“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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Love this time of year when Celtic Connections – this time there is a double reason as we add the Celtic FC Connections – let’s get behind the Bhoys to have a fantastic January and February – this period represents the critical core of our season – history is in the making.
As Van the Man would say “turn on your electric light”
LiviBhoy
agree re “tough” centre back. Just look at the fabulous Barcelona team of a couple of years back and the fantastic Calos Puyol, nuff said!!!!!
KINGLuBO
he Green Man
10:29 on
15 January, 2015
Alfie Noakes
What a dinosaur you are……are you a hun, because you sure sound like one.
——————————————————————————————————-
Not a hun – just an INTELLIGENT TIM!!!!!
The Ashplication has been rejected, due to an omitted definite article in the completed form.
Geordie
I won`t be able to read any reply until p21. My disappearing posts Act has occurred
Berra
Connolly from kilmarnock
Dear god..
Close that window if this is the level .
The Battered Bunnet
Why not bring both in? Can Armstrong play on the wing? We have a lack of wingers who can get change out of a full back in our league. GMS is on form. £250k is less than we will pay Derk this season for doing nothing.
KINGLUBO
Most great teams have at least one.
LB
Ashley and who’s army will take ibrox from the orcs who, remember…ARE the establishment!
Do you think all those armed forces displays were wee boys playing at soadjurs?
KevJungle – I’ll role play if you want me to – or you could just use context.
@Pmacgiollabhain: Well I do declare! I think I just heard the unmistakable sound of three bears shitting in the woods.
Jungle Jim,
It’s the proper name for pmt. Or in the case of cqn…pre-match stress. :)
You watch out for that wind now and avoid the cycle paths ;)
Alfie Noakes
So you think you can just disparage the people of Clydebank like that, and you are supposedly a Labour man….nonsense.
And btw, were we meant to be impressed that you campaigned with Jackie Baillie….wow, how far gone can you be.
You are just like one of those big mouths that everyone tries to avoid, not impressed with your nonsense.
Wait till the bhoys of Clydebank catch your hun spiel….they will not be happy.
STV on the MASH story
Secondly the move by Ashley means that should any other party step up to provide funding to the club, they would not be able to secure their loan against Ibrox as the document lodged by Ashley takes precedence.
Lying King and deadly bears will no be Happy
At least this proves that Ashley has no undue influence at Sevco – SFA/SPFL will be delighted.
LiviBhoy
10:33 on 15 January, 2015
_______________________
Exactly – bring them both in!
Reminds me of when Billy McNeill just after signing Tommy Coyne from Dundee said that, TC was one half of a prolific strike force – the other being Keith Wright who went to Hibs. Should have signed them both, Billy.
Alfie Noakes
Oh I see….you are Intelligent are you.
Well, there plenty of intellects on this site….but you aren’t one of them
Why are some looking for Mulgrew to shore up our defence. He is a cart horse we can well do without.
Livi
Yip, I’d take both, but Armstrong plays centrally, not wide. Different type of player altogether.
ANTIPODEAN RED. 1006
£300k from Spurs,after being on loan for a while. Good wee player,still only 21,I think.
My mates rave about him,but he disnae score many. Plenty of time for him to be the new Cahill,who scored like a striker!
Parkheadcumsalford
10:41 on 15 January, 2015
________________________
Surely yer no talking about the great Muldini?
I tried to tell folk about him on here when, he was ripped apart at the orcdome on – Jelly & ice cream sundae by – Sone Aluko.
Also…when we lost the League up at Inverness – my take was that the, night became a lost cause as, CM had the ball deflect off him for ICT’s 1st goal and, from that moment on, CM had the jitters and he couldny shake them so…it went through the rest of the team.
imho
HH
Phil said they could not give security over the “hate factory & MP” as it was “not theirs to gift”, who has given permission the Ashley ?surley not his old pal Big Haunds :))))))))))))))))
guernica @ 10 13
” What if the boy from Alkmaar would rather sign for Lazio.? ”
Lazio’ s version is that they had agreed contractual terms with the player and then Alkmaar upped the price .At that point – Lazio said – See ya!..
Rome based media outlets have ran alleged quotes from the player – disappointed / playing in Serie A a dream come true etc.
security over the “hate factory & MP” to the 3 duped bears :)
Livibhoy – Come on!
John Terry (for all his faults) is a top class footballer.
The same goes for Ramos, he was a full back who was moved in to centre back because RM identified that you need ability as well as brawn in the modern game.
Indeed, Kompany is the epitome of the modern, fast, footballing centre half!!
I’d love to see these players react to you teling them they are just defenders and don’t muck about with the baw son!
If you have a Bobo Balde in the modern game – where possession is key and pressing defenders is in vogue – you will soon see calamity defending. No point winning it back if you have a boy you can’t pass to cos he’ll give it away.
Morning, takes ages to read back.
Conclusion
What was the Ipswich v Southampton score?
Why did King Kenny scout for the huns?
The Metro is as good as it gets in this country
GMS…. Well why not, I like the lad, he’ll do a job a snip at 250k
And the big breaking news….The gift that keeps on giving..
Ayrshire is Green and White
I like charlie but i wouldnt be too upset to see him moved on if abit of money was offered.
Mainly because he is being played out of position.
Back up centre half- keep
Back up centre mid- sell
The thought of “tinfoil heis Graham & the Sons of shamble” perma raging ,
The gift that keeps giving
Till later all
https://twitter.com/Pmacgiollabhain/status/555673294784196608
For those taking Alfie Noakes at face value or seriously, Google the name.
from twitter
Can I change “Who’s been sleeping in my car park” to “Who’s been sleeping in MY stadium (that John Brown played for)”?
Alfie Noakes
You say you have won many battles for the working class…name me one.
You really do have a high opinion of yourself….and you reckon the blog should be impressed with your INTELLIGENCE.
That is funny.
Do yourself a favour….stop being an arse
the green man
10:18 on 15 January, 2015
What a.Dinosaur you are ….are you a current bhun…? :)
Charlie Mulgrew’s best game for me was when Neil brought him and Sammi and, Beram into the ne’erday skelping of the orcs at the orcdome 2011.
CM played in front of Izzy and covered well as Izzy was on the front foot a lot of the time.
Livibhoy
For comparison. Radowic wages are highest. He costs Legia 6 500 euros gross per week.
KevJungle
I thought the same with Thompson and Brown. We should have got both. Thompson got wasted at Rangers. He would have been a great player for us.
The Battered Bunnet
Totally agree. My point was we need a winger now.
Armstrong will maybe come in the summer but I would get him now before his value rockets. I don;t think the English have fully scouted him yet. They will once he features on Sky Sports & the BBC over the next few months in the cups.
guernica
My point is that we can;t afford to sign a top player like them. They became top players by playing for big clubs.
Put an average player in a great team and they become great players. We have a lack of dig and brawn in our team at the moment at the back and in midfield. Just my opinion.
LB
67Heaven
Whats your point?
HH
I would imagine that, Celtic will have the management team and, coaches to develop GMS if he is signed.
The highest, Radovic.