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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The scene in households and workplaces of the CQN podium chasers around the world @ 11.59 am daily
https://www.youtube.com/watch?v=5aaDiNAy_68
B-)
Ask not what my club can do for me, but what can I do for my club.
Support it, that’s what!
Frank Kopel..
Very good player .
Dont think he scored a lot of goals but I remember him scoring a first minute winner v Celtic at Tannadice . A goal that saw the Cardigan celebrating like he had just won the European Cup..
Been a lovely day down south , been a traumatic night way down south, my mad mental dachshund had a fight with a Scops Owl and lost . Vet on her way — nice out of hours bill too. !
Good Auld Yogi Bear
Smarter than the average bear
Saw Christy at RCH on Sunday for 1st time and was blown away by how good he was, a truly great performer
Kilbowie Kelt
I was abroad at the AGM but had lunch not long after with a long term non poltical but politically aware supporter who makes me a rabid Tasmanian Devil by comparison, who said that the lady speaking for the resolution did an excellent job but he detected that there was a personal element involved.
When I used the word confrontational I guess it reflects my general view of how Celtic as an organisation and the support at large approach each other..
I’m not into blaming individuals because I never have enough insight to know the dynamics at play in any given situation, so on the general basis that what seems to be a Resolution, that is totally in keeping with the ethos of Celtic as perceived by the support, got voted down a stewards enquiry into why is a debate worth having.
I am confident the CST are more than capable at looking at all the factors and finding a resolution to getting the resolution passed unless Celtic are not the club we like to think they are.
Lots of Celtic shirts in Manchester last night……
Respected everywhere…….
Sevco shirts are laughed at when people ask about the 5 stars……
Ffs …………even ManUre haven’t achieved this
Sevco and DeadRangers…….making people laugh ……comedy gold
Great news for Hearts today. The feel good factor may make them the best supported team in the Championship next season as the hard core new rangers fanbase don’t know what to do.
Let’s stop arguing about how man angels could dance on the point of a pin.
For a successful business, which was founded on the principle of charitable giving, to find reasons not to pay what has been INDEPENDENTLY assessed as the amount NEEDED to provide its employees with a decent living standard,… while board members are gorging at life’s trough, is an affront to the name of Celtic Football Club.
It should not be happening.
thomthethim
“Ich bin ein Berliner”
Very dissapointed by the element of the Celtic support who feel that because we are winning today that it is ok to remove the sporting element from Scottish football and for Celtic to accept it. How twisted and perverted can you be ? Your deceased ancestors if they were decent people or practising Catholics or football fanatics would not be proud of that sentiment. You cannot have both. Me personally I reckon you desecrate their memory and the reasons they chose to follow Celtic especially the plc.
HH
Winning Captains…..
Would love to ask Yogi about how good he thought Feyenoord were prior to the final in Milan.
Sand shoe Yogi loved him.
KK
Well said. It costs less than a bonus.
HH
Is Yogi ‘Bare’ a Boo Boo or a typo typo or the real real deal deal.
Serious question CSC
hamiltontim is praying for oscar
19:00 on 16 April, 2014
Sorry, but there is no PLC block vote. Every ordinary share gets a vote. Every ordinary share is owned by someone/ group other than the PLC.
Kilbowiekelt…..
Bang on mate Celtic Plc are an affront to common decency.
Same as you……this Junglebhoy supports Celtic FC…….
We can separate the company from the club
Why don’t we all start telling the truth and refer conrinually and in unison to Rangers as our senior old firm partners ? It would cut down on time in the confessional box for sure.
And would give the infallible plc a break
HH
Hamiltontim
I know that you said that,what I’m saying is that so where all the others not just that one, my point was that if it would have been approached a wee bit better it may have got a better hearing later on at some point, ah well who knows.
I may be missing something blatantly obvious but what is the controversial element of yogis book? My late father regarded him as his favourite player ever which is the highest acolade in my book, sadly he won’t get to read his heroes book.
Evening everybody,
Interesting piece today from a respected football writer in England who wrote in the Daily Mail about Chelsea’s youth. Word is that Islam Feruz is not expected to cut it at the top level.
Apart from the FTP brigade, I am pleased for the decent Hertz fans. All twenty of them must be happy tonight.
Repeating something I posted this morning.
If you are happy with the way that Celtic are dealing with Rangers and the SFA renew season tickets and keep buying the merchandise.
If you are unhappy with way that Celtic are dealing with Rangers and the SFA do not renew season tickets and stop buying the merchandise.
Evening all. Getting dark and wet but not too bad a day down here.
I see some mentioning that they have renewed their season tickets. I haven’t even received my application form yet. When should it have arrived? With all these folk not renewing, I’m hoping to get a seat nearer the middle of the North Stand, so that I can get a better view.
Hope Hearts do survive and win their league next season.
quonno
Celtic don’t make gear that big for the auld posters on here
Slimbhoy
awe naw , and I’m very disappointed by the amount of Celtic supporters that come on here and constantly put the boot into the club for just about everything.Celtic alone cannot right every wrong in Scottish football it’s not our fault what’s happened . If people don’t want to renew because of what another team is called fine,but personally I don’t care about any other team I go to support Celtic and always will .
The Spirit of Arthur Lee
19:55 on
16 April, 2014
quonno
Celtic don’t make gear that big for the auld posters on here
Slimbhoy
Sorry don’t understand the point.
I hope Hearts go the same way as Third Lanark down the lavvy.
HH
I happy, and I’m in for the whole hog, some Huns in here stirring it , GIRUYs,
Yer teams deed ya bassas go an die with them.
Has any Celtic employee actually stated that they are unhappy with their conditions at the club or is this a manufactured argument from the class warfare brigade?
Anelka Quick News ( 2 )
…. this one just keeps getting better n’ better !!!
On Sunday Apr 6th, Atletico-MG made a very sensationalist press release that they’d signed, Anelka.
Now just come out that apparently, in respónse to this, Anelka released an ourtaged video on his Facebook page last Tuesday (08 Apr) rubbishing the whole thing. In it, he states that his agent had mentioned signing for Atletico-MG, but that was as far as negotiations had ever gone.
Anelka finished off his video with this wee riposte….
For me it is an extraordinary story . I’m In football for 20 years and never seen anything like this, never lived something. But sooner or later it would happen . Especially to me.
So, in summary All this is to say “No, it is not true . It’s fake” .
Recently I said I would spend some time at home, take a vacation and take care of my children and that ‘s what I’m doing. It’s all I ever intended to do.
I already know where I’m going . However, if at any time I decide to continue ( in football ), it will defintely not be in Brazil.”
Officials at Atletico-MG (who have already included Anelka on their roster for the Libertadores) now left with with more egg on them, than Kirk Broadfoot’s microwave!
Fraser Wishart just said something about the hearts administration. He reckons that the fans bought into a share issue and they became worthless when the clumpany went into administration.
Any financial experts out there? Can this possibly be true? Do the fans not still own their shares? Do they still not represent the same proportion of the club as they ever did? Is it not just the debt that gets dumped? After all it is not liquidation.
I think he is thinking of rangers which were liquidated and the shareholders got he-haw except ripped off again in the IPO.
Anyone?
Awe_Naw
Turd Lanark?
Admit it fellow CQN ‘ers………
We can’t stand Hertz as much as Deadclub…..
Had some horrible experiences at Swinecastle in 70s and 80s……
Last time I was in that dump …..the Maestro scored a last minute equaliser…..
What an important goal that proved to be 9 months later at Love Street?
AlbertKiddisbetterthanWalterKiddCSC
Aiden Bhoy
19:25 on 16 April, 2014
Seems to me plenty on here hate sevco,newco ,oldco whatever you want to call them more than they love Celtic.We’ve been cheated by them for years were would we be now if the generations of Celtic fans before had chucked it . Personally speaking it has made me more determined to attend and support the team I love to show them that no matter what they do we will never be defeated.
…………………………………………………………………………………
Aiden Bhoy, without meaning to you have touched on the thing that annoys me most about the present disconnect I feel with the board.
When you ask about previous generations of Celtic supporters not chucking it I am one of those who didn’t chuck it for over 50 years because I harboured a hope that one day we would get justice. Sure we knew the referees, the SFA, the media favoured Rangers in every possible way and it sustained us with a true and genuine sense of righteousness.
We knew that from everything we had learned from our families, schools, church, books or whatever that good will one day triumph, that right would beat wrong.
Then came the days of judgement, the cheats were found out, the referees, the SFA and the Rangers, in a perfect storm all of our years of supposed paranoia were vindicated.
Now we would move on to a perfectly fair system of sport….then…. then….nothing.
Nothing has change and you know what. The leaders of the Celtic crusade turned on their own fans and even worse joined forces with the police to do this, and not content with that colluded with the SFA, SPL, SFP, SNP or whoever else wanted do us down and rehabilitate and reward the cheats.
We weren’t saved by our own leaders in fact Turnbull Hutton is more of a hero to most Celtic supporters that I know than any of the chancers in our boardroom.
I can remember harbouring hope that Stewart Regan would be the new broom but it is a measure of how badly he has failed that we don’t even mention him now but instead revert to his puppet-master Campbell Ogilive as being the cause of the stench at Hampden.
This take on Regan is about right.
http://www.vavel.com/en/football/scottish-premier-league/celtic-glasgow/182208-all-roads-lead-to-regan.html
ryecatcher
Celtic in 69/70
Milan – the game that broke Yogi’s heart. So close to winning it for us in the first minute of extra time. He has NEVER watched this match. Watch this…
http://youtu.be/AvB_4JI87bQ
Aiden Bhoy
19:57 on
16 April, 2014
awe naw , and I’m very disappointed by the amount of Celtic supporters that come on here and constantly put the boot into the club for just about everything.Celtic alone cannot right every wrong in Scottish football it’s not our fault what’s happened . If people don’t want to renew because of what another team is called fine,but personally I don’t care about any other team I go to support Celtic and always will .
Agreed Celtic cannot right all the wrongs.
Equally I think that some folk are aggrieved about more than just names.
We all know that THEY cheated their way to trophies and in the process deprived Celtic and others money. DD’s reaction was to wax lyrical about their wonderful history.
TonyD…..
Have they been fortifying pints of Heavy in the Brazen Heed today?
Chillax
Aiden
You always will regardless of how Celtic change or what they do or fail to do.
I reckon thats down to stupidity. Clearly if Celtic were bought over by an overt Nazi you might want to reconsider. The fact that you can’t discern between fighting for a level playing field and whatever the hun is called kind of backs up.my.point.
WWF Celtic FC.
Celtic have not changed they have been exposed. Faithful through and through because poor wee corporate entity Celtic plc can’t take on the big bad administrators. The only corporate entity within Scotland.
We all make our choices and take our respective paths.
HH
Justafan
LNS was only able to reach the corrupting judgements because information that would have prevented him doing so was witheld by Rangers’ administrators .
Evidence of this concealment and questions about the role of Campbell Ogilvie in his LNS testimony (basically he lied because the truth he told was only true in the context of the misled investigation) has been presented to the SPFL via their lawyers. See TSFM blog.
A satisfactory reply will put all suspicions to bed. An unsatisfactory one should cause heads at the SFA to roll.
This is what Celtic and their support are up against.
The game as in the other clubs is on trial here, not Celtic, but if the game fails to answer then the 1st question has to be is it right to ask Celtic supporters to pay to be shafted? The second – is am I ok about paying to be shafted on the occasions I lose to bizarre decisions when I know for sure I am being cheated, not just suspect it.
There is a supplementary – why t f should I or Celtc even have to ask these questions, why is honesty not a given but something to battle for?