There is a degree of relief (in some quarters) mixed with surprise that Hearts creditors have agreed to a CVA, allowing the club to exit administration. Although administration seems to be a natural state for many in Scottish football, remarkably few have subsequently gone to the wall in the last 100 years.
Third Lanark perished in 1967, an exception during many decades of solvent behaviour. Airdrieoneans (not to be confused with the current club by that name, which is the renamed and relocated Clydebank FC) were liquidated in 2002, with the chastising words of creditor Sir David Murray ringing in their ears. Oh how well irony played its hand.
Murray’s own club, Rangers (not to be confused with the current club by that name), were next to be liquidation after creditor, HMRC, stuck by their published rules and rejected a proposed CVA.
Apart from this, a remarkable series of campaigns, such as ‘Well worth saving’ and ‘Save the Jags’ has seen supporters step forward and find the money to save their club from that ominous fate.
There appears to couple of rules if you want to escape liquidation. Try to ensure 75% of your creditor value is owed to shareholder-creditors or the bank. Many clubs survive on directors’ loan accounts, which are ultimately forgiven in administration. Banks too have been reluctant to kill the local totem, with good commercial reason.
The major thing to avoid appears to be breaking tax law. HMRC are prevented by its own terms of business from forgiving tax debt which has been run up through illegal tax evasion. This was the case at (original) Rangers, who conceded some of their tax dealings were not legal during 2012’s Lower Tier Tribunal. The balance of cases are disputed and currently subject to an Upper Tier Tribunal.
Hearts success makes for an interesting SPFL Championship race this season. With three games to go Dundee hold a two point advantage over Hamilton. The winner will go up, second place will face a play-off, but neither club will fancy fighting Hearts for promotion next season. I can imagine the despair elsewhere to the news that Hearts will be a Championship club next season. Poor Ally will need to get his game together.
Remember, John Hughes will be on CQN tomorrow morning. Tune in with your questions for him.
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Connaire12
It was my idea to change my footwear against Rangers. Yes, it was quite an Old Firm encounter. Wee Davie Wilson opened the scoring for them in 90 seconds, but things changed rather dramatically in the second-half. Stevie Chalmers got a hat-trick and Charlie Gallagher and Bobby Murdoch got the others in a 5-1 win.
Celticrollercoaster
Yogi is smarter than the average Ranger.
fritzsong
No, it wasn’t Wee Jinky. He had other strengths, but charging down the middle of the field with players hanging off him. That was me!
Gourockemeraldbhoy
What Winning Captains means when he says you will get a surprise is that you get to buy him two drinks instead of one!
Either that or he is going to wear a Toga!
Barry wants to return to Ibrox.
Great idea – at least they will know where he is to serve a notice asking for the loan he got back.
John Hughes
I was fortunate that my early days of supporting Celtic coincided with the emergence of players like yourself, wee Jimmy, Tommy, Bobby, Billy and a whole host of players like John Divers, Jim Kennedy, Dunky Mackay, John McNamee et al. And though we did not win anything early doors, (had to get that in), they were great days to be a young Celtic supporter. We can never repay you for those memories.
Quick question though, apologies if it is a repeat. How did your brother, Billy, (another terrific player btw) end up down South?
John never saw you play.. Too young sadly.
You lived our dream buddy so despite never seeing you your still my hero.
Take care and i’ll be buying your book.
Keep the faith
Yogi
Thanks for your reply. See you in Greenock on 6 June. Will be a great night. Just glad I booked a ticket weeks ago.
celtic mac
Billy had the chance to join Celtic, but I don’t think he fancied the idea of playing in the shadow of his big brother. Basically, he wanted to make his own name in the game and did that very successfully with Sunderland.
Proud bhoy
Hope you enjoy the book. Email david@cqnmagazine.com with details and I’ll put in a personal message.
Feed the bear! Loved watching you play John. I don’t think there’s anyone quite like you in the game just now. Or is there someone playing just now that you think is similar?
Hi John
thanks for taking the time to come on here and thanks for your honesty, you had courage and integrity as a player and you still do.
Yogi.
Aye it’s me again!
Quick question. Ever been to Italy on holiday?
If not, why?!
HH!!
John Hughes,
My brother spoke to Finbar Flood and recalled the shot you made against him when he played for Greenock Morton. Was it the hardest shot you ever made?
fiagottpf
There will only be one Yogi!
Blooterit
Thank you!
John Hughes:
Money (and Celtic) aside, if you had your time over and your career was at its peek today, which team, and which league, would you prefer to play in today, if the choice was yours to make?
Tally Bhoy
Remarkably, I’ve never been on holiday to Italy. No particular reason. Played there a few times, though.
Wallywallace
Aye, I think so.
John can i ask would stay as long with Celtic in the present era given the extraordinarily level of money that can be earned in the world game, highlighted by the figures below
Its a pleasure to be have you on the blog Yogi especially as you were a boyhood hero
Henry Winter @henrywinter · 7m
Uefa urges need for “more stability’ at clubs after ‘2,000 head coach changes & combined club losses of €4bn+ (in past 3 financial years
Henry Winter @henrywinter · 16m
Top division club wages in Europe increased by 49% (2007-2012). PL up 67%, Bundesliga 58%, La Liga 44%, Serie A 39% (Russia 1005+)
Henry Winter @henrywinter · 25m
Player power: Uefa: ‘€7.3bn of €9.2bn employee cost spent on players. €1.9bn on technical, admin & others’ (728 top-division Euro clubs ‘1
Henry Winter @henrywinter · 33m
Uefa: ‘The highest reported wage bill in 2012 of €237m is more than triple the wage bill of the 25th highest paying club’ #disparity
Kitalba
I would only ever want to play for Celtic.
John,
You will of course recall the incident at Celtic Park when you had an “altercation” with Willie Johnston and he ended up on the ground.
The referee Jim Callaghan didn’t see the incident and you did not receive what could have been a second yellow card.
The Ibrox outfit later complained to the SFA about the referee and his career was effectively thereafter.
What did Johnston do (or say) to upset you?
Someone mentioned the Auld Hoose in Baillieston that you ran
I remember doing a safety inspection for the fire brigade with two other tims
Passed of course
It couldn’t not have ;))
HH
Lionroars
You have text and email. I’ve got a replacement for Tony tonight.
LIONROARS67
Same answer as the last question. It meant everything to me to play for the club I had always supporterd.
John, sorry should have said that Callaghan’s career was effectively ended after their complaint. He was also a UEFA listed official at the time.
gordon
That’s covered in the book. I’m telling it like it is. Obviously, there are some excellent stories from Old Firm games. Read all about it!
This Winning Captains is working me harder than Jock Stein ever did. If you want a personal message on your book, send a email to David @cqnmagazine.com
Having a fantastic morning relaying your messages to John Hughes.
Magic.
John Hughes:
Okay, but do you think, in todays football, there is a league above all others, and a team you’d be happy to play for, if Celtic said “sorry John, yer too wee?”
John Hughes.
By the way you beat half the Morton team running from left to right from the half way line at the wee Dublin End. it was the best goal my faither nad brother had ever seen.
Finbar is still the perfect gent….
Just told my brother you agreed …….thanks John
John Hughes:
Sorry mate, I do have one serious question for you, in your opinion… how good was George Connelly? (and Joe McBride)
Hi Yogi,
May I say you were my absolute hero and you gave me so many wonderful memories many of which have already been mentioned on CQN.
I recall a misprint in the Glasgow Times I think it was which read `John Hughes then sent a 25 yard shit just over the bar’ .What I would like to know is….was that something you practised much ?
Tik alba
I like the English Premier League and if Manchester United wanted to pay me what they are shelling out £300,000-per-week then there’s every chance I would play at Old Trafford!
Lionsroar.
What percentage of wages did the leagues new club play in go up?
Will it be investigated :)
wallywallace
I talk about the goal against Morton at Cappielow, but thanks for reliving it.
Article from Phil
According to this, players signed last summer are on a “upwards only” salary from 1 July 2014.
http://www.philmacgiollabhain.ie/the-ibrox-legacy/
John,
The two goals you scored for Palace on your debut must have convinced big Jock he had made a serious mistake.
Kitalba
George Connelly was a superb and elegant footballer with a fabulous range of passing. He should have had a brilliant career – it was over all too early.
Joe McBride was probably the best natural finisher I ever played with. So unlucky with injuries.