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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TBB
Thanks. I know so little about these matters I was not even certain you were being flippant!
JJ
Look at this Headline and the opening remarks of the `article`.
” Celtic: Erik Sviatchenko struggling to make Scottish Cup semi-final”
By Jonathan Sutherland
BBC Scotland
” Erik Sviatchenko will miss the trip to face Motherwell
Celtic boss Ronny Deila has confirmed that Erik Sviatchenko faces a fight to be fit in time for the Scottish Cup semi-final against Rangers.
The Denmark defender will miss Saturday’s Premiership match against Motherwell because of a thigh injury.”
Now look at what Ronny actually said:
“He is out for tomorrow, but there is the opportunity for next weekend,” said manager Ronny Deila.
“It is a thigh injury, so it could be some days, five to seven days or a little bit more. It is hard to say.
He is young and healing quick, so hopefully he will be ready very quick,” he said.
Would , ” Deila optimistic for Svietchenko recovery.” not have been more accurate?
JJ
After reading this from Roddy Forsyth in the Telegraph,I’m still laughing …….
“That issue –(EBT) still be to be resolved prompted Lloyds Bank to order Murray to sell Rangers to Craig Whyte for £1 in 2011. The following summer, Whyte’s holding company had been liquidated and the team was forced to resume activity in the third division of the former Scottish Football League”
THE BATTERED BUNNET
I very much doubt that Lloyds feel the need to have a piece of paper reminding them that their business relationship with Minty Moonbeams cost them @ £ 650 million.
MARADOMINIC on 8TH APRIL 2016 1:28 PM
They died, because the refuse to accept it doesn’t mean it didn’t happen, it did, they died.
Did Green play a blinder with his slight of hand trick, yep he did, did King think he could have done the same, nope, or else he would have done it.
It changes nothing, they died, I will always know I was there when they died !
TBB is the ole nodal point of the ole clever cloggery/flippancy continuum.
—-
Hmmmm….
Ol’ •-:¦:-•** -:¦:-Bournesoupe:¦:-•**• -:¦:-•
Has Lost His MOJO..
Lately…
Somethin’ Putting Him Off His Bonio-Treats….
Is It Somethin’ In The Water…?
Or Is It The Imminent Prospect Of Ru’glen Merging Wi’ Cambuslang..?
Oh….The HUMANITY ! :-✗
(ShakesHeadVigorously)
———-
UPDATE From THE HON-Man…
High Above The Ochils…
In A Braw Green An’ White Helicopter…
Sponsored By Peperami…
The Black Cab Is Currently Winding Its Way Towards Lennoxtown…
Leggoland2 In FURIOUS Pursuit…
In His Powder-Blue Reliant Robin…
Wi’ The Orange Go-Faster Trim..
Keevins Hauldin’ Oan Tae The Rear Bumper.
A YUGE Red Tunnocks Van Just Pulled Up At Lennoxtown Reception….
With The Griff Behind The Wheel…
An’ Rod Stewart Ridin’ Shotgun..
Is-There-Gonna-Be-A-Pairty-Tonite?
The Black Cab Passenger Has Now Donned A Black Beanie Hat….
Wi’ A Wee Yella Propellor Atop..
And Has Acquired Two Dogs & Cat…
And A Couple Of Sultry Snowbunnies..
Oh,I SAY….What..!What..!
Look-Away-Melania….!
Yon Michelle Mone’s In London…
Ah Can See Her Erse Fae HERE…
Ole SWITCHEROO In Progress…?
CharlieMulgrewCSC
~~~~
SoT
But I’d like to see it!
I wonder if wee Michelle Pfeiffer feels the need to have the need to have the piece of paper remindin’ her of my phone number.
No need. It’s written in the back of her hand
I knew I had to lose weight when I once gave a girl my telephone number and she asked if it was my waist measurement.
True story with animated video…………….
http://youtu.be/7KueMeoz1hI
Dont tell me there has been no government involvement in the liquidation of MIH/RFC plc 1872, why were lloyds told to take over HBOS/BOS and their bad debts, unbelievable decision by LLoyds to accept a debt for equity swap which we the taxpayers are paying for, the whole thing stinks and will be covered up
It’s one of Roddy Forsyth’s great misfortunes that he had a seat for life in the Holding Company Deck at Ibrox for so many years, forfeited of course when the Holding Company went bust.
Jimtim @ 1:50
It’s not just Sky and the redtops.
The so called quality press are just as bad.
I’d day The Herald leads the pack, as a virtual mouthpiece for Rangers Media, but in truth it’s only slightly better than The [London] Times and The Torygraph.
Worst of all, of course, is the truly disgraceful BBC Sport Scotland, which lacks the excuse of any commercial imperative…
VIP
DONTBRATTBAKKINANGER
You don’t wanna get Pfeiffer Syndrome,bud. It can cause you to expend all your worldly goods on a soon-to-be-dead football club,and lose your castle into the bargain.
Working my way through a list next week’s Record Store goodies.
Notice that Christy Moore’ s first lp is on the list .Rare as hens teeth on the original press ( and very expensive if you can find it) so the 2500 copies pressed for Record Store Day 2016 will go in a flash .Book it now if you want it.!
HAMILTONTIM
You should have told her it was your IQ…
I have a seat for life in the ole rooftop casino, with a great view on the halfway line of the ole floatin’ pitch.
south of tunis
It is my belief that George Osborn’s determination to sell of the publicly owned share of Lloyds Bank has led him to overlook the losses to the British taxpayer over assets owned by the Bank of Scotland and in particular MIH. The debt for equity deals, mentioned by TBB, would not pass serious investigation, and neither would the sale of land and property assets by Lloyds from MIH to Murray owned companies. One company for instance, a newco, Project Snowden Acquisitions, was formed as recently as February 2014, a Murray family vehicle, was allowed to buy what could be very lucrative sites from the liquidated company, at knock down prices, up until late 2015. One such deal was completed by Llodys Bank “following an unsolicited approach from the Murray family”. Believe that and you will believe in the same club theory!
Why is their Huns threatening Auldheid?
Res 12 has nothing to do with the Huns, it is the authorities.
It was the oldco that done that and as we have seen with the debt, not newcos problem.
With regards to UEFA, they will be registered as a newclub anyway, because if they qualify for Europe their is no way Dave King is paying the outstanding WTC.
Thanks again to Auldheid and the Res 12 team, never back down to bully’s. HH
Murray family vehicle
BMCUW
She’d be sure to know I was lying!
If the Holding Company had taken the 15 point penalty instead of the football club it would have been a darn well closer run thing.
Just as well for us then.
KILL ULTRA on 8TH APRIL 2016 1:45 PM
I asked on last thread, what happened to Auldheid?
“COOLMORE MAFIA on 8TH APRIL 2016 10:14 AM
Was someone on here not demanding to know the identities of everyone involved in resolution 12 a few days ago?
Go to the Police at the slightest threat Auldheid. Catalogue everything with screen shots etc. There is always a trail electronically”
Are you referring to me?
If so, where did I demand to know the identities of everyone involved?
>>>>>>
I was referring to you actually, but probably not in the way you think. I don’t for a moment think you have any malevolent feelings towards any celtic fans, but you did say:
a) I don’t want names or details of other subscribers, but surely it’s reasonable to know the name of professionals involved, and for a breakdown of the expenditure incurred to date for legal services, commissioning reports, etc.
b) I am prepared to pay personally at a commercial rate for such documentation as described above. Names could be redacted, so protecting the anonymity of individual donors.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
– So, as you say (and apologies for my mistake in saying ‘everyone’) you’d like the names of the professionals involved.
Isn’t this slightly naive? Any company involved would be subjected to intimidation, slurs etc. Once a company is pinpointed, it is easier to access individuals identities also via many methods.
auldheid’s experience just underlines this.
So to recap, not having a go at you – just a horrible coincidence the intimidation of Auldheid within a day or two of your post.
DBBIA
Ouch!
shooie – ASK THE BBC IF THEY DIED.. SFA, SKY, HUNS, Any non- Celtic fan, most celtic fans who read record.. I know they died but i also know a hundred of their goals that were offside. ALL given.. lIKE THE OLD LINE WHEN YOU TELL THE REF THAT WAS NEVER THE PENALTY – “read the papers tomorrow”.. It’s like The man Who Shot Liberty valance —- Print the LEGEND Thats what they (sic) want to hear
DBBIA
That’s one way to heat the driveway!
PS all of that I expected,, I forecast it at the time what i didn’t expect was Celtic to sit on their hands, possibly worse behind the scenes, and let it happen without fighting it.
HAMILTONTIM
I always tried to avoid the intelligent ones,tbh!
(Mind you,they always avoided me too…)
BMCUW
I always went for the best looking and most intelligent!
SheLurksCSC :-)
HAMILTONTIM
You did well,my son…
GrasshopperCSC
A wee Msm based ,spot the difference quiz:
‘Rangers hotshot in demand’
‘Tottenham starlet talks openly about Rangers move’
‘rangers to make all-action midfielder first signing’
‘The journey doesn’t end here’
—————————————————————————————————–
‘Svietchenko struggling for cup semi’
‘Didier Agathe blasts Celtic’
‘McGhee eyes Celtic result’
‘Aberdeen must take chance to pressure Celtic’
We all know about aspects of the dirty war that was fought here. In terms of child abuse though you would think this may have been a exception.
You would of course, be wrong.
Perfidious Albion
http://www.bbc.co.uk/news/uk-northern-ireland-35997873
Árd Macha
GLENDALYSTONSILS
Sorry,mate. I must be dreadfully confused. Not a first,of course…
I thought they had more in common than differences.
All written by huns.
Good morning all Tims from Sedona,Arizona amid the towering blood rock formations.
Scrambled to near the top of the famous Bell Rock yesterday, and watched as the waning sun transformed the entire valley into what seemed a raging, crimson inferno.
On to Las Vegas today across Boulder Dam bridge and Lake Mead, where the current level of the dam is at 50% such is the depth of the drought in the southwest.
Gives me an excuse to drink more of the fine local craft beer.
ARD MACHA
You’re kidding?
Kincora has been exposed already,why are victims still being denied justice?
https://en.m.wikipedia.org/wiki/Kincora_Boys%27_Home
Embdy heard from the Singing Detective?