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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Anybody know how to get in touch with Anthony Warrell Thomson?
For that buffoon Salmond to call last year’s League cup final a ‘showcase’ is disgraceful. He spouts in parliament and on TV and to anyone with a microphone about tackling sectarianism (even outside Paul McBride’s funeral) yet he panders to a bigoted institution at the very root of the problem.
No wonder I fear independence.
We are right they are wrong. We understand that, they don’t.
Phil MacGiollaBhain @Pmacgiollabhain
A contact in Dublin is hearing that Dermot Desmond in talks with Diageo Ireland regarding a 10 year deal on CP stadium name massive deal.
Latest from Phil. There’s an email doing the rounds about this, but the figures seem far too good to be true.
Re the Salmond and freedom of info thing.
While we don’t have the right to get that information, would a Westminster MP be able to request it? Surely as part of the british govt s/he would ahve right to see stuff which ‘might damage relations’ between the governments?
If so, then there must be plenty of English based folk here who could get their own MPs on the case.
PGGTIPS 1032
I don’t live in Glasgow,I’m in Swindon. It is just as bad.
For about the same 40 years,the town had a set of old school huts as its Central Library. Right next to the Town Hall.
And across from the local college,which has been a derelict ruin now for about seven years.
Local maladministration is rife throughout the country,particularly wrt redevelopment land.
Salmond,on the other hand,is NOT a local councillor.
On checking the Sky website this morning it leads with “Optmism at Rangers” and in small print further down it talks of the 134M debt, then I go to Scottish Sun and it leads with the withdrawal of the German bid and then in the small print further down it mentions the 134M debt. Is this not a clear illustration of pathetic journalism? To blatantly down play the BIG story is quite unbelievable.
The Prince of Goalkeepers on 6 April, 2012 at 10:46 said:
Phil MacGiollaBhain @Pmacgiollabhain
A contact in Dublin is hearing that Dermot Desmond in talks with Diageo Ireland regarding a 10 year deal on CP stadium name massive deal.
Latest from Phil. There’s an email doing the rounds about this, but the figures seem far too good to be true.
How much has been quoted then???
hail hail
pggtips2 on 6 April, 2012 at 10:32 ,
Why do you think GCC held on to all of this land for all of those years?
‘even if they don’t bring in the expected revenue stream’??? Can you explain?
You are correct the SNP have only been in power for 5 years in Scotland but they are complicit in trying to get Rangers of the hook with the UK tax authorities. Hard to judge what Labour or anyone else would have done in the same circumstances.
If Diageo did Good Fridays . . .
ibleedgreenandwhite1 on 6 April, 2012 at 10:50 said
Extract from the email I received.
“…Celtic chief executive Peter Lawwell has struck a secret multi-million pound deal
with Guinness to rename Celtic Park.
The deal, which will come into effect from the start of the 2012-13 season,
will bring more than £400 million into the club coffers over the next 10 years,
a source close to the deal exclusively revealed to The Irish Times this week.
Celtic’s home stadium since 1892 will be renamed ‘The Guinness Arena’ from August 2012,
according to documents seen by The Irish Times,
and then as ‘Guinness Glas (Gaelic for ‘green’) Arena’ from 2015.
The deal does not initially include shirt sponsorship, although Guinness
are believed to have an option to take over shirt sponsorship from from Tennents,
when Celtic’s deal with the rival brewery firm concludes in 2013,
or when the deal is voided by Rangers entering a liquidation process…”
pggtips
I have been trying for 4 years to get money from Scottish government to provide advice and support to vulnerable people..
I accept money is tight but how can they say that yet ask the government to come to an arrangement with cheating filthy bigoted people..?
I had boak-mouth reading the love letters between salmon , baldy and Myth.
A good wee insight into post independence Scotland though.
The FM praises thems for their finances and for their fans behavior.
Wtf
re: the guiness email
It arrived in my inbox on Sunday ( or may have been something similar) and I dismissed it as april fools doing the round. I’m sure someone else mentioned it earlier week.
Is it a prank or are we saying there is actually some truth in it?
wasn’t this Guinness thing an April fool ?
Maureen Leslie of MLM Solutions is the grim reaper, I think at the very end she was saying to Gordon Brewer “that’ll get FF into meltdown”
Don’t know, but Phil mentioned it again this morning on twitter.
As I said, the figurse seem far too good to be true.
The SNP and Salmond make me want to puke!
HH
I really hope there is something in the Diageo story; what a time to announce new investment.
A by product of Dick Turpin FC ‘s collapse is that we’ll never sign a shameful joint sponsorship deal again. Thank God.
on a slow news day, and seen as I am at work, on sunday I was very impressed with the near completion of the new road “The East End Regeneration route” behind Celtic Park.
After 2 years of continued disruptions and gridlocks before and after games, the road is scehduled to open sometime this month.
Its surely going to be easy to get in and out of Celtic park on a matchday from the M74 from now on.
The works around the area are tremendous, and the Velodrome is a stunning piece of work.
Time to get cracking on the Celtic Triangle I think.
http://www.glasgow.gov.uk/NR/rdonlyres/B788D139-90C1-4655-924E-882ED925AAE6/0/GamesLegacyEastEndUpdateMarch2012.pdf
£40M a year to rename the ground? Brilliant if true but it sounds like a hell of a lot of money to me. It would be as much as Etihad paid Man City for their stadium renaming.
Can’t see this happening for a club in the SPL – even with our global fanbase.
The Prince of Goalkeepers on 6 April, 2012 at 10:53 said:
I’d be wary of that, I think Guiness see Celtic as small beer.
roy croppie on 6 April, 2012 at 10:58 said:
A by product of Dick Turpin FC ‘s collapse is that we’ll never sign a shameful joint sponsorship deal again. Thank God.
—————–
Certainly not if we go with Guiness we won’t. I still think it’s an April fool though.
The Prince of Goalkeepers on 6 April, 2012 at 10:53 said:
ibleedgreenandwhite1 on 6 April, 2012 at 10:50 said
Extract from the email I received.
“…Celtic chief executive Peter Lawwell has struck a secret multi-million pound deal
with Guinness to rename Celtic Park.
The deal, which will come into effect from the start of the 2012-13 season,
will bring more than £400 million into the club coffers over the next 10 years,
a source close to the deal exclusively revealed to The Irish Times this week.
Celtic’s home stadium since 1892 will be renamed ‘The Guinness Arena’ from August 2012,
according to documents seen by The Irish Times,
and then as ‘Guinness Glas (Gaelic for ‘green’) Arena’ from 2015.
The deal does not initially include shirt sponsorship, although Guinness
are believed to have an option to take over shirt sponsorship from from Tennents,
when Celtic’s deal with the rival brewery firm concludes in 2013,
or when the deal is voided by Rangers entering a liquidation process…”
Heard this one many times before,,,nonsense im afraid,,,pity!!
hail hail
Despite their financial inconvenience, the following from RM shows their sense of morality and fair play to be the force that drives them:
“What about this guy Roy Hodgson
When I read the papers and saw his derisory offer for Steven Naismith, I was beelin’, so I emailed West Bromwich Albion F.C.
Dear Sirs,
If, as has been reported in the Scottish newspapers, that your manager Roy Hodgson has submitted a derisory offer of £2,000,000 for Steven Naismith then I am bitterly disappointed. As I say IF this report is correct then WBA and their manager definitely hold the moral ‘Low Ground’. At a time when a fellow football club (The Rangers F.C.) teeters on possible liquidation, they are trying to buy one of our star players on the cheap which is morally reprehensible.”
I see the route is to be retitled
“Clyde Gateway”
In keeping with American sports stadiums it should have been called
“Celtic Parkway”
or
“Paradise Drive”
So whose paying for media house?
yes, just surprised at Phil mentioning it again today…
I’ve just read the letters between Salmond and Rangers. It just makes my blood boil that on the one hand they are making laws to attack Catholics while on the other hand roundly praising Rangers while they sing sectarian songs.
Its an absolute SCANDAL that this is going on – the SNP really are dispicable in every sense of the word. There is dynamite behind the story around Salmond’s correspondence with HMRC. If I was a reporter I would go after this story with gusto. The Labour Party should also go after it.
As others have said it betrays the real Scotland behind the SNP’s veil of bullcrap. You know my neighbour is trying to get elected as an SNP councillor in the upcoming elections. He is a celtic supporter but horribly is one of the most unpleasant, racist chaps I have ever had the displeasure to deal with.
For anyone wanting an independent Scotland – see what you are up against?
NA
Having Guinness on the Celtic shirt thing is nothing new. It’s happened loads of times to me!
Good morning to everyone on this Good Friday. Can any of the financial wizards give an indication of the compound interest on the suggested £75m owed to HRMC, and then break that down to how much that is adding to the debt on a daily basis, too lazy to do it myself. Today being Good Friday hopefully tomorrow will be known as Even Better Saturday ( Holy Saturday).
Serge, if you are on, can to repeat your e-mail address. I have managed to dig out a lot of Celtic tops from over (approx) the last 20 years which document my progress from L to XXL :-( during that period,as well as some of my sons’ tops.
Hail! Hail! PMTYH
Just seen Kenny Shiels comments about tomorrows ref, surely he’ll be getting pulled up for that? Or does that rule only apply to Neil Lennon?
Strike action surely looms…….(rollseyes)
Under the freedom of information act is it possible to determine how many times Salmond has intervened with HMRC on behalf of a Scottish business.
I am hearing that Dermot Desmond did indeed make some kind of stout approach regarding the naming of Celtic Park.
We should wait for things to settle before getting stuck in to it.
ESPN – I cancelled at the start of the season due to Burley’s constant hungover anti Celtic comments. I wasn’t able to get tickets for the first sale and refused to pay jonston his extortion fee. But…..I bit the bullet and called ESPN. And guess what. I was able to book the game tomorrow on a one month subscription of £9. Ya beauty! I pray Burley’s working and hates every minute of it. God bless Celtic and our LEADER. HH.
The Diageo Stadium Sponsor…
It was an April Fool, ya fools por cierto….
here’s an admission, I have routinely voted SNP in the past. Never again, Salmond.
Obviously a football club needs supplies and services in order to function day to day. How then will Rangers (IA) keep operating over the next few weeks/months?
Why would a company supply anything when they know they might not get paid or paid just a tiny fraction of what is owed?
Why, for example, would an electricity company keep supplying power if they are already owed over £60K with a likelihood of getting just a fraction of that back? Thank goodness the lighter evenings are coming in! :-)