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.
Click here to read CQN Magazine.
Thanks to everyone who has bought a hard copy of issue 7. Order your copy for delivery by clicking on the link below for news and views from Celtic supporters.
Pay by card or Paypal.
454 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- ...
- 12
- »
obonfanti1888
If he doesn’t then Neil has great reason to get off too.
If he does, then both Neil and Kenny Shiels will use similar defences to highlight the ridiculousness of the SFA rules.
I think Kenny Shiels was very clever in almost replicating exactly what Neil said last week.
Mort
It was with great amusement and surprise when I checked the list of creditors this morning, that I found an amount owing to my company. In the grand scheme of things my debt is tiny, but I will certainly not be voting for any CVA proposal.
Top article Paul and like you I found the letters from Salmond fawning. They are not the perfunctory letters that should be coming from a head of government to a football manager and one wonders if Alex shares more than just his nationality with Walter Smith the Mason?
The congratulatory letter after Rangers had won the League Cup in 2011 goes way beyond the normal etiquette for such matters and he hints that but for Johnny Foreigner referees Walter would have been a success in the Champions League.
However by far the most damning thing about this letter is the reference to the event being a “great showcase for Scottish football”!
The date is not clear on the letter but it must be the case that he was aware of the flood of complaints (enraged by what I had heard for over 2 hours on TV I complained to Kenny MacAskill and the bumbling Campbell Corrigan the minute their congratulatory comments appeared on the BBC website, which was on the Sunday) and unless he wrote this letter in his residence he must also have known of Graham Spiers’ Times article which said the racist/sectarian singing that day at Hampden was an all-time worst. And of course he is not deaf, yet he lauds the atmosphere at this game.
The revelation of Salmond’s fawning letters will certainly cause me to write to my MP demanding that he find out just what representations Alex Salmond has made to HMRC with regard to Ranger’s tax liabilities.
I would urge others to do the same. Salmond has shown us the contempt with which he holds the Celtic community and the grovelling way he courts the Rangers’ one.
Kenny Shiels is a good guy and he came out with those comments to support Neil Lennon.
If he gets away with it then Celtic & Neil will be looking to have a chat with the SFA.
HH
headtheball
Yes anyone who has been supplying goods/services to Rangers since 14th Feb with receiving payment in advance doesn’t deserve paying.
Yes, the Diageo story must be true then if people keep repeating the old April Fool’s joke.
Actually, they do plan to name the stadium after one of their main products: The White Horse Stadium.
That would go down well, wouldn’t it?
1690CSC
have a good good friday..
off out with the family…
Don’t make to many comments but love reading all the comments on a daily basis. I think we would all agree that Whyte has made a mess of his tenure and he has been duly made the scapegoat for not only the last year but for everything that had gone wrong prior. Whyte has been asked to speak with the SPL / SFA to explain his wrong doings and rightly so. What about Sir Minty.
The old media has hinted that sir minty is responsible for a number of wrong doings. Hugh Adams spoke out. Paul and Phil haven’t missed him but he still seems to walking about as if he is an innocent bystander.
Will he be called to account for his actions? And will he be stripped of his title?
Paul67 –
So much for the laptop lies about Scottish football needing Rangers, because of the boost they provide to the local economy.
Newsagents, florists, delis, the Ambulance service, Strathclyde Police, plumbers, ect, ect, ect – they have all been stiffed by a club whose shame has no boundaries.
Auldheid, good idea.
SFFS, ah!
The Prince of Goalkeepers, dream on, it’s sheer fantasy.
Big Nan, indeed.
Imagine
Paul 67
with £900k in the bank and only limited opportunity for additional cash at the next 3 home games, it must be touch and go for Dignity to make it to the last fixture. My first thoughts yesterday was that they would just make it , however it is looking like with rhe Administrators requiring a £1M from the preferred bidder, it is this transaction that will see them through to the end of the season. However, given the number of fundamental questions yet to be addressed by Duff £ Phelps , it is certain that that each BAFO will not to open to acceptance until the ownership questions (CW & Ticketus) are cleared up, I would doubt that any bidder will be parting with a £1m anytime soon.
Options open for Dignity to complete the fixtures
– all playing staff & mgrs no wages
– charge season ticket holders at the gate for the remaining games
Failure to do the above will see Dignity sunk with no cash about the 21st April 2012, just in time for the creditors meeting….. if the FTT doesn’t get them first.
Cashiskingcfc
£400m over 10 years eh? Another £350m and we too could have our own 70,000 capacacity moonbeam dome floating pitch and all. It’s a nonsense.
Just watched Newsnight Scotland (started the party early in Jintys last night) a clear and honest portrayal of the facts. Doesn’t look as though HMRC are keen on CVA’s.
Sparkleghirl
would be good if true but suspect it isn’t; trying not to think of Guinness this morning.
No matter what happens with the Huns I want to see an end to this “Old firm” crap.No more joint deals, no more Celtic officials talking of the “old firm”.
We are Celtic, they are bankrupt cheats.
Good on Kenny Shiels. I think he’s made his comment partly as a bit of a joke and partly as a mischievous imp.
Did or have they paid up front for their tickets at Celtic Park on 29th April, if they have not, £360,000 is due, do they have it?? por cierto…
Can anyone tell me if the ‘income’ figures for rangers in Duff and Phelps statement yesterday are pre tax? There was income from tickets, programmes, food and drink, other sales.
Pretty sure this is a pre tax figure myself so whatever income they have reported needs to have tax and possibly VAT deducted? Yes or no?
Also income from player sales and monies owed by other clubs – is this taxable?
I know it’s only small beer but I’d just love to know that even their little income is being eroded too!!
And what is the position on the fighting fund and the sale of flags? Taxable? And where is it?
The “Darling Walter” letters confirm that no right-minded Celtic supporter should cast any vote for the First Fuhrer or his national party. His actions and words since they fell into administration merely compounds matters. If this had been some overseas based multinational that decided to pack its bags and close down a factory in Scotland, we would never hear the end of the criticism for that entity. But somehow, that an “institution” that owes money from the local newsagent to the tax-man (and Paul is absolutely correct to put the term “tax-man” into context, namely the costs of hospitals, schools etc) should receive such pawing from a dewey-eyed puppy dog like Salmond is a national disgrace.
Whatever idealistic views one might have on independence, an independent Scotland that accommodates, nay promotes, a tax dodging entity which was (and I use my words carefully) once the bedrock for bigotry in this country is not one that I will vote for.
As for saving the Rankers – give me a break. Even if a CVA was possible, who in their right mind is going to pump £30 million to pay off debt before they even begin to work out how to cut future costs? Everyone tip toeing around liquidation is hilarious. It is the only route. Goodbye billy boys !!
The Prince of Goalkeepers on 6 April, 2012 at 10:53 said:
I believe that article about re-naming of stadium for £millions appeared in a newspaper on April 1st.
Por Cierto on 6 April, 2012 at 11:18 said:
Did or have they paid up front for their tickets at Celtic Park on 29th April, if they have not, £360,000 is due, do they have it?? por cierto…
——————————————————————
It is a pretty much cost neutral exercise for them to pay up front and then collect the money from their fans. They could even charge them a tenner extra and put it in the fighting fund!!!!!!!
Celtic should most certainly demand the money up front. If it is not forthcoming then they should sell them to Celtic supporters and have a Jelly and Ice cream Jamboree!!!!
A guid Good Friday to all Supporters of Celtic!
Re Paul’s excellent article.
Now that the humungous extent of the ranjurs debt is known –
£134, 000,000.
Gargantuan. (Off the radar even)
Surely the plight of the wee scots guys and gals affected by this shameful indulgence will be highlighted and for the real “guid o’ scoddish foooball”
our challenging fourth estate will go into battle on behalf of the ordinary scottish enterprises that will go to the wall or suffer job losses or just plain old suffer……because of the vanity of one pompous blowhard so ably supported by a cast of noddin’ donkeys content to take the blazer and ice-cream-sundae tie but not the responsibility that goes along with them.
Big Hoose, indeed.
Shameful.
The Prince of Goalkeepers @ 10.50:
That’s an April Fool. Take a look over the 1 April blogs. Sorry to burst your bubble!
.
Happy Birthday Monica.. (Mini BT)..
Sammi will Maake Your Birthday Special..
001Bhoy
NEILMCCALLUMLENNON on 6 April, 2012 at 11:13:
The other night I was speaking to a mate of mine for the first time in about a year. He follows the Dark Side and during the conversation the ‘subject’ came up – raised by him, I might add.
Anyway, according to him, every Hun he knows is blaming Murray for the mess they are in. But he also reckons someone will take Whyte out – simply because the media have portrayed him as the villain of the piece.
What do they have to do to receive criticism and condemnation?
Their roll of dishonour is vast and still growing yet our First Minister sends them love letters.
Could it be that Wee Eck is trying to broker a deal to pay back the tax and save TFOD?
At this moment in time we do not actually know what the correspondance between Edinburgh/London has been.
Regarding the letters it is important to look at the overall context.
The one praising the cup final is the one that should be targetted.
The others would need to be looked at in the context of what has previously happened when Celtic have won trophies. For instance did Neil Lennon get one after winning the Scottish Cup and what was the tone of the letter?
Before rushing to condemn we should really make sure we have it totally straight.
The only one causing any immediate bother is the League Cup Final one.
And someone should set him straight about Walter’s financial constraints. He spent more money than Celtic did in his last 4 years in charge.
Just had the dry boke after reading that nauseating “correspondence” between the Fish man and the Uber Huns. I thought he supported Hertz? Or is there a deeper- maybe even subterranean- connection they all share? All this back-scratching and funny handshake business really makes you despair for this country’s future. The Union and Independence are beginning to resemble a rock and a hard place…
cheers oo1 bhoy…
mini all chuffed…. although I told her it was Saturday in Oz..
roy croppie on 6 April, 2012 at 11:24 said:
What do they have to do to receive criticism and condemnation?
——————————————–
Call themselves Celtic and play in Green and White
Final statement on Guinness etc…!!!
I mentioned it ONLY because @Pmacgiollabhain tweeted about it this morning, giving it some sort of credence that, as most of you say, it otherwise would not have had.
Anyhoo, back to the troubles at the South Side!
EKBhoy, yes, agree, cash from a preferred bidder looks necessary in the short term.
Succulence, deleted. Language.
Great Moments from Celtic’s History
George Connelly leaves a trail of Rangers, in his wake
So let’s see here, Celtic and Rangers WILL be voting together to ensure (i.e. irrespective of others’ votes) to initially keep the 11-1 rule. Without any change the Govan grafters will gain re-entry to the SPL. Rangers will be reincarnated and if I were you I get ma yer money on them being called ‘Glasgow Rangers’.
Celtic’s vote will have guaranteed that. That’s it CELTIC’s vote.
And yet that is the weakest point in the handshake over the Clyde; a point that will have to be broken by those who wish to see the mutual parasitism killed off- The Celtic Board (Please note that this is coming from an admirer of Peter Lawwell if not someone who agrees with what he is doing, but he knows what his success criteria are and despite his public utterances I can bet that he will be representing the major shareholders to vote as above) .
The first step in destroying the appeasement and ecumenical desire for the love that dare not speak it’s name is to prevent the next mutual sponsorship deal between the two clubs.
My sources tell me that to try and capture the essence of both organisations, discussions are well down the line for the name on the shirts to be ‘Blue Nun”!!!
Ok that last bit was a lie, but the rest wasn’t.
My bet is that next season tickets for the games against the them will be like diamonds in a desert and IF I WERE Celtic I would make the non-season ticket sale available to those to attend most of the other games during the season.
Other clubs will come up with their own plans and attendances across the country will be unaffected and possibly rise.
All the anger, mocking and predictions of armageddon will become no more than background radiation with the occasional sunburst of fingerpointing to remind us all of the utterly forgettable saga of Rangers perfidy.
That’s my prediction.
Mind you I won’t be there, not unless I can shake of the effects of being skint! :-)
Where did I put those happy pills.
Hail hail
Estadio
thoroughly enjoyed the Newsnight piece…feeling a bit better now as I was depressed with all the positivity being generated around that lot. Got my ticket for tomorrow so ,here`s to a happy and holy Easter.
.
BlantyreTim..
Spoil her Tomoz..
See This Timezone Sh*t..it Has me Confused..
Here is the Deal..We (Australia) are 11 or 9 Hours in front of Britain..
So How Come when they Play the Champions League..You get it 7:45pm Wed Live..
but we get it 4:45am Thursday..”Live”..
Summa
We are a Day Ahead but we get live Games the Day After..
???????
would not be surprised if celtic were trying to re-name the stadium arena to get the money together to realise the dream that is the celtic triangle, which would in all likelihood generate significantly more money than the re-naming of the stadium. the commonwealth games ceremony will be viewed by 1 billion people and the exposure that brings should see some interested parties come to the table, as well as the ongoing exposure with regards european football, domestic football etc…
but more like 40 million over 10 years, dare i say it ‘front loaded’ to pay for the redevelopment of celtic park and surrounding area ‘ celtic triangle’
how much money do you think could be generated from regular from
celtic park hotel
celtic park museum
celtic park sports bars
celtic park restaurant
celtic park cafe
casino
letting various other units
one off sales:
land sale for housing in triangle
land sale from barrowfield training ground
RT
my thoughts exactly.