The Adidas deal, Hearts first to move


It is a bit early to call Ann Budge’s early move to cut all Hearts’ staff wages by 50%.  The accompanying offer of termination, which could be accepted by many in the first team squad, indicates what Hearts anticipate the value of footballer contracts will settle at when the crisis is over.

The economic basis that current football contracts were established on no longer applies.  Footballers are worth less money today and going forward than they were a month ago.  Clubs have less money, fans have less money to spend and advertisers have less money to give to TV companies.  Practically every non-discretionary asset class in the world is worth less than before.

I suspect Ann Budge knows this.  She also knows that whether Hearts are relegated or not, they will be better off investing what money they have in the football player market of the future, than keeping what they have.

We have not had a chance to discuss the Adidas deal in any detail yet.  Getting it over the line before the crisis added at least £10m to the value.  If there is a general retail shutdown over the summer, the Adidas contract could be worth £20m less than we got for it.  The importance of this deal grows in tandem with the crisis – and it was stunning to begin with.  Thankfully we have professionals running our commercials.

We’ll talk soon about the consequences and, just as importantly, opportunities in the game going forward.  Celtic are in a good place.

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  1. !!Bada Bing!! on

    Starbucks in Wuhan has reopened, they have a vaccine and keeping it to themselves…..

  2. Forget Pistol Pete .



    With this amount of cash in the bank it should be Liquidity Lawwell .

  3. Fourstonecoppi, No problem going to the pub in Ireland but you won’t get in. On a more serious note the reality is you shouldn’t go, this is a really serious situation & everyone needs to curtail their social activity.

  4. Jamesgang,



    Null and Void. Not for me.



    I also expect your note to go viral on FF and Hun Media as evidence to them that even Celtic fans don’t recognise the 9th….

  5. Slabhoy - on the road to 10 on




    Ditto for me – no Null and Void – I can live with an asterix

  6. fourstonecoppi on 19th March 2020 4:15 pm


    Folks is going to the pub taboo??







    Sadly, yes.



    For your own good and for the good of everyone else.



    The key is to break the chain of infection.



    That’s why people should be distancing themselves from each other voluntarily.



    And if it isn’t done voluntarily by enough people quickly enough there will have to be a total lockdown. And even then it may be too late to stop the health service being overwhelmed.

  7. theweegreenman on 19th March 2020 4:34 pm


    ‘Hearing the army is setting up in Strathclyde park….’







    Might just be filming for Gary Tank Commander.

  8. Ross County have written to their players today to guarantee contracts will be honoured in full throughout Coronavirus crisis.

  9. Feckin Asda Robroyston was empty of all food again



    How are you meant to get food and lager if you are working.



    Feckin nightmare



    Costco later for me for lager and Asda and Tesco at 6.05am for food.



    I think the old lockdown is a day or 2 away.



    D. :)

  10. Rock Tree Bhoy on

    JOHN1314MAC on 18TH MARCH 2020 11:43 AM






    Wee bit confused – the post referenced above appeared word for word as an article in the Glasgow Times last night under this heading…



    Jim Traynor’s Loyalist replacement is a PR disaster for Rangers



    By Neil Cameron


    Sport Columnist









    Does this mean that the GT Sports Columnist and JOHN1314MAC are one and the same – or was John simply posting the article without quoting the source?



    Not that I’m bothered in anyway, just as I say a wee bit confused,



    If you are about John appreciate clarification.

  11. Boris optimistic. Says in 12 weeks we could be on top of it. No imminent plans for shutdown in London or anywhere else.

  12. david17 on 19th March 2020 5:40 pm


    ‘Boris optimistic.’







    Boris is full of shit.

  13. FOURSTONECOPPI on 19TH MARCH 2020 4:15 PM & Corkcelt.


    Folks is going to the pub taboo??





    In Ireland the answer is a clear unambiguous, Yes. No ifs, no buts.



    In the nation’s of the UK the answer is as clear as mud.


    Today I waited in massive queues in unavoidable close contact at the local Supermarket. The car park was full as the bingo was also on.



    I am about to take the dog a walk. The walk will take me along the canal past a local pub that is open and looking for customers. There will be as many hounds as hoomans in the pub.


    Should I nip in, use the hand wash provided, keep my distance of circa 1m and pay contactless. ?


    What will I evaluate as the greater danger of today’s travels.



    Boris / Nicola stop advising and govern.



    HH to all.

  14. Hunderbirds are Gone on

    Ignoring for the moment the slight hitch that the following solution would do nothing to sort out the relegation issues in the League. How about this?…. When we set the fixtures for the league for season 2020-2021, we should make special dispensation to allow human intervention in the… err…random selection of the ties. I am sure this must be possible 😉.


    The first clutch of games of next season, could replicate the missing fixtures from the current season, assuming they can not be fulfilled. These games would count towards two leagues. The results would be applied to the 2019-2020 league championship, and also to the 2020-2021 championship.


    Maybe Hertz will go bust, and that would sort out the relegation issue. The lower leagues could follow the same system to decide the play off spots for promotion.


    Needs work, ah know. But I’m bored






    Was a C&P from the National …



    Like others .. I thought it was a strange article… Even with the sting in the tail at the end..



    In no way was I condoning it … To me.. it only demonstrated how low and slimy a supposed Celtic supporting journalists will go to line his own pockets..



    So, Boris says everything’s going to be just fine in just 12 weeks?




  16. Neustadt-Braw on

    Boris on top of it…..mmmm how many kids does he admit to…mmm



    he seemed to know a lot about pregnancy testing….not so much about COVID 19 testing….mmmm



    smiley then again he has got Trumpy on speed dial to sort the big stuff oot thing






    worlds is all to feck….vote responsibly ….

  17. South Of Tunis on

    Covid 19 -Italy @ 6pm 19 3 20



    Cases -41,035.


    Deaths -3405.


    427 people died in the 24hrs between 6pm on 18/3 and 6pm today.!

  18. Last time Boris thought there was no need (school closures) it took him one circuit of Morellos’ backside to change his mind.



    Lock down on Monday!

  19. Hopefully Boris Johnson is correct with his 12 week prediction. I would assume his science advisors would have ” sanctioned” a statement of such magnitude.


    If he is telling ” porkies” then he must be taken to task



    Is it not something we all desire ?

  20. For Boris to be anywhere near right the population has to follow the guide of social distancing. So if things worsen he can blame the population for still going into pubs, clubs and restaurants – even though he could just instruct them to close

  21. Neustadt-Braw on

    SOUTH OF TUNIS on 19TH MARCH 2020 6:04 PM


    Covid 19 -Italy @ 6pm 19 3 20







    Cases -41,035.





    Deaths -3405.





    427 people died in the 24hrs between 6pm on 18/3 and 6pm today.!





    is that a mortality rate of 8,3 per cent…..?






  22. PS : The big Glasgow TRNSMT festival organisers have just announced the show will go ahead as planned in July.


    I would wager they consulted science and medical persons prior to such an announcement.

  23. Paul67 et al



    London not in a lockdown, but definitely in some kind of economic slowdown, possibly heading to a near economic shutdown within days. Impossible to know what is happening in terms of corona infection, apart from bare statistics re related deaths. Anyway took the opportunity to visit a major NHS hospital today, UCLH at Euston, part of an ongoing voluntary NHS research project, which required attending the blood clinic. In and out in fifteen minutes. Left via the A&E route, no queues of ambulances, no sirens, no out and out emergency. And no signs of panic either. Now, given that patients are only being tested once in hospital, you would expect UCLH, to receive a share of those, but not that you would notice. Not a clear situation at all.

  24. NB


    There is highly likely to be a vast number of cases unreported so the percentage will be a lot less. I’m sure in the UK they imagine the actual infection rate to be a factor of 10 higher than reported.


    And I know that you like to add braw at the end of your posts but you might want to look at the one at 6.21

  25. Neustadt-Braw on

    oh sorry about that….



    if there is a Moddy about please remove that 6,21 post

  26. Canamalar it looks like OCD obsession on

    I see there’s a new bill in parliament that allows the polis to drag people suspected of being infected off to jail, could never happen in the free west we were told by ABC news when our resident champion of stupid buffoonery and disinformation was telling us all how bad thing were for those poor chinese people who have to live under the yolk of communist oppression instead of being slaves to the kleptocrats we so lucky to serve.

  27. NB,



    Not one person reading your post at 6.21 hrs will think you meant anything untoward.




  28. Canamalar it looks like OCD obsession on



    Even when he’s wrong he can always blame the Russians and the victims. It’s his nature.

  29. Just uncovered Phoenix Nights Season 1 & 2 DVDs.



    That’s tonight sorted – Shabba !

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