When directors and creditors are one and the same

1069

Thanks to everyone who contributed questions for the Forum last night.  It was an open, frank and productive meeting.  Draft minutes will be distributed to attendees to be checked for accuracy before being formalised, after which the meeting’s outcomes will be made public through various outlets.

One thing which is evident, and goes largely unacknowledged, is the significant contribution made by Auldheid in building the channels needed for constructive dialogue between the club and supporters.  Well done, Pat.

I see Neil Lennon in the news being “flattered” after Norwich City chief exec, and former Celtic commercial director, David McNally, told the media he believed it only prudent he keeps an eye open for a new manager, should Chris Hughton ‘leave’.  Neil answered well, refused to comment on a job which is already filled, while setting a standard answer, suitable whether he was interested or not.  There is no point firmly denying interest in a job as a subsequent refusal to do so for a different position would leave too much information on the table.

McNally is right, it is only prudent you keep an eye on these things, but can you imagine how Hughton feels when reading this stuff, or what the resulting speculation will do to the club’s relegation chances?  There is now far too much information on the table now for Hughton to be effective.

A football manager needs authority and respect, Houghton has been denied both.  Norwich should do the decent thing and pay the man his contract before they sleepwalk into the lower leagues.

It’s funny how different people read the same thing in different ways.  An announcement that a club is in discussions with a couple of existing shareholders to borrow money to provide working capital is self-explanatory in most respects.

The announcement by Newco Rangers this morning establishes that the club needs a fresh injection of money to pay its bills.  We all knew this, but the sharp-eyed will also have noted that this loan will create the club’s two major creditors.  No bank will lend to Newco, their creditors will be limited to trade suppliers, HMRC and other football clubs, all pretty low values.  This £1.5m loan is likely to give the lenders sufficient control to vote through anything they desire, should administration occur.  The controlling directors and creditors will be one and the same.

Newco Rangers has been rag-dolled since its inception by various pressure groups within the broader family who seem determined to stamp on whatever green shoots of recovery exist.  What it really needs is the kind of strong leadership this directors-creditors group can provide, leaders who will do the right thing, take the necessary medicine and stand firm against the quislings.  While others tried to get the club for free, they paid their money, continue to do so, and deserve the chance to run their club as they see fit.  For what it’s worth I think the club and its current controllers are a perfect fit.  I hope they use their largest creditor status to protect their interests.

Congratulations to STV’s Peter Smith (aged 12 ½), who scooped the Royal Television Society’s Young Talent of the Year award, achieved partly because he was prepared and able to ask hard questions, when many of his elder peers would rather eat their own toe nails.  He’s still not uncovered that Dallas Cowboys email, so more work still to be done.

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  1. Monteblanco (from previous thread),

     

    You’re not discussing in good faith. Although you’ve obviously not seen his programme & can’t know what he said, you dismiss “that Swedish bloke” because the facts he presented don’t fit your slanted view of the world. Exchange over.

     

    For anyone who’s interested in the real world, he did not say that we’re all wealthy: he did show how some of the poorest people in the poorest countries are bettering themselves in ways that might seem minor to us but are very important to them. He showed a family in Mocambique who have many children (not that common nowadays)but have earned enough from selling their crops to put a new roof on their house & recently, to buy a bicycle which allows the father to take those crops to market in a fraction of the time that he needed before. The Swede also pointed out that early in his working life, he was the only doctor in the local hospital (also in Mocambique), with 2 assistants: now, the hospital has many qualified staff & equipment that compares with the best.

     

    I can’t resist responding to the remark about it being “difficult to improve things for the 100 million slum dwellers in South Korea”. It most certainly would be difficult as, far from having 100 million slum dwellers, South Korea doesn’t have that many inhabitants: my case rests.

  2. anditsthepoleagain @ 17:23 on 20 February, 2014

     

     

    !!Bada Bing!! @ 17:25 on 20 February, 2014

     

     

     

    So the BBC are now going to Maureen Leslie, a financial expert with MLM Solutions, for all Sevco Financials.

     

     

    I wonder what happened to Neil Patey? This is what he said a year ago.

     

     

    How has the business model changed?

     

     

    “Most importantly, they’ve just rationalised the cost-base and that really goes to the number of players and how much you are paying your first-team players. Although they’re getting paid in excess of the average wage for the Third Division, it’s well below what they were paying the Rangers squad in the SPL. That’s the most important thing.”

     

     

    Do you think the BBC have realised he is a fud?

  3. Survey completed:

     

     

    What would you like to see?…………. show us the ‘Deeds’

     

     

    What should we get rid of?……………….. sack Jack Irvine

     

     

    What facilities could be provided?…………. an in-house banking facility where I could invest my life savings!

     

     

    Heh! Heh!

  4. And another cracker from Neil Patey on 13th February 2013.

     

     

    Have Rangers, a year on, managed to secure their financial position?

     

     

    “I think you’ve got to look at where Rangers was less than a year ago: in administration, facing liquidation, potential debts in excess of £100m with a very large tax case. They’re now a newco, debt-free, just had a very successful IPO raising in excess of £20m. Granted, they’re in the Third Division, but they have a reduced cost base. The first-team has been slimmed down in terms of wage-earners, so financially they’re very secure compared to where they were and should be in a position to trade that position through to promotion back to the SPL in three years’ time. “

  5. corkcelt- SUPPORTING THE DAM 5 on

    Kojo, alteration to my initial post re Brooney’s contract its 3 years with Celtic holding an option to extend it by 12 months.

  6. To be fair to Neil Patey, and to ensure balance, he did also say:

     

     

    “If I was Charles Green I’d be very happy.”

  7. ASonofDan 17:04

     

     

    About six months back I was told (but not given specific details) that the whole Barca set up was a “house of cards”. The Neymar deal being the straw that boke the camel’s back.

     

     

    So it’ll be interesting to see where the case leads to, or maybe not?

  8. benny bheula

     

     

    17:38 on 20 February, 2014

     

     

    That burd’s been on before. Lightweight. Says nothing.

  9. good afternoon cgn

     

    more lurking nowadays,thought only fare I do thems survey

     

    Andy Ludge,wants priests and ministers free access,plus meals and drinks on the house.

     

    If you dont ask you dont get……………..

     

    H H

  10. duh !!

     

     

    …. boke = Broke.

     

     

    Sure the RSPCA would have something to say if you spewed on a dromedary…..

  11. setting free the bears supports Res. 12 & Oscar Knox

     

     

    17:38 on 20 February, 2014

     

     

    She also made her own frocks. I’m not sure who made Bowie’s.

  12. ‘Ground control -aka the ‘big hoose’ – to Major Tom:

     

     

    “We’re fecked! Again!”

     

     

    HH!!

  13. corkcelt- SUPPORTING THE DAM 5 on

    Invercelt 17.34 Could it be the extra 50 million South Koreans that Monteblanco was referring to are part of the 500 million Sevco Supporters.

  14. ernie lynch @ 17:45 on 20 February, 2014

     

     

    Maybe the BBC have decided to get someone on who says nothing rather than Neil Pay who also said this:

     

     

    What are the key business decisions that have been made this year?

     

     

    “The first thing was actually to rationalise the cost base because they were operating at too big a cost base for the income they had back in the SPL, never mind going down to Division Three. So, slimming down that first-team squad and wider playing squad. Then obviously the successful fundraising, bringing in £22m at a gross level of funds which will see them through at least two seasons, probably all the way through to the SPL. That was crucial in terms of securing the financial stability over the next year or so. ”

     

     

     

    He really must indeed be a financial expert.

  15. benny bheula

     

     

    17:49 on 20 February, 2014

     

     

    It is said that he is one of us and can be seen at most home games. No idea if it’s true.

     

     

    Let’s be honest though, this is Scotland we’re taking about, any insolvency expert who told it like it is would have to appear in shadow, wearing a balaclava and have their words spoken by an actor.

  16. Corkcelt

     

     

    at 17.31

     

     

    Hiya,Pally?

     

     

    n.. Yes, Ah am!

     

     

    Thanks fur the Answer.

     

     

    Well, wishin’ tae get this Cockamamite Show Oan the Road..or Oota the Road…(Which Means the Same thing.. Don’t be Reeeeedundant..ed)( Pickee.. Pickeeeee.)

     

     

    Ah wull plump fur the Dec 15,Date, which you hiv Provided..

     

     

    Ah suppose that The Signs wull Start Apoppin’, Soon.. then… Fur.Broonie’s

     

    Impendin’.. Banishment.

     

     

    fur, mebbe,this time.. we wull break the Mold.. early, fur a Chinge..

     

     

    N

     

     

    We may wish tae Mak a Dollah or Two oan Broonie’s Imminent?..too,Early?

     

     

    Mair like. Too Anxious!… Departure, fur…. the “Tall n Uncut.”

     

     

    As ye know..

     

     

    Ah hiv nevah , evah liked…. Broonie..

     

     

    N.. Fur.. Six years? Ah hiv bin “Holding Man Nose”.. n Acceptin his Presence.. especially in his Capacity as Captain of the Mighty Celtic..

     

     

    Man.. it wul be a Relief.. when Finally.. Ah kin..

     

     

    Breathe Easy… Agin!.. when he, Finally, shuffles aff ..his Celtic Coil.( Whit?..ed)

     

     

     

    NIce Chattin’ Pally..

     

     

    n ..as the Chorus Gal said tae the Bishop.. “thanks fur the Date.”

     

     

    Kojo

     

    Still,Laughin’

  17. Steinreignedsupreme on

    Another couple of Bowie tunes with Sevco connotations:

     

     

    Look Back In Anger and Repetition – both from the underrated Lodger LP.

  18. A fiver for your thoughts on

    Kojo

     

     

    at 17.55

     

     

    I hope you are right about Broonie, however,

     

     

    who would want to buy him?

     

     

    how much would they pay/ think he’s worth?

     

     

    would they pay him the same salary he’s lifting from Celtic?

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