye.. Nutsy, is Nevah Wrang!) Then .. Ah widnae touch this Guy, wi the Proverbial !
His Value Is oan the Down-Slope.. Is it EVAH!!!
Very Interestin’!
Interestin’… But, Alarmin’,as well… Widn’t You say??
Kojo
Still..Laughin’
Auldheid,
100%, now is the time, probm is the AGM is miles away innit, you made an excellent suggestion yesterday about asking the CST to table a motion for debate, only problem I can see is they usually use their clout on the perennial “we want a supporter on the board” I’d like to think this debate is bigger than that but self interest is a hard motive to dislodge.
Then again this is a bigger issue IMO and hopefully they will agree.
Hail Hail
Tahiti 30 – 0 Cook Islands
(Papeete, Tahiti; 2 September 1971)
Jonny the Tim
14:37 on 18 June, 2013
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 6th or 7th best T.V deal in the world. Bite their hand off.
HH
Auldheid,
your perseverance is very commendable, however nothing is going to change the minds of our current board…….however we as supporters ( who feel cheated ) can change everything, we have all the power here, no ST money, no club, only then will they listen to the supporters.
Auldheid
Your final para is closest to the reality.
What they did was ensure that they were in a position to grant a licence on regular terms.
What they didn’t do was obtain evidence that Rangers were indeed negotiating a settlement with HMRC, or that a settlement had been reached subsequently.
Whyte screwed them over, and SFA subsequently got LNS to deliver pay back.
canamalar1 16:02 on 18 June, 2013
Now is the time to start getting organised for the AGM – that is what I was suggesting yesterday.
It will be here before you know it anyway.
celtictom
I read that on KDS. A bitof a kick in the goolies to Chris Graham and advocates that two entities “club ” and “comany” exist when they never did before.
The BBC line that it “adds layers of complexity to reporting that would not be to the benefit of clear reportage or enhance the understanding of such issues by our audiences.”
is the pragmatic answer to the daft idea of separate entities. Thus if the language used is a “club” means the lot, it de facto is the lot.
Thus the club died and a new club took its place.
It was only a matter of time before reality asserted itself but some folk will be boycotting BBC.
guys, can someone tell me where Penitent finished in the 2;30
Cutting the back grass, whilst whistling the tune of Bonanza
KOJO
Hooper went from £9m to £4m since January,and will lose even that value in six months.
Apart from speculatory valuations,do you know anything about the fella?
Is he any good?
Is he left-footed?
Strong in the tackle,good in the air?
A Moslem?
winning captains
15:52
I’m currently halfway through “Heart of a Lion” after buying a signed copy on CQN. Fantastic read and Willie’s recollections are a joy to read. I’d thoroughly recommend it to evryone on the blog.
Marti
Auldheid
The good thing about complaints such as this is it forces individuals to defend themselves, I doubt the BBC would have came out with the following statement- “A football club, once incorporated, is indistinguishable in Scots law from its corporate identity”, unless it really has to defend it’s position.
Hail Hail
Aberdeen sign Zola!!
http://sport.stv.tv/football/clubs/aberdeen/229836-aberdeen-snap-up-former-burton-albion-striker-calvin-zola-on-two-year-deal/
That’s three decent signings for them, Zola, Robson & Flood. Could be challenging for 2nd place this season, especially now they have a manager who might actually try to win games rather than set up not to lose.