“Crash and burn”. That was the outcome I expected to await Murray International Holding’s (MIH) debt-fuelled expansion in the early part of the last decade. This wasn’t entrepreneurship. Borrowing money to invest in a market which was on a long-term growth spurt, without consideration that your asset values could fall, was corporate vandalism. It was a safe enough bet as long as the commercial property market continued its incessant upwards trend, but the bubble had to burst eventually.
There were other voices out there saying the same thing. In the pre-blog era I remember printed copies of the Dogs Bollox passed around like the potentially-subversive underground insights they were. It was financial madness, writ large, all you needed to do was step back a little to see what was happening.
Celtic Quick News started because the underlying story of the biggest issue in Scottish football – the ability of the two largest clubs to pay their bills – was not being told. Without Murray’s debt splurge, this blog would never have happened.
I gave running commentaries of what to expect of Rangers and MIH accounts when they were released in 2005, the evidence will be there, I told you. I didn’t expect a convenient, and remarkable, property revaluation. It was smoke and mirrors, though Murray inspired such confidence, even among Celtic fans, I remember “Why can’t we just revalue Celtic Park and borrow more?”
Millions were taken in executive pay and bonuses each year, despite borrowings galloping away, while the Bank of Scotland continued to open the vault. MIH wasn’t the only bad bet Bank of Scotland made, but it was the worst.
Rangers were the ultimate vanity project. Tens of thousands of people literally fawned before Murray, he wallowed in decades of deference, controlling oceans of the media. The best parts of history are never written, and what happened at Rangers, and with the Bank of Scotland is no different. While Murray is alive you’re only going to read the parts of this story with documented evidence.
The illegal EBT scandal was typical of how the business operated. Through this, and the also-illegal Discounted Options Scheme, Murray drove a horse and cart through the SFA rulebook. Lord Nimmo Smith found as much. In Craig Whyte, Rangers appointed a person who was not fit and proper to run a football club. Whyte was sine died from the game and Rangers were disciplined, but it was Murray who sold the business to Whyte, despite his personal history. For all the rule breaking, and subsequent havoc he inflicted on his club, Murray has not been brought to account by the SFA, his allies still hold the balance of power, but not for ever.
The knighthood for services to Scottish business will sound hollow to those who invested in MIH pensions, and who were recently told their funds are in trouble. Yesterday’s news that Murray is putting a squad of his businesses into liquidation, or from BBC’s Douglas Fraser that Murray’s family are buying “fire-sale assets” from MIH, which, he explains, “received what’s called “an unsolicited approach from the Murray family”, tells you what you need to know about the man.
If only there was the political will to ask for an inquiry into hundreds of millions of pounds of public money lost to the exchequer, as publicly-owned Lloyds, now owners of the Bank of Scotland, slowly come to terms with how deep the Charlotte Square money pit is. Murray’s acolytes, those who partied hard with him during the good times, remain scattered through Scotland, from Holyrood, to Hampden. It will take years before they slowly lose grip on their own fiefdoms.
Strip him of his title, discipline him for the rule-breaking in Scottish football, and have an inquiry into how his coalescence with the financial, political and media sectors rendered him immune from responsibility.
More later on Gary Mackay-Steven.
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Syd Negakev
18:11 on
14 January, 2015
Fancy skills by GMS there but no end result.
————–
Man Utd fans used to say the same thing about Ronaldo. Now GMS is obviously no Ronaldo, but with the right coaching, he could become a really effective player.
Whether he will or not who knows, but as a low risk replacement for Dirk / Tonev / Wakaso, a player that can get you out of your seat with sublime skill is worth a go.
What is the Stars
11:32 on
14 January, 2015
Bonjour bonjour, nous sommes les garcon Billie,
Hee hee hee hee.Very good.
Eurochamps and BSR
I am on record as being not a big fan of Gary Mackay-Stevens.
There is no doubting his talent and skill and he has bounced back from setbacks to his early promise.
However, even at his own club, he was regarded as inconsistent and lightweight and, when his manager, Peter Houston, was part of the Scotland set up, he did not consider him ready to make the step up to the Scotland squad. United fans would see GMS as their luxury player and Stuart Armstrong as their best player.
However, according to some in the MSM, Armstrong has his heart set on going South whereas GMS is willing to come to us. Armstrong would also cost us a much larger fee, probably more than United would accept from an English club.
We could be getting GMS because he is affordable and willing to come, rather than because he is the number one target or what we urgently need. I am not arguing against the signing but he strikes me as a Samaras figure- great for counter attack in Europe but less useful against the packed defences we face in the league.
GMS is a safe punt because of his price but he may not enhance us by much.
Sipsini
We’ll be wearing it when we win the CL in 2016.
I think!
Hail hail
Estadio
Evening all.
Nice one P67, you didn’t miss the target .
The leader reminds me of a conversation with some blue noses years ago.
Before I found this place on the Timternet
my favourite read and information source
was the fanzine Not The View .
NTV had a City analyst go through any available accounts from the Deid club
and MIH.
Reading the analysis with the financial terminology was not straight forward.
I do however recall the summing up.
Creative accountancy only covers up so much . The whole shebang was built on a foundation of sand.
Unsustainable.
All these years later Murray still has his pawns in the media. Still dishing out the
propaganda.
Shameful.
SOT
Ha – Brilliant
JonnyRambo67
GMS is obviously a very good player and, if he joins us, I hope he becomes a great one.
SFTB
You could have written that about Jinky.
I know you didn’t but you could have.
“There is no doubting his talent and skill”…..
If I was a manager or coach, that would be a couple of things I could really work on.
Hail hail
Estadio
Lol reminds me of a wee phrase
Nutty as a squirrel’s toaly :-)
Anyway, I was told a wee story about something Murray said directly to Fergus.
Around the time of ” for every fiver…” etc
I am not at liberty to repeat that chat here, but ever since I’ve had no doubts about his fundamental lack of class.
Hunnite….in extremis
Syd Negakev. Fella we will sign GMS wither we pay money now or wait until the summer who knows.However, one thing I like about Rony and JC is they talk about making individual players better and with GMS they have a good player that they can improve. H.H.
SFTB
Is that a naw?
EC67
This place reeks of control freakery sometimes. Why do people require a ‘happy’ blog which has no dissent but only clique agreements? It is really odd.
Alfie, I don’t agree with your support for the corrupt Labour party but you are a welcome addition to the blog.
estadio.
:-)))
GMS,
No thanks. He has done nothing against us.
Tickets picked up today for the Semi-Final bring it on…:)
Keep the Faith!
Hail Hail!
Judee Sill.
Hell yeah. Wonderful musician.
BSR
A couple of nice strips in there …. the one I like most is the design from Cenkunal.
I’d welcome GMS – he’s due a step up and I think he could meet it.
Like I hoped on the return of Charlie Mulgrew from Aberdeen – and Charlie was amazing for us for a while (In the right formation he still can be).
I have had it on good authority from a while back that Armstrong would like to play for Celtic. Maybe money has changed things.
But I’d welcome Armstrong and view him as a potential Captain of our side.
There that’s my colours to the mast.
U
Anyone who would happily sell his mates knock off gear as kosher was never going to change his tack when he got wheeled in the marble reception area…
ulysses mcghee – a demographic of one
18:30 on 14 January, 2015
You’ll need to wait until the Summer for Armstrong.
Keep the Faith!
Hail Hail!
OK, so I’ve been offered a ticket for the semi final.
Letter says to accept my ticket simply log into the website.
Did that,
Just got a spiel about phoning the ticket office.
Is there a way to actually accept, choose, and pay for the ticket online?
Dam phones.
Meant to add that the blue noses mocked and laughed but never mention fitba now.
SFTB
All about opinions mate , where I beg to
differ is GMS may be inconsistent ,he can
though take a man on ,hit the bye line and deliver a cross.
In the absence of James Forrest we expect
our full backs to carry this out.
Alfie
Couple of questions
When does the shift change?
Are you and the team planning 24 hour coverage of cqn or giving us the occasional break?
Captain Beefheart
The beast bought players like Ian McCaul because he played well against the orcs didn’t really work for them
If GMS comes he has pace which is needed to get behind defenders and get the ball into the box
setting free the bears for Res. 12 & Oscar Knox
18:21
Was talking about this last night, I like Armstrong but if you’re talking £3m, then you expect him to be a first team starter, and I’m not sure who you leave out of the team to accommodate him.
GMS for a free is a good squad addition, who could maybe force his way into the side on the left wing, where we have been playing Stokes out of position(though he’s done reasonably well).
Disagree with the Samaras comparison though, I think the opposite, GMS can go past players which you need against packed defences, whereas he might be defensively suspect away from home in Europe.
At zero down, with zero to pay later, it’s a no brainer.
Italiabhoy
Just send card num and 3 digit security code to estadio@wipeyouraccount.co.UK
I’ll sort it.
Hail hail
Estadio
sftb
Couldn’t fault, or disagree with a word of that.
When I say his signing with us could deviate from policy I mean if we paid a fee now in January. As many believe the pre-contract is a no brainer, because by that time we’ll have moved some fringe and loan players on, by then.
There is no question that he is ‘brittle’ and takes a sore one very noticeably. ( plus his injury record )
He’s also sampled the delights of England, and returned North so your synopsis fits.
We have time yet for the ‘Celtic dither over transfer fee’ and ‘Utd play hardball with Celtic” – days to come.
If he signs for us, he becomes a new ginger hero before he kicks a ball.
En Passant………
Gary Something Stevens.. is no a Bad Player.
If he comes.. then. He comes..
Howevahhhhhhhhh
If Ah hid Ma Druthers. which Ah don’t.. at this Time..fur Ah hiv Mistplaced ’em Somewhere… Regardless, o’ That..
Ah wid ..
Go Awe oot tae Bring tae Parkheid oan the Clyde..
Wan..
GREG STUART..
For ..He is a Likely Lad..
A Guy who wid Fill oor Vacant..Left Wing Spot.. A Perfect fit..fur Us… Like a Suit Fae Jackson’s.
He is the only Guy who AH saw This Season..playin Against us..in oor S.P.L. Confrontos..
who.. Tickled Ma Fancy.
Yes.. Greg Stuart, Of Dundeefc….wid Be Ma Main Target.. this Windae..
Kojo
Still,Laughin’
Italiabhoy –
I had that problem too. Very confusing.
Go back and select all tickets. It gives you a list of all games and you click “find tickets” next to the Rangers game.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
13:03 on
14 January, 2015
Much as I am fond of the occasional pint,I’ve never taken to the stronger brews.
Every one of them that I have tried-and to be fair,I was willing to give them a chance to impress me!-has been absolutely bogging!
Nothing better than a smashing pint or six after work,but that stuff,naw. Nae pleasure in it,IMO.
I agree.Over in that drink heaven over the Channel,going to Paris to see the Bhoys we went on the rounds in one of those enormous duty free places.Trying everything before we loaded up the bus.We actually found a Lager that was 16% proof.Opened it up for a taste.It smelled like someone had drunk it,then spewed it back into the bottle again before putting the top back on.Disgusting.
I should have stopped at 6 of them!!!!!!!!!!.
Sir Minty’s failure getting exposed on BBC Scotland.
It’s the loved ones you feel for when someone gets publically humiliated like this.
Chick Young must be distraught…
Evening BT.
May I be wrong. I would be delighted to see him become a star with us but I doubt it.
kdc
When does the shift change?
(thumbs up) © philvis
Captain Beefheart
I hope you are wrong mate
But I don’t mind you giving your honest opinion. 8))
Estadio
Skill and talent are undoubtedly good things. The boy might kick on again and improve but at the moment I am happiest because the fee is less than £250k rather than because we are getting GMS. I’d love to be wrong.
captain beefheart
See what I said earlier about arguing against propositions that were never put forward. My concern with Alfie was not because he was a dissenting voice (aren’t we all?) but, because he was engaged in needless goading. Some voices produce debate on here and some just produce heat. Some of our contributors only seek heated responses. Be careful you do not become more like that!
BBC Scotland’s Business commentator reckons that Murray’s businesses that were involved with his football team will be liquidated and soon will not EXIST. What does that mean for the football team therefore??? Hmmmmmmmmmmmm…………..I think we ought to ask wee Chuck or one of his cronies who are in denial.
SFTB-‘I don’t believe it was Peter who played fast and loose with those words’.
You will be guessing then?
Sandman
Yur a wee Besom He, He, He.
Awerabest PJ