Celtic Football Club has been found not guilty of acting fraudulently in the acquisition of Lennoxtown, the site of our training facilities. Now the deal when you look at it is a tidy piece of business for Celtic, we bought it for £493,000 in 2006 and then developed a £8.5m training complex the following year. We were then paid £500,000 up til June 3013 for providing community services on the once derelict site. That is to say we recouped our initial output.
Now business deals that result in profits are something unheard of to many in Glasgow’s nether reaches and of course they cried foul that Celtic dare to have a business plan that didn’t involve soft loans, IPO’s or converting debt to shares in an unlisted PLC. These of course are financial practices that are the daily diatribe spouted out of the DR and the Shark Jump. How dare Celtic plan ahead.
That we have managed to regroup our outlay is admirable, that we went to our shareholders to finance the £8.5m for Lennoxtown is equally admirable. We didn’t place the club in danger of overspending at a time it couldn’t afford to. On the other hand Murray Park was constructed during the Advocaat era where the EBT’s were to begin the debts to accrue and the end to begin for an institution bigger than the Kirk.
This scare campaign against the famous Glasgow Celtic and its PLC have been nothing more than a smoke screen which has been puffed up by a few zombies desperately trying to throw the blame onto Celtic. The idea that our loans were below market rates and therefore we gained an unfair advantage are ludicrous. Banks loan to those who pay their bills and will often secure such AAA companies at favourable rates as they KNOW they will get their money back. It is no coincidence that NO bank will touch them as they have in essence a ZZZ rating.
£300,000 pounds has been wasted on a commission that hasn’t even reprimanded Celtic or the council for their business dealings, merely stating that: “However, poor management practice on the part of the Lennoxtown Initiative and the relevant public bodies involved in it has at the very least allowed accusations to be made and valid questions to be asked.” If you can read between the lines if this were in a school it is saying “Well nothing was wrong but thanks for asking a stupid question anyway Billy.”
This has been nothing but a smear campaign on the Labour Party by Tories and their proxies out of Govan. The indentured Sectarianism within this investigation is palpable. Simply: Catholics are evil- Celtic is Catholic – Glasgow Council is run by Celtic – Don’t vote for the Papes. With no real Tory representation in Scotland all this weakening of the Labour Party has done is fuel an upsurge in the SNP. Only 5% to go there too, the conspiracies of the deluded will come back to haut them. The stones they have thrown in glasshouses have bounced off the panes.
Glasgow Celtic Football Club PLC “No Fraud” Bouncy Bouncy round that.