By Ray McKinney.
Murray International Holdings:
It happens a couple of times every year- a headline heralding another great performance followed by a few paragraphs that cite a series of impressive statistics. It is one of the UK’s best oiled PR machines in overdrive again. Scotland’s serious newspapers, The Scotsman (Edinburgh) and The Herald (Glasgow) seem to be locked in a mortal duel to curry most favour with one of Scotland’s richest men, Sir David Murray, founder of Murray International Holdings (MIH) and owner of Rangers Football Club. While the trials and tribulations of one of Glasgow’s football giants generates much public interest, it is MIH- Scotland’s oft acclaimed ‘largest’ privately held company- from which Murray’s position of esteem was created.
While the fawning sports writer coverage of the 1990s has given way to gentle probing of his stewardship of one of Glasgow’s sporting behemoths, the business pages of Scotland’s 4th estate seem oblivious to the biggest story in Scottish business in decades. For Murray International Holdings Ltd is heading for almost certain disaster. It is time for someone to yell “iceberg, straight ahead!”, and like the eponymous Titanic, it seems that momentum and circumstances are conspiring to leave few paths for salvation for the RMS Murray. It is a road to ruin which places the future of one of Britain’s best supported football clubs in grave danger.
This would seem like a staggering claim. Sir David Murray has carefully cultivated his brand: entrepreneur; mould-breaker; friend of Sean Connery and other celebrities; vineyard owner; benefactor to several worthy causes; a brilliant visionary who sees what is coming next ; and a man of action who successfully navigates dangerous waters where lesser men would tremble. All of this might be true, and it makes it especially difficult to believe that Sir David heads a conglomerate on the brink of collapse. Yet, by every meaningful business measure, that is exactly where his business empire sits today. While English football fans have seen a trickle of famous name clubs downsize into irrelevancy, for most Scots the idea of an enfeebled Rangers FC seems incredible, and its disappearance is just unthinkable. However, the changes that will be wrought throughout society by the credit crunch and recession are only just beginning to be felt. With the sun setting on his business empire, a clear and present danger over the future of his football division exists. As a subsidiary of Murray International Holdings, the fortunes and future of The Rangers Football Club are inextricably tied to those of its parent company.
Beginnings
The story of David Murray’s introduction to Scottish football is the stuff of Scottish folklore. A rugby player before a horrendous car crash resulted in both legs being amputated above the knees, Murray’s football ambitions had been limited to lowly Ayr United. After his attempts at buying this minnow were spurned, his friend Graham Souness, then manager of a Rangers team which was filled with English internationalists and sweeping all aside domestically, brokered an opportunity for Murray to buy the club from Lawrence Marlborough. At a price of £6m and the assumption of another £6m in debt, Murray effectively paid £12m for Scotland’s most successful team of the 1990s.
Marquee signings such as Paul Gascoigne, and continued dominance of Scottish domestic honours, helped burnish Murray’s image as a man with the Midas touch. He could do no wrong. He was a visionary who would lead Rangers out of the parochial battles of Scottish football and to “the next level” of European success. Scotland’s sports media tripped over themselves to write even more gushing homilies to this genius. It is now widely accepted that the wheels started coming off the Murray bandwagon as Rangers’ great rival in the east end of Glasgow came roaring back to life. In the late 1990s, facing a resurgent Celtic, freshly manned with visionary leadership of its own and now providing on-the-field competition, Murray upped the ante. In a combination of bombast and high-stakes poker that would be become very familiar in the coming years, Murray signaled to Fergus McCann, his counterpart at Celtic Park, that “for every fiver they spend, I will put down a tenner “. Murray would back up this claim, laying down £12m for Tore Andre Flo and a succession of continental stars. That these high priced superstars would flop in Europe was a financial disaster, but that they allowed Celtic to halt their league championship run at nine in a row was to breathe life into a domestic league long barren of real competition.
The rest of the football story is well documented. Both sides of the Glasgow divide have passed the mantle of success back and forward with Celtic proving to be the more dominant side in the last ten years. Murray’s enthusiasm for the game has appeared to ebb and flow. Periodically starving his club of investment and then using the credit lines of MIH to try to close the gap with Celtic. No custodian would think that bouts of starvation followed by feeding from a vat of caviar would form a sensible nutrition program for children entrusted to their care, but this is how Sir David has managed Rangers FC in the last decade. His mood swings regarding Rangers betray the ‘tells’ of a gambler who knows that he is running out money. He cannot afford to double down, but he does not want to crystallize his losses- forever admitting that the venture has been a failure.
Out:
Murray has been trying to make a graceful exit from Rangers for the last 3 years. Many times he has stated that it is time to hand over the reins to someone else. That no sale has taken place should be a matter of concern to Rangers supporters. Despite Sir David’s claim of being seconds from putting pen to paper on a sale (only to ask at the last minute what the new, unnamed buyers’ plans for the club were, and for the answer to have fallen short of what he thought best for Rangers FC), Rangers do not make an attractive purchase for anyone but the best heeled of ardent fans. If you include his initial purchase price, accumulated losses, and the opportunity cost of capital (i.e. how much he could have made just leaving his money in a unit trust) the honour of being the custodian of The Rangers Football Club will have cost Murray a sum approaching £200m. Such a fact can be skimmed over when discussing such issues with Scotland’s sports media, but men of sufficient means to even get to the table to discuss a purchase will also know how to calculate the cost of ownership. Owning a Scottish Premier League club is hardly the dream of you average Middle East oil baron or a Russian oligarch, so it would seem that Rangers’ savior must come from within the ranks of their existing fans.
The story of the credit crunch is now familiar. Banks lent outrageous sums of money to people who had no means of repayment. The banks’ managers got to pocket their inflated annual bonuses without much concern as to what would happen should these loans not be repaid. As the inevitable defaults on bad home mortgages mounted, financial institutions, from prestigious investment banks to the retail savings institutions on your High Street, began to fail at an alarming rate. Those banks which survived were propped up with government loans. Public funds are being used to plug holes in balance sheets created by private profits. (It is a bizarre world when events can offend the sensibilities of the right and left of the political spectrum at the same time). The first wave of the credit crunch hit home owners hard. This next shoe to fall will be commercial loans. Companies like MIH who borrowed too much and now face mountainous repayment schedules at a time when profits- if they exist at all- will be wafer thin. It is against this background of the credit crunch and a deepening recession that we examine the accounts of Murray International Holdings Ltd. It is a story of reckless lending and irresponsible gambling supported by illusionary profits created by the legal smoke and mirrors of flexible accounting rules.
MIH: the business
Sir David Murray made his money in the metals business. This is clearly a business which Murray understands, and his survival to date in this difficult field is worthy of respect. This is a pretty simple business: buying large quantities of raw material from steel mills and cutting to size for local customers. It is a stock-on-the-shelf and distributor company in a field that generates notoriously low profit margins. It is also deathly dull. Hence a man who feels that he has achieved something in life and wants his true genius to be widely known would feel the attraction of owning what was then Scotland’s best supported and most successful football club. With his brilliance acclaimed with great regularity in the newspapers, it must have been frustrating to have to live within the financial constraints imposed by such a low-profit business as steel. While you want from the sidelines, others- lesser beings no doubt- were fast accumulating great fortunes in other businesses: the temptation to expand into the UK commercial property market at its peak will likely prove to be the undoing of Murray International Holdings.
Debt:
In principle, there is nothing wrong with a business using debt in moderation. Through the wonders of the corporate tax codes, interest on debt is tax deductable- and this increases the free cash flow available to the owners of the business. Debt is often referred to as ‘leverage’ because it has a multiplier effect on shareholder value during good times. However, it also multiplies losses- and significantly increases the risk that the company will go bankrupt.
Bankruptcy most commonly results when a company has defaulted on its debt obligations- payment of interest on time and/or repayment of the principle per the agreed schedule.
A business with very stable earnings, such as an electricity utility, can afford to take on quite high debt burdens as the chances of their earnings dropping unexpectedly is quite low. More cyclical companies, such as those in the commodities business for example, need to ensure that they can always pay their bills and their banks even in their worst possible year.
In absolute terms, the growth in debt at MIH is frightening. By January 2008, Murray increased MIH’s total borrowings by a staggering 14.7 times its January 2000 number (to £773.4m from a more respectable £52.7m). In the same time period revenues grew by only 3.6 times and operating profits by only by a factor of 1.2.
Business analysts will often look at the ‘capital structure’ (the ratio of debt versus shareholder money that is funding the business) to understand the level of risk that is associated with a business. When we look at MIH’s capital structure, we do not need advanced finance qualifications to see the danger. With a debt : capital ratio of 85%, the shareholders of MIH have only £15 at risk for every £85 that the banks have at stake.
This would seem like a great way of running a business. Get the banks to take more risk than you do, but you get to keep the all of the profit after you pay back the bank. However, interest payments loom like the grim reaper over every heavily indebted business. As can be seen in Figure 1 below, MIH has gone from a manageable 50% debt : capital ratio to its current 85% level within 8 years.
Profitability:
Lots of management consultants and finance professors made fortunes and reputations extolling the virtues of corporations loading up on debt. That was pre-credit crunch of course. However, even those who believed in the end of the ‘boom-bust’ business cycle would have still told you that extraordinary levels of debt could only be justified by extraordinary profits.
A closer inspection at the profitability of MIH will show that Murray’s decision to pile up debt did not even produce the minimum gains which would have been expected. Indeed, Murray would have been far better placing the borrowed money in a high yield savings account.
Operational Failure?
We can see that MIH is not especially ‘profitable’, but this analysis would be incomplete without discussing how other low margin businesses make their businesses make sense. Most retail businesses share MIH’s situation- selling commodity goods which buyers can purchase from any number of alternative suppliers. The best retailers- such as WalMart in the USA- understand that success in this business is not necessarily achieved in profit margin but in operational excellence. Just as debt is a ‘lever’ which multiplies profitability, asset-turnover (i.e. total assets / sales) works the same way. This involves many elements, but the ones of most interest in the case of MIH are ‘stock-turns’ and ‘Cash Conversion Cycle’. These are basically measures of how fast a business can turn the money it spends into cash received from customers. By any measure, MIH’s deterioration in performance turning costs into cash tells the story of the walk to the cliff edge for this company.
(click table above to view enlargement)
Inventory (or ‘stock’) levels have skyrocketed while the efficiency measure ‘Stock Turns’ has plummeted. This means that MIH is piling up money on its ‘shelves’. This money earns no return while it sits in inventory. Much of this inventory increase has come from Murray’s dive into the UK commercial property market which began in to show up in earnest in the 2005 accounts. £250m of the £307m inventory is attributed to development properties. Once started, MIH has to continue with construction. These developments continue to absorb cash for construction while the sale prices and rental values on which the investments would have been justified even just a year ago will look laughably naïve in today’s market.
Real Profits?
While discussing the nuances of inventory, it is worth mentioning a curious effect of accounting rules. A company which is struggling to break even can reduce its expenses booked to a given year by creating inventory: cutting steel to length regardless of whether a customer has asked for it; building offices which no one needs… expenses which would have been booked to the profit & loss account in that year are capitalized and show up as an asset instead of an expense. (When the goods are eventually sold, the expenses are then recorded). Cash is still hemorrhaging, but the company gets to make press releases about another profitable year instead of having to explain red ink to an increasingly worried bank manager or to a bewildered media. Such ‘earnings management’ practices are common amongst struggling businesses. In most cases, there is nothing illegal about it, but bankers and financial analysts should be alert to such issues.
Cash Flow:
The effect of massively increasing inventory in MIH is best explained through cash flow. While many are baffled by the many seeming contradictions of accrual accounting, everyone understands cash. It comes in. It goes out. You can count how much you have today.
MIH’s statement of cash flows tells the story of the gamble that is being played out:
(click table above to view enlargement)
Cash from Operations reflects the real flow of cash resulting from the ordinary activities of the business- buying and selling metals, leasing office space, and of course from selling season tickets to football games in the south side of Glasgow.
Cash flow related to investments reflects spending which may take some time to yield a return: inventory; machinery; buildings; etc. The difference between Operations and Investment cash flows, if positive, is the free cash flow available to the owners of the business. If Free Cash Flow (plus cash on hand ) is negative, it represents a funding gap that can only be closed by selling more shares in the business or in borrowing more. Since 2000, MIH has had an accumulated Free Cash Flow of -£543.3m. This is a period which will be looked upon by economic historians as a gilded age. If you could not make money then, you will almost certainly not have survived the recession that followed. To lose such vast sums in an age of plenty, and to have gambled on UK property at the peak of the market, does not bode well for the future.
Debt Repayment Schedule:
MIH had to pay £55.8m in bank interest on its bank debt in the year up to 31 January 2008. Indeed, Sir David has had to borrow the money to meet MIH’s interest payments in six of the nine years between 2000-2008. (It is akin to putting your American Express bill on your VISA card). For a company bleeding cash, meeting such interest payments would be tough enough. However, the vultures who circle those who are ailing in the financial desert will be taking to the air upon realizing the debt repayment schedule which Sir David Murray faces.
In the coming year (to January 2010) MIH is scheduled to repay or refinance £406.9m to its creditors. In the current financial climate banks are not taking on high risk debt (or refinancing it) without a commensurate level of compensation in the form of interest and guarantees. If Sir David survives this recession, he may find that he owns a lot less of MIH than he did before it started.
Dividends:
When a business is successful, it will often generate profits beyond that which need to be reinvested in the business. These excess profits will begin to accumulate and it is in the shareholders’ best interests that this excess money be returned to them in some fashion- often as dividends. There is nothing wrong with a profitable business paying a dividend to its shareholders. It may seem surprising given the condition of MIH’s financial health that David Murray has continued to pay himself (and all shareholders) a dividend while having to borrow the money from the bank to do so. Since 2000, the Murray family have received £34.4m in dividends from MIH despite the fact that the company has had an aggregate negative free cash flow during that time. All of these dividends can be said to have come directly from bank financing. That HBOS has not imposed covenants to prevent their money going to a non-value added activity (i.e. dividends do nothing to help repay their loans) seems surprising. The bank’s faith in Sir David Murray, the man, must exceed their concern over the company’s stated finances.
Factors Affecting Survival:
Sir David Murray’s reputation as a successful businessman and much of his personal fortune is at stake. His fate is to a large extent out of his own hands now. There are several exogenous factors which will drive events:
Lloyds-TSB attitude to high risk debt: With over £730m of loans at state- secured against assets such as Ibrox Stadium and MIH’s property and steel inventory, the bank could be forced to acknowledge write-downs of £300-400m. If, as seems likely, that MIH is but one of many over-leveraged companies struggling to stay afloat in a sea of bank debt, the banks may prefer to delay avoid or at least delay foreclosures. Their own balance sheet worries may make keeping MIH, and others like them, on life support in the hope of a quick economic recovery and getting repaid in full. To start taking write downs on commercial bad debt may trigger another wave of bank failures.
Steel Prices: Global steel prices went on a roller-coaster ride during 2008. Starting the year at a reasonably stable historical price of about $630/tonne, leaping to $1100/tonne in July, and then collapsing back to $630 (and still falling) by year end, such dramatic price changes make life almost impossible for a steel stockist like MIH. Firstly MIH had been winding down steel raw materials inventory in previous year, so it will be unlikely that the company was able to exploit the price leap by selling off the shelf materials at the elevated prices of July. MIH will more likely have been paying the higher price for raw materials and getting squeezed by end users who would have been fighting price increases tooth and nail. How Murray played this commodities bubble will have been very important to the longevity of his business. While it is theoretically possible to have traded this market perfectly and to have made a small fortune in the process, many more will have- like home buyers in a rising market and fearing that if they don’t buy soon, they might never get in- bought as much inventory as possible for fear that it will cost much more later. Without any statement from Sir David as to how he played this market, we can only guess as to how this will have affected MIH. However, what is certain is that companies with inventory on their books purchased at or close to the peak will not be able to sell it at a profit today. The outlook for steel stockists is further darkened by the drop in thermal coal and iron ore prices in recent months, and the fact that the global steel industry is operating well below capacity. This means that the cost of steel may remain low for several more months. In the meantime, to raise cash stockists will have to sell inventory at a loss (based upon LIFO- Last In First Out accounting). This would represent the reversal of the benefit MIH will have seen while building inventory. Now, many stockists will be liquidating inventory at a loss to raise cash to survive. If the various government stimulus packages across the world do indeed generate enough steel demand to lift prices again by mid-2009, then there is some hope for Murray’s steel business.
UK Commercial Property:
However, prospects for UK commercial property are not good in anything like the timeframe Murray needs. Working only with MIH’s public record financial reports, we do not know what the margins that MIH was hoping to achieve on its property investments, but it also seems likely that MIH would have to recognize losses on these investments to generate any life giving cashflow. Actually recording a loss may remove the tissue behind which the bankers have been able to hide their embarrassment at allowing this situation to reach this state.
What Would Happen To Rangers?
In the event of an insolvency filing by MIH, the administrator appointed will have as his principal duty recovering as much value for the creditors (i.e. the bank)as possible. British insolvency cases tend to move quickly, and those subsidiaries for which a willing buyer cannot be quickly found will be liquidated. Collapsing commodity prices are not just affecting Sir David Murray, but billionaires found themselves to be mere millionaires in a matter of a couple of months in the autumn of 2008. This is no time for executive toys. Fortunes have to be remade and energies focused in areas with a reasonable chance of making a healthy profit. That Sir David has spent so prolifigately at Rangers, yet failed to achieve proportionate success or profitability does not make this an attractive business. That Murray has become a lightning rod for many of the frustrations of a fan base who feel that he has betrayed their club’s “traditions” will not help. Indeed, taking on the figurehead role of a club once famously described as a “permanent embarrassment and an occasional disgrace” will be unlikely to whet the appetite of many of Scotland’s wealthiest people. In the event of an MIH bankruptcy, if a credible buyer does not come forward quickly- with an offer that would pick up a sizeable part of the £26m in bank debt and other debt obligations assigned to Rangers FC, then the closure of one of Scotland’s most famous institutions cannot be eliminated as a possibility.
It is unlikely to come to that. Given how little money would be raised in a liquidation (Rangers’ stadium being worth almost nothing to anyone except Rangers), the bank might accept a very low figure for the club. Glasgow City Council might help a prospective consortium of buyers by purchasing the stadium and leasing back the ground to the club- thereby releasing funds to operate the club at least in the medium term.
Whatever happens, it is a cautionary tale for football fans everywhere. When the media, sports and business alike, fail to fulfill their watchdog role, then problems are left to turn into a cancer. There are many questions that must be asked about how Sir David Murray’s hubris and gambling instincts have been allowed to place so many vested interests, not merely in football, in major jeopardy.
Click any of the following table to view in full size (opens in separate window)
Stephen McCall
Looks like this article called it right!
October 27, 2009 at 9:18 am
Mack the Fork
This is desending into the usual \\\\\\\”we\\\\\\\’re better than you \\\\\\\”rubbish that afflicts most sites involving these two teams supporters.Getting back to the gist of the article if I may,it\\\\\\\’s blindingly obvious to the impartial observer that Murray\\\\\\\’s company,with a paltry £5m profit from a turnover of over £700m, regardless of the debt mountain ,is in dire straits with the impending SLUMP in the world economy.The good times are over for most of us and R.F.C.will suffer the consequenses of their reckless spending for years to come. I\\\\\\\’ve known and loved many a rang…sorry,Hun fan in my lifetime and every single one of them was delusional (and ugly). Christ,I\\\\\\\’m doing now as well.Still,it\\\\\\\’s only banter apparently.BTW,William,just love your stupidity,still laughing. Are 49,000 HUNS in THE DEATH STAR equal to 5.6% bigots or are you all twisted,I\\\\\\\’m confused.
February 4, 2009 at 2:56 pm
max
Tom, you really couldn’t be further from the truth.
I have many rangers supporters in my family and amongst my friends, all hard working decent family people, who love their team, AND I SALUTE THEM, they’re football supporters.
The ’supporters’ I’m refering to are not a figment of my imagination, I’ve watched them many times on my PC & TV and if I come across as someone who’s tarring ALL rangers supporters with the same brush your wrong.
Some people think it’s ok to behave like thugs because they’re surprised that people in Catholic countries might find it offensive to hear people singing about “no Pope of Rome”, Liberal cries of “F” the Pope, and the saddness in their eyes when they look at their places of worship!
As a European I look forward to the day when we have Muslem countries in the EEC, I would love to see the same scumbags singing the same stuff about Mosques in Iran!
Infact it might just be the answer to Mr Murrays problems, because I don’t think many of his oh so troublsome ’supporters’would make it home!!
Support your team Tom and you have my respect.
If you drag your club, City, and country through the filth you’ll get nothing but contempt!
January 29, 2009 at 12:05 pm
william
Max,
I can ridicule and exposes every lie you tell, but unfortunatly, Phil is refusing to publish my facts, just like most of his articles, which are devoid of truth. But he is content to publish your lies and blatant stereotypical bigotry, over 26 Celtic fans received football banning orders for their rioting in Blackburn, but lets just sweep that under the carpet
January 28, 2009 at 2:52 pm
tom fraser
Max from reading your posts i would say you are a bigot also, the way you describe Rangers and there fans is childish.In your opinion everyone who is a Rangers fan is a racist,bigot well i am not and i find that offensive. In regards to Manchester i never experienced any trouble until after the game.I had a great time in Manchester and made a lot of new friends.The moron element that were there that day did nothing but tarnish Rangers and Scotland.If i knew anyone in the pictures i wouldn’t hesitate in reporting them.I have worked and lived with Celtic fans all my life.But have never seen as much bitterness as there is now.I am just glad i can still have a laugh and joke with my Celtic friends without them being offended.
January 28, 2009 at 11:09 am
max
Two curious things came to mind watching Crimewatch last night.
Firstly, Listening to the police speak about their “horendous” night in Manchester at the hands of rioting rangers thugs they must be sick. They canceled the friendly with Bolton Wanderers in the summer of 2006, because they knew the reputation of the rangers ’support’, and the howls of indignation could be heard in Brussels.
How dare they question the dignity of the rangers support, whos only crime has been to be the victim of “heavy handed policing” in EVERY town and city they visit.
Then low and behold rangers are in a UEFA Cup final and where is it….Manchester, the coppers must have been gutted.
And in response, what did the rangers ’support do?’
Prove the GMP wrong?
Show up and behave in a sporting manner and rub their noses in it?
No they rioted!
They rioted EIGHT HOURS before the game started, causing bars to be closed down, they rioted like spoilt children when the television screens hit technical problems, and when they got humped and the big boys came out of OT the real fun began!
As I said the GMP must have been gutted.
The second point that struck me was that in recent weeks, we’ve heard the boasts comming out of the hunnery that they have a GLOBAL fan base of over THIRTY MILLION (and if you believe that you’ll be expecting work on the new 750 million moonbeam bigotdome to start sometime next week!!!), yet they reach their first European final in almost two decades and after their disgraceful and shameful behaviour anyone who didn’t have a Glasgow or at least a Scottish accent wasn’t a real rangers supporter!!!
Funny that eh!
Personally I feel sorry for the 30 million world wide rangers supporters who must feel totally dejected and forlorn and IMO “deserve better”!!
January 28, 2009 at 10:03 am
max
PS> The Manchester Police video can be seen on the ‘Celticunderground’ site, and I would urge everyone of any religious persuasion, and any football ‘SUPPORTER’(no matter what colours you wear) view this video and do your civil duty if you recognise any of the violent criminals involved.
January 26, 2009 at 5:06 pm
max
I remember reading a statement from the Greater Manchester police that rangers board sanctioned wife beating supporters (see Willie Waddel 1974) were traced using CCTV images, tracing them from manchester to motorway sevice stations then all the way to Buchanan St bus stations (some fan base the old Chelsea supporters have eh!) and to quote him, he said, “they will be dragged from their beds in their underpants”!
Have you seen the video press release by the GMP today william?
It makes some very interesting, though disturbing, viewing.
And you can bet your bottom dollar, that any good UEFA & FIFA sanctioned law abiding Celtic supporter who recognises any of the filthy scumbags on show will not be slow picking up the phone.
Between that your financial situ, interest from the London Met Fraud squad your sad position football wise (which is about to get a lot worse), the hammer’s gonna fall and it’s gonna be soon!
And btw you might wan’t to mention wee boys stabbed to death in Govanhill for wearing a Celtic strip, stabbed through the heart by 2 brave rangers supporters, or the wee boy who had his throat cut in broad daylight in the middle of the afternoon, for wearing the same top, by a gang of brave rangers supporters who though it would be fun to butcher a pape in front of families, mothers and children out doing their weekend shopping in Bridgeton, when you want to talk about some poor wee boy getting his jaw broke.
January 26, 2009 at 4:59 pm
paulo
William…
question:Why Club remains to this day,THE only club to be presented with a european trophy in thier changing room?
Wee clue:It was because thier fans were rioting in the stadium where the final was being played (nou camp).
January 25, 2009 at 6:14 pm
efann
William, you are blind to all that is wrong with scotlands shame fc and its supporters.
You deny everything and attempt to state that Celtic fans are as bad.
It is childish and tiresome.
The world knows the real story. Please stop being so childish.
January 25, 2009 at 1:44 pm
william
Feriens, I have no interest in The Murray Empire, Glasgow Rangers are the most successful team in world football, Most Championships, Most Domestic honours, 1st british team to contest a euro final, Biggest recorded travelling away support, Record for highest attendance in Britain, Rangers will be around long after Murray is away, So your ignorance is showing, so you are now unaware of any Rangers fan being killed by Celtic fans, I will leave you to research that one and not embarrass you, but maybe you should remember the lone Rangers fan who was attacked after the last game at parkhead, ( where Rangers pumped Celtic 4-2) He was chased into a train station and almost kicked to death by 4 brave celtic fans, He sustained a broken jaw and multiple other injuries and was hospitalised for over a week. ignorance is bliss
January 23, 2009 at 5:42 pm
william
martyrs
Maybe Celtic can’t take 200,000 fans anywhere, Please inform me what the Rangers fans did in Pamplona/
but ask yourself about your own team and their fans and not allegations facts
shootings in Amsterdam,
stabbings in Seville
planes rerouted
glass attacks in Barca
riots in Blackburn and celta vigo
pitch invasions and attacks on gordon strachan, Ally Maxwell, Dida, against Man Utd, at ibrox, against referees, against referees and opposing players homes families and cars,
missile attacks on Fernando Ricksen, Nacho Novo, The Rangers Doctor, Rapid Vienna players, racial attacks on Mark Walters, racial and physical attacks on spurs fans, The list is endless,
January 23, 2009 at 4:54 pm
Wee mac
To get back to the article. King of Kings (no.4) says MIH doesn’t look like a steel company because they sold off their steel subsidiaries. Someone shouls tell the people who do the MIH website as they list 6 companies in the Murray Metals group on the site. Besides, if MIH has moved more into property, the outlooks equally bleak. (Sorry for interrupting all the bigotry)
January 22, 2009 at 7:10 pm
Feriens_Tego
William… both clubs are based in Glasgow. Therefore, both clubs will have a sizeable ned element in their fanbase. Incidents are inevitable.
What is not inevitable is full scale rioting with hundreds of participants. Show us the youtube clips of mobs of Celtic fans attacking policemen in any country.
Celtic fans will have their problems- no one is disputing that- but the values of Celtic have a moderating effect on crowd behaviour, where as your WATP, No Surrender, f- Johnny Foreigner we’re British attitudes when expressed in a crowd will lead normally decent people to join a mob and do worse things than they would do in smaller numbers. Hence, the disgraceful track record of major violent incidents involving Rangers fans
Another question… how many Rangers fans have been murdered for wearing their shirt?
Last question… being that you are a statistical whizz-kid now, any comments on the article?
January 22, 2009 at 5:45 pm
themartyrs...
William
Only last year British Transport Police put the huns at the top of their crime list in Scotland,only last year the huns wrecked Manchester and shamed Scotland in Barcelona and Pamplona among other places,I think and excuse the pun/cliche, that you protest too much and why is it that that saying gets aired? You know you are in the wrong thats why,so calm your hun passion and accept you are part of the worst support in Britain,historically and contemporary.
p.s some of your sources from that site you use are not very credible and therefore cannot be taken seriously,\”Ifyouknowtheirhistory\” is a site borne of desperation with some very dodgy articles by biased and dodgy journo\’s,your fooling nobody,I once presented an article in a foreign newspaper which reported Darcheville being caught smuggling money across borders,to other huns and this was after I made the claim re Darcheville,they said I should provide proof,which I did and they tried to nullify it,which they couldnt,so I dont buy into how genuine your sources are either.
away n bile yer bile,as I said before,methinks you protest too much!
January 22, 2009 at 3:03 pm
william
Max, 5.6% of 500 is 28, Is that ok for you. I made an earlier mistake, get over it and give your response to the links above that you say never happened, maybe you should also have a look at the home office figures for arrests at football matches involving British teams in europe in 2002-03. They include stabbings, shootings, air rage, rioting from a particular set of Glasgow fans from the East End of Glasgow
January 22, 2009 at 2:09 pm
Paul Drury
loads of history about celtic here
http://www.ifyouknowtheirhistory.blogspot.com
January 22, 2009 at 5:39 am
Feriens_Tego
William…
do the words “EPIC FAIL” mean anything to you?
January 22, 2009 at 12:12 am
william
here is the correct link
http://edinburghnews.scotsman.com/scotland/edinburgh-man-on-stab-charge.2429205.jp
January 21, 2009 at 6:05 pm
max
So, you where way, way of the mark (again) William?
Is this an admition that you really don’t have a clue of what you’re talking about william?
Can we now assume that any facts or figures you produce are an act of your bitter twisted imagination, a produce of your obvious lack of decent education, or should we just ignore your obvious bigoted demented ramblings?
william, what’s 5.6% of 500?
I think I know where I stand here!!
January 21, 2009 at 5:55 pm
william
Andrew,
This is the correct link
http://www.dailyrecord.co.uk/news/scottish-news/2008/07/16/celtic-thug-jailed-by=spanish-court-for-barcelona-attacks-to-be-sent-back-to-glasgow-86908-20645435/
January 21, 2009 at 5:45 pm
william
Andrew, The 28 arrests of Celtic fans is mentioned in \\\”The Road to Seville\\\”
http://www.dailyrecord.co.uk/news/scottish-news/2008/07/16/celtic-thug-jailed-by-spanish-court-for barcelona-attacks-to-be-sent-back-to-glasgow-86908-20645435/
January 21, 2009 at 5:36 pm
Andrew
William,I find it strange that whilst doing your very best to discredit any Celtic fans you don’t seem to be putting up any form of opinion of the article on which you should really be commenting. I’m also wondering which media outlet you rely on for your news. I did’nt know of any trouble being reported on a number of occasions which you have chosen to suggest that Celtic fans were acting in an innapropriate manner, either to strangers or toward one another. Situations not widely reported events in the media that I can recall. It would be great if you could show me these stories to back up your claims.
I do however recall the numerous stories of the Rangers fans destruction and disgraceful behaviour in Manchester and Barcelona.(Various links for proof can be provided in case you’re unaware of the incidents) Enough was written about Manchester and Barcelona (twice) to last you a wee while. Any incidents regarding Celtic fans behaviour would make interesting reading.
Instead of you trying to do all you can to slag Celtic fans, what’s your thoughts on the finanacial crisis facing MIH and ultimately Ranger FC?
January 21, 2009 at 4:45 pm
william
my mistake max, you are correct, it is 0.56%. but that is still significently more than the 0.01% of Rangers fans arrested in Manchester
January 21, 2009 at 4:23 pm
Kenny
71 Max. Thank you for showing him how to do it. I have never posted anywhere before but I couldn’t let that one slip away. Again, cheers mate.
January 21, 2009 at 4:11 pm
max
max, I think if you go to ANY fraction/percentage converter on the machine in front of you, you’ll find that ‘the fraction 28/5000, equivelent percentage = 0.56%.
That’s ZERO POINTFIFTYSIX PERCENT.
If you say a thing long enough, which I’m sure you do, you eventually start believing it yourself, even if everyone else thinks you’re a fool.
January 21, 2009 at 4:00 pm
Kenny
60 and 65 William. You wouldn’t be employed by MIH now, would you? Where did you get your decent education.
January 21, 2009 at 3:54 pm
william
68# Andrew,
you really need to try harder, 2 people on youtube making a silly video does not constitute Rangers Fans,
The fuss about this song concerns Rangers fans singing the 4 lines of this song at parkhead against Celtic and at other games. If you find the youtube clip so offensive, then complain to youtube and get them to remove it and tell them, On what grounds you find it offensive.
Max,
come back and take the shame after your recent post Max, (see above)
January 21, 2009 at 3:53 pm
Andrew
Great article by Ray McKinney (and not Phil). What a great insight into MIH not being told by the media. I’m not really surprised that the media would report this of David Murray. Neither am I surprised by the abusive reaction of the majority of Rangers fans, who having overlooked the article being about MIH and not RFC. Hats off to the one reply by #55 Scott. Great response by a fan concerned by the potential situation of his club.
@ #59, William. “That’s the only words sung” “No other words have ever been voiced by Rangers fans” You need to try harder. The full lyrics are disgrasceful. There are two clowns on Youtube, coincidentally wearing Rangers scarfs, and flags on the wall, who have a video to accompany the song, even with a bag of potatos as a prop. For those who are not aware of the full lyrics, I suggest you do as I did. Google search “The Famine Song Lyrics”, you’ll also find the Youtube video, or just go here to read them for yourselves, http://www.anfearrua.com/db.asp?a=topicdisplay&tid=545579
All in all the article has been very informative and I’m sure that there are indeed some difficult times ahead for Rangers FC. Given the state of the finances of MIH I don’t think it will be too long before the new bosses of HBOS, Lloyds, will be sitting down and asking for some money back. Celtic were hours away from being put out of business by The Bank of Scotland for exceeding their £5million overdraft. £5m!! What real future do Rangers have given the excess of monies owed by MIH? The futures certainly not bright!
In the world of football will Rangers be the biggest ever financial casualties? Airdrie,Newport County, Gretna, Scarborough, Aldershot FC. No doubt theres more but I can’t remember without searching.
January 21, 2009 at 3:33 pm
william
Gerry,
So now Blackburn fans are all BNP activists, Are you aware of the Muslim and coloured population of Blackburn ? Delflect and Deny the Celtic way
mymateminty
is that a threat sonny ?
themartyrs.
Nice name that and probably suits your agenda.
Let me educate you free of charge, The Rangers fans sang TFS, long before someone on youtube decided to bastardise the song. therefore what Rangers fans sing, is in no way racist.
you further comments on the other hand are extremely offensive, racist and sectarian and I recommend that the webmaster remove your comments.
I do not recall Rangers fans sacking any city in the UK or Europe, But I do recall a Celtic fan being given a 4 year jail sentence for sticking a glass in a spaniards face in Barcelona and then assaulting the bar owner.
I also recall a Celtic fan stabbing another Celtic fan in Seville.
Lets not forget the Celtic gangster you shot the other Celtic gangster in Amsterdam, I here they had a square go in the Celtic car park recently.
I also note you are blissfully unaware of the trouble caused by Celtic fans in recent games against Celta Vigo, Newcastle, Fulham and their cowardly attacks on Spurs fans in Rotterdam. stones ? glass houses ?
January 21, 2009 at 3:13 pm
william
Max, I apologies in advance for ridiculing you, but, Put your glasses on, My post clearly says 5,000, therefore 28 out of 5,000 is clearly 5.6%. Do you want me to simplify arithmetic for you ?
28/5000 x 100 = 5.6
It’s pretty simple if you have a decent education.
January 21, 2009 at 2:56 pm
max
60. william says-
What a joke you are! I know one thing for sure you never attended one of those schools you would like to see closed.
28 out of 5000 equals 5.6%????
If you ever have a successfull business (ahem!) and you\\\’re looking for an investor, COUNT ME IN!
The percentage you find hard to calculate, even with the assistance of the \\\’world wide web\\\’ and all it has to offer, is 0.56, which, just to clarify to your obviously hard of thinking self, means just over 1/2 a percent.
Keep up the good work william, I honestly look forward to your posts.
January 21, 2009 at 2:31 pm
themartyrs.......
I have to laugh at the idiots trying to justify the chorus section to to TFS,do they not know that a chorus is designed to package the sentiments of the rest of a song,hence why it is called a chorus? These silly,bigotted huns only do themselves damage,every official body in Scotland has classed TFS as racist,which it is,the race hate apologists that masquerade as common sensical,pragamatic thinkers who require debate cannot see the bigger picture or indeed past the 17th century,Im actually glad these types make up the “intelligentsia” of the hun support because where the current crises of not only finance but also of identity are concerned,this type of supporter will never influence Rangers in a positive way.
btw Celtic fans have never “sacked” a city,a few fights and skirmishes which happens to all clubs but nothing like the generational mantle of rioting which is inherent in the hun support.
On the word “hun”- the term is offensive and is meant to be,of that there is no question but so is calling someone a “b4astard”,it doesnt make it illegal,I draw the parallel with the highly offensive hate campaign against Jock Stein,yes its offensive and typifies the mentality of much of the hun support but its not illegal and whilst your shouting and graffiting the letters J,K and B,you have an absolute cheek to be shouting about the word hun,ya huns!!!
Hun Beggars from the Begging Bowl of Kinning Park Hahaha!
January 21, 2009 at 12:46 pm
mymateminty
William, Away back to bed. Do you actually believe the bile you read on follow follow? You’re in for a big shock wee man! Big shock!
January 21, 2009 at 12:01 pm
Gerry
William 60
Again you have quoted Blackburn – were you there, or are you getting events from the FF website ?
The mounted police had to restrain all of the burberry-clad, BNP-loving people of Blackburn, in order that Celtic fans could safely walk from the city centre to the ground and back again.
I was there, and I would definitely not be rushing back to that part of the world.
The next thing you’ll be telling us is that ot was Celtic fans that “asked for it” at the last Chelsea v Celtic “friendly”.
Many anti-racism bodies have condemned the famine song. You do not. Go figure…….
As has been mentioned many times before, please keep up the very good work Phil.
January 21, 2009 at 9:33 am
Ian
To,
Scott farqhuar,
very well put sir , dignified and precise and I believe you speak for the majority of Rangers fans. I remember the 90’s not being a great time for us Celtic fans , you have your hurdles to overcome financially as we did then. I personally hope that you get through it for the sake of the many good Rangers fans who are in it for the football.
January 20, 2009 at 12:46 pm
william
Mistake about, 28 Celtic fans arrested in Blackburn, out of 5,000 travelling fans, thats 5.6% Celtic Football Club have more banning orders than any other team in UK, home office figures
January 20, 2009 at 8:43 am
william
Here we go again, Mark.
I will type the only words that have ever been sung by Rangers Fans.
Why don’t you go home ?
Why don’t you go home ?
The famine is over !
Why don’t you go home ?
Now where exactly is the sectarian or racist element in those 4 lines ?
No other words have ever been voiced by Rangers fans.
There is no direct order “to go home” it is a question. hence it begins with the word WHY.
It is not sectarian because it does not refer to any particular religion.
It is not racist either because it dose not say anything derogatory about any particular race, So Please explain.
As for sacking cities in the UK and Europe, Did Celtic not do that in Blackburn, Celta Vigo, Newcastle, Fulham ? Not to mention the shooting in Amsterdam, The rerouted planes, The stabbings in Seville, The Spanaird and Barmen attacked with glasses in Barcelona, The numerous pitch invasions and missile attacks.
You might also be interested to know that just over 20 people were charged and convicted at the UEFA cup final, There were 68 Celtic fans arrested after the running battles in Blackburn, Glass houses ? Stone throwing ?
Your stupidity knows no bounds,
January 20, 2009 at 8:17 am
Aint No Fun
Mark,
Are you really comparing the Famine Song (go read the words again) to the word “Hun”?
I was thinking you might have had a point until I read this. The word Hun is used by all non-Rangers fans in Scotland to describe Rangers fans. According to followfollow this weekend, there are many Rangers fans who proudly refer to themselves as Huns.
The inconsistency of Rangers fans on this point is quite funny… when “The Tims are the real Huns” campaign failed to launch your more politically savvy FFer decided that Hun was now a slur of monumental offence.
It is not sectarian. It is not racist. It is intended to be unpleasant.
So if you don’t like it, maybe your fellow fans should stop sacking and pillaging cities in the United Kingdom and other parts of Europe. From the perspective of non-Rangers fans it does seem very appropriate.
January 19, 2009 at 7:22 pm
efann
Excellent article on the financial mess that is scotlands shame’s finances.
Post 56, Mark Cowan – The recent decision didn’t make any ‘official’ ruling on the word ‘hun’. It was a decision about one headcase who went out wearing a t-shirt slagging off the huns after the uefa cup final.
A court – particularly a relatively low court – cannot make a decision that the word ‘hun’ is sectarian.
I doubt it will ever see the light of day in a higher court either. It would be as laughable as all the christian lunatics at ibrox screaming abuse as Artur Boruc made a christian sign of the cross.
I know, its pathetic.
100 years+ of unsurpassed dignity by not employing those of a certain christian denomination.
And the word ‘hun’ is sectarian.
I’m off for a laugh……..
Keep up the excellent work Phil.
January 19, 2009 at 7:19 pm
Mark Cowan
Post 50 – fightracism
Im sure you are aware of the recent court case that deemed the use of the word ‘hun’ as sectarian.
It is interesting that Philbhoy on one hand uses the ‘Famine Song’ ruling as an indicator against that particularly vile song yet on the other hand seems to ignore the ‘hun’ ruling, deciding instead to have double standards and use the sectarian language on a private forum.
Surely as a journalist, he should be consistent.
January 19, 2009 at 5:29 pm
Scott Farquhar
As a Rangers supporter I must apologise for the cretins whose only answer is to abuse the writer, whatever his stance. Sorry, but that is not the true Rangers way. We should exhibit a bit more dignity than merely resorting to playground name-calling. That type of behaviour doesn’t win arguments. McKinney has obviously gone to a great deal of time and effort to present a doomsday scenario for Rangers. If it is the rantings of a bitter Celtic fan then let us destroy the article, point by point rather than hurl abuse as that’s too easy to do. There must be plenty of bears out there who are also ‘O’ grade accountants who could shoot down McKinney’s conclusions. According to my brother, who is a poster on Follow Follow, this article has been posted on there for two days yet nobody has sought to tackle McKinney’s argument. My brother tells me he has closely followed all the Murray financial posts on Follow Follow since Christmas. He thinks that similar Celtic supporters or journalists have planted information but nobody on the Rangers side seems to be able to discredit it that worries both of us greatly. As far as I am concerned this January window will give a good indication of just how bad our finances really are. Until then let’s us Rangers supporters take our heads out of the sand and watch what Sir David Murray does in the next two weeks. Personally I wouldn’t trust him an inch. That’s why I am in favour of our ‘We Deserve Better’ campaign. The fact that he seems to be giving our enemies ammunition with MIH’s accounts doesn’t help our case one bit.
January 19, 2009 at 12:18 pm
Spuds
I think most people have missed the point – the article was written by Ray McKinney, president of Chemera Consultaing LLC (see the very first line)- his LinkedIn Profile (http://www.linkedin.com/pub/2/a11/b71) gives an insight into his background – hardly a “trainee accountant” Mark
January 19, 2009 at 8:22 am
KPMG Assistant Auditor
The KPMG tanks start rolling into Auchenhowie and Charlotte Square on Friday.
NOTHING will be left unturned.
January 18, 2009 at 4:03 pm
Mark Cowan
Post 47.
Ian, i understand Philbhoy states he will not respond or reply, however my only gripe with Phil is that he uses this and other forms of media to talk of his hatred of Rangers fans racist and sectarian attitudes, yet OPENLY and without question, on a certain website, interacts and demonstrates his own sectarian prejudices.
If i throw stones and break someones window, do i have the right to complain when they throw one back and smash my own?
I actually understand a lot of the stuff he has being trying to acheive and on some levels respect where he has got with his campaign. All i am saying is that i would like to start some dialogue to perhaps look at other things you do not read about as i would be very interested in getting his slant on things.
As for leaving personal attacks…..well i am not. I am merely presenting the undisputed facts.
January 18, 2009 at 8:41 am
Merello
Interesting that it takes someone from outwith the Scottish Media to analyse MIK. Instead of attacking him like a herd of blethering bigots, refute his argument.
January 18, 2009 at 8:06 am
fightracism
Mark Cowan,
Can you show evidence of the allegation of sectarianism by Phil and if not can you at least let us know who it is supposed to be against??
January 18, 2009 at 4:20 am
ML9 not proud
Very informative article about Mr Murray and MIH. The fact that so many think this is a piece about Rangers fc is astounding. If they look at the bigger picture they may then realise that this man is gambling with the club and its now very few assets. Where a company can manufacture figures to pay dividends is a great way of ignoring the obvious faults within. With the ownership of HBOS now changing the haemorrhaging within MIH will now be looked at with serious consequences, albeit job losses for many innocent hard working people through no fault but that of a few.
Pity the posters that fail to aknowledge this article is about a failing business and its majority shareholder. However that business is MIH not Rangers Football Club.
January 17, 2009 at 4:20 pm
mason boyne
If you take away the mim stuff from this post it is just another rambling bitter mhank.Take a look at your own clubs failings rangers fans are aware of murrays failings.And they don`t need two wannabes who hate the country of there birth to tell them.No matter phil that you have an irish passport you will always be british .
January 17, 2009 at 11:58 am
Ian
Mark, It appears you have not read the article , it does cover revenue as far as is possible with the available data and provides a very good indepth analysis.
Considering you appear to read all things ‘Phil’, I thought you may have , by now, came across the bit where Phil states that it is his” STRICT POLICY NOT TO REPLY TO POSTINGS ” and will continue to be so throughout 2009 also. You can find this two or three places throughout the site , maybe more. You should therefore refrain from leaving personal attacks against him.
January 17, 2009 at 7:10 am
WigWam
Mark… nice try, but did you read the article?
He outlines just how little MIH makes compared to its debt. Perhaps a trainee accountant is better than someone who would not know a balance sheet from a football program.
The guy also says that he does not think that Rangers will go away, just that MIH is likely too.
January 16, 2009 at 9:52 pm
dan61
Fine article Phil, absolutely superb!
Isn’t it ironic that as the good ship Murray heads for that iceberg it is all the fault of “Mhanks with typewriters”.
Well get this- for 20 years we Tims have been waiting for this moment, the day Murray’s ego finally gets the better of him and he parks himself and your bigotted little club into Administration.
He can take your 51 titles down the pawn shop- he will find they are worth nothing- sod all.
Phil explains here what SDM did not want to put on his website or his poodles to report-and no wonder- the year old the 2008 accounts- the 2009 version filed at the end of the month will make superb reading from a Timmy point of view.
Here’s to 4 in a row, and more Champions League money.
Read it and weep!
January 16, 2009 at 9:36 pm
Mark Cowan
The bottom line in all of this is that neither Rangers or Celtic will die. They both live and breathe off each other. The writer of the article(not the bigoted and sectarian Philbhoy) has indeed looked at the inner depths of David Murrays Companies but like all \”trainee\” accountants, he has failed to recognise the common mistake that most football fanatic \”accountants\” make and that is to consider the real revenue v debt on the table.
As a house owner, a £250k mortgage is nothing if im earning £200k per year. This same calculation applies to the £600m debt MIH has against the £700m revenue.
But lets leave this aside for a moment….the vast majority of Celtic fans on here have stumbled across this article as a result of reading Celtic Minded yet none, and i include Philbhoy have any comments to make on Phil MacGhiollaBains constant and blatant sectarianism on Celtic Minded.
It is absolutely astonishing that a dissident campaigner can on one hand \”cry\” wolf at blatant sectarianism yet on the other hand practice Sectarianism himself.
His continuing refusal to enter into discussion with myself on this matter, with the view of improving things, speaks for itself.
I would do anything to rid Scottish Football of unneccessary cancers. It appears Philbhoy is frightened of this.
January 16, 2009 at 9:14 pm
tyrz67
Where did all the soo’siders who can read spring from?Car park ipox here we come…tyrz67
January 16, 2009 at 8:49 pm
ambassador
Excellent. A guy calling himself “P&O Takes You Home” call YOU a bigot.
You couldn’t make it up.
Keep it up Phil, you’re right under their skin and they hate it.
Well done.
January 16, 2009 at 8:39 pm
sophocles
If it takes a \’rangers hating tim with previous blah blah@ to let gers fans know what is happening then I am glad someone is. Jeez the staff at woolworths knew things were bad but none of them saw closure coming. If Murray has gambled and lost and rangers go under, who is to say that a phoenix can\’t rise from the asher and without the baggage that Sir david has pleaded with to be dropped. mabye the glory hunters and bile monkeys won\’t want to be part of growing something from a small seed and putting their heart in it , they need the big stage for their bile and the football is merely a veichle for that. Perhaps there will be a surge in the Hearts support. I am sure Rangers didn\’t start out as the animal it has become and starting again true to the founding fathers roots might be what we need instead of a club with orange tops £16.90 meals and eggs benadict and green straws a no go.
We could take on a Scottish identity because if rangers go under just like Britania we have to build something all encompassing from the ashes.
January 16, 2009 at 5:26 pm
CanaTim
Were is my comment Phil?
Is striking a middle cord a crime?
January 16, 2009 at 4:05 pm
CanaTim
The problem with this article, and on first visit, this sight is that it is quite obvious that dear Phil has his own personal agenda. The bad part about that is that no intelligent impartial person can read an article like this and take it seriously.
I’m a Celtic supporter but i find a lot of this sort of stuff silly, it makes us all look like idiots, can you imagine Phil putting an article in his blog that wouldn’t place Rangers in a bad light, he probably looked hard and long to find someone, anyone to analyse documents and reach a conclusion that he wants.
January 16, 2009 at 2:18 pm
Feriens_Tego
Read the “critiques” of this article on FF…
Other than it being written by a Celtic fan, what else is wrong with it?
Are the numbers wrong?
Has he just made up the spreadsheets shown in the graphics?
Is the interpretation wrong? If so- how so?
Rangers fans- is not embarrassing for you that it takes “Timmy” to do your homework?
January 16, 2009 at 1:16 pm
Jeff gray
True to form timmy ( his masonic friends in HBOS )let it go get on with your life.I know Rangers being bigger and better hurts you and you will do anything to sully there name.Just let it go.
January 16, 2009 at 1:11 pm
Paranoid Timdroid
Interesting article but how bad things may or may not be cannot really be explained from the figures above. I think the bit on commercial property could be the omportant bit for MIH but it all depends on how exposed the company is and whether or not they hedged on a downturn. The end of January will give a better indication. What cannot be doubted is that Rangers are in a bad place financially with someone who does not want to be there any more running the shop. For Rangers fans that should be by far the most worrying aspect.
January 16, 2009 at 1:11 pm
Kip Kane
Make no mistake SDM is feeling this. We’ll have to wait and see if his masonic friends in HBOS can juggle a way out for rangers fc.Probably they will.But it was interesting how SDm referred in his speech to the media about those who would like to see us fail.I think that even the laptop loyal now know the truth. Whether they print it or not remains to be seen.
January 16, 2009 at 12:46 pm
Confused
I can’t challange what has been written as I am not qualified to do so however, it seems to make sense albeit any slant can be put on accounts, just like elections. I would have thought that comments should focus on what has been written as opposed to offering up abuse. Abuse is merely a form of ignorance in this respect.
Perhaps someone with some knowledge of accounts can provide some feedback on what has been written to help those who can’t help but show their ignorance of life in general.
Meantime, if true, MIH is facing a terrible time. As a non old firm fan, this may not hurt Rangers fans as much as Celtic fans think as Rangers have being having such a terrible time themselves over the past few seasons.
Celtic fans should also remember they were at death’s door themselves and recovered so recovery is a possibility for Rangers, although Celtic did suffer for a few years in their decline and subsequent rise to winning ways. This will be the bitter pill Rangers fans may have to swallow.
January 16, 2009 at 12:06 pm
Carntyne
Wonderful forensic autopsy-like examination of the smoke and mirrors Murray Empire.
Nice to see the logical riposte of Santino and other no doubt Rangers supporters above.
The truth really does hurt!
January 16, 2009 at 11:53 am
PDD
To all Rangers fans who prefer not to believe anything in this article.
I will ask you to read the GUBS artIcle in Follow Follow,both articles say much the same,that Murray has been screwing Rangers for years.
So answer me this,why believe the Gub,and not Phil.
January 16, 2009 at 11:50 am
Joe
I cant believe a Celtic fan has spent so much time writing about their great rivals.
I’m not going to bother reading it, knowing and working with the author during his time in London it’s probably littered with lies and paranoia.
I know Phil loses many hours of sleep thinking about Rangers – a very strange man indeed.
How about talking about your own club for a change Phil?
How about treating your readers to an inside story of the greatest football scandals of all time. You will be able to write shedloads on it – they all happened at Celtic Park!!
You can tell of the years sex abuse, paedophelia, racism, sectarianism and fascism.
Dear god, the things that have went on over at Paradise over the years.
You should write a book on it mate.
January 16, 2009 at 11:47 am
oliver cromwell
So much for impartiality phil your friend who wrote this is secretary & pubilicity officer for the philly celtic supporters club.That shows the real intent behind this garbage.
January 16, 2009 at 11:44 am
Kevin Doherty
Thanks Phil and Ray. Very good article.
Read some of the rest of your stuff Phil. Whilst I don’t 100% agree that the racism is as rife in Scotland as you think, I know it is there and your documentaing of it is excellent and entertaining.
January 16, 2009 at 11:30 am
Tony Cassidy
REMINDER : The piece was written by RAY McKINNEY and not by Phil.
Thanks.
January 16, 2009 at 11:25 am
jon mac
Bwahahahahahahah.
what must it be like to be so consumed with hatred, and obsessed with a club you don’t even support!! you are so entrenched you cant even see it,or you can, but cant stop it.
i have no interest in the finances, or the fortunes of, or anything else to do with celtic football club, unless they happen to be playing Rangers, or the championship is close going into the last few games. Make no mistake, i dont like celtic, but i very rarely think about them. the only time they get discussed in my house is if my partner (100% Irish blood, and a season ticket holder at parkhead)is discussing them with someone else. Oops, thats not what you wanted to hear, after all, we are all raving bigots aren’t we
make no mistake this piece is born out of mischief making, and is not an ‘honest & informative piece’ it is designed to lead you one way, and not to dissapoint, the sheep on here are following. this piece has been written because of a deep seated hatred of everything Rangers,and not out of any moral obligation. stick literary dissiddent in your banner headin, and Voila! you have credence. quite sad really LOL
most Rangers fans i know cant stand david murray anyway, so its back to the drawing board. you will need to start getting up a bit earlier in the morning.
i came across this whilst looking for something else, suffice to say i most certainly wont be back. if i hadnt stumbled across this article, i would never have known phil macgullivan existed.
i guess a piece on all scotlands football clubs finances is imminent? given your ‘moral obligation’
as a ‘dissident’ (no laughing at the back now)are there any plans to ‘broadly challenge’ any other scottish sporting institution? Nah ! didn’t think so.
to be quite frank, you are to be pitied above all else.
January 16, 2009 at 11:23 am
CB
I base my comments on the fact that this “Journalist” has previous for Rangers hating articles,he is just coming at it from a different angle.
He is hardly impartial.
January 16, 2009 at 11:22 am
The4LeafClover
#22 P&0 Fairy.
Read the text below the headline. This alone shows your lack of understanding
of the piece.
As for your factless ‘critique’? Utter nonsense with no discussion on the points raised.
January 16, 2009 at 11:01 am
J P
Interesting article, but can’t pretend to understand some of what you’re on about, the ins and outs of accountancy going over my head.
Can’t see why some rangers fans are reacting so vociferously to this article. There are questions being asked on fansites and in the press about the solvency of rangers (as well as MIH) with denials from Sir David Murray and crowing from celtic fans being the only apparent discussion.
Surely facts backed up with appropriate evidence should be welcomed regardless of your viewpoint.
If the writer is a “typical tim with a typewriter” on some “chip on your shoulder” anti-rangers vendeta, produce a counter argument backed up with facts and figures. Otherwise keep your mouth shut, you’re just showing your ignorance and intolerance.
Take it easy.
January 16, 2009 at 10:51 am
Lorbobo
Great article.
It`s a shame for the decent rangers fans who have been fooled by the triumphalistic pro rangers pro murray newspaper’reporting’ in scotland.
If these newspaper men had the guts to really question the rangers owner instead of fawning at his tidbits then mibee rangers would not be in this mess.
Is it ironic that a club with a fan base who idolise a w4nker on a white horse may now be shut down by a banker from black horse?
January 16, 2009 at 10:30 am
P & O takes you home
Phil your hatred and arrogance knows no bounds.
It’s both incredulous and amusing that a journalist, especially a piss poor one, such as yourself feels that you have sufficient knowledge and expertise to attempt to critique MIH’s books. You know more about running a steel company than a guy who is worth 800million and has not only survived, but indeed flourished, in what is a very demanding area do you?
Phil if you’re so well versed in such things why are you a faceless journalist who spends his days pandering to fellow tarriers on an internet board? Known by few, respected by less. Working 5 days a week to earn an adequate wage to feed your family.
Stick to comforting your greeting weins Phil and leave the business books to the accountants because your ‘critique’ is sub par at best.
It contains very little insight and is top heavy with subjective speculation. A pretty poorly written piece which is glaringly bereft of the sufficient level of analysis required to substantiate your fairly outlandish claims. What little analysis there is is mainly irrelevant, inconsistent and incorrect. You have contrasted figures and hand picked data from different years with no real purpose other than to try and portray a worst case scenario which is just not factually accurate, no matter how much you wish it was.
The article is at best inept journalism displaying little business acumen and at worst the delusional dreams of a human consumed by bigotry and hatred.
You’re a disgrace to your profession.
January 16, 2009 at 10:28 am
FTOF
Pathetic. A factual and well documented piece and I browse the comments and all I see is a petty squabble among Rangers fans pleading that it’s not true and that the author just hates ‘The Rangers’ and Celtic fans gloating merrily that the Gers are just bigotted when they are in fact usually worse from my experience. Get your own house in order.
In fact, I think most of you are just very dull, narrow-minded people that descend to this type of rubbish.
It was an good, informative piece, not a subjective cheap shot.
January 16, 2009 at 10:18 am
Unrepentant_FB
8. Mark Cowan…
Your whine for an audience with ‘Phil’ is quite alarming… No wonder is ignores your pleas.
Don’t send him pictures of your diddly bits attached to your begging mailings and he might be more receptive to your request.
Goodness, I come on here to read a report and end the session by dispensing advice to an internet stalker…
What is the world coming to?
January 16, 2009 at 9:05 am
CB
Did your daughter cry her eyes out when she read that?
Typical Tim with a typewriter,hates The Rangers more than he loves his own club.
Got a chip on your shoulder by any chance? Can only assume you moved back to Oirland when your Giros dried up
January 16, 2009 at 8:43 am
john
who will you hate if Glasgow Rangers vanish under a mountain of debt?
It’s hatred that keeps your bitter little heart beating.
Odd too how there is always “Ryan” to praise you…he agrees with every word you say…he even agreed with the misogynistic social worker drivel.
January 16, 2009 at 8:37 am
Meninblack
Incredible how when faced with facts and figures that have been presented as gospel by MIH, the best that your detractors can come up with is personal abuse. There will always be a Rangers (and this from a Celtic fan), but what sort of Rangers remains to be seen. Mediocrity and an extended spell in football’s wilderness awaits, my Govan friends. And that may be no bad thing for them in the long run – it certainly worked for us.
January 16, 2009 at 8:34 am
wizzard
Good article but my one question is.
Why are Rangers fans incapable of comment with out bigotry and hatred?
January 16, 2009 at 8:23 am
ambassador
Nice one Phil, very well laid out and you do state the facts and figures to back it all up.
I am surprised to see what appears to be Rangers fans on here leaving messages for you. I was asked what ten minus five equals before being permitted to post and has assumed this was to keep Rangers fans away…….
Imust admit I did laugh at \”what a lot of fenian pish\” though!!
January 16, 2009 at 8:21 am
Dougie
Rangers may be in some finantial strife at the moment and may ormay not have to sell an asset to balance the books but at least we have assets which seem to be of interest to other clubs, has anyone came knocking on celtics door for there players? they will argue that they dont need to sell simple fact is, they have nothing to sell anyway.
January 16, 2009 at 7:55 am
capitano
Excellent piece Phil, I\’m glad it didn\’t come across as just the musings of a website contributor and you have used cold hard facts and figures to back it up.
For those saying he has an agenda with this piece keep saying this because he is only asking the questions Rangers fans themselves should be asking IMO. The Scottish media are either too scared to probe into Murrays affairs or have become too happy to indulge Murray as he has always given them a juicy moonbeam or soundbite to print. When a club is selling their top player right at the beginning of the business end of the football season it tells you there is something majorly wrong. I have friends and family alike who are avid Rangers fans and I am alarmed they think everything will be ok as Murray has steered them successfully in the past and that he has a big pile of money sitting somewhere to bail them out. Everything that is happening at Rangers just now shows Murray may be a drowning man and I feel genuinely sorry for Rangers fans who put their money into the club week in /week out and are being kept in the dark about the clubs financial position.
January 16, 2009 at 7:10 am
paul muldoon
Marvellous stuff. The sooner that asylum is closed down the better.
January 16, 2009 at 7:02 am
Lucy Wooo
Interesting and well-researched work, Phil. And old-school investigative piece that highlights the Murray myth and shocking lack of scrutiny by the third-rate cowards in the Scottish media.
January 15, 2009 at 11:23 pm
antique
Very informative overview of the true state of Rangers and their parent company MIH.
To be honest you\’d have thought the Rangers support would have acted a long time ago but instead prefered to bury their heads in the sand.
Even today with the laughable \”we deserve better campaign\” stolen from the Torento FC fans! there is still no direct questions as to what the real debt stands at and what price their club is for sale?
Again the RST show themselves up as being way out of their depth.
January 15, 2009 at 10:24 pm
JohnBhoy
Seems like there are some bears with sore heads.
Strangely, none of them are able to argue about the FACTS.
Just the usual bigotry and bile.
With Murray’s financial year set to end on January 31, time is running out for him.
If I were Lloyds, I’d tell him to liquidate every asset — yes, even thetop scorer, captain, goalie and teenage wonderkid — right now. Because no transfer fees would be payable if the club went bust. And the transfer window would be over anyway.
Then I would tell Murray to hand all his steel and buildings over to the administrators. Oh, and the private jet and vineyard too.
The Ibrox “Everyone Must Go” fire sale is just the START of it.
January 15, 2009 at 8:50 pm
Mark Cowan
Despite a number of requests to enter into correspondence Phil, you seem keen to ignore me. Strange considering your continual moans at Billy Singh ignoring you.
If you are genuinely interested in ridding Scotland of bigotry, racism and sectarianism, then you have my e-mail address.
It might actually serve some purpose rather than you wasting your time on all of this gumph for goodness sake.
January 15, 2009 at 7:57 pm
DC
Laugh now. Cry later.
That goes to both the two idiots at points 1 and 2 and gloating Celtic fans.
January 15, 2009 at 7:39 pm
ozmick
My face is priceless.
“Ïf Celtic lose a fiver, we’ll lose 10k”
Succulent lnks and Lanny from now on in the MIH MD’s dignified office (or a staunch traditional motor home would that now be?)
Smell that coffee, mmmmm!!
January 15, 2009 at 7:31 pm
Russ
Phil, everyone knows you hate us more than you like your own team but seriously ‘Get a Life’. You sound a bitter, bitter man spewing bile, really you need some help.
January 15, 2009 at 7:08 pm
King of Kings
Murray International doesn’t look like a steel company because he sold off his steel subsidiaries you muppet.
January 15, 2009 at 6:47 pm
farmine homme
what alot of fenian pish. ffs ya bunch of o\’grade accountants
January 15, 2009 at 6:41 pm
Santino
Just out of interest Phil, what does it feel like hating Rangers more than you actually love your own club?
“Dissident Journalist”? More like “Mhank-with-typewriter”
January 15, 2009 at 6:36 pm
John Maclean
Many, many thanks.
That was a superb, forensic examination, and backed up many impressions I had built up in looking at earlier MIH accounts.
In many ways, it seemed to me that the MIH empire became a means to an end – a cash cow to keep the Rangers “dream” afloat amid a sea of debt.
Except that now the lifebelt is deflating . . . fast!
January 15, 2009 at 5:28 pm