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Sydney, Newco and the £10m liability

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By on CQN BLOG & Comments

Not all contracts are fulfilled.  Usually, the failure is caused by an underperformance, less often, by one party wilfully reneging on their obligations.

Newco’s fans, and other fans, have bought tickets for games at the Ange Coming Home Tour that will not happen, leaving the promoters with an obligation to refund money.  Money paid for promotional events has been wasted, as has costs sunk into the setup.  Perhaps only the lawyers’ fees were not wasted.

Contracts have been concluded with Celtic, at a sum more than twice as high as Newco’s, agreements are in place with other clubs too.  The promoters need to fulfil those contracts – in Celtic’s case, the deal is not dependent on Newco attending.   Celtic contracted to play the tournament without mention of any other club.  The promoters have a £6m liability to Celtic and doubtlessly a few million to other clubs, venues and elsewhere.

If you detect some frustration from the promoters in response to Newco’s unilateral withdrawal from the Ange tour, it is not difficult to imagine why.  They will now attempt to line-up an alternative attendee that allows them to sell the tickets and the TV rights necessary to keep the project afloat.

Now that other clubs know Celtic bid the price up to £6m, the promoters are unlikely to find a suitable draw who are as disparate as Newco and to accept the first offer of £2.5m.  Any substitute club capable of selling the required volume of tickets will demand parity with Celtic.  That’s a bitter £3.5m pill to swallow.

I expect they are looking at a £10m liability if the project fails to go ahead.  The costs of starting again with another club are likely to be £5m more than the promoters initially budgeted.  These tours always carry a commercial risk for the promoters, but no one ever makes this kind of money.  The project is underwater.

Today the promoters will be running various scenarios.  I expect they will try to get a big English club to step in.  Either way, they will tally up the costs and get the lawyers on the phone.  The £2.5m fee Newco will not now collect, is only the first phase of their exposure.

Newco made a mistake in signing the initial contract.  Without wanting to be petty here, they are a newer corporate structure than Celtic, with less experience and expertise.  They cannot be expected to be as accomplished as more experienced clubs.

Neither sets of fans wanted the game, but in bowing the pressure, Newco exposed themselves to far greater risks.  Sometimes you need to take an unpopular stance for the good of the club, even if you were the one who made the initial mistake.  Fans never say, “Indulge our demands and expose the club to a £10m liability that could do longterm harm to our strategic aims”, but scenarios like this are played out by angry mobs everywhere.

Despite the unpopularity of the game, Celtic had an easy decision to make.  We still do not know if we will get Champions League money next season, but the Ange Tour money will cover the fee being asked for, for one of our top signing priorities.  As I mentioned, sometimes you need to take an unpopular stance for the good of the club.  Insert our own “Indulge our demands… strategic aims” quote here.

Newco apparently briefed that one of their objections to the tour was that the phrase “Old Firm” would not be used.  I know this subject has been covered at several AGMs, on here and other places many times – but some people live to wind up Celtic fans.  Through copywrite, Celtic and Newco have a legal veto over the commercialisation of the phase “Old Firm”.

If you have any connection to football, you know this is because Celtic moved to kill the phrase in any commercial sense.  If, when this tour was announced, you used this copywrite to claim the exact opposite, that Celtic cherish that phrase and status, you need to take a good look at yourself in the mirror.  What are you trying to do to Celtic fans, what are you trying to do to the club?

For the watching CSC.

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  1. fergusslayedtheblues on

    BURNLEY78

     

    I am thinking ,did Dortmund and red star think it was a formality in beating a Scottish side and played a more open game .

     

    Braga may just approach their game in a way that the sevco struggle to break down and if Braga have any threat up from it may just do for the jammy feckers

     

    HH

  2. Coneybhoy on

    Who upset big packy? Going radio rental on SC

     

     

    I thought the BIG lads were avoiding each other🙄

  4. An Tearmann on

    Coneybhoy.

     

    Calm down 🤣play some calming rebs,🤣

     

    Your energy will be needed for Sunday.

     

    Lol.

     

     

    HH

  5. Almore on

    FERGUSSLAYEDTHEBLUES on 1ST APRIL 2022 9:48 PM

     

     

     

    For me it’s not just what Ange does at our club, it’s the positivity and honesty he brings to the Scottish game .

     

     

     

    He comes across a honest guy who loves the game and has a philosophy of football as being a sport that should entertain the supporters first and foremost and if honours come from that then all the better.

     

     

     

    I think if there were more like him the game would be in a far better place

     

     

    Totally agree.

     

     

    HH

  8. TheLurkinTim on

    So u got home alright D66…fair enjoyed

     

    your company at the sesh…Big Jimmy was on form…apart from his Big Packy faux pad lol

     

     

    Thanx also to J, M, T and the two E’s…(no not the drug)…making it a good day 👍

     

     

    H.H.

  10. bankiebhoy1 on

    FSTB…………….

     

     

    Nice to see you here matey…………….

     

     

    Ange seems to be made of the right stuff and impresses with each advance. Officer material.

     

     

    Whereas in scoddland, the likes of walter and that dick, Campbell are quoted………………

     

     

    Let’s enjoy Ange and what he has brought to Our Great Club.

     

     

    HH.

  11. Celtic Mac on

    Coincidence maybe but I see ‘Braveheart’ back on the Beeb in a few minutes or so. First saw it over in a town called Marblehead, about fifteen miles north of Boston. Interesting old fishing town, dating back to 17c colonial times. Masqueraded as Scotland in the movie ‘The Pride of the Clan’ back in 1917, starring er Mary Pickford. Oh aye. Went to a local bar after, got talking to a few Yanks, some of whom were complaining that it wasn’t historically accurate. Same place which stood in for Scotland don’t forget. Anyways I told them the film had a different title over in ol Caledonia. What was that they asked in a serious manner?

     

    ‘Mad Mac’ says I. Seemed to work…..

  13. Hrvatski Jim on

    Tom McLaughlin

     

    My business is international occupational health. Our client base comprises the more conscientious companies which try to ensure that their workers are fit for the job and are not suffering injury/disease from the job.

     

     

    Good for the employee as they can continue safely to make a living to support their family . Good for the employer which has a fit worker who is more likely to be productive. Good for state health systems and insurers as early detection of injury/disease mostly leads to lower treatment costs and less likely reliance on state benefits or insurance payouts which drive up future premiums and, therefore, discourage employers to provide that protection in future.

     

     

    The first known occupational health was when the Romans worked out that they were losing too many slave mine workers and put showers into the pit heads to wash off the contamination so that they would live a bit longer. Over that 2 millennia, conditions have improved for many but I am passionate about protection of workers in all workplace situations, especially developing economies where it is not unknown that an injured worker’s pay-off is his train fare home (if he is lucky). Examples of current day mutilations at work and development of respiratory/skin/blood etc. disease building up over time, rather than a sudden accidental incident, abound especially, but by no means exclusively, in Africa through constant exposure to poor working conditions which deprive people of years or earning ability and years of life.

     

     

    I have been to India twice to try to persuade some local companies to adopt OH practices. One large construction company I thought was going to pick up my proposal had it stymied at higher level. This was a forward thinking and profitable company – they even installed toilets on the worksite rather than “find a hedge” – but they did not adopt OH.

     

     

    My business works in Qatar and the Emirates every day – we have two staff based in UAE. We know the differences between standards of the companies, like our clients, which do take OH seriously and those who don’t.

     

     

    Sadly the authorities in Qatar don’t. This is one article from Amnesty International but there are many about the migrant workers from very poor countries who do the heavy work that the richer locals won’t do. https://www.amnesty.org/en/latest/campaigns/2016/03/qatar-world-cup-of-shame/

     

     

    Deaths amongst the migrant worker population in the past 10 years was widely estimated at 6,500 in 2021 and likely above that by now. Most newspapers from the Guardian to the Mail wrote about it

     

     

    Today, 12 years after Qatar was awarded the world cup, the World Health Organiastion issued this statement which is good as far as it goes but is aimed at the visiting spectators and which still fails miserably to target improvements for the

     

     

    https://www.who.int/news/item/01-04-2022-who-qatar-fifa-leaders-agree-actions-to-promote-health-at-fifa-world-cup-qatar-2022

     

     

    No, or very few, country/ies would stand up to perfection if scrutinised over health, safety, workers’ conditions and pay, human rights but Qatar would be down amongst the worst.

     

     

    This world cup is not for me.

  14. David66 on

    Drew where were you the day?

     

     

    I was telling the bhoys how I used to set you up for goals years ago.

     

     

    D :)

  15. TheLurkinTim on

    Haha….I heard they had to force u into being the goalie…for the teams good lol

     

     

    H.H.

  16. David66 on

    TLT – What about that Saint Stivs rogue telling us he was you know who……

     

     

    I nearly dropped the 2 pints I had in my hands

     

    behind him… no not on his head…

     

     

    D :)

  20. An Tearmann on

    HRVATSKI JIM

     

     

    Cheers for your response to Tom above.

     

    Highly Informative reading and thanks for your sharing your knowledge jim.

     

    The p.r offensive is at full pelt with the draw today and yesterday

     

    Thanks

     

     

    HH

  21. An Tearmann on

    TLT D66

     

     

    BP is chucking sentinel celts for one last time?

     

     

    Any o you bhoys shed any light?

     

     

    😇

     

     

    HH

  24. TheLurkinTim on

    AT….BP is a deluded schizo personality…if he’s giggling it’s because of something he told himself. Reality is fluid to him

     

     

    H.H.

  26. Hrvatski Jim on

    Thanks AT

     

    See you at the corner next time. Last game I was running late and just made kick off.

  27. TheLurkinTim on

    Big Packy chucking anything is the same as an obsessed ex accepting it’s all over…I smell shite

     

     

    H.H.

  36. GuyFawkesaforeverhero on

    Addendum to the utility posts yesterday.

     

     

    Scottish Power customers like me who didn’t contact the provider yesterday to report meter readings are not disadvantaged.

     

     

    The website states readings at 31st March can be sent anytime within the next ten days to allow accurate apportionment of these scandalous tariff increases.

  37. Big G on

    Thought I would just say now rather than after the game, the midfield is the place where ange has to get this nailed, it’s all about energy, match up at the crumble dome and our forwards have a chance

  40. Friesdorfer on

    Hrvatski Jim

     

    Very well said. If only many others were fighting the good fight like yourself. Keep on keeping on. See you at the Corner soon.

     

    HH

  42. bankiebhoy1 on

    Bhoys! ……………Quick, to your Youtube Channel of choice……………

     

    Drooon ‘im out.

     

     

    HHH.

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