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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In other words, big DD took a reddie and is taking his baw hame
That protest today was just so tinpot. I despair.
Desmond doesn’t like it !!!!!!
GreenPinata
my first uni “education” as you put it, finished in 87.
unless he was living under a different name on my paper run, i doubt he helped me get there.
war criminal
board of feckin peace !!!!
and I have a list of folk whose demise will be worth a drink
quite a few are eastern european settlers
The Club has repeatedly sought engagement with supporter groups
You’ve got to laugh….
Laxalt
are you for real ?
jealous of what exactly ? the rumours that he was a cross-dresser ?
some other 5% stats…
Narcissistic Personality Disorder (NPD): An estimated 0.5% to 5% of people in the United States may have narcissistic personality disorder, though many cases remain undiagnosed or hidden
Napoleon’s Height: Despite the long-lasting historical myth that he was exceptionally short, Napoleon Bonaparte was roughly 5 feet 7 inches tall. This actually put him in the top 5% of tallest men in France during his era
The Neandertal Legacy: For modern humans of non-African descent, anywhere from 1% to roughly 5% of their DNA is directly inherited from Neanderthals due to ancient interbreeding.
Next on the agenda Collective…..is a vote on…..
‘Throwin the toys oot the pram’
All those in favour…….
the Bada Bing on 3rd October 2026 11:52 pm
There’s a baker’s dozen on here who support the board irrespective, that’s why other blog call it thick news!
Should add most of them never set foot in CP🙄
Blogger
you like your AI, so just have a look at Blair’s work for the Saudis (even when PM)
yep, BR is just like him, a bad man indeed.
The irony of that bit of the statement ,
Those responsible have brought shame upon the name of Celtic Football Club and upon a reputation which generations of Celtic supporters have spent more than a century building.
The same board who said nothing about the huns cheating & ebts
The same board who said nothing about the tainted titles & cups
The same board who said nothing when Celtic players & staff have been physically
assaulted at ibrox the last 4 or 5 seasons
The same board who said nothing when the national broadcaster said our fans had punched/attacked
hearts players
The same board who said nothing about the blame attached to the club after the cup
game at ibrox in march .
They are the board of shame
Mibee oasis at Celtic park in may be my last time there ,
sad after going regular since 1975 & season book holder since year jungle was seated
Board totally outa touch with support or the red wine & few malts kicked in .
Hail hail
that board statement – monty python couldnt have come up with anything more laughable
they could have had the centurions laughing at Bwian Wilson reading it out
no doubt biggus dickus will be hell bent on revenge
nothing but c*nts…
https://www.aljazeera.com/sports/2026/10/3/israeli-reporters-verbal-attack-ends-ireland-football-news-conference
On first glance only at the statement, IMHO
Paragraph 7 was unnecessary and the final sentence was vacuous.
Otherwise … I’m fine with it.
The Raven on 4th October 2026 12:21 am
|
The same fans who throw tens of millions at the same board and expect the same board to change its ways.
Imho – the board will pay off Mon and let Maloney face the rest of the season.
The 20,000 stadium is on its way forcing the board to sell the club to some mysterious geezur from up some dark alley way.
Tombstone –
“Here lies the ghost of Celtic Football Club. Died as a result of supporters misadventure. Rest in peace. Thanks for the memories.”
_
The principled approach which would have avoided this – Boycott season tickets after events of 2012.
This missed open goal proved that principles no longer exist at Celtic, on or off the pitch.
Today’s fan actions will be remembered as the day that Celtic supporters post 1994 version, pulled out the plug of Celtic FC’s life-support machine.
The fools, the fools, the fools*
I have personal experience of dealing with some Collective members.
They are not the wisest of people I say diplomatically. Self serving supposedly in the name of Celtic, a name they tarnish.
The problem is Celtic have no means of engaging with all supporters to put right the false narratives that fuel discontent.
They should build one to address the false narratives and put click baiters out of business by correcting their self serving ideas.
I find something sinister and abhorrent when the policy is to demonise anyone who has their own reasons for doing what they do that might even be for the right reason.
All the talk of not renewing. Celtic should make their wish come true. It would also make people on the waiting list happy. Why not give both groups what they want at the same time.
First up, I think the ball barrage looks childish and petulant; better ways to be taken seriously imo.
Yet, ton latest logorrhea – for an issues management statement – reads more like an Ai-fuelled catalogue of grievances, ruminations resentments than a skilfully crafted and short issues management response.
Look at the duplication in grammar in this one section:
‘Celtic’s reputation has been built over generations, and our supporters have earned a worldwide reputation for the extraordinary passion, loyalty and commitment with which they support their Club. That reputation was built over many decades by generations of Celtic supporters. Those responsible have brought shame upon the name of Celtic Football Club and upon a reputation which generations of Celtic supporters have spent more than a century building.’
Four mentions of ‘reputation, three ‘generations’ plus many decades and more than a century…
This seems to have Anthropic or Claude’s dibs all over it. Reflects poorly on the prompter(s).
Especially loved this bit… “Celtic Football Club has never sought to prevent supporters from expressing criticism of the Club, its Board or its shareholders.”
*Except when Petey chided supporters to behave and then pulled the pin on the shareholder conflab ?
Timmy Thomas – and later Sade – put it best, singing:
https://www.youtube.com/watch?v=Jostntfm4ig&t=92s
Tell me why, tell me why, tell me why
Why can’t we live together?
Tell me why, tell me why
Why can’t we live together?
Everybody wants to live together
Why can’t we be together?
No more war, no more war, no more war
Just a little peace in this world
No more war, no more war
All we want is some peace in this world
Everybody wants to live together
Why can’t we be together?
No matter, no matter what color
You are still my brother
I said, no matter, no matter what color
You are still my brother
Everybody wants to live together
Why can’t we be together?
BTW: I pasted the club statement into a few AI checker websites:
GPTZero concluded this was 100% AI-generated:
Quillbot said 100% human written
HalfAndHalf CSC
LIONROARS67 on 3RD OCTOBER 2026 8:51 PM
WEEBOBBYCOLLINS on 3RD OCTOBER 2026 8:43 PM
Nethanyahu and Trump, I certainly will be glad the planet is rid of evil murderous basses
_____________________________
I know others have shared their opinions, and while it may be unpopular, I’ll state mine without fear.
Both of these evil fookers can rot in hell! The sooner they’re committed to the dust the better, and yes, I will absolutely celebrate their passing! My only fear, is the coonts who replace them!
Not very eloquent, I realize, but maybe just a reaction to the words of those who have no conviction.
https://x.com/theoldgovanarm1/status/2106559606302675187
Good morning you old duffers.
https://x.com/Ronan__CFC/status/2106526850537128438
I lament the passing of the true Labour Party here personified by Tony Benn
https://youtu.be/ynZqi6mvzxE
Tony Benn’s incredible speech against the war in Iraq
he saw how war criminals would evolve
Live in a generation for which war is a computer game for our children
Drone warfare is the result, indiscriminate killing of innocents
I don’t approve of the Saudi Regime but taking their money to earn a living as a football manager, electrician, engineer et all is not equatable with Blair using the institute as a vehicle to advance his own ideological views and the causes of some of its corporate backers. This is an organisation bankrolled by billionaires, which continues to advise and take money from the murderous Saudi government. What’s worse, its solutions reflect these corporate interests, with Tony Blair laughably claiming that Britain’s economic crisis is a result of too much tax and spend…………….
Who penned the 10pm statement on Celtic website ?
Taking a pause before sending an angry statement—often called the “drawer strategy” or “cooling-off rule”—is one of the most effective ways to protect your personal and professional relationships. Writing the letter vents your immediate frustration, while waiting until morning prevents you from making a permanent mistake based on a temporary emotion.
Who was going to advise him ?
GEDINTE on 4TH OCTOBER 2026 6:17 AM
👏
T-Bhoy
All the talk of not renewing. Celtic should make their wish come true. It would also make people on the waiting list happy. Why not give both groups what they want at the same time.
thats just another take on the “some folk are only happy when Celtic lose” mince that we read on here.
Tin pot stuff from the club. Falling over themselves to curry favour with an amateur golfer whose big day out was spoiled 😂
the missus’ auld man is 80. He came over here “on a boat” when he was 15. Lisbon was his 21st birthday. He used to go home and away on the bus from the Garngad. Post Fergus, just the season ticket, every home cup game and Hampden. The son moved down South a few years back. I go to all the games with him now, execpt this season’s EL. Its me who goes (even tho i said I wouldn’t). He has no time for the GB or The Collective whatsoever. Even he has had enough of the treatment/fleecing of the support and the way that the Club appears to be being run.
Interesting read back.
Good work by the folks at Celtic Underground, but utterly pointless.
All their math is no doubt correct, but it leads precisely nowhere.
BLOGGA gave us a recap of the outstanding Celtic Plc shares by class, but this hasn’t really changed for two decades.
Just as a simple reminder, following the departure of Fergus in 1999, Dermot Desmond underwrote two share issues. The first in 2001, and the second in 2005.
The 2001 share issue, not long after the fans had already been invited to buy up shares as Fergus departed, was essentially to restructure some debt, or more specifically convert it to equity. With the fans effectively “tapped out”, it fell to Desmond and his friends to invest, and those “invited” to participate, were basically enticed by a “twofer” offer. The club was carrying approximately £30M in debt, and about £23M was raised in the share issue using a new class of share. The shares were essentially frozen for 6-years, but then, as BLOGGA informs, they became eligible to convert at a ratio of 1:2.08. The share issue was taken up almost exclusively by Desmond and his cohorts.
Cynics would say that fans bought shares as Fergus set sail, and they owned a piece of important history, but it was an overvalued stock that within 2-years was trading at 40% of what they had paid. With no funds to go again, they stood back and allowed the corporate investors to take up the 2001 share offer at the then market price, but with the “twofer” kicker. Good business for a savvy investor who knows how to read a prospectus.
The 2005 share issue was once again underwritten by Desmond, and he fulfilled a commitment of £10M, while the majority of the balance was attributed to other corporate investors. All of whom were buying shares at 30p. The dilutive effect is simple math, but when considering the effect on many shareholders who bought out of a sense of duty, or emotional attachment, their investments largely became valuable keepsakes.
For those that say Desmond had been good for Celtic, I cannot wholly disagree. For a quite a while, he was a largely passive billionaire investor, and fan, who kept the corporate jackals away from our door. But, at what cost?
He has now delivered a club that appears devoid of strategy and is in a perpetual cycle of failure. Yes, a cycle that has yielded 29 trophies in 14 seasons but has seen the club become a parody of itself in UEFA terms. Worse, a long-forgotten rival is back snapping at our heels, and it’s not clear that we know how to swat them away.
In terms of the ownership question, it’s really very simple and that is the reason why I dismissed all the clever math. Desmond “owns” the club. While technically not true, he has a half dozen ways in which he could readily take ownership, so it’s truly pointless discussing the numbers. He’s a good corporate citizen who values his reputation, so there is little doubt he will go through the proper channels if he needs to exert control, but there is no dislodging DD from Celtic through share ownership and diligent corporate action.
Sadly, this brings us to the links story from today. I’m not really a fan of protest that spills onto the field of play, be that a golf course or a football pitch, but truth is, extraordinary measures for extraordinary times is a mantra for a reason. There is no formal route to arresting a corporate tyrant, much less displacing him from his throne, so perhaps creative and even distasteful means are inevitable. Embarrassing him, and causing him personal discomfort, are substantially more meaningful than efforts to depress the share price or apply legitimate corporate pressure. I fear that we are in for more pantomime as his resilience is tested.
#wakeupandsmellthecloverCSC
my bros used to run a supporters bus. home and away. they havent been to Hampden as a protest of the way the feckers treated Celtic when Cp was being rebuilt. (Christ, they even go to Rugby 7’s events) Lats season their tickets were unused as a protest at the way the board were treating the support.
there are others -like guys who have been to Russia, the arctic circle, various far flung places who are not happy. different types of folk.
they would like to frame it as the GB and the Collective versus the rest. Is it feck.
spikeysauldman
If opposition to how the club is being run was not widespread, there would be no need to hide merchandise sales in the accounts.
The custodians of our football club would do well to remember that they are there to service the paying customer, also known as the fans. We are in dire need of a refresh, new blood and a new direction.
Bundle all dissent up and issue bans and there will be bans on account of this, rapidly issue a statement when much worse has happened to employees and the support at Ibrox on several occasions.
Desmond will not be changing course for anyone..
TAURANGABHOY on 3RD OCTOBER 2026 9:08 PM
On what planet is wearing balaclavas and throwing tennis balls at someone in their private time described as having a constructive dialog. Attention seeking wee boys.
———
FWIW – my thoughts exactly.
Completely counterproductive.
“The Club is aware that it was discussed and planned in advance at a meeting of the Celtic Fans Collective committee. Minutes of that meeting record a proposal specifically to disrupt the event at St Andrews”
———————–
Well it’s just as well they saw those minutes, eh? Otherwise it could just have been a random bunch of golf fans who happened to have tennis balls with pictures of “the owner” on them……..
🥎
Re ., the tennis ball gate
No one was hurt in this passive action so what is the problem.
A shareholder was embarrassed,shame ,
Treat supporters with contempt expect the same back.
I have no idea where this is going.
From a position of strength both in terms of team/squad, football management and infrastructure and financial muscle we are regressing at pace.
The fanbase is confused and angry that this is allowed to happen and we appear to have no scope, plan or desire to do anything about it. The fact that we are not investing in really good people in NED and/or Exec positions is baffling when it is so clearly needed. I do not buy for one minute that its fans that make it unattractive – that is a joke of an excuse when it is clear that the conditions of engagement are do what DD says or don’t bother taking the gig.
How our execs survive is corporate vandalism – the numbers confirm the methods are flaying in the wind, the business structure below them is full of holes if not non existent, communication is the same and yet these two bookends appear to sail along is if bulletproof.
People point to domestic success and I’m as happy as the next ST and SH that we have had a dominant period and I have celebrated them all however it is mitigated by the fact our biggest rival has been a basket case for the majority of this period and that we dwarf other competitors. It is not spoiled or entitled it is just common sense – it’s like being congratulated for beating Auchinleck Talbot or a someone put it a while ago congratulating a restaurant for having cutlery.
Very many Celtic supporters feel powerless and undervalued. Despite the utter BS in that statement about fan engagement there is no such thing and even if it existed it would be lip service only. We are huge in number and yet unable to make a voice heard or taken seriously which is why things like yesterday happen. We all know DD is a belligerent man and rather than open his eyes he will double down – fans are without voice and without impact on what is to many the most important thing in their lives outside of family and that’s not a good place to be.
What surprises me the most is that DD did not become the billionaire he is without ambition, investment and we risk here and there. Multiple business investments and successes being super smart, having plans, strategies and really good people in key positions and yet right now at Celtic, a club he supposedly passionate about, we look to have none of these things. Would hate to see what would happen if he didn’t really give a shit.
Anyway sorry for the long post and often repeated points but I like many am deeply frustrated at our direction of travel. Delighted to be completely wrong but evidence of your eyes is hard to ignore.
Trump and Netanyahu are puppets, nothing more, who replaces them will do exactly the same, a bit like at Celtic, changing the incompetent board will do no good whatsoever.
Suckitup CSC