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:
Co-operative Bank still has security over 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