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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jeromek67
I saw a misprint in a Glasgow evening newspaper that informed me that Yogi had scored with a 25-yard shit. What I would like to know is is, Did it take a lot of practising?
I thought referee Callaghan HAD noticed, but didn`t send Yogi off. I don`t think Mr Callaghan was a member of the unusual type of handshaking fraternity.
Book ordered, John
Fritzsong,
I think he did, and I certainly didn’t want to leave.
John Hughes will be on the blog until 2pm.
If you have a question hurry up!
Paul will be posting an explosive extract from the Yogi’s book in an hour.
If you want a signed copy with a personalised message email now – david@cqnmagazine.com and the big man will sort it for you.
Anyone in West End who wants to shake his hand and say hello over a pint – we’ll be heading to Tennents shortly!
John Hughes:
300,000 per week at Old Trafford, when was the last player you ever saw play on the wing for them with half your skill and guts? And that is meant in all honesty.
Ryan Giggs? I’d pick you before I’d take three of him.
kit alba
George Best wasn’t a bad player!
Hi John
Do you recall which type of sandshoes you were wearing on yon day?
Hail Hail
Mr Hughes –
Did you feel that you played your best football when the sun was splitting the skies or when it was a grey dreich afternoon on a rain sodden pitch?
Winnin captains – email about to be sent although still to ‘officially’ order the book – hope something can be sorted.
Jobo ‘Boo Boo’ Baldie
Really enjoying big Yogi’s (Mr Hughes) Q & A today (apart fae the Sammi bit :)
much better than that wee ghuy fae Oz.
BSR
They were white adidas and were quite rare at the time because of their suction soles.
And, yes, I believe they were Billy McNeill’s!
Jobobalde
I enjoyed heavy conditions and could keep going when others were faltering. I thought I had a good touch and could play in just about any conditions.
John, no questions from me, but can I just say thanks for what you were part of, celtic’s greatest ever sporting success! Oh, and for helping sink the huns as a result! Good luck with the book.
John
Paddy again
Q1 – Did you ever have the pleasure of playing alongside me in my short time at CP
Q2 – in the 5-1 game against Rangers….they had a youth named Alec Willoughby playing. As I played school football against him, I thought he would be a good player for them. Any idea whatever happened to him?
Paddy T ( not my real name)
Mr Hughes,
Not got a question, just a wee note to say thanks for bringing so much joy to ma auld dad when he watched the mighty hoops.
Can still see his face lighting up when he spoke og you.
Happy memories.
Hail Hail.
John
Yogi – Smarter than the average bear
Hail Hail
VP the wee guy from Oz will be back on the blog soon, so be careful:-)
yogi….who was the worst player you played with (hope it was with PALACE or some other team.hail.hail
John Hughes:
I was leaving him out of the modern day equation but I really do believe this, George Best was good and gallus, Jinky was better, and when push comes to shove, George Best never in his life ever scored a better goal than your ‘other’ goal for Crystal Palace that everybody forgets about.
I think Paddy McCourt was every bit as good as George Best, from what I’ve seen and remember. (For whatever reason, whether it just be fitness, or team strategy, or whatever, maybe Paddy was just born into the era when football players in Britain just take second place to Football Athletes’?)
Mr Hughes. What was YOUR Favourite position in the team? & your best?
Book ordered btw
Hh
UNEW Mike John Hughes
Who was the best goal keeper you ever faced
John Hughes hail hail.you pulled the hoops on.as a fan.thanks hh
An t
W.C.
Tennent`s used to be the watering hole of George(shake) Davidson.
Hope his spirit has been exorcised by the time you boys are enjoying your pints.
Magical opportunity to converse with a Celtic legend.
Thanks to all at C.Q.N. and to big John.
Hail Hail
Yogi- enjoy your swally in the Tennents and make sure they buggers are paying! :-)
Been a real pleasure.
God bless!
AoW
Doc
Good on him …look forward to it :O)
Hail Hail and God Bless
Mr Hughes…..your input on the age old CQN debate:
Do you classify it as “roasted cheese” or “toasted cheese”?
Hail Hail.
paddy turner
Yes, he signed for us from Morton. Good ball-player. Don’t think we played too many times together. Paddy was only at the club for about a year, I think.
Alex Willoughby was a very talented old-fashioned inside-forward. He scored a few goals for Rangers. Sadly, he passed on a few years ago.
Glasgow Boy and Fin75
Happy to have given you a few memories.
Fin
he`s probably away now, eating his toast AND cheese.
Nicholas Witchell…..wit a sycophantic prat!!
BobbyRussell
14:01 on
17 April, 2014
How very dare you…..”roasted cheese” all the way!! :-)
BobbyRussell
14:01 on
17 April, 2014
Fin
he`s probably away now, eating his toast AND cheese.
——————
Boaby is it no ‘roasted cheese’?
Yogi how do you think you would fair on today s pitches
An t
Tam tim
We had a player at Mel Blyth at Crystal Palace. He’s got to be a contender!
RWE
I’ve answered that question elsewhere. But I was always happy just to be involved.
UNEW Mike
Gordon Banks was the best keeper I ever faced – unless it was Ronnie Simpson in training.
Hope you’re still there John…
I’m sure lots of the guys have said what big fans of yours they were…
BUT trust me…..I was, am and will be your biggest fan.
So much in awe that though I used to pass you regularly, cause you lived nearby I was only brave enough to just say hello or good morning or something like that…and I was over 50 at the time. You used to use a golf club as a walking stick when you took out your dog!
2questions…
Did you use the golf club that way cause your golf was, er, rubbish?
Tannadice…Jimmy Millar almost hanging off your back but you still score…did I dream that? No one else on here seems to remember it!
God bless and thanks so much!
artofwar
I will!