“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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As if to illustrate how Murray is Mr Teflon in Scotland I attach a link to his Wikipedia bit.
http://en.wikipedia.org/wiki/David_Murray_(Scottish_businessman)
I know these things are (according to the comics) written by civil servants in Westminster but this is hilarious.
“As anticipated television revenues failed to materialise and the club’s income failed to offset the growing cost of transfer fees and player salaries.”
“Murray has strongly denied claims of any wrongdoing during his stewardship.”
And best of all..
“By 2001, with the appointment of Alex McLeish as manager, Murray acknowledged that mistakes were made, saying “we got it wrong. We obviously spent far too much money. We can’t let it happen again because that would be total mismanagement.”[25] A radical programme of cost-cutting was instituted in an attempt to re-establish the club on a stable financial footing.”
Pants on Fire CSC
Just been sent this
some fantastic memories
Nakas free kicks
https://www.youtube.com/watch?v=tYaZvfR-IMo
Auldheid
i think if the LNS enquiry had gone the right way, al ot of the current ill feeling towards sevco and their friends in the fitba authorities would have been reduced, but as thing stand now, it just seems that justice isnt being seen to be done
and that’s the whole problem, justice doesn’t seem to have been done
SoT
Unrelatedly I’m sure… Her biographer claimed she only turned back to hard drugs after a night on Tennents Super following which waking up to the horror of a hangover in a Fife potato field.
Traumatic stuff.
All the talk about free speech
Im still waiting for someone to stand up and admit
Je Suis Charlotte!
Paul 67
Great opening article.He took the credit but ran scared from the criticism.
afternoon abidy …..hoppy Bday Miss Erica……
the Huntertainment is once again ramping it up,,,,why do the Huns look so gloomy heading towards Valentines day ….another massacre awaits them …2012 will seem like the good old days !!!! what a braw era we are living through …..look to the east at sunrise on the 3rd day …………braw
https://www.youtube.com/watch?v=UPw-3e_pzqU
Dear alfie noakes
I’ve finally concluded that your moniker is a less than skilfully or accurately executed anagram of ‘Jim Murphy’.
And Your attempt to ‘profile’ Yes voters in your post of 1.56 was if anything still less well executed and still less accurate. That took some doing I might add.
HH jamesgang
That was some FA Cup game last night between Everton and West Ham.
A real throwback and no mistake, guvnor!!
Árd Macha
not forgetting this one from Naka
an explosion of joy followed:)))))))))))
https://www.youtube.com/watch?v=80Rj9rR40IQ
For one brief embolismic cranial neutron star moment, I was going to correspond with Alfie, but then I realised I come from Coatbridge working class stock.
Alfie Akbar….I am not worthy.
“Who the feck put WiFi into Carstairs?”
Hail hail
Estadio
weeminger
14:16 on
14 January, 2015
Alfie Noakes
13:56 on
14 January, 2015
Have you ever dipped into Rangers fan boards? If so you’ll have seen much chat about how a Yes vote would just have extended the influence and power of the Catholic minority, currently keeping them down. Essentially the same view as yourself from the opposite side.
Any explanation for this? Other than ‘”they’re deluded” because they’d level the same accusation at you.
===============================================================
Because, as we know, some (more) of them are as stupid as some of ours.
All the vested interests of protestantism would ‘come out of the woodwork’ post independence in order to preserve their idea of elitism and establishment.
You forget all we can muster is 17% – I have been subjected to the “what school did you go to” syndrome and in a poorer Scotland, as it certainly would be, it may well return.
Why can’t you see that if they can come together and suppress the truth and peddle convenient lies on a sporting matter, albeit with sectarian connotations, they would surely do it more assiduously, if it concerned their way and standard of living.
What don’t people think things through?
weeminger,
The reality is that the peepil would run amok in a “free” Scotland, as those in power sadly would be the same people who still turn a blind eye to Murray’s wrongdoings. Police Scotland and way too many in the SNP hearken to the same “No Surrender” weebobbycollins alluded to earlier.
Any checks and balances come through our remaining part of the UK. Imo, of course.
bsr,
Gonnae no confuse the issues any more, they were not voted INTO anything, the only votes they got were rejections.
They got preferential treatment to jump the queue into the senior professional leagues but not voted in.
Estadio ………….and thats their point men……….you can only imagine the slavering horde that follows follows ………….
braw
Carlesberg dumbs down but keeps its history ;))
http://www.bbc.co.uk/news/blogs-magazine-monitor-30795336#
HH
SoT, so not only are you a connoisseur of fine music (on vinyl) but you also recognise a quality aperitif when you taste it.
I’m not familiar with Judy Sill either but have you discounted the possibility that she was just there to pick tatties and just happened to stumble into you.
Paul67 – you are back!
Parkheadcumsalford
14:39 on
14 January, 2015
weeminger,
The reality is that the peepil would run amok in a “free” Scotland, as those in power sadly would be the same people who still turn a blind eye to Murray’s wrongdoings. Police Scotland and way too many in the SNP hearken to the same “No Surrender” weebobbycollins alluded to earlier.
Any checks and balances come through our remaining part of the UK. Imo, of course.
===============================================================
CORRECT – Any notion that those who have power in the SNP have any affiliation with us, is deluded beyond reason.
And please don’t give me “it’s not about the SNP” rubbish – if there had been a vote for independence, it would have been the SNP government/party who would have shaped all things in Scotland for the foreseeable future.
As George Galloway so eloquently put it ” saying a Yes vote is not for the SNP, is a distinction without a difference”
We missed a very big and deadly bullet in September – those in the Yes camp who are not SNP, should be eternally grateful to the 2 million who voted NO.
Troll
alfie noakes
Can the 2m who are labour voters convince the ex labour voters to return to the fold before May 7th
Think labour worry about that rather than disparage yes voters after all they all voted for the Tories austerity measures and benefit cuts
I see the advance party is here before the election kicks off, the rest will not be far behind
I took the bait and apologise to the blog
Doncaster, Keevins, Guidi, Tanner, Jackson and Speirs to name a few.
All promoted the Armageddon scenario and most probably prayed for it too.
Three years down the line and not a single word of contrition from any.
Shame on the lot of them.
The msm don’t do apologies or own up to anything, so they can be left to peddle more fairy tales to their dwindling readers and listeners, for all I care.
How Doncaster is still in a job surely defies all business/company protocol and logic.
This chief scaremongerer should have been sacked by now for discrediting and wilfully undermining the very product he is paid to market and develop.
Only in Scotland.
Alfie
Will you still be of that opinion when the Conservatives get back in?
Estadio
14:37 on
14 January, 2015
For one brief embolismic cranial neutron star moment, I was going to correspond with Alfie, but then I realised I come from Coatbridge working class stock.
Alfie Akbar….I am not worthy.
“Who the feck put WiFi into Carstairs?”
Hail hail
Estadio
===========================================================
You attack the person because you cannot muster a coherent argument in your favour – just like the Ibrox klan have been doing for years when we have exposed their nonsense!
FAO TBB
http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-30812059
Edinburgh councillors will be asked to commit to a multi-million pound upgrade for Meadowbank sports complex or potentially see it close in five years.
Built for the 1970 Commonwealth Games, the council’s proposal for a replacement depends on filling a funding gap of up to £20m.
Last year more than 500,000 people used the sports complex.
Edinburgh city council leaders believe a replacement could extend its life by another half century.
Part of the proposed £43m cost would be met through SportScotland funding and by selling off some of the existing land.
However, between £11m and £20m would still need to be found.
If approved, the new Meadowbank stadium could be ready by 2018.
Councillors will decide next month during their annual budget meeting.
If rejected, they will look at options for withdrawing services within five years.
Games venue
Richard Lewis, Edinburgh city council’s culture and sport convener, said: “For almost 50 years now, Meadowbank has nurtured sporting participation at all levels, from those taking part for recreational and health benefits to those training for success and medals on a Scottish and international stage.
“It feels right that after Scotland’s successful Commonwealth Games 2014, we kick off 2015 by considering the future of the country’s very first Games venue.
“The feasibility study requested by the council in February 2014 has now been completed and before progressing further, a decision from council is required as to whether it can meet the £11.3m to £19.8m funding shortfall currently projected.
“Over half a million users visit Meadowbank every year and it is a much-loved city sports facility, but we will need to consider how we can source funding for a project of this scale given the financial pressures the council faces.
“If agreed by the corporate policy and strategy committee, the future of Meadowbank will form part of the council’s budget considerations for the next financial year.”
June Peebles, interim chief executive of Edinburgh Leisure, said: “Meadowbank is part of Edinburgh’s sporting heritage and continues to attract thousands of customers, participating in a wide range of physical activities, through its doors every week.
“Edinburgh Leisure is therefore delighted to be working with the council on this exciting project which could create a new Meadowbank for the city, creating an inspiring and welcoming venue that supports even more people to get active, stay active and achieve more.”
LB
BIG-CUP-WINNERS
14:58 on
14 January, 2015
Alfie
Will you still be of that opinion when the Conservatives get back in?
================================================================
If those who ONLY Labour have helped since 1945, vote Labour and not for the discredited SNP comedians – we will NOT have a Tory government.
The SNP who have voted with the Tories on many occasions and formed a coalition with them in Holyrood – we take NO lessons from this one-issue rabble, who have NEVER done ANYTHING for working people – NEVER!!!
Great post on “Sir” David Murray, he should be locked up.
Tickets booked for semi final for my 14 year old daughter and myself, she is very excited and thinks I’m scared because I didn’t want to go.
Tough game on Saturday, I’m assuming that the game will be on regardless of the snow with the plastic pitch.
My other son can’t go to Hampden so has had to turn down my offer. Looks like I’ll be going after all.
Bring on the The Rangers.
Alfie Noakes
14:58 on
14 January, 2015
Estadio
You attack the person because you cannot muster a coherent argument in your favour
——————————————
Made up shite.
He “attacked” you for a more obvious reason.
Why, why would someone bring Scotsmac onto the blog, WHY ? The only way to drink Whams Dram or Wham’s Bam was after the Eldorado & Merrydown (mixed for a proper snakebite) was finished…Any other time was just stupid…
Lo siento tambien!
Estadio ” cannot muster a coherent argument” Dearie me Alfie you’re in for a shock if Estadio decides to with the might of his acerbic tongue/pen. Good luck H H Hebcelt
Alfie – get aff the Scotsmac, you know it makes sense….
Marrakesh Express
14:58 on
14 January, 2015
Doncaster, Keevins, Guidi, Tanner, Jackson and Speirs to name a few.
All promoted the Armageddon scenario and most probably prayed for it too.
Three years down the line and not a single word of contrition from any.
Shame on the lot of them.
The msm don’t do apologies or own up to anything, so they can be left to peddle more fairy tales to their dwindling readers and listeners, for all I care.
How Doncaster is still in a job surely defies all business/company protocol and logic.
This chief scaremongerer should have been sacked by now for discrediting and wilfully undermining the very product he is paid to market and develop.
Only in Scotland.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Yes, only in Scotland – these people were more worried about hell breaking loose and their own jobs and safety, to ever attempt to tell the truth about the Ibrox shenanigans.
Remember we were told that the price of exacting justice to ‘Rangers’ would result in civil unrest throughout the West of Scotland – can you imagine that being said of any football club in England?
In an independent Scotland, Salmond and co would have bullied and imposed their will on the SFA/SPL, just as they did on business and universities in Scotland prior to the Neverendum.
Richie #RIP Kano
Made up shite
———————————–
West End of East End
Alfie – get aff the Scotsmac, you know it makes sense
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Comments that endorse my points so succinctly – nuff said!
excathedra44
14:31 on
14 January, 2015
Paul 67
Great opening article.He took the credit but ran scared from the criticism.
———————–
Ex Cath
Perhaps his years of intimate involvement with Ra Peepul gave him a unique insight into just how unpleasant being fingered as the bogeyman what brought them down could be and which would make general criticism in the press etc a mere trifling.