Blue Heaven 37 Posted October 30, 2013 Share Posted October 30, 2013 Celtic’s Mortgages to Co-operative Bank and Glasgow City Council: Westhorn Training GroundPOSTED BY FOOTBALLTAXHAVENS ⋅ OCTOBER 29, 2013⋅ LEAVE A COMMENTFILED UNDER MORTGAGESCeltic F.C. Limited, the wholly owned subsidiary of Celtic PLC, have loans from the Co-operative Bank of £34 millionhttp://www.thesundaytimes.co.uk/sto/business/Finance/article1304380.ece which are secured against land in 3 mortgages:Celtic ParkCeltic Triangle [The land around Celtic Park]Westhorn Training GroundThis post relates to the Westhorn Training Ground which lies right next to Barrowfield, Celtic’s old training centre. It is the cross hatched area in the map above. MortgagesCeltic PLC has two mortgages on the Westhorn land. All Outstanding mortgages can be view at the bottom of: https://www.duedil.com/company/SC003487/celtic-plc/financialsOne to the Co-operative Bank:And another to Glasgow City Council:The amazing coincidence is that the two mortgages were created the same day, the 21st April 2009.So are were led to believe that Celtic, Glasgow City Council, the Co-operative Bank and Harper McLeod, who drafted the Celtic-Co-operative Bank mortgage, were in the same room making the transfers and agreements? Or was there a lot of to and fro’ing across Glasgow that day?Seems strange that the land became security on a Co-operative Bank loan the same day it was sold by Glasgow City Council. Hmmm coincidence? Questions?Why did Celtic want Westhorn in April 2009?Lennoxtown Training Centre was opened in October 2007, by the then chairman, Brian Quinn, a year and half earlier. It obviously wasn’t wanted to extend Barrowfield, their old training centre. They already had Lennoxtown. It is understandable for Celtic to acquire land near their ground, in the Celtic Triangle, however Westhorn is not nearby. Why continue with an irrelevant purchase – unless someone else places a higher value on it – perhaps the Co-operative Bank?Why were Glasgow City Council selling the land when it obviously wasn’t going to be developed as a training ground?Why not sell the land for residential development like the old Belvidere Hospital site nearby and get higher council taxes every year? Or hold a competitive auction? In the Glasgow City Council mortgage above, the area is 5.33 Hectares which is 53,300 sq metres. That’s about 7.5 football pitches, assuming 7,000 sqm a pitch. That’s a lot of houses.So what was the valuation of the land? Valuation DifferencesIn Glasgow City Council’s Executive Committee report for 30th November 2007, available under reportshttp://www.glasgow.gov.uk/councillorsandcommittees/DocumentSearchPublic.asp on their website, it states:However Gerry Braiden, in The Herald article titled ‘Celtic close to deal over disputed land‘ on Wednesday, 17th January 2007 stated:‘Despite the intervention of the District Valuer it has not been possible, after almost two years, to agree a price for Westthorn Recreation Ground, previously valued at around £5m.’http://www.heraldscotland.com/celtic-close-to-deal-over-disputed-land-1.851123That’s quite a discrepancy between £675,000 and £5 million. One is over 7 times the other. The price paid is quite a discount.Considering that the day Glasgow City Council sold the land, it then becomes security for part of the Co-operative bank loan it appears as if the purpose was to facilitate the delivery of security for the Co-Operative Bank loan? Surely this is state support and against EU regulations as well as UEFA Financial Fair Play [FFP] rules. And who is on the UEFA board for FFP, former Celtic chairman, Brian Quinn.Which valuation was placed on the land within the Co-operative Bank mortgage £675,000 or £5 million or more?Note: The reason Glasgow City Council have mortgage is to have Standard Security to ensure they get 50% of any uplift in value if Celtic sold the land within 5 years of the sale as can be seen above in the Executive Committee extract above. With the sale in 2009 then this mortgage will lapse in 2014. Quote Link to post Share on other sites More sharing options...
1st_Jan_1994 4,866 Posted October 30, 2013 Share Posted October 30, 2013 Keep this in Bears Den Infact go one better and pin it Quote Link to post Share on other sites More sharing options...
JimmyCR1 1,099 Posted October 30, 2013 Share Posted October 30, 2013 Don't care get it tae fuck Quote Link to post Share on other sites More sharing options...
1st_Jan_1994 4,866 Posted October 30, 2013 Share Posted October 30, 2013 Don't care get it tae fuckYou should care Quote Link to post Share on other sites More sharing options...
FrozenTundras 120 Posted October 30, 2013 Share Posted October 30, 2013 If this is true it needs to be publicised. Anyone here capable of verifying it? Quote Link to post Share on other sites More sharing options...
soulboy 2,405 Posted October 30, 2013 Share Posted October 30, 2013 For thickos like me can someone explain in simpler terms or is it as it says against uefa fair play rules ? or is there more to this like the council selling off land cheap to the mhanks again. Quote Link to post Share on other sites More sharing options...
rossDas 1,071 Posted October 30, 2013 Share Posted October 30, 2013 The celtic triangle: a bit like the Bermuda triangle only it's investigative journalism goes missing? Quote Link to post Share on other sites More sharing options...
FernandoR20 2,133 Posted October 30, 2013 Share Posted October 30, 2013 What the fuck is this Quote Link to post Share on other sites More sharing options...
Carsons Dog 9,878 Posted October 30, 2013 Share Posted October 30, 2013 Send it to the fraud squad Quote Link to post Share on other sites More sharing options...
King Jela 15,655 Posted October 30, 2013 Share Posted October 30, 2013 Nah. Get this to fuck. Quote Link to post Share on other sites More sharing options...
Misteral 2,723 Posted October 30, 2013 Share Posted October 30, 2013 First send it to another forum and then to the Fraud Squad Quote Link to post Share on other sites More sharing options...
wearethepeople1 3,897 Posted October 30, 2013 Share Posted October 30, 2013 Keep digging mate. These rancid bastards are corrupt as fuck Quote Link to post Share on other sites More sharing options...
Muirheadbear 1,483 Posted October 30, 2013 Share Posted October 30, 2013 Oh my goodness the llhurkers will not like this.Have you noticed the high levels if ghuest67? Quote Link to post Share on other sites More sharing options...
linfield1690 4,247 Posted October 30, 2013 Share Posted October 30, 2013 Interesting Quote Link to post Share on other sites More sharing options...
72barca 1,768 Posted October 30, 2013 Share Posted October 30, 2013 Send it to the SFA and have them initiate an investigation by the UEFA board for FFP. Quote Link to post Share on other sites More sharing options...
Jimbeamjunior 19,979 Posted October 30, 2013 Share Posted October 30, 2013 what the fuck does it mean? Quote Link to post Share on other sites More sharing options...
wearethepeople1 3,897 Posted October 30, 2013 Share Posted October 30, 2013 what the fuck does it mean?Basically means Glasgow city council gave Celtic alsorts of land for no where near what it was worth so they haved gained an unfair advantage at the hand of the state which is against fifa rules Quote Link to post Share on other sites More sharing options...
mearns loyal 2,033 Posted October 30, 2013 Share Posted October 30, 2013 The celtic triangle: a bit like the Bermuda triangle only it's investigative journalism goes missing?And the virginity of hundreds of young boys Quote Link to post Share on other sites More sharing options...
Sweeney 241 Posted October 30, 2013 Share Posted October 30, 2013 what the fuck does it mean?This. Quote Link to post Share on other sites More sharing options...
islandblue 365 Posted October 30, 2013 Share Posted October 30, 2013 Expose these corrupt bastards Quote Link to post Share on other sites More sharing options...
cumnockbear 2,446 Posted October 30, 2013 Share Posted October 30, 2013 I posted this in Boardroom and Financial this morning. Quote Link to post Share on other sites More sharing options...
Zelda 1 Posted October 30, 2013 Share Posted October 30, 2013 more to come on this story Quote Link to post Share on other sites More sharing options...
kanjo 25,965 Posted October 30, 2013 Share Posted October 30, 2013 Would make sense. This is why Liewell does not want an investigation Quote Link to post Share on other sites More sharing options...
mabawsa 888 Posted October 30, 2013 Share Posted October 30, 2013 Keep it up lads. Let's see them spin their way out of Council aid. That is my council that gave land away at a fraction of its value , so it is out of mine and many others taxes. Someone should call Alex Tommo's bluff when he said if it was Septic upto no good he would investigate. Tell him that there is evidence of allegedly something shady that could contravene not only UEFA FFP but also taking tax payers money and basically giving it to a multimillion pound business. Thnk of the hospitals and schools....In fact where is Mark Daly these days.... Quote Link to post Share on other sites More sharing options...
Helicopter Sundae 5,425 Posted October 30, 2013 Share Posted October 30, 2013 You should careIt is about time every one of us cared.They declared WAR on our club, yet we're not supposed to mention them.Better still, start a Sub Forum where all matters relating to them can be put.That makes a lot of sense, and if you do not want to know, keep the fuck out! Quote Link to post Share on other sites More sharing options...
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