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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The Resolute Mr Pastry on 10th April 2016 4:50 pm
CULTSBHOY@4:32 – You don’t answer because you have no answer.
As usual you deflect by name-calling – I am not one of the people you mention – however I believe I represent the vast majority of season-ticket holders who pay millions to support and watch our club.
As I said earlier, £900k, being Peter Lawwell’s salary and bonus, half of which is paid in legal taxes to HMRC, is the insurance premium we pay for an honest and succesful club – we get a fantastic deal.
PLUS
We get very low interest on any borrowing from CO-OP Bank – we have the Magners and New Balance deals, plus another couple in the pipeline – top class merchandising – a training ground bought at a wonderful price – safe-standing areas coming in at Celtic Park – the Celtic Way, and tens of millions in transfer-fees over the past five years….all these things are down to Peter Lawell and his team and ALL for £450/year.
=====
Perhaps you can remind us all of how much money PL and the boards instance in playing ‘money ball’ with regards to player signings as well as a clear reticence to invest in proven quality players, you know those we could afford around the 5 -6 mill variety regardless of future sell on value, have cost the club in terms of lost Champions league revenue over the last few seasons – 30, 40 million plus? Most companies CEOs would not survive such blatant mistakes. PL = The Teflon CEO. And lets not start on the disconnect between the board and the fee paying public – IE the rank and file supporter.
THE BATTERED BUNNET on 10TH APRIL 2016 6:16 PM
The Snatches of Sevco. I can use that.
…………………..
You’re a rascal.
CultsBhoy can not relate to Celtic Board ambitions on or off the park, I’m not arguing that at times stadia has been half full, I’m saying you are just plain wrong about fans giving up on going to watch the current team for whatever reason be it Ronny’s tactics, the board or ticket prices. Nearly 50000 against Hearts proves that fans aren’t staying away, only that they are being more selective in which games they attend.
The Battered Bunnet on 10th April 2016 5:36 pm
Barca, having taken just 1 point from the last 9, now 3 ahead of Atleti with 6 to play.
BQN in meltdown
———–
No doubt plenty of shouts to replace their manager with John Hughes!
Page 67?
I simply must have a post !
I think Barca will go for Stubbsie before Yogi.
BCW
I left that employer a year ago … was there for about 6 years. Funnily enough the conversations about football diminished dramatically around 2012.
We did have a very funny hun who championed david murray / Craig whyte / Alistair / Charles green / John broon / Charles green again / big Mike/ king and Paul Murray.
One of my best memories was him telling us about the John broon speech on the steps of the club he once played for …… the poor wee huns head was well scrambled with the turn of events . Almost felt sorry for him … almost
TBB
Great craic!
From the telegraph (must be affiliated with the record)
Rangers gear up for Celtic in fine style as they stroll to Petrofac Training Cup final win against Peterhead
—————————————————-
MY BOTTLE HAS GONE !!!
Manure hit by heavy London traffic. It was a steamroller.
Eddie
Seemingly my local was very quiet last Saturday, as most Tims who watch the streamed picture from Paradise most weeks, decided to go to the Hearts game instead. Yesterday at 12.30 the pub was jam packed cause no tickets for Fir Park. Our attendees have become a bit lazy about attending in recent seasons at home.
My daughter just texted me that shawlands is crawling with huns, she reckons the Glasgow Zoo will need opened up tonight :)
” ….. so why is it important just cos it’s a team pretending to be “them”?”
SFTB
Although it should not be I , am sure you can think of many reasons why it is important.
Masters looking interesting.
Cheerio for now.
JJ
Ye know the guy I really feel sorry for is the bread delivery driver……..Imagine there you are in May 2015 safe in your job……….then The Magic Hat arrives……..and you have to drive around Glasgow in a big orange van with Warburtons emblazoned on it…………
SIPSINI
They shut the zoo…………liquidated I believe
9 points from last 5 games will do it for Leicester if Spurs win all their games.
More to do than us, but I’ll wait till the arithmetic is unchallengeable before taunting the irritable football gods.
Sips
2 trophies in a week doubles their history so it’s expected they will celebrate
How they celebrate is reminiscent of the fans of yon dead club …. hope there’s no big tellys around Kilmarnock rd
We don’t make enough of their history…………..Here’s Bomber’s five star performance: https://www.youtube.com/watch?v=Tnf2ee6xhnc
JJ
“Although it should not be I , am sure you can think of many reasons why it is important. ”
My questioning was as to why it was any MORE important than other cup semis?
We are in a bind here.
Either we believe they are an imposter club and we let go of any need to see them as a rival.
Or, we agree with their supporters that they are missed and it is better to have the rivalry back.
I can well understand Celtic fans who have attended every game and continue to attend this one as just another game albeit a semi-final.
I can well understand those who work alongside rabid Sevcoites and want to lord it over them with a win.
But, if you attend and it is not your normal habit to make each game, how do you avoid giving legitimacy to their same club argument, to their “you need us” argument and to their “you miss us” argument?
As I said, it is a genuine dilemma.
Dick (Blaugrana) Campbell……………
BCW
When I clicked onto your link I noticed the next video was John Brown red card so I watched that too. He elbows the dunfermline player off the ball then takes out another as he burst past him clean through on goal
When the ref pulls him over he pleads innocence then when issued the red card goes for the linesman .
Just as well we didn’t have a compliance officer as the red card would have been rescinded these days
Beyond funny!!
https://twitter.com/etimsnet/status/719181265908461568
HH jamesgang
Jamesgang
That’s tweeting them with the contempt they deserve!
Super-funny!
OGLACH@6:18 – How many 6 million payers would you like? – each one would cost 12 million including wages – we break even or make a small profit at the moment – so you want to go 36 million into debt – it can’t and won’t be done.
Had we not bought cheap and sold the likes of Gary, Ki, Ledley, Wilson, Victor, Fraser and VVD. for the best part of 45 million AND kept the, but up their wages to EPL level – we would now be 50 million in debt – add your three players = 36 million and we are heading in the Sevco direction – THERE IS NO GUARANTEE OF CL GROUP QUALIFICATION.
We ‘blew it’ from winnable positions in the last two years – nothing to do with the boardroom – we ‘blew it’ ON THE PARK.
SFTB
always easy for me
I have never seen us play them live since I was a kid in the jungle
my seat lay empty when they came to Parkhead.
As a tolerable informed adult i cannot be party to that circus.
Beatbhoy
Sharp. Like it.
;-)
HH jamesgang
tolerable ! sp Toblerone !!
CULTSBHOY CAN NOT RELATE TO CELTIC BOARD AMBITIONS ON OR OFF THE PARK@5;32
You, nor I, know the relationship between PL’s son and Celtic – however if it is responsible for Jason Denayer, John Guidetti, Dedryk Boyata and Patrick Roberts – it is not doing too bad.
Did I read on this blog a few months ago. that a lot of wealthy celtic supporters. We’re tying up some big deals with a lot of Chinese Companys. but never heard of anything imminent happening. anyone know of this.
think you may be wong
Just on from the beautiful Kingdom of Fife to say hi and be on page 67!
Just to be argumentative ( not like CFC fans I hear you say ) but why is everyone so happy at Leicester winning the EPL?
Are they not all doped up? Or was that story a loss of bull?
HH
I hear the horrible huns are out in force celebrating a historic(sic) win in some meaningless competition against plumbers, joiners, fishermen…
Be careful out there.
We know what they are like.
Even when they win.
HH!!
http://www.philmacgiollabhain.ie/great-expectations/#more-7426
Just realised.
Page 67!
HH!!
Is it possible to work out who we will have at Home and who Away now? eg We will have the Dons at Celtic Park. Are the other games equally obvious?
JJ
No live updates ?
Same thread for a few days ?
Is P67 ok ?
Tallybhoy
The sight of beer bellied, middle age women dancing and singing in Sevco taps, outside the Rosevale Partick, may have just mentally scarred my 9 year old granddaughter for life. Scared the life out of me, as I waited for the traffic lights to turn green.
Congratulations to new club sevco on winning their first major trophy at the 4th time of trying.
A goal for each attempt at winning the glorious Petrofac/Ramsden/Whiteverit’scalled Cup
Whit dae ye mean it’s no a major trophy!!??