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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2,883 Comments

  1. What is the Stars on

    Thomthetim

     

    Would that be related to the Entryists that Macjay warns against

  2. Marrakesh Express on

    I questioned a sevco mate last year about Murray’s tenure at bigotdome. His reply was that ‘Murray should have been drowned at birth’. Its no surprise the msm haven’t asked a single sevconian the same question.

  3. Anyone who knows me knows my character. I’ve faced loyalist mobs, been shot at, have been named in Combat and other loyalist magazines. A lot of your songs were learnt from myself and others. I and the Cathal Brugha Cumann ,of which I was the E O, set up the first West Belfast Festival in 1974, called the Anti Internment Festival.

     

    I’m a latecomer Celtic fan. Previously Man U, from age 6/7.

     

    You are right. I’m not typacal, and I still hate whingers.

  4. Stairheedrammy on

    I saw hearts beat Aberdeen in the cup earlier in the season, the sheep ran them ragged but had one of those nights. I guessed 3-0 for the sheep before the game and have worries that we can beat Motherwell. Fingers crossed eh

  5. The Resolute Mr Pastry on

    Amazing how we search the continent for a striker and still can’t find apartner/stand-in for Griffiths – and yet the Dons can pick-up a straight replacement for Rooney at the drop of a hat – he plays straight away and scores straight away – makes you think.

     

     

    When this season is reviewed, will this be the move that won the title?

     

     

    I fear the worse – hope I am totally wrong!!!

  6. Stairheedrammy on

    I wasn’t worried about Sevco due to our defensive record and theirs. Losing two of our first choice would even that up and means that if it happens we will see how well RD can organise a football team.

  7. Watching Aberdeen literally rag-doll Hearts…. And it’s a stark reminder.

     

     

    They have in spades, what we have lacked all season….. Desire

     

     

    Desire and desire alone should have seen us do enough to get past Dundee. But in reality, as with all our Europa games, we simply don’t have sufficient desire. Worrying

  8. raymac

     

     

    And your point is?

     

     

    You are a keyboard loud mouth.

     

     

    Look at me the loyalists shot at me.

     

     

    It doesn’t make you my hero and it doesn’t make me think you are anything but a prick.

  9. It’s a scrappy game but Hertz are not out of it, however they do need to get the next goal.

  10. The Resolute Mr Pastry on 8th April 2016 8:15 pm

     

     

    Amazing how we search the continent for a striker and still can’t find apartner/stand-in for Griffiths – and yet the Dons can pick-up a straight replacement for Rooney at the drop of a hat – he plays straight away and scores straight away – makes you think.

     

    ———————–

     

    It is interesting, imagine Celtic had signed Simon Church how do you think the reaction would be from the fans? Do you think he’d score more, less or the same amount for us as for Aberdeen?

  11. I’m going to take up this predicting game.

     

     

    Philbhoy/Raymac 2 good ghuys and 2 good Tims, hate to see ye going at it. Maybe just leave it for the night.

  12. Philboy,your opinions are your own.I don’t know if you are Kevj’s toyboy or not, and don’t give a damn.A loudmouth? I made a point about a notorious loudmouth and you jumped in with both feet. Anything I post I can back up—-Can you?

  13. RAYMAC “I hate whingers” I’ve told you a million times don’t exaggerate! :-

     

    )

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

    Intriguing now at Tynecastle.. I predicted 1-1 earlier.. I suspect more goals now given the way both teams are playing. A lot of desire. John Park would be better scouting at this game as quite a few on show who are better than the Keech he has brought recently…

  15. raymac

     

     

    Your last post is typical of what I expect from someone of limited intelligence who fancies himself as a bit of a tough guy.

     

     

    Your comments about Kevj were lowlife.

     

     

    Call me names and insult me.

     

     

    I couldn’t give a toss.

  16. Boath o’ yez (Phil and ray)

     

     

    Gonnae gie it a brek?

     

     

    It’s no fun fur the rest ay us …

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

    Discretion is the better part of valour – best to keep any heroics to yourself, and always avoid name dropping as it seldom impresses… Martin ONeil told me that :-)

  18. GlassTwoThirdsFull on

    Poor Roddy. Was on 5Live giving the report. 1-0 Aberdeen, Roddy sounding well chipper. Then Hearts score!

  19. Willo warming up. Come on Willo you owe us big time. An OG would do nicely.

     

    Ryan Jack off injured, Willo on.

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

    Willo flood straight from the set of Lord of the rings..