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.
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