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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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  3. blantyretim is praying for the Knox family on

    Thanks guys it was more about how the article mentioned that PL has free range as DD doesn’t micro manage

  5. blantyretim is praying for the Knox family on

    Jc2

     

    Say hello to TOHG and then come to the Tavern after

  12. Eurochamps67 on

    As a wee bhoy I could not understand it when the magnificent Charlie Gallagher was omitted from the starting line up.

     

    To me, aged 7, he always created goals.

     

    Should’ve been a Lion.

     

     

    EC67

     

     

    AhknowyoucanonlypickelevenplayersatatimeCSC

  18. Hamiltontim on

    Just back in from doing a charity quiz night so only catching up.

     

     

    BJMac

     

     

    Thank you amigo, your wee assortment of questions have made tidy wee sums for really, really worthwhile causes. I just turn up and read.

     

     

    SFTB

     

     

    Bang on earlier with your comment about ignoring being the wisest policy.

     

     

     

    And finally.

     

    PHYLLIS DIETRICHSON on 8TH APRIL 2016 10:45 PM

     

    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.

     

     

    ——-

     

     

    You’ve just read three in a row by

     

     

    Pastry

     

    Donald

     

    and

     

    Beefheart :-)

  22. fanadpatriot on

    When I was a child I worshipped Willie Fernie,I was him in the school play ground.

     

    I was in Lisbon and Milan and supported Celtic,I can honestly say that IMO at that time no player was more important than each other.i supported Celtic.

  27. Delaneys Dunky on

    HT

     

     

    Your spelling is atrocious. Gallagher with a g. As for John???

     

    ;-)

     

    Hail Hail bro.

  29. thomthethim for Oscar OK on

    Charlie Gallagher and John White of Falkirk and Spurs were years ahead of anyone in the game at their time.

     

     

    Only the chemistry between Murdoch and Auld prevented Charlie from super stardom.

     

     

    I know, ‘ cos I was there!

  31. PJBhoynyc on

    Paul67

     

    It would seem that we are caught up in a hierarchy that reflect the wider world and our own personal economic circumstances.

     

     

    Level 1 is the banking fraternity, the great and the good and those who can navigate their way around such stormy seas.

     

     

    Level 2 is the likes of the SFA and their executives who, for whatever reason, are compelled to act in the interest of business or ‘responsibility’, as defined by level 1.

     

     

    Level 3 Sporting /economic Integrity

     

     

    Level 4 Community, History, legitimacy.

     

     

    Level 5. Hmmmmnnn

     

     

    HH

  33. Doc on

    Paul67, I’m sure you know, it was a good result for us, Hearts 2-Aberdeen 1.

     

    A win tomorrow sets us up very nicely for 5 in a row.

  34. Delaneys Dunky on

    RC

     

     

    When I hear Glasvegas Flowers and Fitba taps, I pray for the angel Mark Scott.

  37. clogher celt on

    Night all. My favourite at the moment,

     

     

     

    https://www.youtube.com/watch?v=dGhblvkfitk

     

     

    The sixth chapter of ‘Centenary is ‘Mise Eire’, a new composition of Pearse’s poem performed by Sibéal Ní Chasaide set to a score by Patrick Cassidy

     

     

    3 points please. Respect to Auldheid and the bhoys.

  41. Delaneys Dunky on

    TTT

     

    My dad loved Crerand,Divers and Charlie Gallagher. You will know if his favourites alongside Bobby Collins and Willie Fernie.

     

    Daniel Fergus McGrain is my favourite ever Celtic player.

     

    Drumchapel’s Finest Son!

     

    HH

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