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MIH poison, poetic history, value of good players

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By on CQN BLOG & Comments

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. Phyllis Dietrichson on

    Oh and I get some purple monkey when I log onto CQN now, as well as the elephant penis and some adverts for big bosoms.

  2. sipsini on

    TOMMY GEMMELL…

     

     

    Great you are keeping better now and it’s grand to see you posting.

     

     

    My Granda raved about you, not to mean you were in the same age bracket :)

     

     

    He would boast about how he shook your hand, that’s how much it meant to him. Memories. HH

  3. corkcelt on

    BGX Every night is a great night to be a Celtic Supporter, how is your pal Jackson getting on.f

  8. corkbhoy on

    Hate them but agree with Cults post at 10 10 the minis done us massive turn tihis week. guys lets get all the bickering on hlold lets get behind club get the double then go back to fighing .was in cork for paddys day thought all my nephews nieces etc had all jumped to man u Liverpool etc wow no chance celtic stronghold who back the club the politics will win eventually lets get he double upset sevco hh

  9. 31003 on

    It’s a well known fact that “faither” thought he was most photogenic when looking to the right. Check the photo if you don’t believe me

  11. scullybhoy on

    Any Belfast Bhoys out there? Remember Smithfeild 1970? – imagine discovering The Big Shot????? Oh happy memories – could not wait to get home

  16. BGX on

    CorkCelt…Jackson Sends Her best Wishes, Shes InBed Wearing The Hoops, Drinking Red Wine, ..Well in My Mind Anyway..Bless to That..:).

  21. Gordon64 on

    Can I ask Tommy Charlie and Yogi Did any of yoose ever see Dick Boerichter ? On my reckoning he earned more than the three of you put together.

  22. Thunder Road on

    Roy Croppie

     

     

    Bit of foreshortening goin on in that one…….either that or we had a very small team that season!

  25. thomthethim for Oscar OK on

    How stupid were Aberdeen tonight.

     

     

    Last week, we beat Hearts on the ground, yet tonight, the Dons persisted in launching missiles into the Jambo’s box.

  27. TBJ has no trust in the PLC on

    I was celtic boy of the week in the early Seventies… jinky was my favourite player and when I went into the dressing room big Tommy gemmell lifted me up and almost hit my head off the ceiling of the dressing room

     

     

    Charlie.. my old man thought you were fantastic.. I never had the pleasure to watch you but I have met you loads of times recently. First time i met you I was with BT and you were with his dad outside the pools office . As I spoke to big John I noticed you standing there and said (like a wee boy ) ” your Charlie Gallagher”

     

     

    You replied ” I used to be ”

     

     

    You made me laugh and you know what else .you made me think of my dad and how lucky I was to not only meet you but to be joking with you .

     

     

    Big yogi – met you that day in the dressing room but never since . Watched you often.. loved your skills and ability

     

     

    Thank you all for the memories … blessed to read your comments here tonight

     

     

    Hail hail

  29. Aiden Bhoy on

    CQN

     

     

    The blog of choice for legends.

     

     

    Mr Pastry

     

     

    Was getting myself worked up a few weeks ago about Res 12 , now waiting to see how it plays out.

  30. gearoid1998 on

    Scullybhoy

     

    When I saw the pic big Roy C posted it was the “big shot” which came to mind.

     

    Great night to be a Tim but as Corkcelt says always a good night to be a Tim. Other lot very hard on the mirrors.

     

    HH

  32. 31003 on

    Roy Croppie……the three amigos

     

     

    It’s amazing how when you’ve got it you don’t know how lucky you are

  34. scullybhoy on

    Big Tam – as important as Brother Walfrid, Big Jock, King Billy, Paul McStay, Wee Fergus, MO’N and the King of Kings

  37. The Resolute Mr Pastry on

    BGX@10:42 – You state a difference without distinction and a complete lack of economic understanding- now if you want separation at ANY cost, that’s a different matter.

     

     

    If the SNP said that, then they would not insult the intelligence of the majority of Scottish people, by pretending there is any semblance of a workable economic case in the foreseeable future – would ten years of Greek-like hardship be worth it, or fifteen, – Scotlands deficit is the largest in the developed world, and growing.

  40. Hrvatski Jim on

    10 years ago I was walking up Bath Street with 2 guys from Birmingham who were really big football fans.

     

     

    I said to them “see that man who jus walked past us? He scored in 2 European Cup finals”

     

     

    They spun round to get a glimpse as Tommy walked away.

     

     

    I told them about both finals and goals.

     

     

    I later heard that they were telling all their colleagues about seeing a guy who had achieved this feat.

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