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Social and economic pain for years of neglect

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To give £134m context, it is approximately £3,600 for each Rangers season ticket holder. £18m of the debt is overdue to HMRC with another £75m due the taxpayer subject to the First Tier Tribunal, that’s £93m worth of schools, medicine, operations, social care, policing and roads.  Or Help for Heroes, if you prefer.

This overspend is equal to the value of seven years season ticket income, acquired over 12 years.  How on earth could this football club be so indulgent?  The old board, including the Murray twins, Bain and No Surrender Johnston are responsible for the overwhelming majority of the debt.  Whyte is responsible for the Ticketus debt but he paid money owed to Lloyds Banking Group, so even his portion of responsibility is partially offset.

Duff and Phelps gave an incorrect figure of £1.063m due to Football Creditors, which is the sum due to Scottish clubs, the SFA, SPL and SFL. Curiously they excluded £2.117m due to English and European football clubs, all eight of whom are due more money than seven out of the eight Scottish football organisations.

Football creditors are actually due £3.184m.  It may be that Duff and Phelps are trying to differentiate between football creditors who have a say in how the company exits administration (either way) and those who cannot.  If I was one of the English or European clubs this would alarm me.  There is no ‘Football Creditor’ rule in Scotland as there is in England, obliging clubs to pay all football debts so this distinction seems arbitrary.

The creditors list is a sorry tale of humanity.  Dozens of small businesses with staff and suppliers of their own, many from the Glasgow area.  When a bad debtor of this size runs away from their liabilities the cost is real.  I know one small business on the list, they deserve better, to borrow a phrase.

It was fascinating to read First Minister Alex Salmond’s fawning correspondence with Rangers yesterday, including his view that the 2011 ‘Billy Boys’ League Cup final was “a great showcase for Scottish football”. It would be interesting to know if he has asked any of his correspondents to explain their actions in the light of the social and economic consequences of their actions.

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  1. Cathedral View on

    To rename the stadium the Hula Hoops arena…………

     

     

    I’ll get my coat

  2. Cathedral View on 6 April, 2012 at 17:42 said:

     

    I have it on very good authority that stadium naming negotiations are indeed going ahead but not with Diageo.

     

    ———————————

     

     

    HMRC Coliseum sounds good. :-)

  3. Invercelt @16:44

     

     

    You may have been referring to my deleted post. I used a word which had been used by Craig (the real deal) whyte which starts with the letter p and rhyms with fish.

     

     

    I was just back from a night oot(bit of an all nighter) and it seemed funny at the time.

  4. lennon's passion on

    Expert on newsnight said duff n duffer can sell the assets but can’t sell Whytie shares. Can someone explain that to me please.

  5. headtheball

     

     

    read it again. It obviously makes some different sense to you but, then, you wrote it.

     

     

    To me the ending:-

     

     

    “PS We’ll have more than three shots on goal though, won’t we? ”

     

     

    suggests that we only had three shots on target.

     

     

    Even if you meant Cammy Bell had 3 good saves in the LC final so we will need more than 3 shots to beat him, then how do you square that with the fact that we did have more than 3 shots on target in that match.

     

     

    Perhaps it would be best if you explained it more clearly to me.

  6. Succulence @16.44,

     

    So – a message that’s not hostile!

     

    I think that Paul was referring to you. I was searching for his tolerance threshold – from what you say, it seems pretty low, so it’s a bit surprising that he missed Neil Camalanar who used two words to mean something that starts with “w” & rhymes with shank.

  7. Succulence @ 17.46,

     

    Apologies for the time error. Second thoughts on postings seem pretty rare on this blog.

  8. 67Heaven ... I am Neil Lennon..!!..Truth and Justice will always prevail on

    Monaghan1900 on 6 April, 2012 at 17:27 said:

     

     

    Thank you very much ….. Was out for a meal with my worse half….He He … Thank God she doesn’t do CQN

  9. Horses here I hope … Gabrial 3.50 Musselburgh for me – very positive feel about today :¬) … good luck everyone, and enjoy.

  10. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    CATHAL

     

     

    Yer up bright and early today-got something special planned? I do hope it goes well for you….

     

     

    Anyway,my horse for today is Torphichen,330 Haydock.

     

     

    Off to ma cot,then look for a missing betting slip with,IIRC,four winning teams on it-hopefully I took Notts Co and not Stevenage as the fourth!

     

     

    Good luck to everyone,especially those going to Rugby Park today.

  11. tommytwiststommyturns on

    Morning Fenians! Really looking forward to today’s game, although the ko time is a pain in the butt.

     

     

    For my nap, I’ll go for Tactfully in the K3:45. Last I checked, it’s Barzalona’s only ride at the meeting.

     

     

    Have a great weekend and happy punting!

     

    TTTT

  12. 67Heaven ... I am Neil Lennon..!!..Truth and Justice will always prevail on

    Morning all …. Off to the party soon…..just ‘brushing ma teeth when rankers die’ , at the moment….

  13. CQN Saturday Naps Competition – Week 34 Standings

     

     

    Wow… what can I say… Meydan last week for the Dubai World Cup, what an experience… topped off by my CQN nap romping home (Cityscape @8/1) :o)

     

     

    The Token Tim finally got off the mark for the season with the Fahey-Hanagan-2yo combo (Woodland Mill @ 5/1)… well done TTT.

     

     

    I’m just waiting for oldtim to nap a 66/1 winner of the Grand National, and jump from last to first in one fell swoop.

     

     

    +£12.83 fleagle1888 (7)

     

    +£10.00 voguepunter (4)

     

    +£ 9.75 Cathal (8)

     

    +£ 4.58 bobbymurdoch’s winklepickers (7)

     

    +£ 3.00 tommytwisttommyturns (3)

     

    -£ 1.04 Rockon (10)

     

    -£ 4.25 Raymac (5)

     

    -£ 8.25 Eurochamps67 (6)

     

    -£ 8.25 What is the Stars (4)

     

    -£11.00 wolfetonebhoy (4)

     

    -£11.50 twists n turns (3)

     

    -£13.95 Som mes que un club (3)

     

    -£21.00 Che (2)

     

    -£21.25 BULL67 (2)

     

    -£24.50 hunza rugli (2)

     

    -£25.50 PFayr (2)

     

    -£28.00 The Token Tim (1)

     

    -£34.00 oldtim

     

     

    *No selections from – Eurochamps67, wolfetonebhoy

     

     

    Cheers, fleagle1888

  14. Neil Lennon is ainm dom (nohunlover) on

    Is that ESPN interviewer with Sammy for real? Talking about him beung booed back in October on the day we win the title. They hate us

  15. Hooper at 4/1 1st goal.. Cmon the hoops! My nap today gansay in the 330 at haydock please. Be lucky and let’s have a great day

  16. Wise Move, 2.55 Haydock. On late, and just in to see the 4th!!! goal go in. I don’t care what happens to the horses now, but if Heinekin did Saturdays all our naps would be up.Chas POTY.

  17. Neil Lennon is ainm dom (nohunlover) on

    Collins loving it. Are you watching rats barstewards Nevin, McLeod, Nicholas…

  18. Jeezo, what a weekend……

     

     

    Well done to Neil and the Bhoys.

     

    (when I locate my head and liver I’m sure they’ll agree too)

     

     

    What a performance!

     

    From Boardroom, to backroom……….From front room, to front stand……

     

     

    In all the bars in all the World……

     

     

    Celtic, Celtic, that’s the Team for me.

     

     

     

     

    ‘The Capitalised CSC’

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