In the range of events I never thought would possibly happen, David Murray appearing on a podcast with Graeme Souness discussing EBTs is right up there! You would expect the master architect of the scheme that destroyed Rangers and a recipient of an EBT, paid when he was Blackburn Rovers manager, would keep well away from this subject. That they did not, tells you a great deal about the personalities of both.
Murray credited himself with giving Rangers nine-in-a-row and Gascoigne, and admitted to the sins of ambition and vanity. Ambition, that football fault which is so similar to being just perfect. Always be aware of characters throwing that around as their fault (I’m not going to mention our former vain and ‘ambitious’ character).
His technical defence was that auditors for Rangers and Murray International Holdings (MIH) both signed off on his EBT scheme. True, but wholly irrelevant. A quick explainer:
An EBT is a loan. Employers loan staff money every day. Crisis loans, relocations loans and loans to cover health-related issues are common. If it is a short-term matter, or in a small company, little or no paperwork is required. At other times, the loan needs to be formally written up. These loans can also be forgiven (often happens when a crisis loan is issued). No problem with this and no employment tax is due.
Rangers EBT scheme effectively paid footballers, managers and execs with these types of loans, however, for the footballers (at least), the loans were contractual obligations, with a clause which meant they never had to be repaid. In 2017, the UK Supreme Court ruled that these contracts were disguised renumeration and that employment taxes were due on them.
The contract invalidated the EBT structure. MIH possibly did not have the same contractual arrangements, so EY, their auditor, would be untroubled by the scheme. The point David Murray did not address, was whether Rangers auditor – Grant Thornton – were informed about the contractual nature of the club’s EBTs.
Grant Thornton are unlikely to defend themselves against this contagion, but no one pursued the firm for poor advice in relation to the signing of Rangers accounts. It is not credible to suggest that Grant Thornton knew of these contracts and no one has claimed they were told.
In adopting an ‘innovative tax strategy’, Rangers knew a challenge from HMRC was possible. They would have got away with it, were they not raided by City of London Police in relation to the Jean-Alain Boumsong sale to Newcastle (then managed by Souness). This transaction was subject to investigation by the Stevens Inquiry. That issue is worth an hour of your time reviewing the characters involved in the UK game at the time.
When this was going on, other things were crumbling around Murray. The Bank of Scotland went bust and was sold, with new oversight and a different appetite for his largesse. Rangers won three successive leagues in the run-up to administration, they were solvent and could have chosen to set money aside from Champions League qualification to offset a potential HMRC settlement. Instead, they returned to the roulette table year after year.
If I had my way, I would build a statue to David Murray outside Celtic Park. He has done more for our success than anyone not directly connected to Celtic. Without his navigation, Rangers would never have been liquidated, and Celtic would not have removed that “World’s most successful….” writing from the walls of what he vaingloriously called Murray Park. Celebrate the man, he is a gift to generations of Celtic fans.
Also, when he dies, I’m open to offers on writing a book.
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They’ll need to spend it on pitch repairs
Pitch will be needing repaired pre season and surley with modern technology thats doable and worthwhile
So with one week to go before we are back in action we remain completely in the dark as per usual. Martin said after the double huns humiliation when we were absolutely rotten, he would consider his position.
Two weeks have since passed and not a whisper. Meanwhile over in Fife, DD and jnr are enjoying themselves at the golf. Maybe as close to CP as either will get this season.
Celtic should become a golf club…might get some attention then.
Desmond getting it tight at the golf
https://x.com/nlafferty/status/2106371237278793964?s=46
the Bada Bing on 3rd October 2026 2:28 pm
YOUR best ever post.
South Korea won the men’s football gold medal at the Asian Games by defeating hosts Japan 1-0 in the final today.
So Yang now exempt from military service.
Auldheid @ 11.32: “ Peanuts to him and we have to consider what return on their investment a hedge buyer would seek”.
Indeed.
Whilst referred to as “dividends” the relatively paltry c.£500k annual cash outflow relates to Celtic’s non-equity Convertible Cumulative Preference Shares (CCP), which effectively makes it a payment of interest (the actual amount incurred is £60/70k higher but some shareholders elect to take a scrip dividend, hence the reason why the ordinary share count can increase from year-to-year).
I’d never looked too closely at Celtic’s capital structure until last week and was surprised to see that in addition to the Ordinary and CCP share classes, Celtic also have Convertible Preferred Ordinary shares (CPO) that can be converted in to ordinaries on the election of the shareholder.
What surprised me even more was that whilst the CCPs convert 1:1, the CPOs convert 1:2.08. If the 15,600 CCPs and the 12,700 CPOs (the amounts in issue as of June 2025) converted, the dilutive impact would be c.42m new ordinary shares on a base of 95m……… a whopping 44% dilution!
DD owns 8m CPOs and 5.13m CCPs, which would give him an incremental c.21.7m ordinary shares on conversion. Added to the existing 32.8m ordinary shares he already owns implies he would own 54.5m of a fully diluted base of c.137m, 40% of shares outstanding.
McGeady ran Killie ragged in our 1st game at Braehead….5_2 to Celtic.
Celtic Mac on 2nd October 2026 9:38 pm
thanks to the Son of the Manse, Gordon ‘Pa’ Broon, who advocated his knighthood
*he also gave the ballymena demagogue one as well NEVER a Labour man NEVER
the badabing@2.28pm
If true, no end to how much they embarrass themselves…
The spirit of the tangerine tams and the tennis ba’ tims lives on….
Stupidity doesn’t even begin to cover it….
tontine tim
Aye. Only time his voice resonated was @ Donald Dewar’s funeral service at Glasgow Cathedral back in 2000….
Then again Tony Blair read from the Old Testament on the same day….
Onward Christian Soldiers
Highlight was Cathy Peattie MSP, brother to a close friend of this Parish…..
sung ‘Ay Waukin O’ one of Robert Burns finest ballads….
as for arrogance…
Imagine…
https://substack.com/@omidsouresrafil/note/c-351228821?r=bc5xc&utm_medium=ios&utm_source=notes-share-action
Tony Blair’s death will be celebrated as much as Thatcher’s if not more….
good news for Yang (or maybe not given the state of the club)
https://www.glasgowtimes.co.uk/sport/26604773.celtic-star-exempt-military-service-asian-games-win/
Send KT, Nygren, Hogh for some of what Yang is in for….
He will instead undertake basic military training lasting less than one month.
Tottenham forward Son Heung-min received the same exemption after helping South Korea win gold at the 2018 Asian Games.
Son attended three weeks of training with the military during a gap in his club schedule.
That training included shooting, bayonet drills, chemical, biological and radiological exercises, individual battle tactics and first aid.
https://philmacgiollabhain.ie/2026/10/02/punishment-meetings/#more-40231
this meeting that Phil is on about (the latest in his “it’s no ma fault” Dermot propoganda pieces), was it to be before or after the golf.
if it was before, maybe the tennis ball throwers included Nicholson & co.
When I was flying back from Prestwick to Alicante a couple of weeks ago. I was in the same row as Sean Higgins. I genuinely had no idea who he was but he spent the flight talking to friends in the row behind him about how poor Celtic had been in recent games. Seemed to be pretty on point but between him and me, there was an 18-stone Bear with a union jack t-shirt who kept his eyes shut the whole flight. I kept quiet for my own safety 😀
Heard Sean saying something about playing for Dundee and now see he is in the Dundee Tennents Sixes team.
https://x.com/CFC_Collective/status/2106399099662872692?s=20
Footage of “The Owner” getting his golf game disturbed
Make of it what you wish
DeniaBhoy on 3rd October 2026 3:00 pm
South Korea won the men’s football gold medal at the Asian Games by defeating hosts Japan 1-0 in the final today.
So Yang now exempt from military service.
_____
Great news for Yang and his pals. I don’t think he had any playing time, during the tournament. I assume South Korea team take this very seriously, given the prize for them. Don’t know how it works for any of them, with a club who then have to do national service, before the age of 28. Another good news item for us after Jota, yesterday. We’re turning the corner😉.
LIONROARS67 – I was thinking it was inevitable that something like this would happen.
Guess it could have been a lot worse.
DENIABHOY on 3RD OCTOBER 2026 4:50 PM
Yes a small disruption to his Golf game
A wee conversation piece for the 19th hole
No physical harm done
Remains to be seen if “The Owner” will want some form of retribution
LIONROARS67
Surprised they didn’t try it at every hole!
Maybe DD will say fk this and sell the club to Blackrock or Palantir and drive away oot the Celtic Way with a laughing Joker mask on with his middle finger sticking out the window with stolen land types of charachters rolling about the 10 seated back seater luxury Rolls Royce that Timmy money paid for, laughing their asses off, and he’ll leave a note which says, “There’s no money left hahahahaha, ah troosered it, hahahaha, Parkhead stadium site will be demolished with a 20 storey luxury 15 star hotel for the poor oppressed peoples that y’all stupidly champion, hahahaha, its the real Celtic Way, Brother Walfrid would be so pwoud of y’all, hahahaha.
These Celtic years will now make me super rich forevermore and more and more, hahahaha.
If anybody wants to rebuild the club using the “Celtic Football Club” name, I’m sure Blaxckrock will be easy to negotiate with.
Hahahahaha, good luck suckers, hahahahaha!!!!”
Who would rule it out?
Deary me!
https://x.com/CFC_Collective/status/2106399099662872692
and the difference would be ???
Not really sure which is the more pathetic really.
A bunch of clowns behaving like right wing scum hiding their faces whilst embarrassing themselves on a golf course
Or
A bunch of bitter old malcontent folks who seem to revel in sharing this and think this is something to get themselves excited about.
Of course none of these groups of people, nor the money making blog click folks have anything positive in terms of alternative solutions to the current issues of 14/15 leagues but this stuff seems to give a few cheap thrills for both groups.
Meanwhile the govan lot having a right laugh at the entitled lot Celtic and its ‘faithful’ lol have become.
As for those salivating at every negative little soundbite about Celtic and even making stuff up. I would love to see what solutions you all have. The problems are clear but rather than just abuse a bogeyman like you did with PL for 20 of our most successful years why not come up with positive ideas or solutions ?
“A bunch of clowns behaving like right wing scum hiding their faces whilst embarrassing themselves on a golf course”
as far as i could see, most of them including DD were only wearing a baseball cap :)
for the record, not sure I condone the actions today
keep the protests for CP (if at all)
then again if hes doesnt turn up….
if phil mac is to believed, then the solutions lie with more competent placemen and DD agrees
Chay Bowes Irish exiled Journalist with evidence that Africa, France, Scotland, etc elections have been rigged by the guess who’s.
https://x.com/WorkersPartyGB/status/2106387388461187161
Who took the money to allow these creatures in the back doors?
Wee Ben Doakie gets a start for Scotland against the Macedonians (Northern Division) this evening.
Give us a chance to see if he developed at all as a player since getting his chance under Ange about four seasons back. Not convinced he has, but he is getting an opportunity to show different.
I think PhilMacG just makes stuff up.
“Brian Wilson was asked to leave the room”
Cmon tae fek…who believes this garbage.
Phil asked Peter Lawwell yo be a source years ago and obviously PL hunted him….since then Phil talks negatively about Celtic.
His Sevco stuff back in the day was toe cutting primary school stuff as well.
The stuff at the golf us embarrassing for us.
What is is these clowns want?
Desmond to sell to the highest bidder?…..it would be a fekin disaster for us.
ASCOM asking BR to do a show?….the man who almost cost us a league last year being asked by Celtic fans to p#ss on Celtic??…..WTAF.
Total hun porn.
Some people need to wake the fek up.
A treat for those who missed out on tickets for The Glasgow Royal Concert Hall.
No need for FOMO, the surroundings are just as plush and I’m sure the spiel will be similar:
https://youtu.be/dyZU3Gn8LEo?is=jkfqJ8i9EH8UglBl
Thankfully the poor students of Oxford got to hear it for free and didn’t have to shell out up to £40 for a ticket😂
With their sounds of flutes and drum
There’ll be no more orange scum
Marching down Garvaghy Road
Or the Ormeau Bridge
It’s plain for ALL to see..
Take your tent to Drumcree
Because you’ll not be marching down Garvaghy Road
if he aint gona come to agms’s or games or even make an effort to connect/listen to fans
Then fans will go to him
And rightly so
Its not an autocracy
Maybe this will wake him up
As it seems golf is the place to catch him at
Remorse, revenge or carry on as normal…what will be Desmond’s reaction to today’s events?
Can’t see how this helps anything……Just pss off DD even more in fact i can’t imagine his rage because of embarrassment……not sure the psychologists among the support have thought this through