The big house must stay open!
When will Larry Duff call it?
This of just a lovely montage of hunnish despair.
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Interview with the administrator. Basically they haven’t been able to find a way to cut costs appropriately. So it’s either get rid of players or sell the club or close up shop.
[quote=“Rocko, post: 36417”]
Interview with the administrator. Basically they haven’t been able to find a way to cut costs appropriately. So it’s either get rid of players or sell the club or close up shop.[/quote]
They basically seem to be implying that the reason they haven’t had a mass cull of players was because that would have left no value in the club and made the chances of attracting a buyer remote. Giving them the benefit of the doubt, I guess that’s why they tried to negotiate significant wage decreases (of up to 75% with players apparently). But nobody is realistically going to buy the club anyway with that huge tax bill likely to hit them in the near future. So they have absolutely nowhere to go really. They’re fucked.
What’s actually going to happen do ya think? Relegation? Is there any way they could cease to exist altogether? That’d be ferocious fun…
They could certainly cease to exist in their current guise and the possibility of them folding and reforming as a separate company (and club) and starting over from the bottom is not remote.
There are loads of variables though such as
- the final outcome of the tax case
- how that affects anyone who could buy
- whether HMRC would be willing to negotiate or just ask for asset stripping
- whether the SFA and SPL would force them to start from the bottom again or help them out.
Ultimately as it stands they haven’t a hope of continuing financially. They’ll need either an unexpectedly soft verdict in the tax case or a very fortunate turn of financial events (a wealthy benefactor who has been hiding for a long long time) to rescue them and even then they’ll probably still be servicing their debt for a long time unless they can find a way of reconstituting themselves.
It’s not at all guaranteed that they will finish this season and the administrators have said that. They don’t have the money to continue as they stand. So unless they can get players off the payroll (and they’re looking for £1m a month which is a huge sum - think 20 players at 50k a month) they’re in huge trouble in the short-term. That’s before the tax debt becomes due.
The SPL would be even more irrelevant without their biggest club. A deal is likely unfortunately
Why do people post so regularly on topics they consider irrelevant to remind us of that?
Celtic’s share price has increased by 20% since the huns went into administration. 
Astonishing attack on TASE here from Rocko…
I was reading an article recently (I forget where but I could find it again I’m sure) that the huns could effectively fold and set up as newco (you corporate heads will be more familiar with this). Apparently they could gain immediate admittance to the SPL with the sanction of the SPL and member clubs but would not be allowed partake in European football for three years?
Does that sound legitimate lads?
would the HMRC allow it-surely they could get their hands on ibrox
As TASE has said I think in that situation HMRC would look at Ibrox as an asset and take control of that and probably lease it back to newco over a long time.
I believe two clubs is sufficient to veto any proposal in the SPL so they’d have to persuade everyone else that they had a right to return to the SPL immediately.
The bigger issue is HMRC though. They’re not talking about walking away from owing a few companies a few pounds. HMRC will not want to be seen to facilitate any sort of reneging on debt.
I’m sure that wouldn’t be a problem given that the wee clubs need the big Glasgow two for revenue and TV package. I’d imagine we’d prefer them here to kick the shit out of as well.
As Rocko says, I also read that an 11-1 majority of member clubs was required to allow NewHuns back into the SPL. But then some of the STV lads on Twitter (usually reliable) were saying today that a specific SPL rule allowed the SPL board to rule in cases like this one rather than the clubs themselves. Not sure of the board composition but there’s the independent Chief Executive and then I think 3 or 4 members representing the clubs and they switch around on rotation or whatever. The media discourse is all being directed at allowing the establishment club back in but there would be obviously be no sporting integrity in that. Also, would any bank give an SPL club a loan if they knew they could just refuse to repay it and wind up and come back into existence in the SPL (without punishment) straight away?
I think the increased revenue (they’re only guaranteed one home game against the huns) is pretty much offset by the improved prospects of success and consequent revenue in their absence.
The TV deal is up either this season or the following season so if the huns are bust you can guarantee that SKY will want to renegotiate if even want to renew. While it makes little difference to Celtic, it would make a huge difference to the smaller clubs.
I’m not sure about the TV deal. Isn’t it fairly shit as it stands currently anyway so the downside may not be all that bad for other clubs?
Some hun tonight touting a ‘Rangers Rocks’ fundraiser concert at Ibrox involving ‘like minded Bears’ such as AC/DC, Marty Pellow, Amy McDonald and David Sneddon. :lol:
It is shit, but in relative terms, it’s a major source of income for the smaller clubs.