Apparently, time for Rangers fans to step forward to save their club has passed. For the want of £500k any one or collection of them could have bought an exclusive period as preferred bidder and worked on a rescue but no one stepped forward.
It is perhaps worthwhile reflecting on our hour of need 18 years ago. Celtic had exceeded their agreed overdraft limit and the Bank of Scotland informed the club that unless the account was brought back into agreed limits that day, it would go to court to appoint an administrator.
Back then there were no transfer windows, so players could, and would, have been sold by the administrator the next day. Celtic would have been left with an unwanted shell of a squad.
Word of the impending doom spread around the Celtic business community and John Keane decided to act. He withdrew £1m from his account and paid it straight into Celtic’s account at the Bank of Scotland.
John did this in the hope that he could buy time for the Celtic Movement to pull a rescue together. The bank could still have withdrawn the overdraft the same day, which would have made him an unsecured creditor with no chance of a return. There was also no agreement signed to secure the transfer of the club from the old board, each member of whom would later be dealt with on an individual basis, as shares were sold, or in the case of Kevin Kelly, pledged behind Fergus McCann’s consortium.
John kept his money in Celtic and received a seat on the new board, which he retains. He declined to appear in the publicity photos on the steps of Celtic Park when the club was rescued and although he attends the AGM every year, he remains a quiet and largely unknown figure. He has since invested more in Celtic, money he will never see back, but which has ensured his family can block a Glazier-style takeover of Celtic.
I have spoken to him once or twice, although he doesn’t know who I am, but I have often thought he deserves a standing ovation at the AGM for what he did all those years ago. Maybe this year.
We can only wonder why there was not a John Keane across the city.
Very well done to the Daily Record for their excellent story about CQN’er Tony Conway today. Tony, who now lives in the United States, suffers from motor neuron disease and made the trip back to Celtic Park last year with his Dad, John, and brother, Martin. They spent time with Jinky’s son James and met a host of people at the club, including Neil Lennon and Billy McNeill.
Read it, it’s a great story.
Remember to keep an eye on the signed Celtic shirt being auctioned for Wellburn Care Home, it ends Monday.
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Can someone confirm what Whyte stated last week he wanted.
I think it was a seat on the board, 60% stake in rangers and still to own ibrox and Murray park.
Now if those are his terms he has no intention of seeing a proper deal done.
He just wants the club liquidated and he gets preferred creditor and walks away with his money.
bye bye rangers…
There isn’t a song written that Leo hasn’t covered, in his illustrious career,including a fair number of Norwegian ‘death metal’ choons.
Well maybes not’ We don’t do walkin’ away’, although that is a kind of ‘death metal’.
dbbia
another wee Michael Marra song :
Flight of the Heron
For Gil Heron, the first black professional footballer in Scotland and father of Gil Scott-Heron the great American poet and visionary.
When Duke was in the Lebanon
Groovin’ for the human race
Gil flew high in the western sky
On a mission full of style and grace
From Jamaica to the Kingston Bridge
He was inclined to roam
Drawn to the flame of the beautiful game
Here was a brother who would not stay home
Chorus
Higher, raise the bar higher
He made his way across the sea
So that all men could brothers be
When Miles was on the jukebox
And Monk was on the air
Gil crossed the ocean to the other side
To play for Celtic with a noble stride
The Arrow flew, he’s flying yet
His aim is true so we don’t forget
What it means when his name we hear
The hopes and dreams of every pioneer
Chorus
Higher, raise the bar higher
He made his way across the sea
So that all men could brothers be
Silver City Neil Lennon on 2 May, 2012 at 16:22 said:
Moonbeams WD. Kano \o/ Neil Celtic FC. We are the Champions. Ignore the WARTS. on 2 May, 2012 at 16:14 said:
If they were to go down 4-0 in the 71st mimute. I am sure the pitch invasion could be well organised
Full of questions today.
Could Ellis legally stop any sale of rangers until his 25% claim is resolved?
Auld Neil Lennon heid on 2 May, 2012 at 16:20 said:
“it is National Club Licensing or UEFA licensing both sets contain a requirement for audited accounts for three years and in Nationa Club Licencing it states the last set have to be audited and ratified at an AGM….”
…………………………………..
But does it say that the audited accounts need to be those of a football club ?
If Miller has a 3 year old company lying around with up to date accounts could this be used as the vehicle for a slightly used Newco?
VertWolf
MWD
I heard that also, dismissed it as per, as everything they try is total gash.
Oh but i’d loooove it(in Keegan voice) if they did it. Oh pleeeese do it huns!
PLeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeease
Btw on the subject of the black strip. total bollocks if anyone thinks it will somehow detract from us finding a man etc etc. Real Madrid a wear black strip and the last I looked they ‘wurny bad’!!
brimmer
The anthracite strip is a tribute to the minshafters who have given this blog faithful service over the years.
RogueLeader 16.21
Jock Stein Still slaying huns to the present day. :))))
HAIL HAIL
I didn’t get on at the weekend.
pablophanque
Rest in peace.
Don’t know about you ghuys, but, I find when I’m singin “WE Don’t Do Walkin Away” I seem to go into Cockney Mode…..Thumbs tucked in my lapels, elbows at 45o and a forward kicking motion as I walk, and singin like a “proper geezer”….whits that a’ aboot?
Ps….give it a try……very theraputic.
I’ll be back in 5 minutes to ask how many of you actually tried it
Not watching Spartak but hear that stadium is empty becouse their supporters lost confidence in their coach (Valery Karpin).
They play last game at home and when the league is over might be out of the Europe. If that happens Aiden will have new coach for sure.
VertWolf,
The License Applicant for a UEFA license can only be a football club that has been an SFA member for three years – unless UEFA grants an exception.
So any old company with three years worth of accounts won’t do – unless UEFA says that it would.
VertWolf
You mean the accounts from Poundland or something?
Surely it has to be a football team.
Already told everyone today, they are taking over Cambuslang rangers in the juniors… :0)
dbbia
while we’re on the subject of Leo, I now cant get the mental picture of Hector singing “no i wont let the show go on” out of my head.
How Come..
Ah ..
Believe that it is.. Far Easier ..
tae Pick oot a Player dressed in a ALL BLACK STRIP..
frum among a Ruck of Players who are Wearing.. Gaily Colored Strips?
Hmmmmmm???
Kojo
Puzzled..
But.
Still, Laugin’
>
“The “Olde Lambeth Walk” might work better if I buy that cork I was talkin ’bout……..
Do the stupid duped Huns not realise that even if they are liquidised that they will in fact still have their history to remember.
Their Newco might need to build one but in death their old history will be there albeit stagnant and never increasing. Although there is a chance it might decrease due to double contracts.
But their history will still be their history even if it does come to a hault and they go about building a new one.
It’s not as if the Nazi’s did not ever exist because they lost WWII.
MWD
Yes it will be a stationary history unless of course they lose their tainted cups and leagues. But it will still be their history.
Just that the Newco will have to start without a history an build one.
Dundee Utd game sold out, glad I got a ticket today, there was only a handful left.
…..am I talkin tae masel here?
googybhoy ♥ Celtic and Integrity on 2 May, 2012 at 16:29 said:
Genoa fans invaded the pitch recently as well. It wasn’t to get at the oposition but to protest at how badly their relegation bound team were playing.
RogueLeader on 2 May, 2012 at 16:21 said:
Agreed we won,but also what we need to repeat at every possible opportunity is that they surrendered…………I like the sound of that in particular………:-)
I love both new strips by the way,knackered knees mean I can’t play anymore so will be unlikely to buy a top however I normally buy the shorts and socks for the gym.It annoys the huns especially when worn with my Neil Lennon t shirt.
I wonder who at the SFA will have the job of looking at granting a Newco a club licence? Surely Ally McCoist will want to know? ;)
Mingwall has just set the mob on Miller….published phone numbers and email addresses
He is such a useful wee idiot for Murray and The Broke Knights
Celtic
(Repeat)
Celtic
(Repeat)
Come on you boys in grey
(Repeat)
Come on you boys in grey
(Repeat)
Glasgow’s anthracite
(Repeat)
Glasgow’s anthracite
(Repeat)
Oh oh oh oh………….
“I will not continue as Rangers Chairman post-restructuring. Regardless of administration and irrespective of the tax case, the club had serious long-term structural problems financially and they needed to be addressed with some urgency. I knew that when I stepped up to the plate and, despite the accusations and abuse that I have suffered over weeks and months, I was determined to see things through. I will admit there have been times when I have wished that I had never entertained the idea of taking over Rangers.
‘But I am a Rangers fan, and, like other Rangers fans I don’t do walking way.”
Craig Whyte (Celtic Legend)
How do the Huns in the Club deck down to infest the park.
Should they Jump?
MWD
Brimmer
All aspects of that argument were covered between 14:00 – 15:00 today.
Barca, Real Madrid , NZ All Blacks etc.
Will only repeat one element rather than go over it all again
The Onlooker
“Joan Oliver, Barcelona’s previous chief executive, explained the risk of transfers by what he called the “one-second rule”. The success of a move on the pitch is decided in less than a second. If a player needs a few extra fractions of a second to work out where his teammate is going, because he doesn’t know the other guy’s game well, the move will usually break down. A new player can therefore lose you a match in under a second. “
In read an article in the New Scientist many years ago that theorised that other than the All Blacks, there have been very few successful sports teams wearing dark colours, citing Scotland as an example.
Auldheid
How many ‘big’ teams in Europe are in financial dire straights?
What’s to say Uefa are not simply watching the SFA to see if a way out can be found for the more glamorous clubs in the future by copying the Scottish model?
Naebuddy listens ate me (I know why)………I’ve been on about these AUDITED Accounts fur ages ……. Gonnae listen ate me …..they cannae play without audited accounts …..( who wis that that said ” THEY CANNAE PLAY ANYWAY” ……….
The media have been really great on Celtic’s ‘humbling of the poops’ on Sunday, eh…….? …….and I just can’t get enough…!!!!!!
Paul.
Thanks for everything.
I hate those wide angle lenses! :-)
HH
THE Chairman of the Club has written the following open letter to all Rangers supporters:
To all Rangers supporters,
I write to you today to address a number of key issues facing the Club.
First, I would like to address specifically the latest attempt to undermine Rangers in today’s Daily Record which devotes five pages to trashing our efforts to get this Club back on a sensible financial footing.
In the most lurid terms, the Record accuses the Club’s management and, specifically me, of using supporters’ money to help fund the buy-out of Rangers. Not true.
The Club is accused of not paying £5million in VAT. Not true.
I can categorically assure supporters that when I launched a takeover bid for the Club it was funded entirely from one of my companies and that was demonstrated clearly to the satisfaction of the previous owner, Lloyds Banking Group and professional advisers.
What is true is that Rangers, like many other clubs, has a financing arrangement in place with a company called Ticketus which enables the Club to receive revenue from a portion of season ticket sales in advance.
There is nothing unusual or untoward in this arrangement which was put in place at the Club long before my takeover last year and was used by the previous management. For members of that regime to criticise the use of a scheme they put in place is, frankly, outrageous.
This is a perfectly straightforward way of raising working capital for the Club. Money from season ticket sales goes directly to the Club and is used for the Club’s operations and that remains the case. In effect, all this financing arrangement does is release the revenue to the Club earlier.
The Daily Record’s approach to this story sought to distort and dramatise the matter. I for one will not be reading or buying the Daily Record again and I’m sure many other Rangers fans will share my disgust at yet another smear on this football club.
It was, predictably, fuelled by accusations of former board members of the Club. I simply ask Rangers fans what these men did for Rangers in the Club’s hour of need? They were all talk and no action and presided over the Club as it careered to the brink of financial collapse.
The overarching issue that affects Rangers financially is the HMRC tax tribunal, which has been hanging over the Club for many years and long before I became chairman. As I have said many times before, the sooner that is resolved the better.
In terms of the playing squad, you may know the Club has agreed a fee with Everton for the transfer of Nikica Jelavic. We wish the player well and thank him for his contribution to Rangers.
The reality of Jelavic’s departure is two-fold. One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox. Two, the Club is simply not in a financial position to turn down offers for players which give the Club a good return on its original investment.
Investment in the playing squad has been a thorny issue since I took over the Club in May and is the source of endless debate, much of it ill-informed. I want to set the record straight.
In the summer transfer window last year we conducted 14 different pieces of transfer business, more than any other club in Scotland. This included new signings and improvement to existing contracts with key players, increasing the players’ wage bill significantly. We now have a first team squad of 30 which includes 18 full internationalists.
Admittedly, there were transfer targets we did not secure but that is not uncommon. As chairman, I have supported Ally McCoist in his choice of targets and will continue to do so. The timing of Jelavic’s departure so late in this window is far from ideal and efforts to improve the squad will continue until the transfer window closes.
That said, we must be realistic. Media coverage of the transfer window has bordered on the hysterical. As it stands at the moment Rangers has operating costs of approximately £45 million a year and revenues of around £35million – not including revenue from possible Champions’ League and Europa League participation.
As we know, European money cannot be taken for granted and it doesn’t take much to work out that without it there is a big financial hole to fill every year – regardless of who owns the Club.
I’ve said many times that in Scottish football we have to move on from this mindset that you have to keep spending more and more money – that’s what got this Club into financial trouble before. We have to live within our means, continue to develop talent and spend wisely.
These are challenging financial times for Rangers – as they are for many other businesses. What I can say to you as a Rangers fan is that everything I will do as chairman will be in the interests of the Club and I thank you for your continued support.
Craig Whyte, Chairman
Goldstar- re ole New Scientist clever cloggery- does that include the pre-floodlight era?
Blumin’ipad auto corrected tae to ate……LOL
Moonbeams WD @ 16.43
Yes
ASonOfDan on 2 May, 2012 at 16:45 said:
LOTS OF LOL…
Chairbhoy on 2 May, 2012 at 16:26 said:
Wasn’t ADIDAS named after the brothers, the initials methinks…
Any clevercloggs feel free to correct.
___
I was under the impression it was from (Adolf, who was known as Adi) and and the Das from Dasler – ADI DASler. I think his brother was Johan, or something else without a D or an Ss.
Was trying to resist, but succumbed to google – http://en.wikipedia.org/wiki/Adolf_Dassler
I see his brother was Rudolph.