“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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Zbyszek .
Dybala / Glik .
Palermo site says Dybala had a Polish grandfather and an Italian grandmother . Born in Argentina . Has an Argentinian passport and an Italian passport . He has Italian citizenship but he has stated that he regards himself as being Argentinian..
Glik has done really well at Torino . . Boniek is big on bigging him up in the media . Italian media have used that to link him with Rube.
Geordie Munro
11:40 on
14 January, 2015
Yes it was interesting but i detected a wee bit of joy in the fact Celtic could lose the title
Yes we could well be victims of our own success, however the league title is Everything, diddy cups are nice but mean nothing compared to not winning the league
West Brom looking to offload Samaras…unleash Sammi v the huns…
#mightwakeafewupwiththatone
LiviBhoy
11:38 on
14 January, 2015
http://www.bbc.co.uk/news/uk-scotland-30747142
Beats playing Candy Crush!
If only we had civil servants monitoring our financial institutions………………………..
From this data, the BBC has found that one government employee started making changes at 10:45 on the first day back after the Christmas break, finishing about half an hour later.
The BBC promotes lazy journalism
Sami on a free??
Looking for business translation services, any recommendations ?
I’ve got this great business plan:
Start a small company, make a modest profit.
Get a loan from a mate down t’bank to buy another company.
Purchase a very public asset with another loan (Project Smoke)
DO
-Use assets to underwrite another loan to buy another company.
-Increase my pay
-squirrel it away using offshore trusts (note to self: tax is for the poor)
WHILE (I can get away with it)
Get some antiquated award in the process.
Start playing hide and seek (IMPORTANT: find a patsy for ‘Project Mirror’)
Let my empire go bust (it’s probably racked up nearly a billion in debt by this point).
Buy as much business/assets at a knockdown price using offshore funds as I possibly can.
Keep playing hide and seek (IMPORTANT: make extensive use of Project Smoke and Project Mirror to disguise what I’ve really been up to)
The job is indeed a good un. My only flaw is that I don’t have a mate who works at a bank. Bit of a downer that.
This is the funniest thing I have ever heard…….. Murray, who wantonly sold oldco to Whyte for £1, transferred shares overseas and (as captain) abandoned the sinking ship, made the following statement in thr Herald today……incredible ….
“He claimed the stalemate between the board and those looking to take over is impeding the investment the club badly needs.
Sir David, who famously sold Rangers to Craig Whyte for £1 in 2011, said: “The way I see it at the minute, and this isn’t trying to be smart, is people have changed seats at the table.
“But the fact of the matter is the club needs money and resources as quickly as possible.
“Dave King and the Three Bears I’m sure have the right intentions for the club, but they must be in a dilemma about how they take it to the next stage when the other sides don’t seem to be willing partners.”
He added: “I take my hat off to the people who are trying to do the right thing, and let’s hope they’re successful, but whatever way they are going to do it it’s going to need more money.”
Sir David, speaking after a £20m takeover bid from US basketball boss Robert Sarver was rejected by the club, criticised the current board and its suitors for failing to come up with a strategy to take Rangers forward.
He said: “I don’t know what anyone is trying to do at the minute. I don’t mean to be smart. What we’d like to see is Rangers in the hands of Rangers-minded people. But I wish someone would come out and tell us what their strategy is.
“Is Dave King working solo? Are the Three Bears working solo? If they are, they are going to have to come up with some more money.”
>>>>incredible statement>>>>
Apologies to Paul, btw, for the sweary word in the twitter quote further above – can you edit it out?
Lionroars,
I hear you but I didn’t read it quite as negatively.
The opening line suggested to me that it’s been noted that you shouldn’t be positive about this years league.
February is certainly looking like an interesting month. HH
I don’t mean to be smart but how can the three bears work solo ?
For what it is worth .
I do not think anything will be done re Minty Moonbeams . Doing anything would result in a lot of dirty laundry re the stupidity , the gullibility and the corrupt cronyism of some of the Scottish establishment …
A lovely day -just got lovelier ———– Cluj supporting courier man has just delivered a parcel of 16 x second hand 45s bought from a guy in Detroit ——Time to warm up the deck and fire up the amp.
!!Bada Bing!!
11:17 on
14 January, 2015
Just seen the size of the Cruiser-Weight striker,Hearts have got in on loan…
#hunnymonster
No matter where he is on the pitch, his arse will be offside most of the time.
GMS would improve us in my opinion, also just my opinion
Craigy Whyte – internet = David Murray
1. One got away with it (so far)
2. Other one could have got away with it with a half decent manager
Let oldco/newco rot
Paul hope it’s good news on GMS
Geordie Munro
No way. How can that be so? The press told us all summer that the Championship would be the most exciting league in Britain this season!
LB
67
…not incredible, sadly.
Message management in full effect, his crisis advisors working for their money.
On reading that I’m surprised there’s not a campaign to give him another gong.
I suppose there is still time though…….
In the run-up to the LCSF I expect more bear-faced chicanery and for the re-writing of history to be taken to a whole new level…….
HH
paul67,
I rarely comment on your articles but this is one of your best, an absolute crook of the highest order, a full public inquiry into this outrageous scandal should be the minimum demanded, unfortunately, the collateral damage would include far too many in privileged positions throughout Scotland and very probably other parts of the UK, ergo no action taken.
micktt,
Could you not smell la merde!
AR
I see Meadowbank Stadium requires a major investment, without which, it will likely close.
The stadium hosts the home games of Edinburgh City, formerly Postal United, currently top of the Scottish Lowland League and in position A for the SPFL play off place. (Lowland League winners this year play Highland League winners, victors to play bottom placed 3rd division club for SPFL place)
Simultaneously, Meadowbank’s former tenant, Meadowbank Thistle, formerly Ferranti Thistle, now Livingston FC, face being kicked out of football over Neil Rankine’s ownership interest in both Livi and East Fife.
If history does indeed repeat itself:
What are the odds on Edinburgh City playing at Almondvale in the SPFL next season?
Canamalar
12:02 on
14 January, 2015
I don’t mean to be smart but how can the three bears work solo ?
Minty’s been duped again.
Is there no end to these unscrupulous deeds that people commit against him?
Geordie Munro
12:00 on
14 January, 2015
February is certainly looking like an interesting month. HH
I know the old firm mob will hate this, however i would play the development squad plus any new signings on Feb1st HH
glendalystonsils-never seen football shorts as big mate…..
Lb,
Ha!
Yeah it funny how the championship is just soooo uncompetitive this year :)
https://twitter.com/celticnewsonly/status/555308192302133249
Is this the official CELTIC Twitter site
TBB-Spartans possibly?
Canamalar
This firm are reputable: http://www.onestopagency.co.uk/index.html
Lionroars,
I think they’d take more off them.
Cruel you ;)
!!Bada Bing!!
12:06 on
14 January, 2015
glendalystonsils-never seen football shorts as big mate…..
I think Blacks of Greenock got the contract. :)
TBB,
What about history repeating its self where the top team for promotion are overlooked again in favour of another zombie club ?
TBB,
Thank you
I reckon Whyte was duped by Murray. No way that pile of junk was worth a whole pound.
kano , pablo , celticlover , stjohndoyle – cqn in heaven must be mental
16:56 on 13 January, 2015
Elbows on the same train as me. Should I trip him up on the way off or leave it to broonie to make a fool of him ?
***
No
glendalystonsils-he looks bigger than the MK Dons striker who scored v Liverpool last week…
canamalar
12:02 on 14 January, 2015
I don’t mean to be smart but how can the three bears work solo ?
>>>>
Hahahahahahaha ……brilliant
bankiebhoy1
12:04 on 14 January, 2015
Correct…….
SOT and TBB
Thanks
Just as an aside on another foul brew from my
youth BBC ran a story yesterday that
Cally special brew was made for Winston Churchill.
Dont think he asked for it but have been to Denmark
and dont need much of an excuse to bring out
a heavy duty bevvy that lot.
ps I refrained from using Cally Special brews
slang name in the interest of children on the blog
Thank you, SoT.
UTLCY.
Here here Paul – and also agree that he IS the Scottish Maxwell – a self-obsessed manipulative rogue – idolised by the loyal hoards – he never ever put his hand in his own pocket – the debt -ridden, tax- avoiding, credit-defaulting and cheating sham over which he presided is now rightly a broken laughing-stock and yet it seems no news organisation will hold him to account.
What a bitter and underhand bigoted little country Scotland is, and yet a large minority of our ‘out of touch’ support, wanted to empower it through separation from the UK, to hammer home it’s long – standing proven prejudice against our minority