The exceptional circumstances of season 2020-21, a year without fans, saw both Celtic and Newco furloughed staff and accessed the Job Retention Scheme, through which the government initially paid 80% of wages. Celtic made up the income balance for all staff, Newco, however, paid up only selected staff, reducing their costs and loss accordingly.
Celtic did not make any redundancies during the year, Newco did. If you lost your job while millionaire footballers continued to be paid, you might have a view on “absolutely necessary”. Some of Celtic’s income went towards keeping people in a job during a global crisis. Like Newco, they could easily have sacked staff and left others on reduced pay, but like Newco, they had a choice and chose solidarity with their staff.
In Newco’s chairman statement, Douglas Park opens with a demand that “those in positions of power and influence”, acknowledge the “major strides” the club have made with their diversity and inclusion campaign. I suspect he means the Scottish Government, Celtic would be happy with an equal crack of the whip from the First Minister when she picks her moment to take an interest in football from a podium.
To be fair to Park, he signed the note before reports of more sectarian singing last week. If he is viewing the world through a prism of satisfaction in this respect, I suspect progress under this regime has ended.
Having gone for the Government in his first paragraph, Park dedicates the second to making it clear he would like Neil Doncaster removed as chief executive of the SPFL under the guise of “corporate governance”. Doncaster has steadfastly refused to favour Newco.
“Corporate governance” was the defence then-chairman of Newco, Dave King, gave to the Takeover Appeal Board (TAB) in his appeal against the Takeover Panel decision that he, Douglas Park and others acted as a concert party in their successful takeover of Newco. They lost, TAB upheld the decision.
The October 2019 decision meant chairman King was ‘cold shouldered’, preventing firms regulated by the Financial Conduct Authority from working with him. Those in glass houses should not throw corporate governance accusations around.
The Ghost of Halloween Past.
At the year end (30 June 2021), a Dave King loan of £5m was outstanding, due to be repaid by October 2021. I know what you are thinking. Newco released these accounts on 5 November, surely, Dave King had his money if it was due by October? The first thing that struck me when I read the accounts is that date Douglas Park signed the accounts; 26 October. Accounts are usually dated the day they are released, why were these dated 11 days earlier?
You need to read to page 60 of the accounts to read that King’s loan is discussed as “due for repayment in October 2021”. If it was paid, why not just date the accounts the date they were issued and clarify this point? These things are never random.
The note also reveals King charged 8% for his loan. Nice, if you can get it, not so nice if you are paying it.
There are some key metrics I would like to discuss next. This is all a bit ‘CQN from 2004-2011’, so apologies if we are going over old ground.
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Squire Danaher
RIP Squire Danaher
RIP Squire Danaher
I’m in the software development industry. But the Celtic FC website and it’s associated link to the Ticketing website leave me confounded.
Does anyone know where I can see a history of my ticket purchases?
In particular, where can I see if I was allocated seats to the semi final through the Home Cup Ticket Scheme.
Oh Paul, your not keeping up with Follow Follow are you.
Dont you know the South Afican government insisted on King offering 8% interest because…well never mind why, they just did
In my industry, last resort loans are usually quite high but 8% is more than I’ve seen , e.g. deferred rentals to alleviate cashflow or loans to enable the customer to get our assets generating revenue again. It’s high because the money is equity which is expected to be making an investment return, not a bank loan which looks for lower risk/lower return
If King’s loan hasn’t been repaid then that’s £12 million or there abouts to see out this season ? They may be taking the chance that a ‘Rangers’ man like King wouldn’t go to court against the club…good luck with that.
Aston Villa CEO Christian Purslow was MD at Liverpool when Gerrard was club captain. Seems he’s made Gerrard his no1 target. I reckon he’s off.
SUPERSUTTON on 9TH NOVEMBER 2021 12:18 PM
I’m in the software development industry. But the Celtic FC website and it’s associated link to the Ticketing website leave me confounded.
Does anyone know where I can see a history of my ticket purchases?
In particular, where can I see if I was allocated seats to the semi final through the Home Cup Ticket Scheme.
———-
Cup game isn’t at home hence a specific sale to STH which was a couple of weeks ago and then further options for more came after.
An Tearmann, Stuart Cassells passed away this morning. May he rest in eternal peace.
Firstly
May you Rest in Peace Tucker
Now,
were we not previously informed, any loan repayment also meant the £3m Scottish Goverment Covid loan also then needed repaid 🤔
Norrie M
I believe that was Director bonuses but not sure about loans
A most enjoyable read.
JVR
Just picked up a message on a WhatsApp group, as reported Stuart has also passed away
Thoughts and Prayers are with Stuart’s family and friends
And just as important
May Perpetual Light Shine Upon You
Stuart Cassells
May you Rest In Peace
🙏🙏🙏
“This is all a bit ‘CQN from 2004-2011’”
—————
Except “newco” didn’t exist then, obviously. But hey, as long as it gets the old firm discussed, who cares!
——————————
“Doncaster has steadfastly refused to favour Newco”
—————
Errrr…..:
http://www.celticquicknews.co.uk/neil-doncaster-and-the-birth-of-monster-myths/
http://www.celticquicknews.co.uk/doncaster-has-failed-scottish-football-fans/
http://www.celticquicknews.co.uk/doncaster-on-maintaining-a-fair-league-competition/
http://www.celticquicknews.co.uk/boycott-avoided-as-celtic-get-home-draw-in-doncasters-league-cup/
http://www.celticquicknews.co.uk/aberdeen-getting-a-grip-doncaster
Crikey! Even as badly run a club as Newcastle managed to get a decision from Eddie Howe within a few days!
Today is brought to you by Rangers Slow News….
Anybody fancy chatting ’bout the tic?
HH
NorrieM , a tragic loss Stuart passing away. I believe he was only in his mid to late forties. My pal has just told me Stuart’s mum is in the same hospital suffering from Covid.
Good afternoon all from the Montford bar via the Scotia.
CONEYBHOY on 9TH NOVEMBER 2021 12:26 PM
SUPERSUTTON on 9TH NOVEMBER 2021 12:18 PM
I’m in the software development industry. But the Celtic FC website and it’s associated link to the Ticketing website leave me confounded.
Does anyone know where I can see a history of my ticket purchases?
In particular, where can I see if I was allocated seats to the semi final through the Home Cup Ticket Scheme.
———-
Cup game isn’t at home hence a specific sale to STH which was a couple of weeks ago and then further options for more came after.
————
Thanks.
There is a tick box covering neutral venues for Semi Finals and Finals.
Have been successfully allocated tickets before when they didn’t get to general sale stage.
Good Afternoon BRRB
Glad to see you have returned to your roving ambassadorial role 😉😊 Enjoy J.
HH from a glorious autumn day on the silvery Tay.
Big Wavy
Don’t be ridiculous!
More very sad news. Rip Stuart, YNWA ☘
JVR
Sorry to read of your friends passing.
Another gone too soon.
Prayers said for his family and friends.
RIP Stuart.
Wee prayer also said for his Mum. Hope she makes it.
JVR
Thanks for bringing that sad dad news
Stuart Cassells rip
Take care hh
Stuart Cassel R.I.P
GLASSTWOTHIRDSFULL on 9TH NOVEMBER 2021 12:48 PM
Crikey! Even as badly run a club as Newcastle managed to get a decision from Eddie Howe within a few days!
_______________________________________________________________________________________________
When you have the assets of an oil rich Kingdom at your disposal then even Eddie Howe couldn’t resist. There is no link whatsoever to how badly/well run a club Newcastle is, it’s ALL about the money.
Glass two thirds.
You are correct
All this association with a nefarious and dodgy as flook outfit,we have been here before.
We did not do,or speak out as a club before(the time hmRC ended them)
We have been thro the gokkifying and squinted masonic court system and sfa kangaroo court.
Not a word from Celtic
5wa etc.
Hopefully soon we can start soon to honestly talk about where Celtic are instead of constant comparison ,drip,drip nonsense in comparison with laundrymat fc
Good day Celts
HH
This is a terrible shock. An Tearman reports yesterday that Squire Danaher has passed away and I log on to read that that An Tearman has passed away also. I enjoyed their posts on CQN and often found myself agreeing with them. So sad. May both of them Rest In Peace. My thoughts and prayers are with their families. 🙏
MCPHAIL BHOY on 9TH NOVEMBER 2021 1:27 PM
There’s probably something about going to a club where the last manager didn’t get bombs in the post and the CEO didn’t get his house firebombed that appeals to him and his team
Gerard’s move to AV with a compensation package to clear the King debt looks ever more likely.
If they can get close to what we got for BR he will be off, taking Beale with him. Maybe Mcallister would stay on, doubt it.
This would be a massive boost for our title challenge. Their players would bd devastated.
I think I have entirely misunderstood a post above! An Tearman, I am so glad you are alive and well and still posting on CQN!
My apologies.
THEORIGINALSADIESBHOY on 9TH NOVEMBER 2021 1:41 PM
He is indeed alive and well! Sober day on the blog yesterday as it should have been.
I would like to say I don’t care if slippy leaves and I’d also be surprised if he did but the debt, the overdue loans and the need for a package of sorts to see season out…….. As mentioned previously the only reason I care a little is because the tribute act players would be devastated without their arse-piece of a hate and bile defender and who knows maybe one or two would follow? Would also make for a nice wee dip into the hate factory of Follow Follow.
Back to Celtic stuff and less of the newco chat.
“We got a bit sloppy in possession before both of those goals and we’ve got to be a team who stays focused, because we’re nowhere near the levels we need to be yet,” the Australian said.
“We’re still in the infancy of gelling as a team and playing our football. When we do that and are committed to it we’re a good side, but we’re nowhere near the levels now where we can take our foot off the pedal, and I thought for a small part we did. But it doesn’t take the gloss off it.”
Progress is being made, when we turn it on it is some of the best stuff I have seen in an age. The rebuild was a heck of a task and I for one am happy so far and looking forward to January window.
R.I.P Stuart.
Aipple @ 1:54pm
“Progress is being made, when we turn it on it is some of the best stuff I have seen in an age. The rebuild was a heck of a task and I for one am happy so far ….”
My view as well.
Whilst I am in such an agreeable mood, I also agree with An Dun re Gerrard and Villa. Thanks also, An Dun for that wee clip of Gerrard and his eight figured one million !
Can you imagine the Media response had Neil Lenon made such a comment?
THEORIGINALSADIESBHOY
You did give me a fright with that post.
Hope you are good!
Condolences to those that have lost friends and loved ones.
I thought, well at least to BBC Scotland, that Sevco fans were to be cautiously optimistic about their finances? Or is that just the usual pie and the sky excrement you’d expect from Kenny McIntyre and his ilk?
Where do the pop up video ads come from on this site? I have one that appears regularly with news of NL resigning. Another that profiles Eddie Howe. Do the originators not have any kind of control of what they are pushing?