Celtic Financial Meltdown Thread, well may'be .

[greenginger]

Time for a new thread.

http://footballtaxhavens.wordpress.com/2013/11/24/celtic-fc-getting-sucked-into-the-labour-party-co-operative-bank-scandal/

I think some Sevconian is trying to drag the lesser greens into the trough too. All a bit far fetched but no smoke without fire :wink:

[Nevi_SOL]

Demotion for unfair advantages? Am I right in saying more money goes to Celtic and rangers than any other team by the SPFL?

[Jack]

Sounds like sevco have a huge input to this story!

Without naming names I can think of 2 Edinburgh clubs who have benefited from cheap loans. One gets mortgages at preferential rates as they're underwritten by the owner. The other club has had debt written off, debt for equity swaps, no interest paid on loans etc..

We all know there's no money in football and the saying how do you become a millionaire? Start with a billion then buy a football club!

FFS you'd have to include the likes of the ICT owner covering the wages of that foreigner a few years back.

And then there's the biggest scam of all. Football clubs shedding multi millions of debt by going into administration.

What the heck did celtc spend £34m on anyway?

[Mac]

What the heck did celtc spend £34m on anyway?

The appeal process :wink:

[Eyrie]

We can always hope that Septic go into financial meltdown just as Sevco Huns finally run out of cash, but sadly I can't see it happening. We're stuck with the Ugly Sisters and no-one will take them off our hands.

[weonlywon6-2]

What the heck did celtc spend £34m on anyway?[/QUOTE]

Lawyers fees for the green brigade

[Viva_Palmeiras]

We can always hope that Septic go into financial meltdown just as Sevco Huns finally run out of cash, but sadly I can't see it happening. We're stuck with the Ugly Sisters and no-one will take them off our hands.

If anything the Gers being out of the picture makes it even less likely barring impropriety on an epic scale.

A fall from grace is not something I foresee. Celtc charted a radically different course from Gers and took it on the chin (to the credit of McCann and dismay of the shortterm memoried Celtc faithful).

[Ozyhibby]

The article constantly refers to Celtics £34m debt 'facilty'. This is because have not drawn down on the facility as they have no debt and are awash with cash. It's hard to see how the withdrawal of this facility would have any impact on them whatsoever.

[The Baldmans Comb]

Demotion for unfair advantages? Am I right in saying more money goes to Celtic and rangers than any other team by the SPFL?

Celtc get the most money errr because they will always win the SPFL for the forthcoming years.

Sevco get the amount of money equivalent to their status as a 2nd/3rd tier team or whatever league they are in.

Or put another way Dunbarton get more money than the tribute act.

[Nevi_SOL]

Right. I thought for some reason TV Revenue was split more in their favour but fair enough

[IWasThere2016]

The article constantly refers to Celtics £34m debt 'facilty'. This is because have not drawn down on the facility as they have no debt and are awash with cash. It's hard to see how the withdrawal of this facility would have any impact on them whatsoever.

The banks often levy a charge for non drawn down funds in such a facility, and given Smellsick don't need it they will save money if it's withdrawn.

[Sylar]

I was reluctant to pay this story any attention since it initially arose on a blog (which appears to have Rangers leanings) but it seems this story has now made the mainstream press...

http://www.thisismoney.co.uk/money/markets/article-2514682/Co-op-Bank-slammed-cheap-loans-Celtic-Football-Club.html#ixzz2ltUvvAa2