Why We Need to Change


Football Fan says: June 25, 2015 at 3:27 pm What …

Comment on Why We Need to Change by easyJambo.

Football Fan says: June 25, 2015 at 3:27 pm

What price did King want from Ashley for his shares?
I don’t know, but he paid 20.1p a share when he bought them from Artemis, Miton Capital and River & Mercantile on 2nd Jan.

easyJambo Also Commented

Why We Need to Change
tayred says: August 21, 2015 at 5:13 pm

Got me intrigued. What happened in 1981?
The end of gate sharing for league matches.

Why We Need to Change
motor red says: August 21, 2015 at 10:41 am …. and others
The point about relative earnings has just been reinforced by Robbie Neilson at this morning’s pre match press conference.

Chris McLaughlin ‏@BBCchrismclaug · 1m1 minute ago  Edinburgh, Scotland
Robbie Neilson on possible title challenge: if you have a car worth 10k and someone has one worth 200k, who’s going to win race? #Hearts

Why We Need to Change
Jingso.Jimsie says: August 20, 2015 at 7:20 pm

I’m no accountant but if there is a buy back clause for unsold goods, then that indicates that almost the same value of stock was ordered in the boycott year of 2014/15 as was in 2013/14. The question is who bought it? Fans or RIFC/TRFC?

Happy to be corrected if wrong, of course.
We won’t know the answer to that question until RIFC/TRFC produce their accounts.

The “ordering” will have been done prior to the start of season 2014/15 so you would have to go back to the period of Somers, Nash and Wallace as the key people involved.

Given that Wallace was the one who alluded to the onerous contracts, it wouldn’t be unreasonable to assume that he tried to match the order with demand. Then again, nothing that any Board at RIFC does, surprises me any more.

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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