Gilt-Edged Justice


Oops – I posted part two twice. Here is …

Comment on Gilt-Edged Justice by easyJambo.

oops – I posted part two twice. Here is part three.

easyJambo Also Commented

Gilt-Edged Justice
rantinrobin says: Tuesday, March 12, 2013 at 17:32

Chris McLaughlin ‏@BBCchrismclaug
#SFL chief exec fears #Celtic and #Rangers may leave Scottish football and wants colt teams to ‘leave legacy’ more on @BBCRadioScot 1735
Jim Spence has tweeted images of the parts of Longmuir’s letter about Colt teams

It has already been pointed out that Longmuir is wrong to claim that the Milan clubs have “B” teams in the Italian leagues. they don’t.

Gilt-Edged Justice
Signs aren’t too good down the Halbeath Road.

From the official website

Other comments from those who attended last night’s meeting
How much are we due – Don’t know
When do we have to pay HMRC by – Don’t know
How can fans contribute financially – Don’t know
Even Gavin Masterton doesn’t know the state of the finances
£450,000 due to trade creditors
Wage bill of £95,000 a month plus arrears to be paid

Copy of proposal letter sent to Masterton from TPC (The Pars Community)

From the letter:
£12.2M Loan from Lloyds – attempt to be made to negotiate a write off of as much as possible.
Share issue unlikely to raise anything like the £500,000 suggested.
TPC looking to get at least 50% of the shares and control of the club
Looking for a 30 year lease on East End Park
60% of amounts due to Masterton family to be written off
Remainder to be paid by “exceptional revenue” or written off in 2043 if not paid off before then

Gilt-Edged Justice
nowoldandgrumpy says: Monday, March 11, 2013 at 19:32

snap – must learn to type quicker 🙁

Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.

Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?


You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 

Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.

Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.

Fergus McCann v David Murray
The previous post should read "cash in the bank down"

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