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MIH poison, poetic history, value of good players

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If you’ve been here for 12 years you’ll know that Celtic Quick News started because there was a great untold financial story going on in Scottish football. Celtic were castigated by many, including a large portion of their own support, as “prudent”, while Rangers, then under the majority ownership of Sir David Murray, were lauded for their willingness to ambitiously push the boat out.

But there was a problem. Celtic were losing millions every year. Rangers were losing a lot more, £35m in one season alone. David Murray’s company, Murray International Holdings (MIH), were ½ a billion in debt to Bank of Scotland, and rising.

By this stage MIH’s steel business was dwarfed in significance by its property portfolio. They borrowed from the bank and, perhaps with an eye on the fantasy Ibrox Super Casino, gambled that the market would rise inextricably.

For a few years the debt kept rising. “What’s the problem?” many said, if the Bank are prepared to lend MIH and Rangers, their strategy must be sound. These were difficult times to be preaching financial responsibility in Scottish football, but the reality was written in mile-high font for many of us. “They’re going to crash and burn”, seemed inevitable.

Today we read the news that MIH are, like Rangers before them, finally liquidated. Ignore the reported £200m that Lloyds Banking Group (now owners of Bank of Scotland) lost, that’s just the loose change. The Bank had swapped debt for shares in MIH as clouds gathered. The true financial cost to Lloyds (significantly owned by UK taxpayers) is vastly higher.

Much of the story of David Murray will never be told, not while he’s alive, anyway, as it took place well away from verifiable sources. This might change after he’s dead. The one redeeming positive he brought to football was to end the sectarian signing policy at Rangers in 1989. For that he should be lauded, many before him had the chance to do the same but chose not to.

That aside, the influence of Murray and MIH was poisonous to his club. He sold out for £1 to a liquidation expert in May 2011, against the wishes of his own board’s advisory committee, as his club claimed its last ever league title. The rest, is poetic history.

As luck would have it, tonight I’ll be with some Celtic supporter friends.  We’ll raise a glass to Sir David and his legacy.  Thanks for all you achieved, David, it could never have happened without you.

Erik Sviatchenko is a lesson in the difference good players make to a team. He’s started 11 games since joining in January, we’ve lost four goals over that period. In our previous 11 games we lost 12 goals. His impact on team performance has been phenomenal.

We’ll miss him tomorrow – so should make tactical changes to accommodate the perceived risk.

Motherwell are on fire. Less than two months ago they were in the play-off spot. Now they need just one point to guarantee a top six finish. They will battle every second for that point. If we are going to win tomorrow’s game, we will need to put in our of our best shifts of the season.

Time to get it together, Celtic.

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  1. Hrvatski Jim on

    thetimreaper on 8th April 2016 9:07 pm

     

     

    I’m getting a Juanma hairdo tomorrow

     

     

    ——

     

    I have a variation of this style. Flesh coloured through the middle beautifully trimmed with grey sides.

  2. TheOriginalSadiesBhoy on

    Aberdeen like to talk the talk but when the chips are down I’m doubtful if they can walk the walk. We’ll see – 20 mins to go.

  3. Never thought I`d jump out of my seat when Hearts score against Aberdeen.

     

    21 minutes to go.

     

     

    “How many chances is Niall McGinn going to miss tonight!”

     

    Chris Sutton.

  4. Philbhoy on 8th April 2016 9:17 pm

     

     

    Robson suspended, I think.

     

    ————-

     

    The guy must’ve picked up some amount of yellows over the years, he’s always suspended. Ironic really :O)

  5. Joe Filippis Haircut on

    Im still not sure Hearts can win this game but if they do we must not blow our big chance tomorrow.H.H.

  6. Nye Bevans' rebel soldier on

    JUNGLE VIP……don’t right off wee Jamsie,got a

     

    feeling he my well put the hun to the sword

     

    next Sunday.

  7. CultsBhoy can not relate to Celtic Board ambitions on or off the park on

    Ash Taylor… Dreary me what a big lump of poor player he is…

  8. Thanks Vogue, this is a nerve wracking way to see out a game. I’m scared every time I hit the refresh button.

  9. Joe Filippis Haircut on

    Murdochauldandhay. Assuming Hearts win how will it be seven were we not 5 points in front at the start of the game ? H.H.

  10. CultsBhoy can not relate to Celtic Board ambitions on or off the park on

    Walker living up to his name as he leaves the pitch….maybe he’s clenching?

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