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View Full Version : How did they come so close to closing?



michellerfc
08-03-2012, 12:14
just wondering, how the the tims come so close to closing?

its obvious how we have come thus far, but how did they do it? wouldn't have thought they would've spent a lot on players in the eighties?

i ask as im a little to young to remember.

QueensferryCR3Bear
08-03-2012, 12:15
20k crowds and signing overpriced diddies like Wayne Biggins.

div_ger08
08-03-2012, 12:16
I think they had a 5 million quid overdraft which they went over. So it wasn't huge figures.

That almost tipped them into Admin but Mccann came in before that happened

1872
08-03-2012, 12:17
Years of their board stealing the takings at the gate, ironically.

They also spent some stupid money on dumplings like Stuart Slater, Martin Hayes, Wayne Biggins, Carl Muggleton, Ian Andrews, Andy Payton, Lee Martin etc etc etc

milkybarkid
08-03-2012, 12:18
The bank was going to foreclose but mccann came in with minutes to spare. Problem is 1994 is a different era from now and monies involved totally incomparable.

Earl of Leven
08-03-2012, 12:19
Very small figures....basically a sh** team drew too few fans to cover costs so they ate up their overdraft. BoS refused them an extension so they had no money to pay players or staff. They needed money.

Nowhere near as serious as our situation....far easier to remedy.

Bluefin221
08-03-2012, 12:19
Crowds had dropped to under 20,000; they had briefly spent a lot of money in the late 80's/early 90's to try and keep up (Collins, McAvennie, Nicholas, Elliot, Gillespie, Hayes, etc); they weren't winning any trophies or competing in Europe; stadium needed rebuilt at a huge cost; none of the directors had any serious personal wealth to put in.

I don't think they were as close to closing as they claim. The Bank of Scotland were under political pressure but didn't want to be the ones to close the club down. When Fergus McCann appeared on the scene with cash to invest, it was easy for the bank to threaten closure thus forcing the old board to sell to McCann.

Steve A Stevens
08-03-2012, 12:20
They were fast becoming a small team under the board they had, although they only were 7m in debt it was enough to threaten their existence as they had a very small support, and no one to put any cash into the club.

Gio Van Bronckhorst
08-03-2012, 12:23
7 million was a lot more money in 1994.

The money McCann put in was almost all of his personal wealth I believe he wasnt as wealthy as many assume.

He was entitled to the profit he made because he took a massive risk.

Earl of Leven
08-03-2012, 12:24
Yes but he also had rewards to go for.....they had untapped potential at the time.

Their revenue streams were chronic.......

Gerdownthere
08-03-2012, 12:25
i remember at the time a lot of allegations being thrown around regarding the kellys, whytes stealing a lot of money from the club over the years and leaving it without a biscuit tin to piss in

i also remember BOS being very public about their desire to see the club survive. they did not want to be the executioners.

all the media at the time sang fromt he same hymm
"scottish football needs a strong celtic"

anyone see any glaring difference in the medias stance today :roll:

fatboyblue
08-03-2012, 12:25
Obviously they were falsifying attendance figures so that the Kellys who ran the club could pocket the extra cash and also avoid paying the tax which would have been due on that cash as well. This is where the legend of the "Celtic biscuit tin " derived from. They couldn't put the money in the bank because it didn't exist as far as the tax man knew.

Funnily enough, there was no SFA investigation at the time.