Small investors in football clubs cannot overpay

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Really delighted at the flow of sentiment towards Billy McNeill and the launch of the new frontage of Celtic Park tomorrow.  The place is beginning to look like a 21st Century venue, now we need the shops, restaurants and bars to bring the match-day experience alive.

Were you one of the fans who put £620 (or more) into Celtic shares in 1994?  Around 10,000 did, raising an initial total of around £10m from small investors alone.  It wasn’t an investment, none of us wanted or expected the money back, it was our contribution to Celtic at a time of critical need.

Many small investor-Rangers fans did the same when Newco went to market in December 2012, although one high-profile investor, who coughed up £500k, has asked Dave King to buy him out.

The stark reality facing these shareholders is that if King’s path is followed to a logical conclusion the club will be run into the ground, destroying their investments along with everything else.  I have some sympathy for their position.

King is not interested in buying control of the club, even at the discounted price shares are now available at.  He emailed the £500k investor “Why should any new investor bail out existing investors because they made mistakes in overpaying for their shares. The club needs money not complaining shareholders”.

The price paid by small investors was perhaps the most irrelevant figure to them, they paid the gross figure they could afford, irrespective of price.  The value of the share was irrelevant so to accuse them of making a mistake by overpaying is like criticising the month of March for being too purple.

How the small shareholders feel about this behaviour will not determine what actions the Newco board takes, that will be come down to how easily manipulated people like the Easdales, Mike Ashley and Laxey Partners are.  My information is they are not easily manipulated in the slightest.

Seville – The Celtic Movement:

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1,059 Comments

  1. eddiegreenhillsbhoy on

    Ryecatcher

     

    So your a liverpool supporter!

     

    You have answered my question., I’m CELTIC supporter.

  2. Count me out to cheer Fergus and Elspeth…..

     

     

    9 times his investment…..not a thin dime in return…

     

     

    Charles Green and Imran would even blush at that…..

     

     

     

    Celtic are better without Fergus McCann and his wife……Tommy Burns and Wim Jansen would agree I think?

  3. Eddie ….

     

     

    Never missed many Celtic matches…home/away….Europe…..15 years mate….

     

     

     

    Yeah…..bit of a ‘fan’

  4. eddiegreenhillsbhoy on

    Ryecatcher

     

    If it wasn’t for Fergus=no celtic. He done everything he said he would do.I have no complaints, Hail Hail Fergus.ktf.

  5. James Forrest is praying for The Unconquerable Oscar Knox on

    Doc:

     

     

    Of course brother :) Got your Facebook message the second I was in.

     

     

    Excellent night tonight, and thank you to you and all the CQN brothers (and sisters, not forgetting Mrs Paul Brennan) who were there.

     

     

    Love & respect to all of you … I may not post much anymore, but I’m still here, still lurking, still keeping a beady eye on everything that’s going on … and this was one of those nights when I got a chance to remind myself what it’s really all about …. this is about us, and nothing else. I write a lot about the other mob, but it’s purely and simply about this; the damage they have done to us and to the rest of the game.

     

     

    Life without them … I could make this family my sole focus, and I’d like that.

     

     

    That day is most definitely coming. A version of them will survive, like the virus that causes itchy feet. They will be a minor irritant, nothing more. Scratch pads … and they’re gone.

     

     

    We’re living in good times friends, and it’s a pleasure to be part of this family.

  6. eddiegreenhillsbhoy on

    Ryecatcher

     

    A very good statistic to be proud of.But why oh why do you wax lyrically about Liverpool on a celtic site? Ps I like Liverpool fc.

  7. Fergus McCann told my hero,Tommy Burns,to leave by the back door……

     

     

    I will NEVER forgive him for that.

     

     

    Tommy refused……’go out the door I came in’ said TB….

     

     

     

    Revisionists ………don’t rewrite history……PLEASE

  8. Stringer Bell on

    ryecatcher

     

     

    02:24 on 3 May, 2014

     

    Wouldn’t have given the Bunnet a thin dime of my money at the time……I’ve still got it!!

     

    ——-

     

     

    You seem to have missed a lot of important stuff.

     

     

    Maybe intentionally. Good to be controversial ?

     

     

    You need to know your history.

     

     

    Bed time for me. Enjoy your EPL weekend.

  9. Eddie….

     

     

    Many years ago mate….

     

     

    Live South of it all now…..

     

     

     

    Hail Hail

  10. Eddie….

     

     

    I am a Liverpool supporter mate….I love them

     

     

    I am a Celtic fan and supporter…..I adore them

     

     

    Hail Hail YNWA

  11. Remember the door Fergus told Tommy to use,as he was leaving?

     

     

    My absolute hero……Tommy Burns…..

     

     

    He deserved better from the Bunnet…who was…..

     

     

    Never a Celtic legend in a million years.

     

     

    Our history will look different 50 years from now….Tommy will be adored….Bunnet will be forgotten.

  12. Some posters asking ryecatcher why he comes on to a Celtic blog and praises Liverpool.

     

     

    I seem to remember a poster by the name of Edward U who regularly came on here and talked up Rangers. I don’t recall him being asked similar questions, and I am not saying he should, but where’s the consistency?

     

     

    ryecatcher is obviously a big fan of both Celtic AND Liverpool. Edward was no fan of Celtic in any way, shape, or form, yet he has hero status on here. Again, nothing wrong with that, just questioning the double standards.

  13. GCT…

     

     

    Thank you sir….

     

     

    Going to Villa Park,after golf,tomorrow…..get slaughtered as a Villa fan on here afterwards,probably.

     

     

     

     

     

    Good night…

  14. Ryecatcher,

     

     

    I enjoy your posts and respect your love of Liverpool. Fair play fella.

     

     

    GCT,

     

     

    Edward U “regularly came on here and talked up Rangers”? Don’t think he did, did he? Talk up Rangers?…

     

     

    For someone who likes to pedantically and aggressively pick at other fholk’s words:

     

     

    Mibbes get your facts right when demanding consistency? Just saying like. A lot of your attacks on CQNers tend to be either extremely subjective or just ….misguided?

     

     

    You accused me of a few weeks ago of having a mask that was slipping.

     

     

    Your’s slipped a long time ago, and I was one of the last to notice it.

  15. Like it or not Bhoys…..

     

     

    Most honest league in the world?

     

     

    EPL

  16. Let a milliion flowers bloom, as that well-known philanthropist Chairman Mao said. I’m happy to have anyone on the site, as long as they show respect for the others.

     

     

    As regards Paul’s article, I actually feel sorry for a lot of Rangers fans. Some are smarter than the average bear, some not, but they are all being screwed, and many of them know it, but they are fans of the club, so what can they do?

     

     

    Having said all that of course, I don’t want to see them back. I actually think that the interest in Celtic is a bit poorer without them, but I can live with that. I think that a lot of Celtic fans have a bit of cognitive dissonance over them; we say that we are glad to be rifìd of them, but we spend much of out time talking about them. But as Browning might have said, A man’s schaden must exceed his freude, or what’s a Paradise for?

  17. One of the biggest reasons I left Elkton Hills was because I was surrounded by phonies. That’s all. They were coming in the goddam window. For instance, they had this headmaster, Mr. Haas, that was the phoniest bastard I ever met in my life. Ten times worse than old Thurmer. On Sundays, for instance, old Haas went around shaking hands with everybody’s parents when they drove up to school. He’d be charming as hell and all. Except if some boy had little old funny-looking parents. You should’ve seen the way he did with my roommate’s parents. I mean if a boy’s mother was sort of fat or corny-looking or something, and if somebody’s father was one of those guys that wear those suits with very big shoulders and corny black-and-white shoes, then old Haas would just shake hands with them and give them a phony smile and then he’d go talk, for maybe a half an hour, with somebody else’s parents. I can’t stand that stuff. It drives me crazy. It makes me so depressed I go crazy. I hated that goddam Elkton Hills. (2.60)

  18. Come on Everton….

     

     

    Most honest league in the world……prove it!!

  19. GCT,

     

     

    “Ego Monster”?

     

     

    Saddened by your insult. Is this because I pulled you up last weekend for trying to distort Petec’s words for reasons best known to yourself?

     

     

    Ah well, each to their own. I’m sure your ego is not driving you to behave in a way you wouldn’t otherwise in person. That would make you an ego monster AND a sociopath for engaging in transferrance :))

     

     

    Good luck.

  20. CQN Saturday Naps Competition

     

     

    Lads, for those who are in the CQN Saturday Naps competition, please go back and post today’s selection at the end of the previous article :

     

     

    “Fill your boots at Month of Lions”

     

     

    All the best, fleagle1888

  21. RANGERS chief executive Graham Wallace could earn a 100 per cent bonus on top of his £315,000 pay, the Record can reveal today.

     

     

    The Ibrox club opened their books yesterday – on the same day as a number of office staff got redundancy notices.

     

     

    The official documents state that Wallace could double his salary if business targets are met.

     

     

    On top of that, his salary would rise by £25,000 when Rangers return to the top flight of Scottish football.

     

     

    It would go up another £25,000 when they next qualify for UEFA competition.

     

     

    His package includes an annual car allowance of £15,000, pension contributions of 10 per cent of salary a£1million life insurance.

     

     

    But it is the huge bonuses that may cause unrest among Rangers fans.

     

     

    Supporters have made it clear they are sickened at the culture of corporate greed after Gers burned through£71million in the 18 months to December 2013.

     

     

    Rangers disclosed details of director service contracts under Section 229 of the Companies Act 2006. These outline salary details, bonuses and terms of employment.

     

     

    Wallace’s contract does not give exact details of how the bonus can be secured. But 50 per cent – £157,500 – can be awarded for individual performance.

     

     

    There’s another 50 per cent “on total company performance on its financial and non-financial targets, as agreed

     

    by the board”.

     

     

    Sources stress “non-financial targets” could relate to Wallace re-establishing relations with bodies such as the SFA, political figures and corporate Scotland, rather than on-field performance.

     

     

    It is understood his bonus will not be related to the performance of the team.

     

     

    That is a change from the last regime.

     

     

    Then, former chief executive Charles Green and finance director Brian Stockbridge were awarded 100 per cent of salary when the team strolled through the old Third Division last year.

     

     

    Wallace’s predecessor Craig Mather was on a salary of £300,000 with up to £200,000 in bonuses.

     

     

    Chairman David Somers and directors James Easdale and Norman Crighton have no bonuses written into their contracts.

     

     

    Somers earns £60,000 a year as chairman, with Crighton on £40,000. Easdale was on £50,000 a year after joining the board in July 2013 but asked for them to stop in January “in order to further assist with the rebuilding of the club”. He repaid money he had received.

     

     

    His brother Sandy qualified for £50,000 a year as a member of the football board but has taken no salary.

     

     

    Union of Fans spokesman Chris Graham said: “We’re very disappointed that, once again, a club executive has the potential to earn 100 per cent of his salary in bonuses.

     

     

    “The club must clarify full details of how the chief executive’s bonus is benchmarked.

     

     

    “It is disappointing this detail is missing from the contract available to shareholders – and disappointing that shareholders have to go to the club and invoke the Companies Act for details in the first place.”

     

     

    Last night, Rangers said: “Employing key executives of the appropriate calibre are vital to the board’s strategy to both reposition Rangers at the top of Scottish football and to compete regularly in Europe.

     

     

    “We are delighted to have a board made of up of such experienced professionals. All pay and bonuses are structured to meet AIM requirements and institutional investor guidelines (ABI and NAPF).

     

     

    “Bonuses are decided by a remuneration committee chaired by James Easdale, who this year waived his entitlement to receive fees and repaid to the company £12,640.34 in fees he received in the last half of 2013 when was appointed a director. Sandy Easdale has never received any fees.

     

     

    “The committee set and review executive remuneration within the context of the company’s overall corporate performance.

     

     

    “The committee reviews base salary with reference to a relevant market-competitive level and actual total rewards at a level to reflect the performance of an individual and the company as a whole.”

     

     

     

    RANGERS staff are facing the axe in the latest round of cuts at the cash-strapped club.

     

     

    Yesterday, bosses told non-playing Ibrox personnel they were looking for a number of voluntary redundancies following Graham Wallace’s review to save the club.

     

     

    It is understood the entire commercial department – responsible for marketing, business and networking – were handed redundancy notices.

     

     

    A Rangers spokeswoman said: “The club is committed to engaging in a consultation process with staff in all affected areas to determine if any reductions in our workforce can be achieved on a voluntary basis.”

     

     

    Wallace’s review revealed the extent of the financial crisis that is threatening to drag the club back into administration, with almost £70million frittered away over two years.

     

     

    Mark Dingwall, editor of Rangers fanzine Follow Follow, said: “It’s very worrying for the staff who have worked so well during difficult circumstances.

     

     

    “They are paying the price for the shambolic way the directors have run the club.”

  22. Hmmmmmmm

     

     

     

    “Sources stress “non-financial targets” could relate to Wallace re-establishing relations with bodies such as the SFA, political figures and corporate Scotland, rather than on-field performance.”

  23. ....PFayr supports WeeOscar on

    Twisty

     

     

    Morning

     

     

    WTF is that supposed to mean

     

     

    Firstly it’s nonsense to suggest that these relations have ever been distant and second they’re supposed to be a fitba team ….political figures ??? Whit !!!

  24. ....PFayr supports WeeOscar on

    Further

     

     

    Hilarious to see CEO continue to rip it out of them .., £600k+ …. That’s a huge percentage of turnover to pay to one individual

     

     

    Add Mccoists wedge …

     

     

    That’s a lot of ST sales before one even gets to paying the exorbitant wages of Black et al

  25. Good morning from a clear and dry North East Fife. FFM, I’m impressed with what you managed to do with only one post. Are you able to do the same next time kojo or any of his other alter-egos log on? Edward Ursus didn’t post the same content as Ryecatcher. I believe if Ryecatcher was promoting Scottish Independence the same way he does Liverpool on this site, he would have been “shouted down” a lot more than he has been.

  26. ....PFayr supports WeeOscar on

    Dharma bam

     

     

    Of course he would

     

     

    I mean …Liverpool is one thing …but independence ..FFS ..:-))

  27. Twists,

     

    Been a while..

     

    Hope you and yours are well,

     

    You visiting Gods own country soon?

     

    HH

  28. Celtic View first published August 11, 1965

     

    Scorer of 5 goals.. Nielly Mochan against St. Mirren, Scottish cup 1960

     

    HH

  29. Ursus sed Celticus on

    New poster, inspired by Paul’s reminder that it is ten years since I and so many others bought the first lot of shares. I have no idea what they are worth now, but it doesn’t matter. The point was to save the club, and it made us all feel part of Celtic in a more tangible way.

  30. Hey Che

     

    I was only just asking about you recently. Wondered if you had stopped using CQN. Then, I realised, you were probably just on holiday:-)

     

     

    I’m good Che, but won’t be in Scotland until June, but only passing through on my way for a holiday.

     

     

    How are things?

  31. skyisalandfill c'mon wee Oscar on

    Good morning all from a bright , dry but chilly Morayshire.

     

    Working (again) today so can’t make it down to Celtic Park which is disappointing.

     

    Anyone ever seen or heard a singer songwriter called RM Hubbert?

     

    Caught his performance last night in Elgin as part of the Speyside Scotch Whisky Festival.

     

    Not everyone’s cup of tea I’m sure but I found his music and story telling quite spellbinding.

     

    I even bought his new vinyl LP at the end of the gig and I was transported back to the mid seventies and that lovely feeling of walking home with a brand new cellophane wrapped disc under my arm.

     

     

    Here he is for those that are intrested. Apols for DR sponsered link.

     

     

     

    https://www.youtube.com/watch?v=zD7arQxYyeg

     

     

     

    4-0 to the good ghuys today.

     

     

    HH