Hearts' New Stand Thread (Merged)

[Iain G]

So Spurs will have demolished, moved, rebuilt, fitted out and opened their entire new stadium prior to this tin pot, cheap and nasty stand being complete! In construction terms this project is a complete disaster but nobody is questioning it!!

[GloryGlory]

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The claim is she has put in the money. If she had they have raised 3,30000. She's facilitated more money quicker but not contributed directly...

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I wonder if she has added it on to the sum she wants for her shares?

[GreenCastle]

Reading that they will continue to use the Wheatfield tunnel and changing rooms for all of next season.

Surely they could have sorted that in the new main stand ?

It’s hilarious how long this over priced dodgy made stand is taking to complete.

[CropleyWasGod]

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The claim is she has put in the money. If she had they have raised 3,30000. She's facilitated more money quicker but not contributed directly...

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Had she taken the interest, and then repaid it directly towards the stand, the effect would have been the same.

Directly or indirectly, she has contributed. And she hasn't been slow in telling people, which is perhaps the point.



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[O'Rourke3]

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Had she taken the interest, and then repaid it directly towards the stand, the effect would have been the same.



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That's the issue really. We have nothing to say she would have so claiming she did. To be fair I'm not sure she is the one claiming it, #allisbarry is doing the usual Haw Haw and using all 12 fingers to get the sums wrong

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[Geo_1875]

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"Budge was speaking as Hearts confirmed the receipt of £3 million from FoH which had been redirected towards the redevelopment of Tynecastle, which will now come it at around £15 million and is set to be completed by next summer"

So, +£15m, includes £3m from the chumps and won't be finished til NEXT SUMMER!!!

Full article here - http://www.deadlinenews.co.uk/2018/0...form=hootsuite

Haven't read the article but the string says she's open to staying on.

Of course she'll stay until the last penny has been squeezed from the fans.

Have FoH got any shares in return for their "contributions"?

[G B Young]

The £15 million final figure was based, as far as I can see, on the stand being finished THIS summer. Here's what was said at last year's AGM:

https://www.edinburghnews.scotsman.c...lion-1-4643058

Hard to imagine that cost will remain the same when you factor in a further year's delay. As others have said, it's mind-boggling how few in the media have seen fit to question quite why completing ONE stand can take significantly longer than some clubs take to construct an entire stadium.

[Jack Hackett]

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Haven't read the article but the string says she's open to staying on.

Of course she'll stay until the last penny has been squeezed from the fans.

Have FoH got any shares in return for their "contributions"?

They have a large share of the escalating cost of the rust elephant.

[FilipinoHibs]

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That's the issue really. We have nothing to say she would have so claiming she did. To be fair I'm not sure she is the one claiming it, #allisbarry is doing the usual Haw Haw and using all 12 fingers to get the sums wrong

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Crops is saying could have taken the interest and paid it to stand fund or not taken interest and had an extra 300k to the stand. Both equate to her pumping 300k of her own money into the shed. But where did that round £4.5 mill come from?

[RyeSloan]

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Had she taken the interest, and then repaid it directly towards the stand, the effect would have been the same.

Directly or indirectly, she has contributed. And she hasn't been slow in telling people, which is perhaps the point.



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I’m still curious about this interest. Is it clear if she has written it off or simply deferred payment?

And if it’s deferred is she planning on charging interest on the rolled up amount?

[CropleyWasGod]

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I’m still curious about this interest. Is it clear if she has written it off or simply deferred payment?

And if it’s deferred is she planning on charging interest on the rolled up amount?

The account say that it's an "interest holiday" from 1 July 2016 to 31 May 2018.

I read that as no interest being due for that period. Had it been deferred, the auditors would have insisted on its being accrued in the accounts.

I now see where AIB gets his £300k from. 23 months at 6.5% on £2.4m is £299k. I'll bet he had help with that, though.

[Keith_M]

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I see the logic.

The club hasn't been paying interest to her, therefore that money can be put towards the new stand.

I'm not sure about the arithmetic, though.

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No way Pedro.

Temporarily waving the excessive interest payment is definitely NOT the same as putting 300k towards the new stand.

The only reason they've stopped paying money for the purchase is because Budge asked them for an extra 3 million, to be paid towards the Stand. She was the one that enacted the delay in the repayments, not FoH, so it's only right that she's not charging them interest.

[lord bunberry]

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I’m still curious about this interest. Is it clear if she has written it off or simply deferred payment?

And if it’s deferred is she planning on charging interest on the rolled up amount?

That’s what I was thinking. If it’s deffered then it will still have to be paid, so she isn’t putting any of her own money in.

[Bostonhibby]

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No way Pedro.

Temporarily waving the excessive interest payment is definitely NOT the same as putting 300k towards the new stand.

The only reason they've stopped paying money for the purchase is because Budge asked them for an extra 3 million, to be paid towards the Stand. She was the one that enacted the delay in the repayments, not FoH, so it's only right that she's not charging them interest.

She does what she wants, she does what she wants, just the one shareholder, doctor Budge does what she wants.

Romanov lite.

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[lapsedhibee]

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No way Pedro.

Temporarily waving the excessive interest payment is definitely NOT the same as putting 300k towards the new stand.

The only reason they've stopped paying money for the purchase is because Budge asked them for an extra 3 million, to be paid towards the Stand. She was the one that enacted the delay in the repayments, not FoH, so it's only right that she's not charging them interest.

Point of order:
You can't wave interest payments. You can wave wads of notes (as Harry Enfield used to do in the eighties). In this case, The Queen has done neither.

[CropleyWasGod]

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No way Pedro.

Temporarily waving the excessive interest payment is definitely NOT the same as putting 300k towards the new stand.

The only reason they've stopped paying money for the purchase is because Budge asked them for an extra 3 million, to be paid towards the Stand. She was the one that enacted the delay in the repayments, not FoH, so it's only right that she's not charging them interest.

She isn't charging FOH interest, though, it's the club that she's charging.

In the short-term, the club are £300k better off through not paying that. She is £300k worse off. Hence the logic that, through not charging them, the club don't need to find that £300k for the stand.

In the longer-term, there will be no difference to either party, as the loan period has been extended. FOH are out £3m, but they will keep on giving until the cash cow has died.

[greenginger]

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She isn't charging FOH interest, though, it's the club that she's charging.

In the short-term, the club are £300k better off through not paying that. She is £300k worse off. Hence the logic that, through not charging them, the club don't need to find that £300k for the stand.

In the longer-term, there will be no difference to either party, as the loan period has been extended. FOH are out £3m, but they will keep on giving until the cash cow has died.

Budge put her £ 2.5 million into her company Bidco1874 and the company bought HOMFC . She did not lend the club money she bought an asset. Should her payments not be considered income with the relavent NI charge, at least paid by the company given Budge is past retiral age ?

[lapsedhibee]

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Budge put her £ 2.5 million into her company Bidco1874 and the company bought HOMFC . She did not lend the club money she bought an asset. Should her payments not be considered income with the relavent NI charge, at least paid by the company given Budge is past retiral age ?

If UEFA see it that way, will Hearts be out of Europe next season?

[RyeSloan]

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The account say that it's an "interest holiday" from 1 July 2016 to 31 May 2018.

I read that as no interest being due for that period. Had it been deferred, the auditors would have insisted on its being accrued in the accounts.

I now see where AIB gets his £300k from. 23 months at 6.5% on £2.4m is £299k. I'll bet he had help with that, though.

Cheers Crops that makes sense, esp. if the loan period has been extended accordingly.

But May 2018 is now upon us and although the stand is STILL nowhere near finished the holiday surely is..nicely timed with FOH paying over the last of their dough.

So unless otherwise informed we can assume that as of next week Budge will be looking to get her 6.5% back up and running...which I think would be about 13k a month, not fortunes but a nice little drag on their budget none the less.

I’m now though confused as to how her money is to be repaid. Is the plan for FOH to build back up their piggy bank and to repay the loan and get shares in the club in return? If so do we know what percentage of the club they are expecting to get for their £2.4m (which is really £5.4m after their stand ‘donation’)

[CropleyWasGod]

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Budge put her £ 2.5 million into her company Bidco1874 and the company bought HOMFC . She did not lend the club money she bought an asset. Should her payments not be considered income with the relavent NI charge, at least paid by the company given Budge is past retiral age ?

There's a loan from Bidco in the accounts.

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[CropleyWasGod]

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Cheers Crops that makes sense, esp. if the loan period has been extended accordingly.

But May 2018 is now upon us and although the stand is STILL nowhere near finished the holiday surely is..nicely timed with FOH paying over the last of their dough.

So unless otherwise informed we can assume that as of next week Budge will be looking to get her 6.5% back up and running...which I think would be about 13k a month, not fortunes but a nice little drag on their budget none the less.

I’m now though confused as to how her money is to be repaid. Is the plan for FOH to build back up their piggy bank and to repay the loan and get shares in the club in return? If so do we know what percentage of the club they are expecting to get for their £2.4m (which is really £5.4m after their stand ‘donation’)

The FOH repayments will continue. Once the loan has been repaid, AN will probably bow out.

As far as the shares are concerned, I think part of the deal for the stand was that voting rights of x% ...can't remember how much...would be transferred to FOH. That may have already been done.

Ownership of the shares passes to FOH when the loan has been repaid.

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[Ozyhibby]

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If UEFA see it that way, will Hearts be out of Europe next season?

Think the league table will take care of that next season as well.


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[RyeSloan]

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The FOH repayments will continue. Once the loan has been repaid, AN will probably bow out.

As far as the shares are concerned, I think part of the deal for the stand was that voting rights of x% ...can't remember how much...would be transferred to FOH. That may have already been done.

Ownership of the shares passes to FOH when the loan has been repaid.

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Ahh OK so FOH’s will now start to pay down the loan on behalf of the club and once complete they get the whole shooting match?

[CropleyWasGod]

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Ahh OK so FOH’s will now start to pay down the loan on behalf of the club and once complete they get the whole shooting match?

Yup.

Don't forget that they have already contributed £2.8m (maybe more...Ozy?...) to working capital. That makes the shares pretty expensive

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[Alan62]

The thought of 100% ownership of Hearts by 10,000 or so FOH punters who have sacrificed the bairns' holidays to save their club is an exciting one. The combination of their sense of entitlement and the reality of trying to elect a successful board of directors could get messy. I'm not dismissing fan ownership as a model but it's extremely tricky to manage the punters' expectations and run a financially viable football club.

As ever, pass the popcorn.

[Eyrie]

Very generous of Budge to stop taking 6.2% interest from Save Hearts In Trouble for a couple of years.

Just think of how much better off Hearts would have been if she'd charged a normal rate of interest, or even didn't charge any interest like Farmer.

[BILLYHIBS]

Budgie announced today that it will be another 12 months before the Macleod Street stand will be completed so they will continue to use the Wheatfield Stand changing rooms until then.It just means that Potter will have another season of doing the walk of shame.No mention made of the inadequate turnstile arrangements for visiting fans which are surely not fit for purpose.Dont call me Shirley!

[cocteautwin]

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The thought of 100% ownership of Hearts by 10,000 or so FOH punters who have sacrificed the bairns' holidays to save their club is an exciting one. The combination of their sense of entitlement and the reality of trying to elect a successful board of directors could get messy. I'm not dismissing fan ownership as a model but it's extremely tricky to manage the punters' expectations and run a financially viable football club.

As ever, pass the popcorn.

This is when the fun starts. Club being owned by 10,000 rabid football supporters. There will be calls for a manager change every second week. A few bad results and the new manager blames it on not having "his team" yet. Time for a new manager . . . . . "it's not my players out there" . . . . a few losses . . . . new manager . . . . rinse and repeat . . . sounds good to me.

[green day]

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The thought of 100% ownership of Hearts by 10,000 or so FOH punters who have sacrificed the bairns' holidays to save their club is an exciting one. The combination of their sense of entitlement and the reality of trying to elect a successful board of directors could get messy. I'm not dismissing fan ownership as a model but it's extremely tricky to manage the punters' expectations and run a financially viable football club.

As ever, pass the popcorn.

Not picking on you, but I hear this a lot.

It really depends how Hearts manage it.

During the stand rebuild they have been poor, but the club/FoH/donors will have spent a huge sum on that stand in this period.

Once it's done, and Budge is bought out, their financial advantage on us (ST sales being equal) will be something like £1.5m per year, due to FoH donators.

They donate as much in a month as we give to HSL in a year.

That is perhaps the difference between 6th and 2nd/3rd in terms of player quality, not to mention bragging rights.

If we don't bridge that gap, they will get ahead and stay ahead of us for years.

HSL is the way, easy sign up, and all the money goes to Lennon for players.

[GordonHFC]

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Budgie announced today that it will be another 12 months before the Macleod Street stand will be completed so they will continue to use the Wheatfield Stand changing rooms until then.It just means that Potter will have another season of doing the walk of shame.No mention made of the inadequate turnstile arrangements for visiting fans which are surely not fit for purpose.Dont call me Shirley!

Was told recently by someone involved in the insurance of the pink palace that they have absolutely no money to finish the new stand and they would be lucky if it was completed by the start of 2020.