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.
[calameo code=000390171c1dd95770bec lang=en page=100 hidelinks=1 width=100% height=500]
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Awe Naw – ach that’s rubbish! :-)
I thought you were teeing him up for “The primary business of Celtic is as a FOOTBALL club. It is run on a professional business basis with no political agenda.”
Don’t mention poppies FFS!
T4
Afternoon Timland, hot and hun free in the mountain valley.
There is so much wrong with this, and why the platform, smacks of desperation me thinks.
Jack Irvine and Andy Muirhead, Q&A
Quote:
AM: When did you start working with Rangers Football Club?
JI: 2006. There had been huge sectarian issues and the football authorities were going to hammer Rangers. There was a danger the team would be playing in empty stadia and face crippling fines. We worked with the legal team to articulate the initiatives from Martin Bain’s management team to curb the sectarian excesses which in turn lessened the possible draconian punishments.
AM: We heard from Sir David Murray that he was duped by Craig Whyte in purchasing Rangers from the former Rangers owner – from your point of view and of working with Craig Whyte would you agree with Murray’s statement?
JI: Yes I do agree with Sir David. He was led to believe that Craig Whyte was worth in the region of £80million and he had no reason to doubt that.
The Bank of Scotland and their boardroom representative saw no problem with Whyte as a buyer and, in fact, couldn’t get the club sold quickly enough. Craig Whyte appeared to be the answer to all of David Murray’s problems.
AM: You represented Rangers under Craig Whyte’s tenure at the club which ended with it going into administration and subsequently liquidation – looking back what are your thoughts on your role and Media House’s role during that time?
JI: It was a surreal time. I tried to explain to Craig Whyte that he couldn’t possibly run the club himself and I even introduced him to the former Newcastle United Chief Executive Freddie Fletcher who was also a former Rangers man. Freddie would have been magnificent but Craig decided he could do the job himself.
Like many businessmen he was totally consumed by The Blue Mist the minute he walked into the boardroom. Media House’s role was what it had always been. Represent the club and its board and attempt to present the good side of the club to the media and public at large. Of course the bad started to outweigh the good very quickly and it was like pushing water uphill.
AM: There has been allegations made that Media House and Rangers used friendly journalists to publish positive stories about Rangers and Craig Whyte in particular hiding the truth about the Motherwell businessman – what do you have to say about those allegations?
JI: Of course we promoted positive stories – that’s what PR people do the world over. However it didn’t take long for my old newspaper colleagues – and more importantly certain influential bloggers – to find out the truth about Craig Whyte and tell the world. There is no way I could have covered that up or would even have tried to. The dam had burst.
AM: Many Rangers fans are now seeing Media House and yourself as culpable in the demise of Rangers under Whyte and are against your continued involvement at the Ibrox club – claiming that you are not there to represent the club but elements on the board? What is your take on this – what is your role at Rangers?
JI: That is utter nonsense. We can only work with the tools we are given. Craig Whyte ran the club into the ground although you would have to say he inherited a pretty leaky vessel. Our role at Rangers is crystal clear. We carry out the wishes of the board in an attempt to help the business survive and prosper.
However much I sympathise with the agonies the fans are going through, and I speak as one of the original Bond holders, it is not they who instruct me. It is the board. It is naive to think otherwise.
AM: A twitter account called Charlotte Fakes has been publishing emails and other correspondence involving you, Whyte, some journalists and Rangers officials – which seem to paint all parties in a bad light. What is your take on what this person is doing?
JI: It is illegal. It is a breach of the Data Protection Act and the perpetrator faces serious consequences when he is caught. It is frightening some of the stuff that is going on nowadays on the web. I often wonder what it would have been like in the early 90s when there was the coup to unseat the Celtic board. How would social media have treated that? Would Fergus McCann with his bunnet and squint been given a chance to mount his brilliant strategy or would he have been slaughtered by the fans with laptops?
AM: Rangers fans have claimed that the ‘dignified silence’ approach was perpetrated by the likes of Media House and that instead of keeping quiet, you should have gone in all guns blazing. Making demands, threatening legal action etc. What was your approach during Whyte’s reign when negative articles were published?
JI: I seem to remember we banned the BBC and if you knew me at all you would know that I am not slow to tell editors and journalists when they are talking bollocks. Lawyers were regularly involved .
Do I go out and announce this in the Copland Road to the fans? What do you think? I worked with or trained a lot of the current crop of journalists. I’m not going to publically traduce them although I will make an exception for some of the more stupid ones.
AM: Whyte met with several Rangers supporters groups and bloggers who were very friendly to him and backed him to the hilt during his reign at the club – they have now turned on him as if he is the anti-Christ. What is your take on this u-turn by said prominent groups and bloggers?
JI: I presume you have certain groups in mind. I can’t think who you are talking about but let’s be fair. The fans loved David Murray then grew to hate him. Ditto Craig Whyte, Ditto Charles Green. So it’s not only bloggers who changed their minds.
The economist John Maynard Keynes is alleged to have said, “When the facts change, I change my mind. What do you do, sir?” If that concept was good enough for him I hardly think we can criticise the bloggers.
AM: Given the amount of flak, hassle and abuse you have taken – if you could do it all again would you still represent Rangers and Craig Whyte?
JI: I have taken flak, hassle and abuse since May 1987 when I launched The Sun in Scotland. I thrive on it and the more I get the stronger it makes me.
The answer to “Would you still represent Rangers” is obviously yes as I have just signed up for another season. I come from an East End Rangers family so I guess I’m stuck with it. Would I represent Craig Whyte? Not if I had known what I know now but it’s easy to be clever after the event as I keep reminding certain fans and journalists. Hindsight is a wonderful gift.
AM: If you could stand in front of the Rangers fans today and talk to them what about the club and the way it is working and those wanting to take over – what would you say?
JI: Give the board a chance. The Chief Executive has sunk a million of his own cash into the club. Fellow director James Easdale and his family have put in even more.
Let’s all be mature. I know Frank Blin and Paul Murray are passionate about the club but to quote Mr Churchill: “To jaw jaw is always better than to war war.”
Vmhan
If you are scrolling back and are still looking for a place in Amsterdam, I once stayed in a place own by the Third Order of Franciscans at SAN LUCHESIO Hotel, Waldeck Pyrmont Laan 9. This was small and not too fashionable but cheap. If it still exists it might be worth inquiring about. It is a walking distance to town centre. But be good when we win. Do not go ott with delight.
Awe naw.
Also note that the social mission statement could exclude people like neganon, Donegal Danny and madmitch from the club:
““Celtic is a club for everyone who believes in football as a medium for healthy pleasure, entertainment and social integration. ”
I’ve seen no evidence of pleasure, healthy or otherwise from any of them. But then again I don’t believe the social mission statement should be used to define a Celtic supporter.
I’ve always found that ‘green Hun’ phrase to be misleading.
A Hun is a Hun regardless of creed, colour or indeed football team allegiance.
The Battered Bunnet
11:22 on
3 September, 2013
I’m hoping some of it wil go on internal capacity building to improve the services that will have the supporters wanting more.
Was Chuckles a Green Hun?
connaire12
11:48
I’ve stayed there too. It used to run a classified ad in The Tablet every week. Cheap but good beer and wine were left out. You just took what you wanted and left the money.
The Honest Mistake loves being first
No its an accurate observation on their failure to adhere to Celtic Social mission statement. There choice. Not mine.
HH
Oh I am more than happy as to who is looking after the business side of things at Celtic Park, and the Manager and back room staff of the team that players on the park, what’s not to like, that team that cheated have been liquidated and never more to be seen by me, my god it is great to be a Tim out there very day chest puffed out swagger in the step Huns ducking up closes and jumping into shops smile on my face gets bigger by the week, read this and weep on here all you Huns that lurk, for NEVER has there been a better time being a Tim than now, HAIL HAIL.
TET-Irvine is a reptile,he fits the hun prototype perfectly.
Auldheid
11:29 on 3 September, 2013
I met up with Morrisey23 at last nights Celtic Supporters Trust meeting. A note of the meeting will appear on CST web site in due course.
Of immediate interest to CQN will be that CST agreed to promote Canalamar’s resolution re requesting a UEFA investigation into the process for awarding the UEFA 2011 Licence to Rangers.
The resolution will be made avaiable from the CST web site which might help get the message out there and with it the extra signatures required (although time is running out. )
On that point of signatures it transpires Celtic have aggregated the shares of the signatories in the past to get an average over 100 so if you thought your shareholding was too small to sign up then give it a go now.
——————————————
That last paragraph is great news for Canamalar’s resolution. It is a complete game-changer.
Those with only a few shares should now get their details to him as soon as possible, knowing that they will be as valuable as those with bigger holdings.
TET – this bit stood out for me….”I worked with or trained a lot of the current crop of journalists.”
No sh1t Sherlock!
T4
Awe naw.
Not sure I follow.
It’s not cheerleaders that are green Huns then, it’s posters that call others Huns? Or even claim they are not Celtic supporters?
Still not sure how calling someone a green Hun doesn’t make you a green Hun.
I’m tying myself in knots here. Help me out.
The honest mistake,
A green hun is a mineshafter.
Always was. Always is. It goes back to the early days of the beeb forums.
Awe naw is trying to hijack it and rewrite history. :)
I think Irvine asked himself the questions that he wanted to answer.
Still think he is running scared, even the pish stained alki is not his friend any more.
Nothing like a bit of blue on blue to brighten up the day.
I’m not sure at all about Green Huns but calling somebody an “Irish tw*t” certainly seemed Hunnish.
I see Irvine said Chalotte is illegal lol, and the squinted BUnnets wouldn’t have had a chance if what happened to them then happened now because of the Internet? That is bitter man how now sees his job as a lier going up the chimney.
The Honest Mistake.
I am enjoying your style here 0:-)
In Awe_Naw`s shoes, I would apologise now and accept that my original argument was not well thought out but that I (Awe_Naw) was still against the cheerleaders.
JJ
All Charlotte needs to do if caught is claim public interest, then it’s not illegal, I think.
——had no chance….sort, new I pad, not used to the touch key pad ;)
weeminger-some of the personal stuff directed at DD last night was out of order IMO.
The exiled Tim
If its against Sevco it’s illegal , trust me
This:
“Would Fergus McCann with his bunnet and squint ”
says a lot about the nature of jack Irvine………and none of what it tells is complimentary.
JJ
td67
Aye, you would be right with that assertion.
I met Jack Irvine on more than one occasion…a nasty, aggressive beast. Made my skin crawl…
The failure of JI to answer this question stood out for me. He just blustered his way through (probably seething with steam coming out his ears).
AM: A twitter account called Charlotte Fakes has been publishing emails and other correspondence involving you, Whyte, some journalists and Rangers officials – which seem to paint all parties in a bad light. What is your take on what this person is doing?
JI: It is illegal. It is a breach of the Data Protection Act and the perpetrator faces serious consequences when he is caught. It is frightening some of the stuff that is going on nowadays on the web. I often wonder what it would have been like in the early 90s when there was the coup to unseat the Celtic board. How would social media have treated that? Would Fergus McCann with his bunnet and squint been given a chance to mount his brilliant strategy or would he have been slaughtered by the fans with laptops?
Jjimmy
We are talking about a low life here another who plays to the Sevco hoards, I wouldn’t expect anything nice or well manners from that slug. He is what he is, a warf rat.
The Exiled Tim
You can claim public interest, but your adversaries can argue in court that it’s not justified and you would run the risk of losing. Not you, Charlotte.
But it still doesn’t mean you cannot report what Charlotte has alleged. If evidence is inadmissible in court it doesn’t mean you cannot write about it if you are careful and fair. If the papers and broadcasters wanted to be, they could be all over this. But they don’t want to be because they too are part of the game of squeezing money out of supporters of the deady bears. It’s all about money.
TET
Irvine’s arrogance and bitterness knows no bounds.
Note his reference to the Bunnet’s physicality – on balance should he have made comparable reference to Murray’s or Whyte’s?
A so-called P.R. expert should have no need to indulge in such a vindictive description of another human being – the cretin is an affront to decency. May he rot in hell!
BigYinMilan
He never said the CF stuff wasn’t true either.
Jack Irvine is becoming the story.
I ain’t no PR guru but I’ll bet that is high up in the Cardinal sins of the ‘profession’?
He is out of the same mould as David Murray and Craig Whyte, they are hooked on themselves.
Kayal 33 @ 11 38 ..
Hard to say which is better. Current team is a bit mercurial —– they can be very good , they can be average . .
Relationship between Allegri and Berlusconi appears to be very poor. I imagine that has an impact on the players
Bigyinmillan
It was a Coisty like answer, they can’t help it, and he made sure we all knew he was from Brigton I noticed that as well, I suppose we should be afraid of him then, an erse of a person.
praecepta
12:18 on
3 September, 2013
I think some of the tabloids did make reference to Craig Whyte’s “googly eyes”. I think it’s pretty clear from that interview who wrote those stories.
Celtic_First
Thanks, I wasn’t sure, and I agree, It’s all about the money.
To dump a debt of nigh on a billion is no mean feat.
……………………
praecepta
He couldn’t help himself, the hate is ozzing out from him.
HH
Those of us who invested ( in a small way) when the call went out did so to save Celtic. We saw our club was going to fail under the Board at that time. We did not see ourselves as the “fabric of society” that did not need to be saved or that would never be allowed to die because it could not happen in Scotland. No, we went out and did what our forebears have always done… we fought for the cause.
South Of Tunis
12:21 on
3 September, 2013
Interesting. I would have said they were much stronger back then than now. Kaka at his peak, about to become world player of the year, Inzaghi the supreme poacher, and a superbly talented midfield (well Pirlo & Seedorf anyway). Nesta also much better than the current centre halfs.