“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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Look here Timmy – the company that ran the club wad liquidated – the club survived.
What do I hear you say – the club was incorporated.
Eejit on ssb masquerading as a Celtic supporter
Well there you have it….according to Jim Delahunt.. Aberdeen “will” win the league
The problem with signing GMS is, as has been pointed out, is that he may not get a start.
For reasons I dont quite fathom, RD seems to like Stokes on the wide position. I think AS is a striker … not a winger, or inside left.
Mike in Toronto.
Scott Brown played as a counter attacking midfield player for Hibs, strong, pacy and able to get ahead of retreating defenders. When will he ever do that playing for us in the SPL? He’s a very good player but has had to adjust, he also has a heart of gold and is our captain. For that alone he will get my support until we sign better.
Gary Mackay Steven would be a decent signing for us.
The fact we are competing with Sheffield Utd for his signature, tells us how far we have fallen, both on and off the park
Mike whisper it. It’s cos ronny doesn’t know what he is doing. Don’t say it too loudly or folk will get upset.
Bada bing
“SFTB-Why did he say it then?”
I think I have already answered that. We CAN spend £5m if it is justified to do so but there are not often £5m level players willing to come here and play within our pay structure, who are worth it. The message may not be one that some fans like but it has remained fairly consistent.
As for G.M.S from Dundee Utd…. We would be daft not to. We have no natural wide left players…. Stokes, wakaso….
Surely a talented left winger, natural in the position, will enhance the team?
Not sure if GMS would come back , if he got clattered during a game, plays well against the huns though.
neganon2
19:17 on 14 January, 2015
Whisper … Thank God we’ve got expert supporters like you. To keep us all right ……. :)
Gene
And, of course, once incorporated, a club becomes, in Scots law, indistinguishable from its corporate identity!
ruggygman
I’d bet RD would play him wide right.
winning captains
I suspect there is a lot of poker playing going on between us and the other lot before this dreaded game at Hampden. Look out for “big stories” in the MSM in the last few days where each side tries to up the ante. Orcs find a saviour to bale them out, or such and we resign our POTY just in time…….fanciful?
mike in toronto
19:11 on 14 January, 2015
Behave yourself
Ipswich v Southampton FA Cup replay coming up on BBC 1
good point regarding brown at hibs – Didier agathe often played his best football in european games where celtic typically hit on the break – he had room to run into. In the SPL teams got 11 behind the ball and we needed a different type of player + a tall strong center in sutton.
jmccormick
Dont disagree with your view on SB’s style. But that suggests to me that he wasn’t the sort of player we need(ed). And if being a good guy and having a heart of gold was all that was needed to play for Celtic, we all (okay, most of us… okay, some of you guys) would be playing for Celtic. But more is needed to be a Celtic player, and particularly, a Celtic captain.
neganon
As you know, I agree with you more often than not, but, on this one my friend, we will have to differ. SB has never done it for us, regardless of the manager, so I cant blame RD for this one.
beatbhoy
When did the law mean anything to any mob playing out of ipox
grrrr
SFTB-Thanks for your take on it HH
67 heaven
‘Behave myself’?!
I have been on CQN for 10 years now, so…
1. Why would I start now?
2. You should know better than to think I would or could.
Mike fair enough.
67heaven just one of the many services I provide for cqn. Free of charge mind! ;)
Question from twitter
“Should SFA/SPFL not have gone straight to CAS if this EBT debt was disputed and if 5WA was signed , instead of this route ? Why this route”?
Captain Beefheart
18:29 on
14 January, 2015
GMS,
No thanks. He has done nothing against us.
Ripped us apart ,I think 2 seasons ago playing on the left wing.Second half he was unplayable.
#JeSuisSevco
neganon…
although… I was a very big RD supporter when he started, but am starting to have my doubts that he is the man for the job… so, I fear that, unless there is some major improvement this season, by season’s end, I may be agreeing with you on the RD issue.
Bada Bing
No problem- debate is good.
Alfie Noakes-
Just been reading your posts today. You are very strident in your claims that an independent Scotland would lead to all manner of favouritism being extended towards the club playing out of Ibrox.
I`m very interested in your views on Jim Murphy, in his then capacity as Secretary of State for Scotland in the UK government, stepping in to plead with Lloyds Bank not to pull the plug on Rangers in 2009 amidst rumours that Lloyds were going to place the club into administration due to its debts owed to the bank.
It seems that Mr Murphy was applying “gentle” pressure on the taxpayer-bailed out bank not to enforce or pursue debt that was owed to it by Rangers at that time.
Some particularly juicy quotes from the horse`s mouth:- “A Scotland Office spokesman confirmed that Murphy had spoken to Lloyds.
“He said: “The Secretary of State for Scotland spoke to Lloyds Bank today about the importance of the bank’s support for Rangers Football Club.” ”
http://www.telegraph.co.uk/sport/football/teams/rangers/6440632/Secretary-of-State-for-Scotland-Jim-Murphy-holds-talks-with-Rangers-bankers.html
Quite an extraordinary intervention by the Secretary of State for Scotland on behalf of a debt-ridden SME that owed a taxpayer-bailed out bank millions and that only sustained 200 jobs in Scotland at most. Hardly an economic powerhouse that deserved the immediate attention of the UK government`s most senior politician in the country. I`m sure that any SME in a similar situation would have got the same support and attention from the Secretary of State.
And yes I am aware that Salmond publicly claimed to have written to HMRC in support of RFC re the tax case. My point is that Sir David Murray is clearly a man with friends in low places in both Westminster and Holyrood.
Any claim that independence somehow opens the floodgates for corrupt favouritism towards the likes of Murray and the Ibrox club is wrong; the floodgates are already open in that regard and they have been for years and all on Westminster`s watch.
Murray and the Ibrox club are clearly entities that have received all sorts of favours for years from bankers and politicians, even as this example shows, from politicians who are no strangers to Celtic Park. They should all be ashamed of themselves.
Gene
When Airdrie owed one of Murray’s companies £30k?
In other words, when it suited them.
https://twitter.com/moo_ted/status/555444076376760320
mike in toronto
I think Brown has really upped his game last year and this, he’s certainly playing at his highest level since joining.
That said, if we were to sell him in the summer and replace him with Armstrong then I could see the logic in that, but Brown just signed a new contract and hasn’t given any indication he wants to leave, and RD and Lenny before him seem to love him.
I don’t think Armstrong is better than SB at the moment, but I’d say he has the potential to develop into a better player. Just don’t see it happening.
Boomerang Mike in Toronto
Agree 100% that denayer’s a touch too short for centre back and/but would be a great holding midfielder.
And you’re 80% wrong on Broonie!!!
No he’s not the player I thought and hoped we’d signed long ago. But he is the most important player on the pitch. Greater than the sum of his parts and a better player than many give him credit for.
Stay aff the fermented eucalyptus juice ya great galloot ya!
HH jamesgang
Good Evening Timland.
Been really busy, so many subject’s to cover.
The advert in the Herald,without wishing to disparage the
bhoys that put it together,pointless,it has divided the Celtic
support, and it will unite the hun….the road to hell is paved
with good intentions.
GMS….no ta,he will be up against packed defences and get
booted up and down the park.
We need a striker, a proper one,if PL wants to pull the rug from
under the feet of the growing band of malcontent’s he should
sanction a big money signing,it will also send a GIRFUY message
to the hun and will do more good than a advert in a paper nobody
reads.
I see some Celtic fans are still tuning it to SSB…….unbelievable.
I think Gary McKay- Stevens would be two excellent signings :)
I’m more of a Campbell’s Soup share owner/board supporter myself.
They goat tunza money and some superlative soup takers.
beatbhoy
Ibrox chairman David Murray applied for an interdict, on behalf of his company Carnegie, for a debt of around £30,000 owed by Airdrie.
Mr Murray said: “I feel very sorry for Airdrie and their supporters but we’re running a business. We have given them repeated warnings and felt they were playing on our good nature.”
neustadt-braw, Just for the record Murrays Baker in Perth has no connection with you know who
PL & ham? Noo thats clever!