Naughty footballers, financial transparency

1029

After Celtic’s reversal in Astana I pinned the decision to allow Kelvin Wilson to leave after the Elfsborg tie as critical.  It left us playing an unaccustomed central defensive partnership against Shakhter while generating only £2.5m.

Before Saturday’s game with Dundee United Neil Lennon suggested the player and his agent had been “naughty”, which might explain things.

It is not unknown for players to cite that they are “not in the right frame of mind” to compete for the club which pays their wages while there is an alternative deal on the table.  This tactic is a certified banker for the player, who does not need to fail a fitness test, he just needs to look a bit down in the dumps.  It is a shocking state of affairs which can cost their employers dearly.

I’m absolutely delighted to see the emergence of some interest in Celtic’s financial position over the last week.  The club have long term loan agreements, an overdraft facility, and, at any point in time, cash on deposit.  We have preference shares which, as long as the club attains certain financial covenants, will attract a dividend.  At any point in time we also money owe trade creditors, utility companies, other football clubs and HMRC, but as you know, for 126 years Celtic have always paid their bills.

Our NET debt position at on 30 June 2012 was £2.77m.  Since then we have had an excellent financial and footballing year.  In 2005 UK accounting rules changed, re-classifying some equity categories and debt.   In their 2006 financial statement, then chairman, Brian Quinn wrote:

“Under FRS 25 the group’s Preference Shares and Convertible Preferred Ordinary Shares, previously defined as equity, were reclassified as a combination of debt and equity; and non-equity dividends were in essence re-classified as interest.  As a result, net assets were £3.8m lower, net debt £4.7m higher and interest charges £771,000 higher than would have been reported prior to the implementation of FRS 25.”

This was “hidden” away on page one of the accounts.  Further details were published at appropriate places throughout the accounts.  A video presentation was also given to shareholders and the media to explain the situation further.

Perhaps the word “transparency” should be used instead of “hidden” by some.

For further reading on FRS 25 see page 5 of this report.
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  1. time for change on

    Happy clappers and mineshafters….what can I say…..just as well none of us are on the board!

     

     

    Like the changes in our style of play this season seems more inventive going forward.

     

     

    Anyone had a cold call from BT. …any deals to be had?

     

     

    Hail Hail

  2. 67Heaven ... I am Neil Lennon, supporting WEE OSCAR..!!.. Ibrox belongs to the creditors on

    ernie lynch

     

     

    09:02 on 3 September, 2013

     

     

    You’re fighting a losing battle on this one….it is normal to get dividends, and Boards need to maximise dividends for shareholders….that’s Business …….

  3. The Token Tim in support and praying for Wee Oscar on

    Tom McLaughlin @ 0256/Sydney Tim @ 0443,

     

     

    Yep I remember that too.

     

     

    The sale was due to take place at 1000 on a sunday morning for the New Year game 1989.

     

    Me and 3 mates cut short our usual Sat night shenanigans (one of the bhoys thankfully decided to drive!) to be be in the queue for 3am.

     

     

    Even then as Tom says there were quite a few ahead of us.

     

     

    By 7am, despite the few barriers, we somehow found ourselves behind at least a thousand or so more with thousands behind us. As time slowly wore on and more and more people showed up, the atmosphere was getting nasty, with plenty pushing a shoving going on. Best decision they made in deciding to open the turnstiles and sell early.

     

     

    As you both rightly say we were pumped 4-1 after Chris Morris scored a free kick in the first 2 mins. In fact I’m sure that Macca broke his wrist that day too.

     

    I’ll forever remember that tosser iain fergiehun scoring and running up in front of us (we were in 3rd row next to the govan stand) and giving it big licks. Never liked him before that, despised him ever since.

     

    Probably the best part of the game was when the Broomloan Rd en masse started singing defiantly despite being 4-1 down and it drove the huns mental.

     

     

    Didnt make me feel any better at full time though.

     

     

    HAIL! HAIL!

     

    Token

  4. Grand Blue skied morning here in the Chilterns…

     

     

    BMCUW @ 09;03,

     

     

    “A 6% return is only excessive in today’s strange financial climes. Historically,it is ittle better than would be returned by a building society.”

     

     

    As the monies raised was for building the Stadium etc I wonder what the return on imvestmestment would be.

     

     

    I.e. If we looked at the gate recipts, hospitality, catering etc income for the old paradise vs the takings from the new Celic Park I bet the ROI will be much >6% per annum.

     

     

    Also in the wake of the Taylor report we the old Stadium was not fit for purpose so money would have to be spent anyway.

     

     

    Most Scottish Clubs improved their Stadia by Loans from the BoS, with their terms and conditions imposed (i.e. How to Build your Stadium).

     

     

    It wasn’t an option for us, we had closed our BoS Account.

     

     

    And if you look at the other Scottish Clubs finances, e.g. Dunfermline, we dodged a bullet.

     

     

    Hail Hail

  5. Go tell the Spartim on

    Sandman

     

     

     

    01:40 on 3 September, 2013

     

     

     

    canamalar prays Oscar can do it again

     

     

    01:11 on 3 September, 2013

     

     

    ========================

     

     

    Nope. Nonsense there, canlamar.

     

     

     

    The ‘happy clappers’ have attmepted to offer perspective – this is where you get the harsh reality of viewing Celtic from a player’s career perspective; backwater league, little competition domestically, lower wages than elsewhere.”

     

     

     

    Seldom post, as there are far more verbally astute posters than I, from both sides of the same coin. Closer to a mineshafter than a happyclapper.

     

     

    But the above comment is probably the most pompous and condescending post, from a Desmondo Disciple, that I have seen in a long time.

  6. pauloanthony,

     

     

    Looking at your earlier posts, you say that we will be in the top 25 spending clubs during this transfer window, we have sold players for approx 20.5 million pounds and bought players for approx 11 million pounds. That makes us nett spenders of approx -9.5 million pounds?

     

     

    I’m relatively happy with the guys that we’ve bought and I think that all are due a chance to show us what they’ve got but I don’t think that we’ll be that high up the spending charts.

  7. johann murdoch

     

     

     

    09:13 on 3 September, 2013

     

     

     

    Desertbhoy- re clubs – new cobra amp oversized irons are good- hope you find what you are looking for hh

     

    …………………………………………………………………………….

     

     

    Thanks but never been an admirer of cobra clubs.. intrigued by the hybrid characteristics of the cleveland’s.

  8. WGS – I see you mention Dirk Degraen in your post. I have aéways felt that if J Park is tempted away from Celtic, we should look at employing Dirk Degraen but in a more elevated role.

     

     

    He overseas all scouting, negotiations, transfers etc for Genk, and has an amazing eye for a player. About half their team would add value to our squad, and they have signed 2 or 3 guys we have been linked to over the past few seasons. He is effectively doing a mixture of Park and Lawwell’s jobs, and the difference in having a ‘football man’ handling negotiations (as opposed to lawwell – a ‘money man’ whose understanding of football is limited) is clear for all to see (take a look at tottenham this window, who have an ex Roma manager on the board handling all deals….)

     

     

    Degraen has filled the Genk squad with big strong athletes, all of whom are well schooled, technically good, and have normally come through good youth structures either at the Genk Academy or elsewhere. Genk’s in-house academy has produced Courtois, Benteke, Defour, Vossen and De Brunye in the last few seasons alone, along with countless others.

     

     

    The guy really knows his stuff.

  9. Do we have it on record yet as to how

     

    From Charlotte

     

     

    McColl, Murray and others formed the alliance for boardroom changes.

     

     

    if so, link?

     

     

    #CorporateCarnage

     

     

    Reply from newtz.

     

     

    @CharlotteFakes An Alliamce Front for King. Was Murray in SA in March? ….. #Curious

  10. The Token Tim in support and praying for Wee Oscar on

    bankiebhoy @ 0928,

     

     

    I was playing gowf just last friday with a good Bhoy who worked for Murray’s Empire (auditing side of things) and who just left his post there recently.

     

     

    I asked him about wee davie. Said his “fortune” is now around the £15-20m mark. Hardly impoverished i agree, but just a few short years after being “worth” £650m……….OUCH!

     

     

    The bank have taken or sold off almost every part of his aforementioned empire. I believe he still has a small venture capital co, that is the only part that makes money for him.

     

     

    Shame dat

     

     

    HAIL! HAIL!

     

    Token

  11. Tom McLaughlin and Macjay

     

     

    I’m getting those Labor ads over here in the West as well, would much rather they were from that lovely little man Scott Morrison who’s now going to ensure that the good people of Sydney and Melbourne don’t have traffic jams when he ‘Stops ra Boats’. So glad that I’m in a part of the country where we don’t have too many cars!

  12. A question about DD. Does anyone know how much involvement he has in the running of Celtic. On one hand he is criticised for being an absent landlord and on the other he is trying to promote Sevco to the top. Is anyone aware of what input he has?

     

    Not looking for an argument just interested…

  13. yorkbhoy

     

    10:01 on

     

    3 September, 2013

     

     

    He is fully involved in the running of Celtic via his No.2 on the board, Tom Allison, who PL reports to. Nothing of any significance happens without DD’s say so.

  14. My uncle passed away on the 22nd August and I have not been on the site much since then. My three cousins Janet, Angela and Lorraine made all the arrangements for his cremation and did a magnificent job.

     

     

    Mick lay in St Benedict’s in Easterhouse overnight and we had a requiem mass on Friday. His cremation was at Daldowie on Friday 30th August with a purvey at the Celtic club on London Road afterwards where we performed a huddle in his honour.

     

     

    There were lots of tears and even more laughter as we celebrated the wee mans life.

     

     

    I would like to thank all the bloggers who offered sympathy and prayers for Mick who was one of the biggest Celtic fans going.

     

     

    He will be sadly missed.

     

     

    HH wee man.

  15. TheOriginalSadiesBhoy on

    BMCUW

     

     

    Thanks for your good wishes. I’ve had this condition for the last 12 years. I can find my tongue swelling up or my lips or face quite often during the course of a year. Normally when I’ve got the common cold or a cough or flu. Normally two quick spoonful of liquid PIriton returns it quickly to normal. Sometimes though, as with Friday, I am waking up from a deep sleep in the morning and my tongue has swollen to about 3 times its normal size and I am heading towards anaphylactic shock. I managed to get one spoonful of PIriton down my throat but choked on the second. That means hospital and huge doses of PIriton or steroids and adrenalin.

     

     

    I’m back to my normal, crabbit self :-))

  16. macjay1 for Neil Lennon on

    antipodean red

     

    09:47 on

     

    3 September, 2013

     

     

    Do I sense a tiny touch of sarcasm there?

     

    :-)

  17. TheOriginalSadiesBhoy on

    Ernie

     

     

    I think if the Board were to take a decision to buy a player instead of paying a dividend, as you suggest, after they had taken in £40million, I think that would be akin to stiffing the shareholders.

  18. macjay1 for Neil Lennon on

    tractorbhoy

     

    10:12 on

     

    3 September, 2013

     

     

    Hail Hail to Mick and his extended family.

     

    God Bless.

  19. macjay1 for Neil Lennon on

    antipodean red

     

    10:19 on

     

    3 September, 2013

     

     

    Aye,pal.

     

    You`ll be a “new Australian”

     

    Listen to the auldhauns.

     

    We`ll set you straight.

     

    :-)

     

    Hope you`re loving the place.

  20. A C Milan ——-

     

     

    9 players in

     

    15 players out .

     

    Spent 25 million euros .

     

    Received 12 million euros .

     

    Net spend = 13 million euros ..

     

     

    First pick team —– 4-3-1-2

     

     

    Abbiati

     

     

    Abate Zapata Mexes De Sciglio

     

     

    Montolivo De Jong Poli

     

     

    Kaka

     

     

    Balotelli Matri

  21. TheOriginalSadiesBhoy on

    south of tunis

     

     

    10:27 on 3 September, 2013

     

    A C Milan ——-

     

     

    9 players in

     

    15 players out .

     

    Spent 25 million euros .

     

    Received 12 million euros .

     

    Net spend = 13 million euros ..

     

     

    First pick team —– 4-3-1-2

     

     

    Abbiati

     

     

    Abate Zapata Mexes De Sciglio

     

     

    Montolivo De Jong Poli

     

     

    Kaka

     

     

    Balotelli Matri

     

     

    …………………………………..

     

     

    They’ll be a handful. Matri scored Juve’s 1st against us after Efe missed the header. Super Mario we all know about and Kaka will feel he has something to prove to the Milan fans.

  22. Short and sweet .

     

     

    Palermo media outlets are claiming that Palermo FC’s owner [ Maurizio Zamparini] has told Gattuso that if Palermo lose to Padova this weekend, he will be sacked ..

     

     

    Same outlets are assuming that if Gattuso goes then so will Lafferty [ given that Lafferty was signed to be Gattuso’s spy in the dressing room.].

     

     

    2 games to date in Serie B – Palermo have drawn one and lost the other. . Currently they are 15th .

  23. The token tim. Indeed it was a snowy morning. I remember seeing some guys at front of queue who had come straight from the jigging

     

    Cold cold 4hrs

     

    As for the game itself. We were in the main stand and when the deid club scored their fourth my mate pulled out 2 hamlet cigars. One for him and one for me

  24. macjay,

     

     

    Are we not all ‘new Australians’, I certainly am loving it and have been for the past 16 years, hope you are too.

     

    Celtic TV hasn’t improved much in that time though…ha! ha!

  25. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Sorry if this has been posted before

     

     

    Net spend of EPL teams since 2003

     

     

    1. Chelsea £585m

     

    2. Man City £504m

     

    3. Liverpool £192m

     

    4. Man U £167m

     

    5. Villa £122m

     

    6. Spurs £99m

     

    7. Stoke £88m

     

    8. Sunderland £83m

     

    9. Norwich £37m

     

    10. West Ham £36m

     

    11. Southampton £35m

     

    12. Hull City £33m

     

    13. Fulham £25m

     

    14. WBA £29m

     

    15. Swansea £22m

     

    16. Arsenal £17m

     

    17. Newcastle £15m

     

    18. Cardiff £6m

     

    19. Crystal Palace £5m

     

    20. Everton -£3m

  26. Paris Saint-Germain midfielder Mohamed

     

    Sissoko has left the Ligue 1 champions

     

    by mutual consent.

     

    The Mali international, who moved from

     

    the Parc des Princes from Juventus in

     

    July 2011, agreed a deal with the club to

     

    cancel his contract, having failed to

     

    secure a new club during the transfer

     

    window.

  27. South Of Tunis

     

    10:37

     

     

    How can Lafferty be his spy in the dressing room? What language skills does he bring to that role?