Quantcast

When the wealthy borrow from the poor

1829

Sell fans a ticket, you owe them a game of football.  Whether the standard or result it good or bad, it’s a relatively easy commitment to keep.  That’s what fans get in return for spending money on a ticket.

Sell people shares, you owe them a share certificate.  That’s what shareholders get in return for coughing up for shares.

Borrow money from fans and you owe them much more than a game of football or a share certificate.  In many instances that money will have come from people who had to forgo things to provide you with the loan.  You owe them a duty of care that their loan will be repaid, or converted with their agreement.

It beggars belief that an unsecured loan has been offered to Rangers International by fans group, Rangers First.  If, as claimed, the obligations to Sports Direct have been met, the club will have both the ability and the incentive to pass the securities previously held by Sports Direct to the fans group.  The club’s IP, training ground and ancillary assets should now be unencumbered, who better to have security over these critical parts of the club than a fans group?

Unless, of course, the obligations to Sports Direct have not been met.  Or someone else has their eye on the assets.

The claim that Dave King would match Rangers First’s loan took me by surprise.  This was counter to everything I knew and expected of him.  His swift denial was more consistent with expectations.

There is an axiom in football: Any club who has enriched a PR individual to the tune of £500k in the last year is making a serious attempt to divert it’s fans attention.  Celtic’s PR machine deals with the efficient communication of football information and financial reports.  Nothing whatsoever is spend attempting to lead the news agenda.  This often leaves us on the receiving end of that agenda, but we have nothing to hide.  Which is the way it should be.

Few sights in business or football can be more alarming than when purportedly wealthy people borrow money from poorer people.  The warning signs are writ as tall as the Ibrox stands.  This time there is no hidden Ticketus deal people can claim they didn’t know about.

Click Here for Comments >
Share.

About Author

1,829 Comments

  1. NatKnow on 11th January 2016 12:21 pm

     

     

    There’s no list of proscribed material in the Act, and in my view you can only be guilty of breaching it by singing if you’ve already been advised on that day that the song you are singing is causing offence. If you continued to sing the same song you might then have breached the Act.

     

     

    It’s totally nonsensical and needs binned.

  2. As if the flares wasent bad enough! Then this.

     

     

    UEFA announces that Celtic’s name is to be removed from the European Cup and the replica returned because they are Fenian bastards.’

     

    From paddy on the railroad

  3. Dusting down, literally my Bowie albums, or CD’s to be truthful to get them on my iTunes library, don’t know why they are not there already really. His early seventies stuff was brilliant, some weird stuff in the eighties but a great loss to the music industry, strange how the death of a person you never met can affect you.

     

     

    The flares at the footy need to stop, full stop. I remember at Hampden a couple of years ago in the final sitting in the South Stand upper near the corner of the Celtic end nearly choking and I was far away from those smoke “bombs”, god knows what anybody nearby went through and anybody with asthma would have been in deep shit.