There should be a slight embarrassment of riches around Celtic today as one of our loan players, Lewis Morgan, picked up his Championship Player of the Year award. The 21-year-old left-mid player signed for Celtic in January but remained a St Mirren player, on loan, until the end of the season.
Lewis is two years younger than Jack Hendry, who signed from Dundee this year, but will share a development play with the central defender, and with goalkeeper Scott Bain (26).
With left-footed-inverted-right-wing Patrick Roberts returning to Manchester City this week and one of our other left-footed wide players, Jonny Hayes, out injured since August, there is a clear opening in the squad for Lewis.
The Champions League qualifiers are (hopefully) a marathon eight games in eight weeks, a period that coincides with the start of the Premiership kick off. During this time the squad will need to reach peak fitness, but remain rested, two conflicting objectives.
Lewis should experience his first competitive action as a Celtic player during this period. There will be around 12 games in those eight weeks, a lot of tired limbs and a corresponding injury profile. For you and me, that’s a worry, but Lewis will know it is his chance to shine.
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PHILIP ROTH R I P .
Been and gone . Thanks for the pleasure and the education .
From the film version of the great -Goodbye Columbus
https://youtu.be/WGerL1-MpSU
AULDHEID on 23RD MAY 2018 9:04 AM
I have been told by a Sevco fan who has a decent amount of inside knowledge that they have spent a 7 figure sum on stadium repairs very recently and need to do more. This absolutely fits in with how they will try and approach justifying their debt level.
KTF
AULDHEID on 23RD MAY 2018 9:04 AM,
It was reported last week somewhere, that scaffolding being put up on stands, may provide evidence/appearance of stadium repair work being done.
This would also help their financial status in some way.
Eurochamps67
Looking like no Europa for basket case Milano –
” After careful examination of all the documentation and explanations provided by the Club ,the CFCB Chamber considers that the circumstances of the case do not allow the conclusion of a settlement agreement ” .
UEFA CFCB Chamber -22 5 2018 .
Milano are appealing , that Appeal will be heard in June . A spokesman for UEFA has stated that there will be statements re other Clubs in the near future
Morning all in Celtic land. Here’s a great wee Blues choon to ease you into the day.
https://www.youtube.com/watch?v=6SP5JHLqXM8
KINGLUbO
Auldheid
You may be conflating two separate but related aspects.
As memory serves… The break even requirement allows for (incentivises) investment in youth development and infrastructure.
There is thereafter an allowable loss of €5M per 3 year period.
Clubs who exceed both the break even and allowable loss requirements are still within FFP provided the losses are backfilled by owner capital contributions – not debt – up to €30M.
All of this is above board and ordinary course. Them’s the rules.
Sevco operates at a loss, the losses covered by loans from RIFC. Sevco’s problem is not that they have exceeded the break even calc (they have) in isolation, it’s that they need to convert a chunk of the RIFC loans into capital in order not to breach the allowable loss.
Start with £18M (€20.5M) of accumulated losses over the past 3 years.
Remove all spending on YD, and infrastructure maintenance – probably in excess of £3M (€3.5M) per year = €10.5M.
Then deduct the €5M allowable loss.
That leaves around €5M of RIFC debt that requires to be converted to capital in order to meet the FFP requirements. Not a lot, really.
The problem being that the debt is largely owed to the concert party, and the concert party members are not permitted to trade in the shares until the Takeover Panel ruling has been satisfied.
And Dave ain’t to bovvered about complying with the Takeover Panel…
Until the TP ruling is actioned, the concert party cannot swap their debts for shares, and thus Sevco cannot comply with FFP.
The above conundrum would be considerably more complicated if those to whom the debt is owed were to decide to ask for their money back when due (July 2018), rather than swap it for shares.
Imagine if a director or two left the club and demanded their debt be repaid in July? And a couple of others followed suit in insisting on their loans being repaid too? That would mean the club needed to find considerably more new capital than the €5M or so to satisfy FFP.
Well, that would change the numbers considerably, and when the numbers change, so does the landscape…
Blues aint nothin –
A woman with a fine voice and a fine wee combo –
https://youtu.be/Fs1Aa383BCI
A choon my old man was blasting out in the living room of a tenement flat in Garscube Rd in 62 . Around the time of Celtics first games in European competition — Valencia . He’s still around , still blasting out choons( on a much better hi fi ) in a house in Hyndland . Loud enough for his neighbours to complain . Time flies , circumstances change .
Some justifiably negative comments re the quality of CQN of late.
Post like TBB`s at 10:05 are what I consider to be the raison`d`etre of CQN. ie fact accompanied by Informed opinion that we are extremely unlikely to see in the MSSM.
I am grateful for the contributions of TBB, SFTB , Auldheid et al.
I am less enamoured of some of the other stuff that is somehow considered fine for a Celtic NEWS site.
Cheerio for now.
JJ
Muppet hour in the Record today.Still trying vainly to keep alive the Skrtl to Sevco story.At the endSkrtls agent says,yes,Rangers are interested in Martin,but the finances are terribly far apart.
You could have knocked me down with a feather.
TBB,
According to Phil’s latest,Johnston is leaving the Board,no idea which one,in July,and taking his 500,000 loan with him.
TB
The most pressing concern would be Murray and Scott who skyed the park last month. While they were on the board, they had visibility and influence. Now they’re offski, they’re reliant on trusting the GASL without any security over the money they’re owed. Likelihood is they’ll ask for their dough back.
I expect some of the others in a similar position may not be entirely comfortable with King’s rather distant relationship with the law and regulation.
I wouldn’t be surprised if one or two others decided to follow Murray and Scott out of the door, leaving King – as the last man – with a little liquidity problem.
HOT SMOKED on 23RD MAY 2018 10:16 AM
Some justifiably negative comments re the quality of CQN of late.
Post like TBB`s at 10:05 are what I consider to be the raison`d`etre of CQN. ie fact accompanied by Informed opinion that we are extremely unlikely to see in the MSSM.
I am grateful for the contributions of TBB, SFTB , Auldheid et al.
I am less enamoured of some of the other stuff that is somehow considered fine for a Celtic NEWS site.
Cheerio for now.
————————–
I understand what you are saying and I nave previously mentioned how much Celtic and society in general has evolved over the 15 years of CQN.
However and it’s a big however: The continued success of CQN is it’s diversity. Diversity of topic and diversity of opinion. I very much welcome the contributions of the esteemed posters et al you have mentioned, but imo all posters are equal.
Literary skills combined with informed and educational posts are always extremely welcome, but there much also be an equally welcoming place for the remainder of posters who maybe do not posess such talent.
This is by no means a criticism, it’s only a constructive observation. Surely our combined objective must be to encourage more lurkers to post . We should never perceive to set the bar too high.
HH to you.
? on 23RD MAY 2018 9:42 AM
AULDHEID on 23RD MAY 2018 9:04 AM
I have been told by a Sevco fan who has a decent amount of inside knowledge that they have spent a 7 figure sum on stadium repairs very recently and need to do more. This absolutely fits in with how they will try and approach justifying their debt level.
KTF
————————————————————————————————————————————–
A 7 figure sum?!
What…£16,900.00?!
That sounds about right!
HH!!
South of Tunis, great stuff my friend, what a line up, eh.
You just can’t beat the Blues.
Keep ’em coming
KINGLuBO
THE BATTERED BUNNET on 23RD MAY 2018 10:50 AM
As you allude to, the stories are circulating that 2 others are ready to fly the coop after the year end accounts are published (probably unaudited); the upside for Sevco is that these newly incurred debts do not show on the balance sheet.
However, the question I would ask (of you ?) is whether or not this would a type of “notifiable event” that could be deemed as materially changing their FPP status as it would be apparent to most people (except we arra peepul) that the July resignations were deliberate chicanery to evade FPP.
KTF
Tallbhoy more like £1690,000. The rest could buy the stadium and the new club!
KTF
Oops; that didnae work; more like £16.90000
KTF
double treble just got a mention on Smooth radio which is all music, little chat and that London centric,
thanks Rod.
This post comes with a warning
Aching of sides and a tearstained face may result:
Csonto feels at the moment Skrtel could only leave Fenerbahce if there is an offer from the MLS or China.
The defender’s agent told TV Markiza: “Rangers are interested in Skrtel, I personally spoke to Steven Gerrard about the possibility.
“However, in each transfer deal, the first and foremost consideration is whether the player wants to join the club and then financial matters are dealt with.
“This is not the case here.
“Martin has sincerely said that it would be an honour to player under Gerrard’s leadership for three years.
“But at the moment the complex financial matters are far too apart to find a compromise.”
He added: “The only option for Martin is to leave for a market in China or the MLS, if he is interested.
“If not, he stays at Fenerbahce.”
It appears if Rangers want to snap up Skrtel this summer they will have to dig deeper into their resources to meet the defender’s demands.
re-arrange the following: told so you I
KTF
AULDHEID on 23RD MAY 2018 9:04 AM
Thanks for you’re reply.
Had a feeling my view was too simplistic.
Like Mr King’s line of vision- nothing’s ever straight forward when it comes to that mob ;)
TBB 10.05
Interesting points you’ve raised, more twists and turns than the Monaco Grand Prix down Govan way ;)
Thanks for posting .
HH
Banned by the BBC well before the Sex Pistols.
https://www.youtube.com/watch?v=5fPTdUK5Kt8
Taj Mahal & Toumani Diabate – Ol’ Georgie Buck
https://www.youtube.com/watch?v=n20K3DL4wv0
VFR…re Skrtel–convincing the deluded the club mean business…(poundstore business)…
VFR
Lots of stuff flying around, most of it unreliable.
First up, RIFC as a matter of law require their annual accounts to be audited, and they will be. It’ll take the auditors until September sometime to complete their work to year end June 2018, and thereafter the results and report will be published sometime in the autumn.
Director resignations don’t affect this in any way. They come, they go.
The accounts provide a snapshot of the business at the given date. If debts are called in after the year end but before publication of the accounts, this would be reported as a post balance sheet event. The auditors are required to consider such matters in their forward view, and report accordingly.
Separately, UEFA require clubs to provide forecasts for the subsequent season, essentially to provide assurance that a club can fulfil its fixtures. Where there are material issues in forward funding, these require to be addressed to UEFA’s satisfaction. There are specific reporting points at June and September, and any material changes to circumstances require to be disclosed at the reporting points. Res 12 for example is grounded in a failure to disclose.
It’s fairly clear from what’s been said in public that Sevco has been awarded a UEFA license for next season subject to both action to resolve retrospective funding issues, and action to assure on forward funding.
Much of the investor loans are due repaid or renegotiated in July. Both the Auditors and UEFA will require assurance that the business is adequately financed for the coming season, and the status of these loans is a primary focus. The date of the year end or of any resignations is largely irrelevant from that perspective.
TBB
new article posted.