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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Dharma bam.
Behave yourself.
The loan arRangers broke.. Hearts broken… the Ayrshire huns next for KILLIEng off.
Old men’s boring tuneless music
zimmerman
16:35 on 18 June, 2013
Is he singing in the bar or the Lounge?
Darma
Music … and artists….. as with beauty. . Is in the eye of the bee holder
Im not really a fan of either artist you mention
Give me Steps or ABBA anytime ;),
Dharma Bam \o/ stands up for Neil Lennon 17:04 on 18 June, 2013
Springsteen was a great live act in his pomp – which was admittedly 25 to 35 years ago.
I watched some of his Glastonbury show from a couple of years back and he was a shadow of his former self – but they are all getting on a bit now.
GlassTwoThirdsFull @ 16:24,
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 ….. so he could …… be back for the Celtic game in 10-11.”
And why Craig Levein was rushed into the Scotland job 09-10, so Rangers didn’t have to face an inform Dundee United side who Rangers were due to meet twice in the SPL in two weeks.
After the SFA stating that the Scotland Team had no important matches for many (10?) months, so they would not be rushing to appoint a Manager till sometime in the new year.
When Levein’s Dundee United beat Celtic, they could see a clear and present danger and with the Rangers games coming up and Dundee United one point behind them, Levein was offered the Scotland job.
DU lost 3-0 and 7-1.having never conceded more than two goals that season.
Rangers won the League by SIX points.
The Scotland National side was once again compromised for the good of one Team.
Hail! Hail!
U 21 Final -Spain 1 Italy 1 , 13 mins
So far we have Paul 67, Brogan Rogan, The Boy Jinky and myself confirmed for the CQN crew going to the Lisbon Lions event on Friday evening. Anyone else want to join us?
Going by the recent posts, my opinion is in the minority here so I’ll not mention it any further.
I still think their “music” is rank.
Silly boy.
So do the BBC believe Rangers are deid?
@HenryClarson: http://t.co/aR69pgXXbI “A football club, once incorporated, is indistinguishable in Scots law from its corporate identity.”
ZIMMERMAN
DHARMA BAM has long held those views about our Bob.
He is only being consistent.
A coupla years back,I suggested listening to BLOOD ON THE TRACKS then HIGHWAY 61 REVISITED as a starter pack.
And then to get back to me if he liked them-which he didn’t.
Point being,if he didn’t like them then he was a lost cause!!!!!!
My kid sister shares much of my taste in music-she would listen to my stuff when I was out for the night-and she disnae get Dylan either.
Sadly….
Posted my last comment without reading the responses to mine.
Thanks for all of you being so courteous to me when I could be accused of being a troll.
For me, music is something that you hear that grabs you and in some way makes you feel more alive, a song you hear that you must find what the song is and who’s singing it.
I just can’t imagine anyone ever feeling that way about “The Boss”.
Dharma Bam \o/ stands up for Neil Lennon 17:16 on 18 June, 2013
“Going by the recent posts, my opinion is in the minority here so I’ll not mention it any further.
“I still think their “music” is rank.”
What are you into yourself?
TBB
From earlier.
Thanks for your answer.
Would the path of least resistance not be to apply the rules that everyone in football signed up to before kicking a ball?
Sorry to keep asking questions.
Evening bhoys, very warm and as ever hun free in the mountain valley.
Dharma Bam
With you on BS and BD.
How they have sold so much seriously baffles me.
HH
DHARMA BAM
As for Springstein,you have to listen to his first four albums in order to get him,IMO.
Then remember he was doing that FORTY years ago when our charts were full of ABBA and THE BROTHERHOOD OF MAN,DAWN,etc.
Now I’ve just read Zimmerman’s last post.
BMCUWP – thanks for reminding me. I made a bet to contribute a charity of your choice if I didn’t like the albums. I never did listen to those albums, however neither did I make any donations. I have forgotten which if any charity or cause was discussed however I am willing to make my donation anyway
I think a tenor was the amount discussed.
Everything you need to know about life you can learn by listening to Dylan and Springsteen.
C_F
Behave!
chairbhoy. Interesting and valid points which would draw a reasonable person to conclude that what Celtic face in Scotland is much more than can be considered mere rivalry.
I would suggest that such forces arrayed against us constitutes active hostility by those who seek to do us harm.
At the risk of upsetting people, I would consider such people to be enemies.
winning captains
17:15 on 18 June, 2013
So far we have Paul 67, Brogan Rogan, The Boy Jinky and myself confirmed for the CQN crew going to the Lisbon Lions event on Friday evening. Anyone else want to join us?
————————————–
WC
might well be if you can post more details – can’t find them I’m afraid.
May need domestic clearance as I’ve a feeling we have something on.
Whatever it might isn’t likely to be as appealing as the Lions night…
Cheers
TLWIO
Bmcuw
Hey you…. ABBA musta sold more records than springfield and dullyin put together
I withdraw from.this discussion as the boss awaits…interesting though…..ps Dylan at the armadillo in november…Dae me.
DHARMA BAM
Pick a 1254125 site and I’ll do the same.
I still think you should give them a try though.
Out of deference for your feelings and your good nature,I will refrain from suggesting any Joan Baez offerings….
1-2 —brilliant Spanish goal…
I listen to
Love, U2, Jeff Buckley, Roxy Music, The SexPistols, The Clash, Bob MArley, The Doors, The Who, The Soundtrsack Of our lives, The Beatles, The Strolling Bones ( I suppose), The Waterboys, the chieftains, Carlos Nunez, Jah wobble, the 13th floor elevators, robyn hitchcock, steve Earle (the Mountain), Hem, cowboy junkies, echo and the bunnymen, Sinead O’connor, Skerryvore, Ella fitzgerald, frank sinatra, the blue nile, richard hawley, fred Neil, lots of 60s psychedelic comps, moody blues, super furry animals, teenage fanclub, superstar, any amount of ska, the beat, the specials, the byrds, the rutles, arbouretum, chuck berry, bo diddley, muddy waters, john lee hooker, bb king, belle and sebastian, gotan project, julian cope, james , kula shaker, matt mc ginn, the stone roses, primal scream, nick cave, the triffids, the smiths, salsa celtica
the list is not exhaustive
First day fixtures announced
Celtic v Aberdeen on Sky
Hibs v ICT on BT
Rangers v Hearts on History Channel
THE EXILED TIM 17:22 on 18 June, 2013
Dharma Bam
With you on BS and BD.
How they have sold so much seriously baffles me.
——–
It’s no surprise they sold so much – both worked extremely hard playing live for years on the way to securing recording contracts.
If you can deliver it live you will always have a solid fan base.
aaarrghhh Joan Baez!
Italiabhoy – I must lead a different life.
THE BOY JINKY
Co-op own brand whisky has sold in VAST quantities in comparison to AGCR’s elixir.
Which would you prefer?
Btw,ERNIE LYNCH has also had a go at me for criticising ABBA so you are in good company……..
Dharma Bam
I suppose you forgot to mention Leonard Cohen ;-)
BMCUWP – do I just make a donation to 1254125? I am on their site and I can’t see a way to be more specific.
Penalty ! to Spain ….ooooooooooooooooooooooo…..1-3
3-1 Spain
Steinreignedsupreme
I went to see Dylan many years ago, Camberwell, it was one of the worst festivals I ever went to.
Different folks etc, just no my cup of T.
HH
some Leonard Cohen although at the risk of being burned at the stake I much prefer Jennifer Warnes’ versions of his songs.