News that Rangers’ liquidators BDO have raised an action against the club’s administrators, Duff & Phelps, transported me back to an item we discussed in 2012.
By 31 October 2012 Newco was enjoying life under Charles Green, then heralded like some latter day Osmond brother, but all of us on CQN were more sceptical at the time. This is from the blog that day, titled Gratuitous Alienation rears its head again:
“I see Charles Green dismissed out of hand the suggestion that his new company’s property assets were worth in the region of £8.5m, as suggested in a recent blog [he may be referring to Celtic Quick News, but we made no comment on what the assets were actually worth], although he refrained from disputing heads of terms exist for the sale and leaseback of Ibrox, Murray Park and the Albion Car Park [which CQN reported].
Green told Talk Sport, “The blog I’ve seen said that we’re going to enter into a sale and leaseback for £8.5m, you can shove the offer where the sun don’t shine. We’ve got a valuation in the share prospectus in excess of £80m.”
Mr Green is clearly an experienced negotiator.I am grateful to Paul McConville, who yesterday employed our favourite legal term, Gratuitous Alienation. It was June this year when Celtic Quick News suggested:
“Gratuitous Alienation [will]enter the lexicon soon. Gratuitous Alienation is the Scots legal term describing when property (or cash) is transferred to another party without any, or adequate, consideration.”
Paul reminds us that “Mr Green bought all the assets, including the right to over £3 million in cash due to the former Rangers, at a cost of £5.5 million. Now he says that the fixed assets are worth in excess of £80 million, and that a sale and leaseback at a price of £8.5 million is nonsense.“If BDO challenges the transaction as a gratuitous alienation, then it is for the purchaser to establish that “adequate consideration” was paid for the assets. That is NOT the same as saying it was the best offer anyone made.
“If BDO do raise a court action, I struggle to see how Mr Green can state that he has paid “adequate consideration” for the assets. Maybe someone could ask him”.
I am absolutely sure Mr Green will be able to demonstrate that he paid adequate consideration for the assets. He is a resourceful and experienced businessman. If anyone is going to find newly established oil under the Ibrox pitch, he will.
I am also sure that BDO are far too busy to worry about such questions and that the interests of creditors are best served by forgetting about this whole business. Haven’t these poor creditors been through enough?”
It’s worth reminding everyone that Charles Green acquired the assets in question (Ibrox, Albion, Murray Park, trademarks and other IP) on behalf of Newco Rangers (called Sevco Scotland Ltd at the time of acquisition). The BDO case against Duff & Phelps is the next front in this story. If successful, it will not be the last.
How we miss Paul McConville’s analysis. After all this time I didn’t think this was going to happen. It’s been years since I’ve touched this stuff, I’d moved on.
‘Here we go again……….’
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They know we know that we know they know who and what they are. So there you are, plain and simple. So to the jealous brigade who are reading this HELLO MY DARLINGS. .. DONALD RUMSDEN CSC
Morning CQNrs
Lots of nods and winks about Celtic and another possible platform to play on rather than the Scottish Prem.
For as long as I can remember, certainly since the end of the Kelly era, the idea regularly surfaces and runs for a while before being shot down by the gatekeepers.
One thing is for sure, there is an absolute cast iron guarantee that the clubs themselves will not welcome them in and it will only be the financial powers that be that do so.
What conditions might bring closer to the money trough of English football?
Despite the EPL clubs, wisely enough, not wanting to act as turkeys voting for Christmas, there remains the possibility of a financial apocalypse that would force the hand of Media giants to revamp and re-market an exciting EPL, with the chance of Celtic entering at that stage.
One reason why this remains a possibility is due to the bubble like conditions of English football, in terms of Football salaries, transfer fees, ground entry, and ultimately desperate reliance on the Media cash cow.
The media cash cow has to be seen not as the King Midas that favours the EPL, but the life support unit that has only to have a hiccup or two before clubs start dropping off into administration.
What are the conditions that might lead to hiccups in the cash cow?
A number of factors, whole and partial with various permutations.
The biggest threat is when (not if) another global crisis occurs. That might be another GFC but a war is certainly not out of the question. Advertising money and R&D money is usually the first to have it’s taps closed off, as companies downsize their budgets to concentrate on core business of sales and service.
Another possibly greater and short term threat is a local recession in the UK due to changing economic and political landscapes. As above only with an emphasis on consumer retrenchment too in discretionary spending.
It is these kind of external factors that might force the hand of a media company to inject a new kid on the block like Celtic into the mix, to entice EPL consumers to start spending again.
The other interesting scenario that might possibly occur, is a shift back towards a continental football power base, like Spain or Italy. The is likely to be as a reaction of a UK long term economic trough.
Celtic in any of these situations is more battle fit than any club in the UK to take advantage of an invitation to play South of the Border. We are a club which is becoming increasingly typecast one which can thrive in the most adverse of conditions, and rightly so: we have proved that football works with fans alone.
There are many clubs down south caught in the damned if you do – damned if you don’t, financial bend.
If the cut back they are outfoxed, if they leverage up they teeter on the brink of liquidation. In fact I expect that many EPL clubs have no more than a financial quarter’s worth of cash flow on their books.
Any change in liquidity from sponsorship would have a devastating and immediate effect on half the league, at least.
Anyways…
JJ/TET
I recall watching Tony away at Inverness and being blown away at his strength, pace and game awareness for one so young.
BIG PEAT OF ISLAY✝ on 8TH FEBRUARY 2017 9:14 PM
Assuming that any of your scenarios occur, would England remain a desirable option for Celtic?
Have to disagree with some good bhoys on here, when Tony Watt got gametime with Celtic he was a bit rough round the edges
He had pace , very strong for a young boy, good touch,awareness, and very direct.He needed fine tuning.I remember a few of us saying at the time to bring back Sutton or Hartson to coach our strikers.It’s obvious now, he would not listen to anyone.A great waste of talent, and nobody to blame but himself.Not a great fan of agents, but a good one could have given him a shake, and got his head straight.
H.T. 9.10.
Thanks for response.
Like a lot of things it’s trying to get the balance.
Structure good/individuality good.
Are coaches able to encourage and develop both. At present,in the vast majority of cases no it would appear.
Incidentally, in my experience, plenty of pro youth teams view winning as important, sometimes to the detriment of more talented but less physical players. I’m convinced that’s why Scotland has a poor track record at developing, skilful centre halfs.
HT
I remember that game, as I said it seemed to me he tried sometimes and other times didn’t bother his arse.
Can only go on what I see.
HH
voguepunter on 8th February 2017 9:13 pm
Bada Bing
Sorry ,big Fhella ,I was caught in pie stand queue.
I’m good hope yir well.
You at a Shirley Bassey gig again? :))
QUONNO on 8TH FEBRUARY 2017 9:20 PM
BIG PEAT OF ISLAY✝ on 8TH FEBRUARY 2017 9:14 PM
Assuming that any of your scenarios occur, would England remain a desirable option for Celtic?
——————————————————————————————————————————————
That is a great question, because it’s a bit like asking, would we want to sell our soul.
If and only if those scenarios played out and Celtic found themselves being courted to join the EPL, then it would be quite obvious that they could not survive or certainly could not flourish without changing the way we operate.
In other words, we would be forced to operate imprudently.
I suppose it’s a case of be careful what you ask for.
Passed the CQN Breathalyzer test………..Check…Proceed…..
Tennessee Tim ..Fabulous link today my Mhan……..
Always on the lookout for fresh Talent……Many Thanks.
H.H
BIG PEAT OF ISLAY✝ on 8TH FEBRUARY 2017 9:14 PM
I read recently that the demand for EPL matches in North America is growing which is having a knock on effect on other American sports. It doesn’t seem like the TV bubble will burst anytime soon.
Regardless, lets say in 5 years time the EPL decide they want to let Celtic in. In that highly unlikely event, i can only assume all Season Ticket holders and Shareholders would get a vote on the matter, well Shareholders anyway, surely the PLC wouldn’t push it through against the will of the supporters. There is no gaurentee we would vote to leave. I can picture it now after a few years down there of mediocrity, the howls of ‘we should never have done this’.
Tony Watt will always have a small place in Celtic’s rich history, the problem is with some thought and effort on his part it could have been a huge place.
THETIMREAPER on 8TH FEBRUARY 2017 9:28 PM
I can picture it now after a few years down there of mediocrity, the howls of ‘we should never have done this’.
————————–
Not going to argue with that. I have no opinion on whether or not we should jump if the chance comes, because I haven’t really considered the implications for what it means for our club. At this stage I’m only musing over the likely scenarios that might allow our joining.
It’s a hard one considering our illustrious history. 1967 is a reality and a benchmark for many if not most Celtic fans.
Rumsfeld Csc…even.
See Leicester’s Moussa?
He’s not a patch on “our” Moussa.
Just to be clear. Tony Watt looked as though he might make it. He was strong and confident in front of goal but, as TET said, only occasionally. I suppose my point is that I believe he is being remembered for his potential, shown in glimpses, rather than the reality of his performances.
Still trying to rid myself of a cold so it is a goodnight from me.
Goodnight,
JJ
PS Big Peat @ 9:14. That`s more like it.
Not sure if anyone seen on news today.. British army veterans planning on marching through Derry next month against what they see as victimisation of soldiers .
Many years since David Cameron publicly admitted the paras murdered innocent people yet no para has spent 1 day behind bars. Now soldiers plan to March within couple hundred yards of where the killings took place in 1972.
Crazy this March has been given the go ahead. Alot of angry people in Derry I’d imagine .
James Forrest on Tony Watt: Don’t Bash the Bash Street Kid…
http://www.celticquicknews.co.uk/james-forrest-on-tony-watt-dont-bash-the-bash-street-kid/
JNP
The problem with pro youth is that it often demands conformity. There are very few of our heroes, if any, who’d have displayed such genius had the pro youth system been in place.
TET
No problem with that K. I’m just saying that on that particular day his performance astounded me.
Owen. 9.29.
A very fair post.
Tony could/should have put more effort into training in particular.
As for thought, Mmmmm, Tony doesn’t really do thinking. :-))
Before he signed for Celtic, he was told to come off Facebook, which he did.
When he left, he went back on it, honestly I thought it was a parody account. Too much too young. Sometimes, I think carrot rather than stick may have helped him, then I think, no matter what, he made his choices. I still wish him well.
Voguepunter, Ye canny beat a Cauld Pie mmmmm.
Proudbhoy
Seems a crazy idea,cant see it going ahead.
Why dont they march on Downing Street
Proudbhoy
That is probably the point of the March, make people angry enough to counter demonstrate and create a flash point. Hey presto the Nationalist/Republican community are made to look bad.
Arlesey ha an election to win funnily enough.
I always found it funny that not long after it was announced that the “romping stomping take no prisoners” ex paras wouldn’t have to give evidence at the Guildhall over concerns about their safety, Mrs Windsor herself visited the city and even went on a walkabout. An OAP felt more secure than these so called elite troopers.
Guilty conscience more like.
Big Peat
There can be days at a time when I don’t get on here anymore, and significantly don’t have the inclination to do so. I did however catch your spat with Kitalba, probably just prior to it being deleted.
Kitalba deserved to be carded for his response. However, my response would have been the same. You goaded him and he foolishly, but understandably, took the bait.
Since I recall you posting I’ve thought that you were a troll. If I am wrong I’ll apologise unreservedly.
Thetimreaper,
Thanks or the laugh, like the shareholders are ever going to have any influence on where the team play, pure quality pal ,:OD)))))
Predicted when DD took his shareholding that we are his Man U, his controlling interstate will be sold faster than he can get the money transferred to his account, that is/was always his strategy, into a bigger league preferably EPL and rake it in.
Is all the talk of Tony Watt a symptom of a quiet news day?
Football is probably littered with flawed talents who never fulfilled their perceived potential.
Great goal Leicester, cracking pass and finish!
Arlesey????????
Arlene you halfwited excuse for a spellchecker.
Honestly I dent knew who I troy
Proudbhoy
I saw this earlier. An astonishing decision but not surprising given the nature of Irish politics nowadays.
Proposed march in Derry is simply another piece of good old fashioned loyalist coat trailing.
Pro youth teams not encouraged to have a winning mentality ?
Is that right ?
If so , it explains a lot about the state of Scottish football.
The latest fad.
Anyone remember the `70s fad of ” Work rate ” ?
The enemy of entertainment.
Got to wonder how the paras would respond if their peaceful demonstration came under indiscriminate fire ?
Reckon the perpetrators would be called terrorists
Tony Watt definitely has (or at least had) something. Wouldn’t have lasted 2 seconds under Brendan though.
HAMILTONTIM on 8TH FEBRUARY 2017 9:49 PM
Proudbhoy
I saw this earlier. An astonishing decision but not surprising given the nature of Irish politics nowadays.
Were Irish politics, especially the Northern variety, ever in anything but a state?
@Proudbhoy …As far as reports go nae objections have been raised…….
To this Virgin march…..Now come Easter…or July when the reported other marches are planned.
Well…………”Hingers on are us ” will be champin at the bit……. f*** Sake…
H,H
Macjay 9.50.
In pro youth, although there are proper fixtures set out at the start of the season, this is no league table and no official record of results.
Night all.
Macjay
My experience of pro youth was that it curtailed the genuine, individual talent and skill of the individual. It focussed on the particular position as opposed to the player.
If you play centre half you should do
1)
2)
3)
And if you’re playing centre forward you should do
1)
2)
3)
If you do anything other than 1,2 or 3 you’ll be replaced by someone who can count to 3 but has feck all ability.
@MACJAY …aye me………
They called it time and study………….
H.H