“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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g’day james gang
I’m not sure that it is that Denayer is too short to be a CB (he is over 6 feet, I think … but looks small beside VVD), but he loses too many challenges in the air (a key for a CB). And for his age (what is he, 18?) I think he has a good eye and a bit of composure on the ball.
As someone whose opinions/post I generally enjoy reading, I would ask you to explain to me what you guys see in SB …. he seems like a great lad, and genuinely seems to love Celtic (which,is great… in some ways even better than someone who was brought up in the green and white), so I would really love to see what you guys see …. perhaps if someone points it out to me, I will see it more when I am watching him play.
PS… so, I have put on a bit of weight recently… that’s no reason to be calling me a koala! or a bear of any sort, for that matter!
Nye bevans I could not disagree with you more. We need to get the big lie out and debated.
Doing nothing is not an option(unless you are pl of course).
Could someone translate this into non-legal jargon please?
“18 June 2013 Last updated at 16:36 Share this pageEmailPrint
ShareFacebookTwitter
BBC Trust upholds complaints over reporting on Rangers
The BBC Trust said BBC Scotland’s Rangers coverage had breached accuracy guidelines
The BBC Trust has ruled that BBC Scotland breached its guidelines on accuracy in reports about the financial collapse of Rangers Football Club.
The Trust upheld two complaints that the corporation had been wrong to use the terms “new” and “old” club.
It rejected parts of the complaints which alleged that use of the terms was a result of “anti-Rangers bias”.
BBC Scotland, which argued in its evidence that it had achieved “due accuracy”, said it noted the findings.
The issue was considered by the Trust’s Editorial Standards Committee (ESC) after the complaints were rejected at different stages of the BBC’s internal complaints procedure.
Reporting language
The complaints focused on the use of language in BBC News Online and BBC Sport Online reports covering the financial collapse of Rangers Football Club.
Continue reading the main story
“
Start Quote
A football club, once incorporated, is indistinguishable in Scots law from its corporate identity”
BBC Scotland submission
In various reports, reference had been made to “old” Rangers being placed in liquidation, with the assets being sold to Charles Green’s consortium, which subsequently “re-launched” the “new” club in Division Three.
The complainers objected to this, maintaining that it was only the company which ran the club, and not the club itself, which was liquidated.
They also claimed that the use of such terms was a result of “anti-Rangers” bias by BBC Scotland.
In its ruling, the ESC said that where the BBC had made the distinction between an “old” and “new” Rangers, as opposed to the “old” and “new” company, it “had not used clear, precise language and due accuracy had not been achieved such that the guidelines on accuracy had been breached”.
The ECS said it was “satisfied that although there had been a breach of the editorial guidelines in relation to due accuracy and the use of clear and precise language, it had not seen anything to suggest that the BBC had knowingly and materially misled its audience”.
The committee said the Rangers story was “a complex subject and it considered that the use of imprecise language was likely to have been as a result of that complexity”.
In its evidence to the Trust, BBC Scotland had stated: “We remain of the opinion that due accuracy was achieved.”
It said: “A football club, once incorporated, is indistinguishable in Scots law from its corporate identity.
“If the club was separate it would need its own constitution, committee members, trustees, etc.
“Rangers Football Club does not have that because it is incorporated.”
BBC Scotland’s submission said that an implication of the ESC ruling could be that future reporting, in order to achieve a “common standard”, may have to differentiate “between the business elements of a club’s activities and its footballing activities”.
It added: “This, we believe, would add layers of complexity to reporting that would not be to the benefit of clear reportage or enhance the understanding of such issues by our audiences.”
Following publication of the Trust’s findings, BBC Scotland said: “We note the findings of the report.”
Was BBC Scotland in the wrong and if so, for what?
P
SSB …. It’s that or Emmerdale or Corrie
Ur either a football man or ur not.
On the subject of Armstrong…. I’d like to see us spend the money on him. Dundee Utd can claim they want 3 / 4 million for him, but for me I reckon they’d sell for around 2.7million.
Start our bidding at 2million, they’ll want 3.5mil….in true negotiating we could meet them half way somewhere.
I’d suggest it would be money well spent.
BSR
So, despite the steel business, he doesn’t do irony.
Evening folks,
Mike in Toronto, interesting post re Broonie. I’ve always thought his best position was in the right hand side of the midfield. Agree he has not progressed as we might have hoped he would. However I think he has matured as a player with the added responsibility as Captain. However he still lets himself down at times with his petulant moments, which should not happen with him being the Captain, should be leading by example on discipline and at times is too easily wound up.
I don’t think Ronny’s system in midfield helps his game, or the rest of the team for that matter. Overall I think in the right system, playing on the right hand side of a good midfield he would be a much better player. Can’t see this happening under Ronny’s system or the clubs player buying policy at the moment.
HH Dan
mike in toronto
19:25 on 14 January, 2015
Hahahaha….Google retort ……SB is fantastic…..no coincidence that our bad patch this season was when wasn’t playing…. HH
Sorry to interrupt….
** LAST MAN STANDING 3 – WEEK 2**
For the 35 or so folk who have submitted their pick for Week 2, thank you. If you sent your email before 7.00pm tonight You should have received an email from me confirming receipt. But with the volume of traffic into the inbox there’s always that chance that some are missed. So if you’ve picked and not heard back can you email again.
If you sent (or send) your pick in after 7.00pm this evening I’ll get back to you but probably tomorrow.
And now, back to the main feature……
Google = good ……. Stupid predictive text….
BSR. 19.21.
I posted the same belief last night :-))
Square pegs for round holes.com
BBc Scotland found to be wrong on one of the few occasions when they were in fact accurate
NegAnon2…….debate with the hun, as I said pointless,the msm
have already show they won’t go near it,the rest of the world is
too busy.
Mags,
Wiz it no chicken :)
mike in toronto
19:38 on 14 January, 2015
g’day james gang
I’m not sure that it is that Denayer is too short to be a CB (he is over 6 feet, I think …
____________
That’s wee compared to Jamesgang ;)
mike in toronto,
Hi Mate,Denayer is already valued at around £10 million,so if we can get him on loan for another year it will be a feather in RDs cap.He wants to make his mark at Man City.
Biton is one of the most underrated players at Celtic.Carrick,at Man U,and who cost ,I think around £27 million a few years back,and the Barcelona midfielder,Busquets are a good bit ahead but the same type of player.Keeps possession and the ball moving to team mates.We have a cracker here.
Nye I agree you can’t debate with the Hun. But you can make them seethe when they realise we will never let them forget the truth.
That on its own is worth it.
We can also keep pointing out the absurdity of Scotlands stance on this matter. Thy hate it. They know t doesn’t bear any scrutiny. Hence why you can’t say sevco anymore.
We take them on. All of them.
Buy the Sunday herald on 25th.mtell everyone you know about it.
Create a debate.
pod i
19:39 on 14 January, 2015
Ah, the myth …………. Let them carry on with it, since it is destroying sevco, and allowing the spivs to perpetuate the (financial) cover up etc
Turkeybhoy @19:50
I agree … two class players (and both are only going to get better).
You are a very wise man (at least, until the next time we disagree!).
HH
Pod I
This help?
https://saynotothesameclub.wordpress.com/2013/06/24/what-to-say-when-they-claim-its-the-same-club/
Keep thinking about sale/leaseback, Sevco needing £6m in a rush, Craigy in court today, Sarwaar getting knocked back.
Keep coming to the conclusion that ra Bomber got it right all along !!
As far as I understand, the £250k fine for withholding details of EBTs, was a quid pro quo for not losing titles.
This was contained in the invisible, fabled 5WA, agreed by Sevco, Rangers, SFA,etc.
Therefore, if Sevco are threatening to take their case to Arbitration, does this mean that the elusive document has to be produced?
glassford03
16:12 on 14 January, 2015
Saint Stivs
16:11 on 14 January, 2015
Eldorado and merry down silver label.
Shudders.
flashbacks.
______________________________________
Norseman Lager. A poor man’s Skol!!!!!!!
~~~~~~~~~~++~~~~~~~~~~
Believe it or not,that vile brewby Vauxhall,was still sold on draught in the late 80s,as I discovered one night in Sunderland.
I took a mouthful of lager,not realising what I had been sold,and turned to speak to my rather stunning young lass of the time. It hit my tonsils on the way down,then her on the way back up!
First date as well,doomed to failure…
Mike in Toronto
‘As someone whose opinions/post I generally enjoy reading,…..’
Wow, damn me with faint praise brother!!!
;-)
Dan and 67Heaven have just made many of the points that I would.
Though I would say to dan that while Ronny’s system might not be best for Broonie, Broonie is at present vital to the system.
He’s scored far fewer goals than I’d hoped. Cos his shooting is horrible!
He’s not been the Petrov type I’d hoped for.
His discipline is at times lacking.
He sometimes looks like his feet are on back to front. Not often though to be fair.
But he provides organisation, motivation and cajones to a team that lack all 3 at times. This was apparent when he was out injured and even when he was subbed against Aberdeen as he was being reintroduced.
And he plays some great passes and very few to guys wearing the other top.
I think he’s matured as a player and person. And 18 months ago I thought his chronic hip injuries would have seen him retired by now. Against that context alone having Broonie still playing at all is like a new signing as Mark Hately might say!
The England rugby team that won the World Cup was full of stars. A guy called richard hill was their no6. Uber understated, unglam as could be. But England always looked much poorer and less cohesive in his absence.
Broonie is a gallus version. And we need him at the mo. All IMHO of course.
HH jamesgang
BMCUWP
Wummin, eh?
neganon2
19:26 on 14 January, 2015
67heaven just one of the many services I provide for cqn. Free of charge mind! ;)
Hahahahahahahahahahahahaha …….brilliant ….send your bill to sevco……their paying everybody else…:)
Oops, off to watch Wanyama ….I mean, Southampton…
NegAnon2…..I will buy the Herald,take it into my work
and leave it in the locker room, it will wind them up,in
the year’s to come that’s all it will be, a stick to poke them
in the eye with…….of course the might be gone forever,
no, me neither.
angelgabriel
Does it with Calum McGregor who is just a much a ‘leftie’ as GMS.
Then reverses it with Stokes, Tonev, Berget, Henderson on the left, and they are all naturally right sided.
It’s not a RD phenomena in fairness, Samaras springs to mind, and Aiden McGeady played on the left for successive Celtic managers, despite being right footed.
Steve Guppy under MON might have started this ‘modern’ trend.
Jamesgang,
Agree with you re Broonie. Been a big miss when he has not been there. Believe that’s down to the bare squad in terms of quality we have, and Ronny’s puzzling non selection of Kris Commons.
At the moment with Ronny’s poor system and lack of quality in the team he is always gonna be missed. Guess it highlights how little quality we have in the team.
HH Dan
The first part of the new CQN will be available shortly. We are going to invite some posters to “test” this for us. This will be the news and features part of CQN – NOT the forum. if you fancy assisting please email me at david@cqnmagazine.com
We will also be offering not one but two free apps. One will be for daily Celtic news and the other will be for the CQN blog. Both will be free but we are looking at an option of charging £10 to go to Malawi / Mary’s Meals project. This will be entirely optional.
Work on the new blog will begin in the next few days.
Re CQN 11 – this is happening on Friday 13th March and Paul will officially launch it over the next few days. Again all profits from this to the Malawi schools projects. Details are already on http://www.cqnboookstore.com down at the bottom.
BMCUW
Can’t get an image of David Walliams and Little Britain out my head now. :))
neganon2,
You’re right about the advert/ statement opening debate up with thems.
I had a hun yesterday comment on it “is that the Fenian site you get Yer drivel fae?”
Yep said I, and if you had listened to me telling you about what was going down years ago, you might not be a zombie…just love it.
Spurs 0 Burnley 2, Ross Wallace….
Paul67 – Ross Wallace deployment ? Hope you bet him to score anytime
Clashcitybhoy
19:17 on
14 January, 2015
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.
Or maybe it tells us how difficult it is to compete with exceedingly rich neighbours.
JJ
Steve Guppy could mostly put a cross in to the right place in the the box. We don’t have that talent at the moment. Over/underhit crosses the order of the day.
Izzy + others; lets not put it all down to IzzyCSC
Not received a letter from Celtic but I have noticed the heading states
Celtic Fc v Rangers Fc
That answer the question then ?
Shane Long…. 1-0 Saints.
jamesgang
Thanks for taking the time to reply.
Although I haven’t had time to review it, I am agreed to accept for the purpose of this discussion that our average points per game (APPG)is higher when SB plays than when he doesn’t. (when I get some time, I will check this). However, this doesn’t necessarily mean that he should be playing; it is possible that our APPG would be higher with someone else in the middle (this we do not yet know because we haven’t really given any other pairing an extended run together … which is necessary).
So, what does he bring? All I hear is intangibles. This goes back to the problem I have mentioned before …. we do okay when we play the old fashioned scottish way (i.e, short on skill, long on attitude) because that is how our players learned to play, and how they are most comfortable. However, if we are to move to the next level, we have to prioritize speed and skill (which is not to say get rid of gallusness, but it cant be included to the detriment of speed and skill) particularly in the ‘nerve centre of the team’ in the middle of the park.
So, I agree that in the short term, we benefit from having SB… but in the long term, I think he is holding the team back from developing.
Not expecting you to agree (obviously you dont)… but always enjoy chatting.
And I will pay more attention to SB when I watch the game this weekend (although it is hard to isolate a player when watching on Celtic TV) … but I am hopeful that I will see some more positives this weekend, as you and many others obviously do.
HH