Financial football expert David Low says a Scottish Premiership club is up for sale as Celtic look set to become the only club immune from Covid-19 due to a ‘billionaire cornerstone.’
Clubs across the country have been hit with financial problems due to Covid-19 and the consequences of that, most notably no fans in stadiums. Low has explained the impact of this, detailing that American investors see Premiership clubs as potential spots for opportunity, Celtic the only club confirmed as potentially immune from the pandemic.
Americans have controlling interests in Aberdeen, Dundee United and Hibs so far and Low – who was Fergus McCann’s advisor when the Canadian businessman saved Celtic from bankruptcy – says investors from across the water have decisions to make.
He said (Sunday Mail): “The pandemic last year caught clubs on the hop. Consequently, they were ill-prepared for the lack of match-day revenue streams and no country in Europe is more dependent on that income than Scotland. The ramifications continue. It’s still not over and it’s still unclear when, if at all, grounds will be able to return to full capacity.
“Clubs are being put on the market because they’re owned by individuals who don’t have the money to replenish the damage done to their balance sheets. There’s also one club in the Scottish Premiership for sale, although they haven’t made it public yet. The ones who will come through it unscathed are the ones which had the most money behind them.
“That should make Celtic relatively immune to this. They had over £ 30million in the bank before the pandemic hit, they have a billionaire cornerstone investor [Dermot Desmond] and they also have an unused and expanded overdraft facility. So they have all the tools required to come out of the other end of this.
“Celtic have a dominant shareholder but there’s no one person in control at Rangers and that makes them vulnerable to a takeover approach and the Americans are the main contenders now. Frank McCourt, the former LA Dodgers owner, bought Marseille. But most Americans prefer the UK because it’s English speaking.
“it has a sophisticated legal system and because London is the world’s investment capital. Most of the major Premier League clubs have already gone. So they now have to decide whether to go for a small fish in a big pool – a Norwich or a Brighton – or a big fish in a small pool such as Celtic, Rangers or FC Porto.”
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