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The Greenock Morton Thread - It's Better Than Yours


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34 minutes ago, Demented Zebra said:

Rumblings regarding Morton's 1.9 million debt where did that spring up from ? Are none of you guys worried. 

The only thing that worries me is that Rae won’t sell the club until any debt owed to Golden Casket is written off. When will that happen? Who knows.

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1 hour ago, IainMorton said:

The only thing that worries me is that Rae won’t sell the club until any debt owed to Golden Casket is written off. When will that happen? Who knows.

Who or what is Golden Casket?

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1 hour ago, Demented Zebra said:

There is a rivalry between the clubs which is good for both clubs gate when we play many of us would like to see you win the play off. Hope all goes well with the financial situation

It’s not news to any of us. We’ve know for years the ‘debt’ we are in due to the Rae’s mismanagement of the club like spending a fortune on Chris Templeman, a stand from St Mirren and letting it rust away, apparently paying Stewart Greacen and Ryan Harding over £1200 a week each in the old Division 2, the list goes on. 

I think the debt was actually reduced over the past year. Who knows what will happen when the Rae’s finally leave. 

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1 minute ago, Scosha said:

Douglas Rae owns the Golden Casket which owns brands like Millions and Buchanan’s. The Golden Casket has ‘loaned’ us a vast amount of cash over the years. 

Presumably then he doesn't own it outright or he would be in a position to write the debt off?

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1 minute ago, ShaggerG said:

Presumably then he doesn't own it outright or he would be in a position to write the debt off?

I’m sure he does own it outright. The only problem is there is no money in Morton to hand back over to GC and he is too stubborn to take it from his own pocket. The sooner he sells us to the Easdale brothers (McGills busses), the better.

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16 minutes ago, IainMorton said:

I’m sure he does own it outright. The only problem is there is no money in Morton to hand back over to GC and he is too stubborn to take it from his own pocket. The sooner he sells us to the Easdale brothers (McGills busses), the better.

So he doesn't want to write the debt off then? :unsure2:

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20 minutes ago, ShaggerG said:

So he doesn't want to write the debt off then? :unsure2:

As much as every Morton fan is grateful that he saved the club back in 2003, everyone apart from him and his son can see that we can go no further with the tight financial restrictions that we currently have. As said above, who knows what would happen if someone else owned the club and there was more money being put in.

Edited by IainMorton
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On 18/03/2018 at 18:49, jimmy boo said:
On 18/03/2018 at 16:12, Norrie82 said:
What a difference a year makes.  Is telegrammonnon or whatever his name is still here? Could you post a portillo pic for me please?  

Gammy is alright actually. It's Finchy and Virgin who deserve laughed at.

download.jpg.327cc6ffd5a4f0e67e6a35daae2e76e5.jpg

7 hours ago, Demented Zebra said:

Rumblings regarding Morton's 1.9 million debt where did that spring up from ? Are none of you guys worried. 

article-2401157-1A6BB8A7000005DC-768_634x411.jpg.2d9367e4d13036aa1897f6957990beb1.jpg

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1 hour ago, Gert.T.Fock said:

How many Ton’ fans making the trip on the 2nd last game? Can’t see there being a big away support to be honest...

Considering there is an outside chance of us also winning promotion, I’d hope we take a few thousand through. How many will stay to watch the after party? I'd say none. :P 

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Enough of this overwrought knicker wetting. There is more than one way to construct a deal to sell the club, eg all or part of the debt could be coverted into share capital before any sale. The business would no longer have a debt to service or repay.

The freehold land etc that consists of the ground is valued  in the balance sheet  at over £3 million. If  DFR puts the club into voluntary liquidation today sale of the ground should enable him to get the £2m back at least. Why on earth should we expect him to give it away?

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There's a lot of sense and even-handedness in Dunning's post above. 

Equally, like it or not there's a lot of sense and a bit more realism in BranchTon's post.

None of us are likely to buy a football club outside of computer games, but many or most of us can relate to buying a house. Imagine that years ago you bought a house that was on its last legs. You saved it from demolition, and over the years you and your family spent a lot of money on it. Not all of the "improvements" you made met with the approval of the neighbours, the council or the people who walked past it once every two weeks or so, in fact some of the work was disastrous, but whether it worked or not it was your house and you did it all with the best of intentions.

Fast forward to the present. You're getting old  and despite the help of family and friends you realise the time is coming when you will have to sell up and move on. You're realistic enough to realise that you're never going to get back all the money you've spent on the house and that you're going to incur an overall loss, but naturally you'll want to get as high a price for the property as you can, and why shouldn't you? Same for all of us.

It's oh so easy for those without a financial stake to so "oh, they should just write that money off, their fault for wasting it" - but, back in the real world, would YOU write off a seven-figure sum?  Of course not. I've no idea what the Rae family is worth, but I doubt that between one and two million pounds is chickenfeed to them. Equally I don't understand those who talk about the money ploughed into the club as "their" money in relation to the Raes. Of COURSE it's the Raes' money, lent to the club by Golden Casket, the Rae family business, in a series of redeemable loans. Where the hell else did it come from? You don't have to like it, but those are the facts - and it's also a fact that the club could be requested to pay those monies back. Douglas Rae has said in the past that he won't look for repayment in his lifetime; we don't know what will happen after he passes away.

Few people buy a football club and make money from it (see TheRangers, Glasgow). And it will be a harder sell with the debt hanging over Morton. I'm sure Crawford Rae knows that he is almost certain to have to write of a large amount of money to facilitate a future sale - but all of it, as Dunning in his otherwise excellent post, and others posters, have suggested? Get real.

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