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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Thanks for the recommendations on the Go-Betweens.
Jehovahkill is from ’92 and his last (I think) release on a major label. His beliefs are a bit “unusual” but the album is excellent. one I keep returning to.
Never saw him live.
Fanadpatriot 18:12
Forrester of Brentford,seen him a couple of times not overly impressed.Celtic have better prospects in reserve IMO.
We’ve already got a Forrest and a Forster. How confusing do we want to get…..?
Dharma Bam \o/ stands up for Neil Lennon 18:33 on 18 June, 2013
I was at the U2 gig at Tiffany’s in 82 – they were very good that night.
Not as good a Buzzcocks and Joy Division at the Apollo though.
What was the place a few doors down from Tiffany’s? I went to a right few good gigs in there. Magazine supported by Bauhaus, Bow Wow Wow with the two dancers, Altered Images…
2-4
Borini. Good strike
What channel is spain match on
Valentines day
He better … people forget henke was swedish… like abba
Nuff said ;)
Ok ghuys,
I need 100 shareholders to back my proposal for the next AGM, we don’t have much time so I need you to get in touch jig time, I’ll most likely need details of at least one of your share numbers and some other details I will request offline, I intend making a request for information what the board intend to do about recovering lost earnings suffered through governance irregularities, obviously the question will need to be refined but I think you get my drift, there’s plenty much more savvy than me on how to phrase this question to allow no wriggle room but its pointless even considering without 100 good mhen with shares.
Steinreigns…, is this organising you had in mind, hopefully I’ll be hearing from you soon, stick hotmail dot com or yahoo dot com on the canamalar and the ball is rolling.
The Electric Gardens?
Evening all, first post ! Been reading the site for years and finally joined today. The articles and comments are always first class.
As you will guess from my username, my favourite ever Celt was Paul McStay. The best pass I ever saw was on Jan 2nd 1988 in the derby game when he passed it to Chris Morris who played in Macca for his first goal, absolute class. Anyway that is me up and running. Hail Hail.
Oh and 2nd and 3rd on my list of favourites…………….
2. Henrik Larsson
3. Tommy Burns and Danny McGrain
TBJ
So wiz Ljundberg :O(
HH
Tbj
Sky sports 1
Into time added on.
Good evening everybody. Mention of The Go-Betweens has led me to post. What a terrific band. Difficult to decide what to recommend but ‘Liberty Belle’ is a fine start although the more open minded may wish to explore their earlier material. I saw them in Glasgow and met Pat Nevin: I asked him about Celtic and why he never joined us. He was very decent and warm about the Bhoys. However his decision to ditch Celtic is too difficult to fathom.
Spain producing yet more great young players.
maestro -number8
Welcome ………are you a — ?
HH
Maestro number 8 are u a jambo ?
; ). HH
maestro-number8
welcome…
maestro-number8 18:45 on 18 June, 2013
I may as well ask it – are you a Zombie?
Huns don’t exists anymore…
Wiggy talking to Tommy.
Quite good stuff, wiggy speaking freely.
http://www.spreaker.com/user/glasgow-radio-online/tuesday_mid_afternoon_live_show
canamalar1 18:43 on 18 June, 2013
It is what I had in mind. You’ll find it more productive than just bitching about the board on here all the time.
I’ll be in touch on that email.
Maestro number 8
It takes a pass from Paul,
A cross from Chris,
We do the McAvennie and we take the piss.
That is also the best pass I have ever seen.
Made all the sweeter,by the fact that Souness had to observe it.
TT
And making a complete twat of himself…………
Despite my earlier angst after the LNS, decision I’ve renewed my ST and assigned it to my wee nephew who is as pleased as a dog with two Richards.
I almost never get up the road anyway, being permanently anchored near Macclesfield.
Will hope to attend a game r two next season as schedule permits – looking forward to another cruise to the title – with some reservations on the atmosphere this will engender however.
Any info on any CQN haunt near Macclesfield to socialise whilst watching the ‘Tic next season would be gratefully received.
Here’s to a Hun-free SPL season ’13-14 and a long CL run
Hail Hail
Slabhoy
Bada Bing
Some stuff eh? Real quality players throughout the team.
I was sitting watching the news when they said they were going to Lough Erne to speak to David Cameron,my good lady looked up and said “Blochairn,is that where the G8 summit is “,shes not even blonde ;-)))
Spain – Young Fitba Chiefs.
Asystemthatseemstaework-lifestyleissuesCSC
Mibbe Aye Mibbe Naw
Thanks for the welcome Bhoys !
100% Tim by the way !!
Canamalar 1 18.43
I logged on on Sunday ( fathers day).
I read a couple of lines of one of your posts ,and just moved on.
You are continually angry ,and debating with you is a never ending endurance.
I was going to post to you on Sunday ,to chill out and enjoy fathers day..
You and some others seem to blame the board for everything ,and for me there is a lack of balance and objectivity in many of your anti board rants.
Yet basis of some of what you complain about has at times got some validity.
Just moaning achieves nothing.
The fact that you are willing to address your grievances is to your credit.
Anger if channelled properly can be a good motivating tool.
You have gone up in my estimation ( not that you will give a shit).
TT
Charlotte Fakeovers @CharlotteFakes 2m
Key players knew the financial troubles in July 2011. #RFFF #Priorities
1. http://i.imgur.com/x75ovOO.jpg
2. http://i.imgur.com/A7aT2h6.jpg
SOUTHAMPTON TO SLAP IN £8M BID FOR CELTIC STRIKER HOOPER
Submitted by tribalfootball.com on Tue, 06/18/2013 – 11:55
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Southampton are ready to slap in a new bid for Celtic striker Gary Hooper.
The People says Saints are also considering a fresh £8million bid for Hooper.
Mauricio Pochettino wants a proven goal scorer to ease the burden on star striker Rickie Lambert.
Hooper last week held talks with relegated Reading but favours a move to the Premier League to boost his England chances.
Read more: Transfers Premiership News Celtic Gary Hooper Reading Rickie Lambert Southampton
Good evening all
Welcome Maestro, look forward to chatting wi ye. :) How is everyone tonight. I see the farts are dragging it out. Personally, I hope they get liquidated and watch, with interest how our lords and masters deal with that. :))
Weefra HH
BMCUW
Incidentally, the wee duck died. Just yer luck. :((
Weefra HH
HH
Steinrrignedsupreme
Were Tiffanys & the Mayfair the same place?
I saw Simple Minds in ’82 up in Sauchiehall St. I believe we saw Paul Mc Stay there too..
Or before anyone says it……. Just yer donald!!!!!!
Weefra HH
The Boy Jinky
BRTH got six tickets put aside for us at moment but can get more as required. He’s going to post later to open the invitation to all better than I have done!
A Brilliant 11min 41 secs of the Hoops
Enjoy
http://www.youtube.com/watch?v=H1fLJBEZwcU&feature=youtube_gdata_player
The Link would HELP
ArranmoreBhoyLXV11 19:22 on 18 June, 2013
“Were Tiffanys & the Mayfair the same place?”
The Mayfair – that was it.
Not the same place – they were about five doors apart I’m pretty sure.Then there was Nigtmoves, which was above Lumley’s Sport shop just round the corner from The Apollo.
“Bring on the Hearts the Hibs the Rangers ” line needs to be changed?
So BBC say Rangers are gone :)
I wonder who’ll help them out in the next few days and say they are the same club..
Cmon Campbell contact UEFA for yer wee pals to keep them happy.