//
you're reading...
Financial Integrity, Football, Moral Integrity

So Willie Haughey owns Celtic Park but the question for Celtic shareholders is why?

Below is a copy of the Title GLA150218 which is Celtic Park.

Amazingly it is appears it is owned by Willie Haughey and he paid £1,000 for it on 4th August 2000.

Seems a low price even compared to Glasgow City Council’s usual discounting policy for land valuations given to Celtic.

Who knows what contrivance is behind it – questions please to Dermot Desmond, Celtic’s main shareholder at the next AGM. He became main shareholder after he bought most of Fergus McCann’s shares in 1999.

How this sale can be done at such a low price under the noses of shareholders I dont know. Maybe that is why the asset was price so low. There is nothing in the companies notices to the stock exchange so it kind makes a mockery of shareholder protection.

If Celtic wanted to protect their asset it could have been put in a trust or something neutral rather than selling it for such a low price to a businessman – even though he’s ‘Celtic-minded’ and previously been a director:

William Haughey

Co-operative Bank still has security over Celtic Park

Cooperative Bank security Celtic Park

Almost a year after Celtic Park was acquired by Willie Haughey then security over the asset was given to the Co-operative Bank for Celtic’s current 34 million loan & overdraft.

Now I don’t think there is anything illegal about a third party, Willie Haughey, offering up the security for a loan from the Co-operative Bank to Celtic but if I was a shareholder it would be a worry. What other assets have been ‘arranged’ in such a manner? Are players next?

Regarding the Co-operative Bank though, I wonder what the value of the security is on the Co-operative Bank’s loan book? Do you think it will be £1,000?

Repayment of initial Co-operative Bank loan

Fergus McCann, talking of when he bought Celtic, says that the Co-operative Bank gave them a loan on much better terms than the Bank of Scotland. That was in 1994. But this was suddenly repaid by Celtic in 2001 under mysterious circumstances when the proceeds of a share issue did not get used for it’s declared purpose i.e. a training ground & team expansion. ( See previous post) Again Celtic shareholders did not have the full picture.

One thing is for certain is that Ian Bankier at the next Celtic PLC AGM will not be holding the title to Celtic Park unless Willie Haughey loans him it for the day. Somehow I think Big Dermot will be playing golf that day and may not attend the AGM.

Land Register Extract

 

GLA150218a

GLA150218b

 

GLA150218c

©footballtaxhavens.wordpress.com 2014 CC-by icon

Advertisements

Discussion

11 thoughts on “So Willie Haughey owns Celtic Park but the question for Celtic shareholders is why?

  1. Ha Ha be a few tims with red faces,how Gcc and them have got away with this is a mystery been talked about for years good to see someone finally haveing the balls to expose it,surely police must get involved eventually, taxpayers been subsidiseing that club since it was created ,all the while crying about discrimingation,keep digging plenty folk apprecate your work .

    Posted by don | June 20, 2014, 11:32 am
  2. Would be most interesting to see the Charter of Novodamus which contains the rights that Celtc have as Superiors. I wonder if they collect a feuduty from the owner of the midden??

    Posted by katy f | June 20, 2014, 1:55 pm
  3. Quick copy – not evidential copy… its a draft and could be in valid for evidence

    Posted by JKK | June 20, 2014, 2:01 pm
  4. Am I missing something, what does is state he has bought/owns in the title deed ? Is it land, buildings, exactly what ?

    Posted by Gary | June 20, 2014, 3:17 pm
  5. Was willie haughey not involved in some dodgey deals with Stephen Purcell when he was council leader can remember reading about some court case in which haughey was to appear as a witness or something for Purcell about some contracts that had been awarded and then at the last minute haughey didn’t have to appear, can’t remember. If this is exact but they 2 were both mentioned

    Posted by Davy mearns | June 20, 2014, 4:50 pm
  6. keep up the good work

    Posted by Orange Tatty | June 20, 2014, 8:44 pm
  7. Oh dear….doesnt look good.

    Clocks ticking timmy………

    tick tock

    Posted by BlueStu | June 23, 2014, 10:03 pm
  8. If Haughey owned the above subjects the “Interest” in the “A PROPERTY SECTION” would narrate “Proprietor” it doesn’t, it narrates “Superior” Superior and Proprietor (owner) are very different, happy to be proven wrong but i’m sure superiority was abolished circa 2000.

    Posted by AdmiralGreig | September 6, 2014, 1:04 am
  9. Is this Haughey a relation to Charles Haughey? He was bent and… let’s say had links with Dermot Desmond. See the Glucken Report and the Flood Tribunal re covert dealings with Politicians.

    I wonder if the links are even more pronounced than I first thought?

    Posted by Horse with No Name (@ChicSharpHorse) | April 7, 2016, 1:08 am

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: