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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Stein…,
Aye eventually you did but your method of questioning had all the hallmarks of setting a trap to have a go, I was pleasantly surprised when you made the suggestion :o)
celtictom @ 15:56,
Interesting piece.
Good aul’ BBC Scotland telling it like it is…
“In its response to the Trust, BBC Scotland had stated: “We remain of the opinion that due accuracy was achieved.”
It said: “A football club, once incorporated, is indistinguishable in Scots law from its corporate identity.
“If the club was separate it would need its own constitution, committee members, trustees, etc.
“Rangers Football Club does not have that because it is incorporated.”
ticketbus,
Finished 8th according Racing Post app on my phone. . .
UF
25thmay1967
I don’t believe we should be destroying our club in an attempt to get answers,no matter the validity of the questions.
I am no big fan of the board,proved that in the past,but we need them onside,not acting out of desperation.
I do take your point,and no,I don’t know how we do that.
Blind obedience has never been my style,but hell I would be grateful for someone to find a way of taking out our enemies without imperilling our club.
uncle, cheers
Ticketbus. Penitent was 8th.
Right Bhoys enjoy your night off oot to see the Boss.
KTF
HH
The Battered Bunnett
The reason is writ large. Not one of the parties Rangers, SFA, SPl or HMRC wanted to put an obstacle in the place of Ranger’s survival.
Rangers in order to survive, SFA in order to protect the status quo (even though it was doomed),SPL to keep hold of a swathe of paying customers and HMRC to have someone to pay their taxes.
Thus they broke the rules, and they did ,and they know they did. I would not be surprised if UEFA were given a briefing about not asking questions for lets face it,,the SFA thought it would be Armageddon and I think they truly believed this and persuaded UEFA of it.
The upshot though was Celtic were denied a shot at the CL and at the very least this should be aknowledged along with solid plans to prevent a repeat.
That is the compensation I want, total culture change at the SFA and Celtic are in a position to demand it then forgive. Anything else is to leave ourselves open to future abuse.
ticketbus
16:07
Penitant finished in 8th place.
Marti
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Please don’t use the term enemies. It’s something that The Rangers have used recently and really makes me cringe.
There are rivals in sport but not enemies. That seperates us from them. They need to rally their hordes by making everything sound like a war!
LB
Auldheid 15:21
That would have killed Rangers (as we saw when Maribor did the job).
Spot on – they HAD to keep getting CL money to stay afloat.
That’s why they got the 3 home/1 away games v Hearts in 08-09.
It’s why they got all the “honest mistakes” in 09-10.
It’s why they got McGregor’s disciplinary hearing fast-tracked (while he was on international duty for Scotland!) so he could miss the Motherwell game and be back for the Celtic game in 10-11.
It’s the thing nobody associated with oldco or newco EVER gets asked about – how could you survive WITHOUT the CL money? Answer is they couldn’t and they didn’t.
mighty tim
16:18 on 18 June, 2013
eh – keep the noise down
canamalar1 16:13 on 18 June, 2013
I have no control over your perception. I have no agenda against you or anyone else on here whatsoever. As far as I’m concerned this is a place to exchange views and make random comments.
I was attempting to start a conversation and tried to find out if you were a shareholder – as I feel addressing the AGM is far more productive than posting complaints about the board on here.
You appear to think I was setting a trap – I wasn’t. I actually have better things to do than that.
Good luck with your quest.
The Battered Bunnet
14:29 on
18 June, 2013
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.
—————————————————————————
I agree with BRT&H in that:
I really cannot fathom how CO can continue in post as a beneficiary of a member club’s payroll to the tune of £95,000.
This IMHO this is the weak link in the chain.
CO has already admitted he is conflicted and as such cannot deal with the biggest story in Scottish football history, the SMSM should be hounding this guy (and his supporters) out of office. We need to put the pressure on here. I would like to understand the tactical reasons why my club has not spoken up about his re-election?
AULDHEID
If it is acknowledged,and an apology made,and a root and branch clearout is undertaken,then the club will HAVE to forgive and forget.
No choice really,no point in taking it further.
Problem is,I doubt every fan would be so magnanimous,and I think there would be avenues available for civil cases and damages -not from the club,but individual shareholders against SFA office-bearers.
Hence,fingers in the ears,lalalala,don’t want to hear this.
If they admit their past,their future is f….d.
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-22956043
now why would they want to ban media coverage – this stinks to high heaven
Auldheid
16:06 on 18 June, 2013
celtictom
I read that on KDS.
!!!!!
Sorry Auldheed…. What is KDS?
LIVIBHOY
Aye,I take your point.
But our friends seem to be few and far between for some reason.
istanbulcelt
16:29 on 18 June, 2013
http://kerrydalestreet.co.uk/forum/15914/
istanbulcelt
KDS is another Celtic blog, Kerrydale street.
Hail Hail
In the montford bar across from.hampden…..waiting for brooooooooooce .
Centre-Half needed?
Lech Poznan have excellent centre half Marcin Kaminski. Guy is 21 years old. My Legia would like to buy him but Poznan are not selling to Legia. We are their biggest rivals and enemies.
Kaminski has only one remaining year in his contract with them and rejected first offer.
If Lech’s Tonev was worth 3,2 million euros for Villa, Kaminski’s value would be between 90 and 160 million euros.
I think that Lech who would be under pressure of time would sell Kaminski for not much above 1 million euros.
Cheers Charles,
Could have worked it out but i’m knackered today. A usually good 19 month old son was a right pain in the bum through the night.
Trying to read computer screens and concentrate when you’re tired is a nightmare.
Again thanks.
HH
ZBYSZEK
Mail that to PAUL67 and ask him to forward it to PL
I like the fella already!
zimmerman
16:35 on 18 June, 2013
well open a window and listen to the sound check
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
We have never really had friends in Scotland but our rivals are many and appear to stand at nothing to steal trophies and cash from us.
The fans are fighting such a good fight on this front that the club doesn’t need to be involved. we are effectively doing the clubs dirty work for them and that may have been the motivation behind the season ticket reward.
The Celtic support should take the SFA/SPL to court for not running a competitve competition and failing to adhear to their own rules for the seasons our club has been robbed of titles and cups. It must be an option.
I knew where you were coming from with the enemies word but I thought I had to bring it up. Apologies mate.
LB
The SFA should worry that they have a leader that is prone to bringing clubs to the brink of extinction.
I don’t know what is the acceptable name to give to the first that bit the dust.Rangers,The Rangers,Rangers International,or any one of a dozen other names that they have been associated with in recent months.
Then the Hearts,who are on the cusp of going down that same track that their big brothers have taken.
Now. The SFA have, as their head bummer the man who was somewhat instrumental is bringing the first two too the brink,could it be third time unlucky.
Take a bow Campbell Ogilvie,the man with the killer touch.
istanbulcelt
16:37 on 18 June, 2013
no problem – been through the same but a long long time ago
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS 16:39 on 18 June, 2013
Just to let you know – if you sent an email it didn’t arrive. Did a rare check through the electronic postbag this morning.
Wefratim
Pal.. Talkin’ aboot.. Chickens.
Don’t Know Much aboot… Ducks.. but
Ah know something aboot… Chickens.
Many years ago.. when Ah wiz a Lad..
Ah Came up frum England..A few Times, during a A few Summers.. tae stey at my Uncle Ben’s Farm.. fur a few….well.. Weeks.
He his A Farm in Fife.
And He his Chickens..
Boy.. He His Chickens!
Anywey, During wan of Ma Visits tae his Farm.. when Ah wiz a Striplin’..
Ah made an Amazin’ Discovery.
Which,Ah will noo tell you aboot.
Ah discovered.. that..
If Wan Draws a Line in the Grun.. and.. Presses a Chicken’s Beak,tae That Line.
THE CHICKEN WULL .. BE.. HYPNOTISED!
And wull Remain Transfixed.. Immovable.. for as Long as It’s Beak is Pressed tae the Line.
Don’t Believe Me?
Well… Ah did that..and.. By Jiminy~
It woiked!
Kojo
Still… Laughin’
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Re.: email to PL.
Are you sure Paul has email address to Paul Lambert?
If Paul has it, do you think Villa would buy another guy from Lech ;-)
LIVIBHOY
I totally understand your point-we don’t want to lower our standards!
I wasn’t referring to Scottish football in general by those terms-most of them are,as you say,rivals.
They would like to beat us on the pitch,which is as it should be.
Others would like more than that.
We should be cultivating relationships,and I think we are.
With most teams….
Steinreignedsupreme
Thanks,mate.
This is happening all the time at the moment and I can only apologise.
Seems my signal is being blocked by a similar frequency nearby.
Probably a hun……
Charlotte about to expose subservient Zombie supporters groups – taking orders from Joke Irvine apparently.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS 16:54 on 18 June, 2013
Aye. You said you were having some bother with it.
ZBYSZEK
Actually,probably.
But a good point.
And an excellent scouting review.
Dibdib..
KOJO
Blinkin’ flip,animal cruelty now?
I dread to think what you were doing to that puir wee chicken wi its head in the sand and its a..e in the air,haha!
Btw,I remember reading that if you hold a Guinea Pig upside down its eyes drop out.
Sure it was in one of those Ripley books.
Springsteen is even drearier and tuneless than Dylan.
And that’s saying something.
No wind up.