Puppet On A String
Morning,all.
The AGM clearly went well,the board have all been re-elected and all is well with the world. Nobody who actually GAF about our club seems able to do a damn thing to change how it is being run.
Even though there has been the proverbial silver bullet and also the smoking gun to prove that it is not always run in the best interests of the company which owns it!
Take a breath,and think about that. There is a publicly quoted company which refuses to act in its own best interests,and that it has questions to answer about whether it is actually acting-past and present-in the interests of its biggest competitor.
I’m pretty damn sure that there are laws against that,and particularly so if these charges are made by resolution at an AGM,where company officials are bound by law to answer all questions truthfully.
But then,at Celtic we have a weasel as a chairman,a CEO who is being worked from the arse up by his predecessor,and a group of major investors who have no interest in the club/company other than making a profit.
Certainly no interest in Financial Fair Play,nor even in Referee Fair Play.
As ever,some of the minority shareholders did their best while the top table yawned and wondered when they could leave for a free lunch. They’ve been having a free lunch and a damn sight more at our expense for nearly a century between them,as I pointed out yesterday. Enough is never too much for them,too much is never enough.
I’ve stated frequently that I don’t remember having photos of the board on my wall as a kid. None of us did. I go to Celtic Park to support the team,not the board. I honestly believe that,and while I respect those who have chucked it in the face of obvious chicanery,I cannot criticise anyone who still turns up.
After all,if I lived back home I would be there every time!
But,there we are. Puppets on a string. Unable to change a thing,while being manipulated-and bloody knowing about it too!
I will never give up on Celtic. I will never give up on going to watch them whenever I can when I am back home. But I’m getting close to giving up on ever getting rid of the cunts that run our club,and I apologise for that word.
++++++
Above article by BMCUWP
Bobby,
I don’t think there’s any need for an apology, that word is just shorthand for a bunch of vile, narcissistic, power shagging, greedy bastards devoid of any moral compass just like their brethern in the Tory party. Great article thanks
What would Jesus do?
That would be an ecumenical matter I would think
Bobby
It’s all about the money
BMCUWP
The fix between our board and Sevco’s reminds me of the fix between Virgin and BA. Oh for the Competition Authority to have the balls to investigate. Even then, though, Virgin escaped financial penalty by virtue of a previous agreement (5 way, anyone?).
This from Wiki:
In June 2006, US and UK competition authorities investigated alleged price fixing between Virgin Atlantic and British Airways over passenger fuel surcharges. In August 2007, BA was fined £271 million by the UK Office of Fair Trading (OFT) and the US Department of Justice. However, the Chief Executive of Virgin Atlantic, Steve Ridgway, was forced to admit that the company had been a party to the agreement, had been aware of the price-fixing and had taken no steps whatsoever to stop the price-fixing. The company escaped a similar fine to that levied on British Airways only by virtue of the immunity it had earlier negotiated with the regulators.
Price fixing is not so different from fixing a so-called “competitive sport” when customers (fans) are paying into the cartel’s fund.
Anyone else on here getting more and more vivid dreams about Judas?
I’m in the same camp as Mags, it’s roll up, pay up and shut the fuck up for any dissenting voices. It’s all about the filthy lucre and they love ours.
BMCUWPS….
In that lead and in many comments on this and other Forums – the frustration with Celtic PLC is palpable.
For me it seems strange how we are corralled, year after year with the minutiae
Of course the myth from the last time DD went to an AGM is that we were dealing with a formidable operator in PL.
Now with no CEO we can now see it was the system that the major shareholders have built from the time of the share issues through numerous power plays that there position is now inpregnable.
People have bought into, or rather been sold many a fallacy. “It is all about the money.”
Some examples:-
Every penny will go back to the Club; now of course they said they had to pay down the debt, well, yes, you can’t have a business over leveraged and the Banking crash of 2007/08, that did for Rangers, is an indication of the sanity of this approach.
Yet consider this, we had a 60 + million pound business with 20 million in debt. We have someone who owns a third of that business.
By eliminating the debt you do the equivalent of giving yourself value as the share price rises.
Another way you may create value – moneyball. By buying and selling players you create a branch of Celtic PLC that deals with player trading. Due to certain things like amortisation etc the player trading does not effect the turnover very much, but it does affect the cash you have.
Our player trading for many a long year has been about changing SB revenue into cash in the bank. Not about the recruitment of a football team.
When you look at the moneyball transfers you see the headline sales Wanyama, VVD, Dembele etc, the dozens of players we bought, and paid their wages with little or no impact on the team or resale value meant moneyball was a zero sum gain.
But that mattered little to the Board – they took all the credit for these player sales, in effect making the “profits” their money, they are the uber smart, bulldog genius negotiatiors dontcha know.
Where what they’re actually doing is changing season book money into cash in the bank, without the support realising.
Think, Celtic going from 20 million in debt to 40 million in cash. That’s the equivalent of stashing away 60 million.
Many a reason was put forward for having to keep money in the bank, all bogus in my opinion.
Let’s take the crisis scenarios. Celtic have to be able to with stand a crisis of hurricane proportions even though the outlook is at worst a windy day.
The farce was brought to our attention when we did have a crisis of sorts. Covid hit, but which Scottish Club was hit the worst, Celtic. Where was the business continuity plan.
Maybe Bolingoli took it to France with him. Its no use telling the stakeholders we have to be oh, so, prudent, when first sign of a crisis knocks us on our ass.
No use blaming the Government, The Players, The supporters… Whomever, that’s a herring rouge.
We mismanaged the whole shebang. From players not been briefed well enough, Bolingoli, to players not supported with their lockdown plans Griffiths, to the insane Dubia jaunt.
We don’t have a COO or anyone with the organisational skills to navigate us through that path.
Leaving Lenny in charge was crazy, I wouldn’t task the man to manage my baggage on a trip, never mind an organisations response to a Global crisis.
We had 40 million in the bank, we’ve sold and moved on a lot of players – Dembele, Tierney, Frimpong, Ager, Odsonne…
We now have 16 million in the bank, that’s a lot of “cash” to be accounted for.
Brendan Rodgers showed a workable model for Celtic FC based on European participation, a scenario that we were told was unfeasible. We couldn’t possibly invest to achieve UCL participation – what if we failed to qualify?
Nonsense of course, the problem with BR’s approach was although it was record turnover, record profits, record squad value. To sustain it you had to reinvest every season.
You had to do what the Board had told us they wanted to do in the first place – reinvest every penny in the Club.
No, running with the old firm model, with moneyball on the side was the easy life, changing SB money into cash, that’s the name of the game.
Meanwhile you have the AGM, and a real crisis to deal with, Sacre Bleu… A Celtic Director said Rangers were demoted.
A nice little notion, Rangers like it as they can play the victim, Celtic, the SFA, the SPFL like it, it feeds into the fallacy that Rangers were punished.
The old firm fans can get het up and engage in jolly old banter around it.
Demotion is this AGMs misdirection – hope everyone felt better after their wee vent.
Hail Hail
I don’t like it when I hear there is nothing we can do about it. There is lots we can do about it. We just have to be brave and not lazy, and with today’s ability to communicate we pick a simple task, boycott for example, something small then gradually boycott something bigger, and bigger
Start with the Celtic shop at the park, then at next game the Celtic Store and the food vending, and definitely the Scottish Cup that’s a two for one boycott But the Holy grail is boycotting buying tickets to games ,
I don’t live in Scotland so it’s easier for me but I don’t buy anything online for the grandkids and I canceled my Celtic TV when they wouldn’t get rid of Neil Lennon when we were in freefall When Auldheid and MIT start spending money on Celtic I will know the fans have won
Chairbhoy
(Our player trading for many a long year has been about changing SB revenue into cash in the bank. Not about the recruitment of a football team.)
Nail on head!!!!
This statement should be published every day until it sinks in.
Moneyball or Money Laundering?
It would explain some of those glaring misses.
Take your pick…
Dermot’s keen interest in the diamond trade has always interested me.
The diamond trade is notorious. Obviously Celtic’s main man is above any suspicion.
https://m.belfasttelegraph.co.uk/business/northern-ireland/desmonds-mining-firm-mountain-province-diamonds-is-sparkling-39638527.html
However,
“The trade in diamonds can reach tens of millions to billions of US dollars. This has bearing on the potential to launder large amounts of money through the diamond trade and also on the level of risks of the diamonds trade…”
Financial Action Task Force
https://www.fatf-gafi.org/documents/news/ml-tf-through-trade-in-diamonds.html#:~:text=High%20amounts%20%2D%20The%20trade%20in,risks%20of%20the%20diamonds%20trade.
That’s nearly as compromising as a significant interest in the compromised Latvian Bank Rietumu.
Rietumu were found guilty of Aggravated Money Laundering in France in 2017 and were fined €80m later reduced to €20m on appeal
Lessons don’t appear to have been learned. Dermot’s Latvian bank were find €5m by Regulators in Latvia in 2021 for AML failures.
Investors in Rietumu needn’t worry too much
Market watchers have already cited Rietumu’s move into the cutting edge of Electronic Monetary Instruments as a potential concern.
EMI’s are a growth industry, particularly in post Brexit, London. Obsevors fear that London might be used to launder funds.
Decta caught my eye…
It’s a EMI, based in London, using Reitumu’s Clearing System.
Decta has two Beneficial Owners.
One of the owners is an Irish Citizen, resident in Switzerland.
Scroll to the bottom.
https://company.lursoft.lv/en/decta/50103962441
https://www.opendemocracy.net/en/dark-money-investigations/will-e-money-boom-make-uk-hub-money-laundering/
The Old Firm, The Diamond Trade, Latvian Banks. Next you’ll be telling me the Majority Shareholder is involved in a controversial Geometric Identity Programme targeting some of the world’s poorest in India…(Aadhaar Geometric Database).
No wonder Dermo’s too busy to make those AGM’s and that preference for silence.
Chair boy.
Excellent post. Brendan’s philosophy did match the fans – invest in the team and improve your chances in getting better and competing in Europe but the Board worship the balance sheet unfortunately.
As ATOB is fond of saying – all we want is for them to invest the same percentage of their income into Celtic as we do!
Chairbhoy
Excellent post
Chairbhoy, great post and the Gombeen Man, very, very interesting post as per usual.
My very basic take is that when it comes to moneyed men the minute you start holding back the dinero’s thats when they take notice. I know there are others with excellent ideas such as Auldheid but for me the minute you withhold capital things change and people have to act. I keep banging the same drum but in my humble opinion it’s the only way to illicit a response.
Maggie McGill,
have you been tannin the priests wine and eating a load of communion wafers? 🤣🤣🤣
Heading up to Perth today, any recommendations for some nice eateries?
I’m seated in H2 tomorrow, if I was to ask those around me what they thought of the AGM floor not voting for Wankier et al I would be pleasantly surprised if half of them knew it happened.
There lies the problem, most bhoys don’t pay attention to any of this. They turn up , have a drink , watch the game and go home.
https://thecelticstar.com/opinion-celtics-agm-lambs-two-the-slaughter/
Thanks for the positive feedback, we seem to be floundering as a support at the moment, it opens us up to the misdirection when we really have to be focused.
The Gombeen Man,
Thanks for the insight, outside his trading and technology business I’m not sure what DD was involved in, Banking and Diamonds, interesting combination.
Another aspect of the Celtic PLC business I scratch my head about is the outgoings.
Taking it back to BR again and a debate in 2018. We were informed that if we let BR dictate recruitment then he would bankrupt the business.
Sure the extra costs of UCL bonuses had to be paid but surely that was factored into the extra monies coming in but I pointed out…
If we were paying are averaging of 20K a week for the thirty top footballers (and no way was it that high) then that was 30 million a small percentage of our outgoings compared with other similar sized Clubs.
If as reputed PL was so good at cost control was our outgoings so high? The first team squad was not the reason.
Paddy’s Maw @ 8:43 AM,
Yes, the model was there, the football staff and the fans in sync, a new golden era at hand.
We had been told that the model of investing and preparing for UCL football was unsustainable. Yet it was proven that we actually thrived under this model.
We were told that failure to get UCL football would have profound effects on the accounts, yet when we lost out to AEK we went into the Europa League with little negative impact.
If we are prepared to reinvest the profits back into the Club then it is completely manageable situation.
Hail Hail
A Hearts pal told me last night, we have been watching Souttar for months…..
BADABING
I think he is out of contract in the summer.
Bertie’s funeral, next Friday St Mary’s, Abercrombie St midday, passing Celtic Park at 1.30 approx,will be live on Celtic TV.
BMCUW- Yes,Hearts looking for 500k in January seemingly
I feel you Bobby. I didn’t renew, but still go when my uncle has a spare ticket. It’s been well rehearsed, but they get away with it because football is like no other business where you will happily take your custom to another provider.
As for the aiding their main competitor. That’s not how they see it. They see themselves as indivisible. Trouble at Ibrox means trouble for them. They are genuinely awful. Desmond is the worst of them. A world class shit, as I said yesterday.
Some dynamite posts today folks – keep chipping away,
Unfortunately, I’m more and more convinced they see us as an irrelevance. Unless someone was close to the quick
If you were a billionaire with a stone In Your shoe – ( or stinging fingers) what would you do ?
Noel
Perth food option near concert hall
Kisa’s Restuarant 1 Mill St Perth PH1 5HZ
Fantastic!
bada bing 1
It’s a pity our defence wasn’t watching him closely, when he scored the winner at Tynecastle.
I actually think he is a far better player than Starfelt
Chairbhoy,
“Look, when the ducks are hungry, you have got to feed them,” Denis O’Brien said. “You feed them with pieces of paper.”
Denis O’Brien’s quote, when he sold $1.4 billion of high-cost debt in Digicel during February of 2007, days before financial markets tumbled. Some $800 million of the amount raised was used to fund dividends – mainly to O’Brien.
What Denis didn’t say was that some of those “ducks” were the poor and elderly in the Caribbean, via pension funds.
O’Brien has taken at least $1.9 billion of disclosed dividends out of the group between 2007 and 2015.
According to Celtic, Telsar Holdings SA Depfyffer and Associates own 1,600,000 | 12.55% of Convertible Preference Shares in the Club.
Are Telsar connected to Denis O’Brien?
O’Brien has another vehicle, Telstar which may have been used to acquire his Celtic shares originally?
Is he still involved?
Anyway,
The Datalex accounting scandal in Ireland saw another company where Dermot holds a very significant stake, fall foul of an accountancy controversy.
Holes were found in the accounts : Sale agreements fell through and were subsequently found to have been reported as income…This was shortly before a planned sale of the company.
Dermot had to step in and bail the company out ; at punitive rates of interest.
To work for Dermo…You’ve gotta be a team player.
Worth a read…
https://info.creditriskmonitor.com/NewsStory.aspx?NewsId=26001275&rc=M08OU204XM0PAQ1JJ1
Noel, Maestro , Prestonpans
Thanks for Comments…
Do SB Holders fit Denis’ description of “ducks?”
Maybe the supporters just don’t give a flying d***?
That’s why DD and DoB make their money. The majority just go with the flow.
We’re asleep.
Have a great weekend.
Bit of eye candy Jim? And those chicks arent bad either 😉
Some great comments, keep it up folks.
Up the Hoops!
And Happy Friday y’all
BADA
If the Hearts player is any good that’s a no brainer.
Tim,he’s very decent but had injuries, maybe not the tallest for a CB
Nick Walsh again ffs
Another 15k fine by UEFA
Saltires/Craig76
Have spent a pleasant afternoon reading a book which may be of some interest to you both. Called:
‘Take Me To Your Paradise’ by Celtic author Liam Kelly. A paperback, running to 365 pages, this is a quite fascinating book which should greatly appeal to all Celtic history-buffs. From Volunteer Pat Welsh’s encounter with Sgt.Thomas Maley of the North British Fusiliers at Dublin docks in 1867 to 2014, this is pleasant stroll through the history of Celtic Football Club, using incidents and anecdotes to illustrate both well-known and lesser well-known events in Celtic’s history. Most chapters also give a little bit of social commentary, to give a wee bit of flavour to whichever period is being discussed. Enjoy.
BMCUW
A fine read today Sir, and some brilliant posts to boot. Really looking forward to tomorrow evening. Here’s hoping that both the Celts and the Hibees, do the business over the weekend.
Hail Hail.
MAGUA
Cheers 👍
Just had a look on amazon and they’ve got the book so it’s added to my shopping list
Magua
That sounds like a great read. It’s always helpful to have some context from the period.
I’m thinking the Maley’s were living or stationed in Newry at one time
– I’m often forced to remember there was only one flag in those days. When my folks came out of South Down and South Armagh they wouldn’t have known any other flag. I’m sure they didn’t think they even lived in The North. Wish I could ask them more but 5 full generations have passed.
Anyway thinking about Craig76 and his fantastic buses video.
I was on a Uni bus for Shamrock Rovers Euro game ’86 and we arrived night before the game. Staying in U2′ hotel just along from Temple Bar .. it was in desperate need of some TLC or … ‘One love…’
A brilliant night porter kept us going with a constant supply of bottled Beer- it wasn’t from the (closed) bar and we strongly suspected he was using his ‘initiative’ … we were hugely grateful.
The following day was huge sesh in O’Donahue’s with The Motherwell 9 in a row lads already in when we arrived. Off up to O’Connell Street and Gresham Bar to pick up some promised briefs … then all unceremoniously ejected by bar staff ” Holy Hour lads ..but we will see ye soon ”
Holy Hour – ?!?!?
Standing on the Pavement a long convoy of Ulster Buses arrived with Garda bikes and cars with flashing lights escorting them – we thought this was strange and were ‘reliably” informed those buses werent allowed in the city until late afternoon on the day of the game … whit?!?!?!
Hope that was an urban myth and one of our Irish Bhoys will be able to reassure me it was just a load of bollox.
We did get a right good Hoot tho’… watching the procession as there really was fek all else to do ….the very last bus had a huge banner filling the window.
It was unforgettable
A version of the Leonardo’s masterpiece …. in vivid colours.
But ….Every apostle wearing a ‘walk on’ Scarff … I’m fairly certain the blessed sacrament or holy grail was The European Cup.
The name of the supporters club
‘the Newry Last Supper’
Hahahaha … we knew we shouldn’t laugh, but man ….we fell about the place …
🌞
Craig76
My Christmas stocking is empty … just saying
Saltires en sevilla
I believe McCaff has a direct line to Mr S Claus 🎅
Craig76/McCaff
Knew I could rely on one of you Bhoys
😁
Bp
Reading back hope your mother in law is on the road to recovery.May our lady give her strength.
In my prayers this evening.
God Bless..
McCaff you say? Ho Ho Ho, that Govan Wide Bhoy has no direct line to me, it’s the PuffMeister with the Santa Boot Fund you need to be talking to.
😂
bada bing1
Another 15k fine by UEFA
Said before these fines should be attributed to the offending group. So GB is 300 strong and the fine is £15k, then add £50 per season book for next year. They’ll soon stop😕
In fact the last I heard he was banged up in Orkney Street for throwing half-bricks at me in the Govan Shopping Center when I told him he was too big to sit on my knee. He’s just a naughty boy. HO HO HO
Santa
That’s terrible and I thought McCaff was a nice bloke just go’s to show you can take the Bhoy out of Govan but not Govan out the Bhoy 😀
Saltires
I too was at that game in 1986. I remember our bus getting a hostile reception going through Banbridge, with foaming at the mouth Loyalists chasing the bus. The RUC of course did feck all to stop this. In fact, they seemed to enjoy the high-jinks of their fellow Loyalists, as our driver floored the accelerator. This followed a more sinister incident earlier. As we hit the M1, in central Belfast, an RUC land-rover pulled up beside us and kept pace with us. They were hanging out the back of the landrover, flicking the Vs. Of course, we returned their gestures in spades. The bastard sitting in the passenger seat, who obviously had a good bucket in him, then opened the door, and proceeded to hang out the side of the van, aiming his service pistol at us. Oh, how we laughed. Nah, not really. In fact, we all hit the deck pretty sharpish, let me tell you.
On the plus side, the reception going through Newry was magnificent. The Newry Flats were decorated with Celtic flags and Tricolours, and we were all really touched by the welcome. It was not until I visited the town a few years later, that I discovered that the flats always looked like this.
Hail Hail.
Puff Puff
You’re a terrible man, so ye ur.
Hail Hail.
Yes, Craig, you are so right. The poor boy had a chance to do better but threw scorn at the opportunity. To tell the truth, and this is between you and me, he’s been on my Naughty List for years now. He cannot be told. I’d be very careful in his company, he’s a wrong ‘un.
Oh, and by the way Craig I got your message about the Ultra HD Video Editing Kit you requested, very nicely written. I’ll see if there’s one lying around for you. HO HO HO
Oooft Santa…a bit rude, mate! Remember I know things about you…
https://youtu.be/W-S-bFxSRXI