Hearts’ unnamed benefactor

[cocteautwin]

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It's included in the section relating to Going Concern.

"The projections include:-

.....Additional loan facilities of £1,750,000 secured by the club effective from October 2017"

That suggests to me that they have already drawn it down, although the use of the word "facilities" might mean the opposite.

The projections also assume a continuing of the £125k per month from FOH towards the stadium costs and "the realisation of new revenue streams and commercial sources of income from the operation of the new main stand".

Is the £1.75m not the loan from the Company that built the stand?


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[lapsedhibee]

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Is the £1.75m not the loan from the Company that built the stand?

If it is, why would that need to be a secret?

[Firestarter]

David Murray?

[Tyler Durden]

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Is the £1.75m not the loan from the Company that built the stand?


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Sorry but not sure what you would base that on. I don't think construction companies are in the habit of lending money.

[lapsedhibee]

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Sorry but not sure what you would base that on. I don't think construction companies are in the habit of lending money.

Read it as "We want all this work completed but can't afford to pay you. Will you do it anyway and we'll owe you the cost + 2.5%."

[Michael]

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Read it as "We want all this work completed but can't afford to pay you. Will you do it anyway and we'll owe you the cost + 2.5%."

Who would agree to that? Historically Hearts don't have a very good record at paying back what they owe.

[lapsedhibee]

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Who would agree to that? Historically Hearts don't have a very good record at paying back what they owe.

Well something was up during the fairly long period when there were only two or three people working on the site. Perhaps it was negotiations between Drs Budge and the builder about how best to proceed given that the yams had run out of money to pay for some of the work already done and all of the work that still needed to be done. Not saying a true fact, but plausible.

[allezsauzee]

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Don't believe everything you hear and don't listen to things you hear when you are pished

Folk with that type of money didn't acquire it by doling it out anonymously to organisations they have no real involvement with.

They give it to charities and are most like to be seen as the good people they are for doing so.

Anybody giving serious monies to a Football Team is off their chump, you only have to look at the abuse STF has received over the year for not bankrolling Hibs further.

The point most folk continuously miss over this entire issue in amongst the smokescreen of anonymous benefactors is how much FOH have given them.

Even the stupidest arse in the land will finally get something to work eventually, when they do the FOH monies will give them a huge financial advantage over us unless we step up to the plate collectively

That is why the continuing lethargy over HSL and snails pace progress on anything that HSL do is so damaging to us in the long term.

I wasn't pished when i was told and it was a company employee who told me

[greenginger]

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I wasn't pished when i was told and it was a company employee who told me

This is Baillie Gifford's sposorship program for 2017


https://www.bailliegifford.com/about...rence-in-2017/

All wholesome worthwhile causes.

Would be strange if some partners went rogue and started funding the poppythieves.

But, what people get up to anonymously can be quite shocking .

[cocteautwin]

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Sorry but not sure what you would base that on. I don't think construction companies are in the habit of lending money.

I'm pretty sure I read it on one the releases by HMFC and Budge earlier in the year, soon after the time of the announcement of the cost overruns on the stand. I've had a look at their press releases to see if I could find it but their website doesn't lend itself to searching through the press releases easily. I'll maybe have a look when I have more time.

It made sense to me as the funding to finish the stand was similar to what the overrun was.

[BSEJVT]

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I wasn't pished when i was told and it was a company employee who told me

Sorry my reply was meant to be tongue in cheek

I would put the chances of what you were told being true at less than 1% I know some of those guys and guys of their ilk and that is just not something they would remotely consider.

Charitable donations possibly, but they would rather spend their cash acquiring either property or other investments and Caspian Primrose's friends schooling doesn't come cheap.

Many want to retire early and do something philanthropic with their millions or take on Non Exec directorships to give something back.

They truly aren't in the habit of flushing their cash down the pan on things they have only a passing interest in.

[lord bunberry]

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Sorry but not sure what you would base that on. I don't think construction companies are in the habit of lending money.

Normally I would agree, but I found it quite unusual when Budgie released one of her many statements about the stand being delayed. She was at pains to take the blame, and absolve the construction company of any blame. She said that everything was on schedule, when it blatantly wasn’t. Construction companies don’t normally get praised for being behind schedule, and it makes me wonder if there’s any truth in this rumour.

[Wembley67]

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Sorry my reply was meant to be tongue in cheek

I would put the chances of what you were told being true at less than 1% I know some of those guys and guys of their ilk and that is just not something they would remotely consider.

Charitable donations possibly, but they would rather spend their cash acquiring either property or other investments and Caspian Primrose's friends schooling doesn't come cheap.

Many want to retire early and do something philanthropic with their millions or take on Non Exec directorships to give something back.

They truly aren't in the habit of flushing their cash down the pan on things they have only a passing interest in.

Yup, totally agree. For someone that has worked there nearly the whole of his working life I would like to think I'm well placed to make a judgement call...there are probably around eight directors (tongue in cheek) that like football and they are all west coast supporters!

[greenginger]

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Normally I would agree, but I found it quite unusual when Budgie released one of her many statements about the stand being delayed. She was at pains to take the blame, and absolve the construction company of any blame. She said that everything was on schedule, when it blatantly wasn’t. Construction companies don’t normally get praised for being behind schedule, and it makes me wonder if there’s any truth in this rumour.

I think Budge's statement about the delays was to save herself and the Club from a law-suit by Hardies after a previous statement had blamed the contractors.

There were many reasons for the project over-run that the contract manager/contractors were not responsible.

Starting the project without approved drawings, extra midweek football fixtures to cater for, pouring new concrete foundations for the front of the stand after the rear section had been built are just a couple that come to mind.

No doubt the final bill will be decided by the arbitration service.

[greenginger]

PhilMac what do you call him , has had his accountant pal who usually looks at Sevco stuff take a look at the Yam accounts.

https://philmacgiollabhain.ie/2017/1...nts-of-hearts/

Full of gushing praise, but I think he gets bit about an interest free loan from Mrs Budge a bit confused.

[truehibernian]

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PhilMac what do you call him , has had his accountant pal who usually looks at Sevco stuff take a look at the Yam accounts.

https://philmacgiollabhain.ie/2017/1...nts-of-hearts/

Full of gushing praise, but I think he gets bit about an interest free loan from Mrs Budge a bit confused.

And unless the 'mystery' budg......I mean benefactor plans to provide similar £2.5 million annuities, surely they don't make for that good reading ?

Without that payment would they not have made a significant loss GG ?

[Firestarter]

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And unless the 'mystery' budg......I mean benefactor plans to provide similar £2.5 million annuities, surely they don't make for that good reading ?

Without that payment would they not have made a significant loss GG ?

A huge loss that Cludge has covered herself and by building the stand it's no bad at all.

[Ozyhibby]

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And unless the 'mystery' budg......I mean benefactor plans to provide similar £2.5 million annuities, surely they don't make for that good reading ?

Without that payment would they not have made a significant loss GG ?

Only about £200k. Not huge. It’s next years account that will be interesting from them.


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[CropleyWasGod]

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PhilMac what do you call him , has had his accountant pal who usually looks at Sevco stuff take a look at the Yam accounts.

https://philmacgiollabhain.ie/2017/1...nts-of-hearts/

Full of gushing praise, but I think he gets bit about an interest free loan from Mrs Budge a bit confused.

He hasn't read the Note about the loan properly.

He has also missed the Note about Going Concern. Whilst not overly troubling for the Yams, I'm not sure I can agree with his conclusion about being "well-run".

[Bostonhibby]

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He hasn't read the Note about the loan properly.

He has also missed the Note about Going Concern. Whilst not overly troubling for the Yams, I'm not sure I can agree with his conclusion about being "well-run".

He probably means well run compared to how they were previously run☺

My goldfish already spotted that.

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