every celtic silver lining has a media manufactured cloud

The pre-Christmas Celtic share issue was a huge success, with the club announcing that it had been over-subscribed by some 32%. The issue raised £15 million and applications were received for 132% of the available shares.

It was extremely good news and made for a sharp contrast with the dismal failure of the recent rights issue at the Death Star, where public uptake of Murray's shares amounted to little over £1 million, Darth himself having to underwrite the rest.

At a time when most fans could have been forgiven for using their money for other more pressing priorities it was quite extraordinary that so many supporters were willing to help finance the new training complex at Lennoxtown and help reduce the club's debt. It also revealed a confidence in the board's strategy that might have shocked anyone whose perceptions of relations between fans and directors had been gleaned from the pages of the tabloids.

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It should have been a positive headline-grabbing story, but it hardly rated a mention in the media. Indeed, Radio Clyde's phone-in panel actually tried to manipulate it into yet another negative Celtic issue, with Keevins and Johnstone suggesting that the fans would be unhappy that none of the money would be used for buying players, ignoring the fact that the board had made it perfectly clear what the money would be used for in the share issue prospectus.

The conversation quickly turned to David Murray's pronouncement that 'serious money' (as opposed to funny money) is imminently heading the way of Mordor and that the final figure would be released in January. Talk of as much as ten million quid being available for Eck to squander on an assortment of diddies (surely 'strengthen his squad for a push towards Champions League glory'? Ed) was being bandied about, even as the Eckmeister himself was simultaneously bemoaning the fact that although he wanted to put a 'British stamp' on his team - the way they used to do with eggs - he couldn't afford to buy anybody.

It's a theme that has been taken up in the papers as well. At the beginning of January Rangers were being talked about in the News of the Screws as being involved in a race with other clubs from the English Premiership to sign Norwich City's Dean Ashdown, a player who was valued at £7 million.

Perhaps Celtic's share issue might have received more coverage had it been a spectacular failure rather than an unqualified success. For such it is, and if the board are worth their salt at all they will be able to deliver a training facility that will build a solid foundation for years of bringing through young players to move the club on to the level where we all want it to be.

Apart from anything else, when the object of this share issue is finally built it will put to rest the last of the criticisms continually aimed at Celtic with regard to our lack of a training facility comparable to those found either on the continent or the one at Lower Drumchapel.

As it was succinctly put by one contributor to CQN: We were penniless - Then came Fergus McCann; The first share issue would be a flop - largest in British football history; Your stadium is a dump! We built the finest and (according to a neutral survey) the most atmospheric football stadium in Britain; no training ground, no training ground, no training ground. Well roll on Lennoxtown.

MANFRED LURKER