Anyone know if the football debts have been cleared? Just wondering.
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Thread: Yams football debt.
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24-08-2014 05:40 PM #1
Yams football debt.
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24-08-2014 06:02 PM #2This quote is hidden because you are ignoring this member. Show Quote
I very much doubt it. Their agreement between Budge and FoH was that FoH would hand over £ 1 million in working capital and also square up the football debts.
According to the FoH site they handed over the £ 1 million in May and they were going to negotiate with the football creditors.
Since then silence on that front.
They were due Musselburgh Athletic £ 5790 , does anyone know if they got paid or shafted in the usual Yam manner ?
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24-08-2014 06:07 PM #3
They didn't get to the top of the league by paying their debt.
"Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral.' - Paulo Freire
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24-08-2014 06:14 PM #5
TBH, if the football debt hadn't been settled, it's unlikely that the SFA would have given them their licence for the season.
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24-08-2014 06:17 PM #6This quote is hidden because you are ignoring this member. Show Quote
Yams got away without paying for the Heriot Watt training facilities for about 3 years, without paying our Council Business Rates and rentals due because nobody cared to ask questions.
Should it just be allowed to happen again ?
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24-08-2014 06:19 PM #7This quote is hidden because you are ignoring this member. Show Quote
It was corrupt, it was wrong and it should never have been allowed to get to the stage it did.
But it did happen and constantly harping on about it won't change that. We have more than enough problems of our own without worrying about their issues as well.PM Awards General Poster of The Year 2015, 2016, 2017. Probably robbed in other years
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24-08-2014 06:22 PM #8
They entered into a CVA with their creditors for £2.5M. This money was loaned to the club by Budgie's Bidco and has to be repaid in 2 years by the FOH.
Any creditor owed money (including HMRC) would receive a percentage out of the CVA amount.
They did not get to be top of the league by paying their debts in full. In essence they are debt free - for now.
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24-08-2014 06:23 PM #9This quote is hidden because you are ignoring this member. Show QuotePM Awards General Poster of The Year 2015, 2016, 2017. Probably robbed in other years
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24-08-2014 06:28 PM #10This quote is hidden because you are ignoring this member. Show Quote
The football creditors are payable in full as part of the conditions of retaining the SFA licence.
No other creditors were paid anything, except for UBIG who received money for their shares, but not their debts.
And, they are not debt free. They owe Budge for the cash she put up.Last edited by CropleyWasGod; 24-08-2014 at 06:31 PM.
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24-08-2014 06:28 PM #11This quote is hidden because you are ignoring this member. Show Quote
" Any pre-administration debts including sums due to Players , were included in the approved CVA proposals, they would now be a matter between the creditors concerned and the relevant CVA manager. "
In other words the SPFL want nothing to do with it.
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24-08-2014 06:30 PM #12This quote is hidden because you are ignoring this member. Show Quote
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24-08-2014 06:36 PM #13This quote is hidden because you are ignoring this member. Show Quote
You would be happy if they were able to sign a couple of extra players because they can get away with stiffing our Council etc, AGAIN !
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24-08-2014 06:40 PM #14This quote is hidden because you are ignoring this member. Show Quote
I lost interest in the whole administration will they/won't they saga pretty early on. I didn't fully understand it and I always suspected they would come out the other side in decent shape.
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24-08-2014 06:56 PM #15This quote is hidden because you are ignoring this member. Show Quote
Regardless of what they are doing off the pitch they always always seem to have the upper hand on the pitch and until that changes i dont actually care what they do behind the scenes.
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24-08-2014 07:02 PM #16This quote is hidden because you are ignoring this member. Show Quote
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24-08-2014 07:18 PM #17This quote is hidden because you are ignoring this member. Show Quote#PERSEVERED
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24-08-2014 07:19 PM #18This quote is hidden because you are ignoring this member. Show Quote
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24-08-2014 07:38 PM #19
I think HOMFC seemingly getting away with murder, then coming out of administration smelling of roses, and now sitting top of this league is a major contributory factor to the amount of anger and frustration felt and being expressed at the moment by many Hibs supporters.
There will be those who don't give a f***, but there are many who feel a sense of injustice at the position HFC & HOMFC now find themselves in.
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24-08-2014 08:27 PM #20This quote is hidden because you are ignoring this member. Show Quote
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24-08-2014 10:25 PM #21This quote is hidden because you are ignoring this member. Show Quote
I am semi-retired, so I've got time for both.
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25-08-2014 12:26 AM #22
Can we not just give this fascination with Hearts debt a rest please...!
Let's concentrate on ourselves!
If there is one lesson from last season then surely it is this,
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25-08-2014 05:35 AM #23This quote is hidden because you are ignoring this member. Show Quote
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25-08-2014 05:47 AM #25
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spot on.
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25-08-2014 05:55 AM #26
There are about forty other threads "concentrating on ourselves" so why can't those who want to discuss the cheats do so without people coming along and trying to make them look stupid or feel guilty?
I might be wrong but I don't think this thread and the energy used to make it will effect our situation as a club.
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25-08-2014 06:04 AM #27
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I,'m with you Timewilltell.
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25-08-2014 06:31 AM #28
The "concentrate on ourselves" folk out in force yet again As if people are incapable of focussing on more than one thing. Besides, what has focussing on Hibs and only Hibs on a messageboard ever achieved? **** all, that's what.
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Cheats, unfortunately, prosper.
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25-08-2014 08:20 AM #29This quote is hidden because you are ignoring this member. Show Quote
A friend " lost" £ 3000+ due to his small business for " work carried out" . This led to him having to pay off a tradesman .
He has had not a penny nor a note of regret or whatever .
He is I believe only one of a number of small businesses in the same position .
As you say they are not " debt free" with the woman Budge having a default clause written into the loan agreement ( this from an accountant friend )
Also agree with many posters re not really being interested in HofMFC but still scunnered at their having walked away from these debts and almost laughing about it .
Life goes on and we too must move on
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25-08-2014 11:22 AM #30This quote is hidden because you are ignoring this member. Show Quote
PS, as a retiree I'm able to multitask & care passionately about Hibs while despising them! For those of you who don't want to hear about "our obsession" with Yams can I gently suggest you don't open a thread entitled Yams Football Debt.
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