Share Transfers Agreed/Cooling off period

[Weststandwanab]

Aye and he's playing for nowt :fibber: Is Nowt the name of the Jambo Newco ?

[TrinityHibs]

I seem to remember at the time someone saying that the Tynecastle stands had been built with a lower spec and that they were expected to have a shorter lifespan than the ones at ER. They cost a lot less than our stands iirc.

The first 2 could have cost less as FTB constructed them on a separate trades basis. James Clydesadale appointed a project manager who oversaw the sub contractors which cut out main contractors profit, significantly reduced the preliminaries and secured enhanced sub contractors discount for FTB due to direct payment. There was a suggestion at the time that corners were being cut which Clydesdale denied. He then went on to say that FTB not only paid him additional cash for the PM but also paid him a full Architects fee which very few other clients did. You have to ask why? I believe Clydesdale did other work for FTB but have no idea what if any fees were paid for that!!!! I do not believe their stands are any less well constructed than any other stand constructed at that time. However when you compare the two grounds you do realise what an exceptional job STF and RP have done in producing a first class environment to play and watch football.

[Ozyhibby]

I dont think there is anything wrong with their 3 'newish' stands. They are cheap and nasty looking but they are not about to fall down. They will last a few years yet.
Maintenance must be expensive due to them being open at the back though.
Internally, the place is in a terrible state. I recently spent a day in the Gorgie suite as part of an SFA training day and it's fair to say that the place needs considerable amounts if money spent on it.
Can't imagine how bad things are in the main stand.
If Hearts get their CVA they will still face significant costs maintaining Tynecastle which we will not. That's before you even think about building new stands.

[Fife-Hibee]

Levering tyres off with his proboscis? :dunno:

Lol

[Billy Whizz]

Hope the link works

http://www.telegraph.co.uk/sport/football/scottish-football/10631856/Scottish-football-abandons-plans-to-automatically-relegate-clubs-in-administration.html

[GreenLake]

I dont think there is anything wrong with their 3 'newish' stands. They are cheap and nasty looking but they are not about to fall down. They will last a few years yet.
Maintenance must be expensive due to them being open at the back though.
Internally, the place is in a terrible state. I recently spent a day in the Gorgie suite as part of an SFA training day and it's fair to say that the place needs considerable amounts if money spent on it.
Can't imagine how bad things are in the main stand.
If Hearts get their CVA they will still face significant costs maintaining Tynecastle which we will not. That's before you even think about building new stands.

I'm sure their political backers will be looking for ways to offload some of that onto local tax payers having fleeced foreign ones already.

[Newry Hibs]

Hope the link works

http://www.telegraph.co.uk/sport/football/scottish-football/10631856/Scottish-football-abandons-plans-to-automatically-relegate-clubs-in-administration.html


Looks like The Rangers maybe close to admin then.

[hibees 7062]

Is Nowt the name of the Jambo Newco ?

HNFC PLC :greengrin

[chinaman]

Just bumped in to Rudi, then Tom Farmer in the same place just now, very strange.

Was it the chapel ??

[The Gorf]

Skacels nose is so big the 2 of them could be miles apart and you'd still be able to bump in to him.
Each nostril has a different postcode:greengrin

[Gus Fring]

Hope the link works

http://www.telegraph.co.uk/sport/football/scottish-football/10631856/Scottish-football-abandons-plans-to-automatically-relegate-clubs-in-administration.html

:panic:

[leggeto]

I saw Gonzo in George street yesterday with his bird , they were both looking a bit thin especially her ( i've seen mair meat on a butchers pencil ). Mind you if you are unemployed like the great conko getting a decent scran must be difficult !.

seen him there too he was dressed like a homeless guy by looks of him

[hibees 7062]

[QUOTE=leggeto;3905469]seen him there too he was dressed like a homeless guy by looks of him[/QUOTE

Was he sitting wi his family ?

http://i.telegraph.co.uk/multimedia/archive/02686/ROMA-PARK-LANE_2686480b.jpg

[brog]

That main stand can't have much longer left in it if it was on its last legs in 2003. It's amazing that they've had a further decade out of it!

Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!

[greenginger]

Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!

I remember Petrie talking about this a couple of years ago.

He said that back in 2002 or so both Hibs and Hearts were notified by the Council that their main stands were not compliant and their safety certificates were to be withdrawn. Hibs obviously progressed with their new stand while the Yams did nothing and continued to get their safety cert. from our impartial Council. Petrie was very bitter about the whole thing.

Can I suggest someone with a good camera phone pays the PBS main stand a visit on a match day and films some of the more shocking failures in the death-trap and posts them on U-tube.

May'be make a sensation out of it :cb

[leggeto]

[QUOTE=leggeto;3905469]seen him there too he was dressed like a homeless guy by looks of him[/QUOTE

Was he sitting wi his family ?

http://i.telegraph.co.uk/multimedia/archive/02686/ROMA-PARK-LANE_2686480b.jpg

yip that's them mate lol quality

[Danderhall Hibs]

Just bumped in to Rudi, then Tom Farmer in the same place just now, very strange.

Hope he skinned him for as much as he could get. Exhausts, tyres the lot.

[Danderhall Hibs]

Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!

I'm totally shocked. The internet doesn't work when you're not in Scotland?!

Incredible.

[biggie1875]

http://www.hibs.net/attachment.php?attachmentid=11997&stc=1&d=1392230440

[GreenLake]

Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!

That netting will do an excellent job of stopping the microscopic asbestos fibres falling from the roof of the stand.

[greenginger]

Its a pity the 100 MPH gales did'nt venture a bit further north. That stand would look superb without its roof.

[Waxy]

Its a pity the 100 MPH gales did'nt venture a bit further north. That stand would look superb without its roof.

They probably would have wanted that for insurance purposes.
Wonder how much it cost them to insure it.

[degenerated]

The first 2 could have cost less as FTB constructed them on a separate trades basis. James Clydesadale appointed a project manager who oversaw the sub contractors which cut out main contractors profit, significantly reduced the preliminaries and secured enhanced sub contractors discount for FTB due to direct payment. There was a suggestion at the time that corners were being cut which Clydesdale denied. He then went on to say that FTB not only paid him additional cash for the PM but also paid him a full Architects fee which very few other clients did. You have to ask why? I believe Clydesdale did other work for FTB but have no idea what if any fees were paid for that!!!! I do not believe their stands are any less well constructed than any other stand constructed at that time. However when you compare the two grounds you do realise what an exceptional job STF and RP have done in producing a first class environment to play and watch football.

Melville dundas were the main contractor on that job, were they not?

[TrinityHibs]

Melville dundas were the main contractor on that job, were they not?

Maybe the first stand definitely not the second. Mercer was going thro his separate trades stage at that time and getting things built on the cheap. Main issue was getting an acceptable warranty to satisfy the lender as there was no single point of responsibility. I was pretty sure he did the first stand that way as well but you are as likely to be correct as it is a good few years ago.

[Jack]

They probably would have wanted that for insurance purposes.
Wonder how much it cost them to insure it.

It was mentioned some months ago that insurance was costing [over] £300,000 a year for that stand alone.

[bawheid]

Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!

Although that document was clearly caged to try and convince the mutants that Murrayfield could work, the paragraph on the main stand is incredible.

Structurally unsound, asbestos roof in a state of disrepair (as if netting is a suitable mitigation for asbestos risk!), non-compliant access and egress, made of wood. The stand is - without even exaggerating - a disaster waiting to happen.

I remember being in it for the semi in 2007 and being shocked at how terrible it was. I doubt much has been spent in the way of maintenance since.

[Aldo]

Although that document was clearly caged to try and convince the mutants that Murrayfield could work, the paragraph on the main stand is incredible. Structurally unsound, asbestos roof in a state of disrepair (as if netting is a suitable mitigation for asbestos risk!), non-compliant access and egress, made of wood. The stand is - without even exaggerating - a disaster waiting to happen. I remember being in it for the semi in 2007 and being shocked at how terrible it was. I doubt much has been spent in the way of maintenance since.

And to think they have a hospitality suite in that stand as well. Gas heaters and all. Big team ma arse

[Hibby70]

The netting is to keep the pigeons IN. It's only the bird **** keeping the roof together.

[greenginger]

It was mentioned some months ago that insurance was costing [over] £300,000 a year for that stand alone.


In BDO's report expenditure report insurance costs for the first 6 months of administration were £ 15,439.00 .

I would guess that would only cover public liability and staff accidental injuries. Don't think they can get/considerate it worth it to insure the Wonga Dome.

The creditors list does not seem to have an insurance company named either. Paid up front or un-insured :confused:

[Ozyhibby]

In BDO's report expenditure report insurance costs for the first 6 months of administration were £ 15,439.00 .

I would guess that would only cover public liability and staff accidental injuries. Don't think they can get/considerate it worth it to insure the Wonga Dome.

The creditors list does not seem to have an insurance company named either. Paid up front or un-insured :confused:

If it was paid in full before admin then the policy would still be active? Therefore may not show up on BDO report?

[Hibrandenburg]

No matter how this pans out, the next generation of yams will blame their Uncledaddies for the mess they're in.

[Moulin Yarns]

Although that document was clearly caged to try and convince the mutants that Murrayfield could work, the paragraph on the main stand is incredible.

Structurally unsound, asbestos roof in a state of disrepair (as if netting is a suitable mitigation for asbestos risk!), non-compliant access and egress, made of wood. The stand is - without even exaggerating - a disaster waiting to happen.

I remember being in it for the semi in 2007 and being shocked at how terrible it was. I doubt much has been spent in the way of maintenance since.

To those that remember watching events unfold at Bradford, 29 years ago. Paper rubbish under the stand, a discarded fag....

http://bradfordcityfire.co.uk/

[ian cruise]

To those that remember watching events unfold at Bradford, 29 years ago. Paper rubbish under the stand, a discarded fag....

http://bradfordcityfire.co.uk/

Thing is it will be insured for well more than it's worth. There would be those behind the scenes hoping it does burn down.

[Eric]

To those that remember watching events unfold at Bradford, 29 years ago. Paper rubbish under the stand, a discarded fag....

http://bradfordcityfire.co.uk/

In The Football Grounds Of England And Wales published in 1983, in the section on Bradford City, the author Simon Inglis wrote "Underneath the seats are flaps which open to reveal piles of accumulated litter" The fire occurred about 2 years later on 11 May 85.

The problems at Valley Parade prior to the fire seem to mirror many of those now at Tynecastle. And Hearts have had a 10 year warning of impending disaster but seem to be totally unconcerned!

[Geo_1875]

In The Football Grounds Of England And Wales published in 1983, in the section on Bradford City, the author Simon Inglis wrote "Underneath the seats are flaps which open to reveal piles of accumulated litter" The fire occurred about 2 years later on 11 May 85.

The problems at Valley Parade prior to the fire seem to mirror many of those now at Tynecastle. And Hearts have had a 10 year warning of impending disaster but seem to be totally unconcerned!

I don't think they are unconcerned, they just can't afford to do anything about it. I'm pretty sure their plans for a 400,000 seater multi purpose superdome was all smoke. I think it was a matter of spend £5-10m they didn't have on a new stand or draw up plans for a new stand to keep the health and safety people off their backs.

[Eric]

I don't think they are unconcerned, they just can't afford to do anything about it. I'm pretty sure their plans for a 400,000 seater multi purpose superdome was all smoke. I think it was a matter of spend £5-10m they didn't have on a new stand or draw up plans for a new stand to keep the health and safety people off their backs.

If Hearts were concerned they would have closed their main stand. Then again it is Hearts we are talking about!

[greenginger]

I don't think they are unconcerned, they just can't afford to do anything about it. I'm pretty sure their plans for a 400,000 seater multi purpose superdome was all smoke. I think it was a matter of spend £5-10m they didn't have on a new stand or draw up plans for a new stand to keep the health and safety people off their backs.

Exactly.

This has been the excuse for about the last 6 years.

" Why make us spend money bringing the old stand up to safety standard when we are going to pull it down as soon as you give us planning permission for a new stand ".

The million pound plus the imbeciles spent on design fees for a pie-in-the-sky mega stand could have given the pre-war relic another 20 years of use.

The upper part of the stand, the bit with the wooden deck should be closed when the season finishes as a minimum requirement.

[Onion]

These chumps have a simple choice. act like a rationale, well run club and pgrade the infrastructure to make it safe, comfortable and 21st century, or put every penny they steal into players they can't afford so they can beat the Hibs. No contest.

Tough year ahead for the Yams with no Hibs glamour game to look forward to :greengrin

[brog]

Although that document was clearly caged to try and convince the mutants that Murrayfield could work, the paragraph on the main stand is incredible.

Structurally unsound, asbestos roof in a state of disrepair (as if netting is a suitable mitigation for asbestos risk!), non-compliant access and egress, made of wood. The stand is - without even exaggerating - a disaster waiting to happen.

I remember being in it for the semi in 2007 and being shocked at how terrible it was. I doubt much has been spent in the way of maintenance since.

I was last in main stand for a game vs them in the 90's. I was horrified at the conditions, particularly as people were smoking in the toilets. I've refused to go there ever since & also barred my family from going to that stand. It really should be shut down now.

[jgl07]

Exactly.

This has been the excuse for about the last 6 years.

"Why make us spend money bringing the old stand up to safety standard when we are going to pull it down as soon as you give us planning permission for a new stand".

The million pound plus the imbeciles spent on design fees for a pie-in-the-sky mega stand could have given the pre-war relic another 20 years of use.

Did they actually spend one million on design fees or did they string along the Architect with promises of the commission once the stand received planning permission?

Either way, spending a million on the old stand would do little to solve the safety issues. A ball and chain is the only way to deal with that!

[the_ginger_hibee]

STV news...

Gary Locke calls out prospective Hearts owner on her plans for the club.

Clever boy, hound your only real backer even before the 'rubber stamp' makes its appearance. And I thought it was the biggest supporter movement in history, not the Anne Budge show?

[Www1875hfc]

STV news...

Gary Locke calls out prospective Hearts owner on her plans for the club.

Clever boy, hound your only real backer even before the 'rubber stamp' makes its appearance. And I thought it was the biggest supporter movement in history, not the Anne Budge show?

Just coming on STV shortly.

[BH Hibs]

Update coming up apparently. Bet it's pish :wink:

[Gus Fring]

Here's the FOH response

http://progress-sc.com/wp-content/uploads/2014/02/Media-Release-Foundation-of-Hearts-BIDCO-13th-February-2014.pdf

[Ozyhibby]

£6m debt after admin? Better than we hoped. :-)

[Www1875hfc]

It is vital that supporters understand that is likely £6m needs to be raised over a five year period ?

[BH Hibs]

I'm assuming the £6m figure is the running costs plus bidcos money

[H18sry]

http://www.bbc.co.uk/sport/0/football/26180083?utm_source=twitterfeed&utm_medium=twitter

[Gus Fring]

"BBC Scotland can reveal"

:faf:

[bingo70]

Raising £6m while rebuilding an entire squad, at least 1 season in the championship and also needing a new main stand. Aye nae bother.

[Bostonhibby]

http://www.bbc.co.uk/sport/0/football/26180083?utm_source=twitterfeed&utm_medium=twitter

All seems a bit premature to me, and it disnae sound like a fan owned club if Budge is already doing Kim Jong Il walkabouts and appointed herself to the chair - wonder if the bubble might still go pop if the real value of the property asset is ever drawn to the Liths attention or indeed the shares remain frozen.

[Waxy]

They tried to get more cash out her but she wouldn't budge.

[Gustavo Fring]

so that FOH statement says to the effect that the share deal has not yet been done , yet all the yams are spouting that the shares are signed sealed and delivered

[davcar]

This, have we not discussed this 100 times over, no really any new news! Oh and frozen shares not being defrosted anytime soon, which is the key element!




"BBC Scotland can reveal"

:faf:

[Dashing Bob S]

If I was her I'd be praying that the Lith shares remain frozen and the Jambos proceed to liquidation. Getting mixed up in a CVA and bid that looks doomed to permanent austerity followed by failure...all you're doing by getting involved is setting yourself up to be a much hated scapegoat.

[O'Rourke3]

Might be the first, probably not the last. So, the £6M is the debt due to BidetCo, not the total needed to keep the club going in running costs/turnover so - and excluding the rebuilding costs for the main stand - they need to raise around £11M

[CropleyWasGod]

Might be the first, probably not the last. So, the £6M is the debt due to BidetCo, not the total needed to keep the club going in running costs/turnover so - and excluding the rebuilding costs for the main stand - they need to raise around £11M

Don't think so. I made it 6.3 m.



Sent from my GT-I9100 using Tapatalk

[Ozyhibby]

Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

[CropleyWasGod]

Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

Sent from my GT-I9100 using Tapatalk

[Tyler Durden]

Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.

No - she gets her £2.5m repaid but other funds are for working capital purposes.

[Ozyhibby]

She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

Sent from my GT-I9100 using Tapatalk

I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

[hibs0666]

I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

It's effectively a £1000 a yam 5 year payment plan.

Not sure what happens after the five years. Maybe they start saving up for a new stadium at that point.

[SuperAllyMcleod]

Interesting that she is the sole director of Bidco. I thought they had a number of investors - perhaps they still do but they don't want the spotlight or the hassle that would go with it.

Makes you wonder why Donald Ford left though.

[Mikey]

so that FOH statement says to the effect that the share deal has not yet been done , yet all the yams are spouting that the shares are signed sealed and delivered

You know what, that could be because THE SHARES ARE STILL FROZEN :greengrin

[Tyler Durden]

I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

No. On day 1 Bidco buys the club. FOH need £1m in the first year (not sure if that's actually by day 1) to support running costs. That's funds over and above their revenues from season tickets etc. FOH then need to put in £1.4m working capital for at least next 2 years for same purposes.

When FOH are able, they can repay Bidco the £2.5m used for initial purchase of the club. That has to happen by year 5.

Is my reading.

[Dashing Bob S]

You know what, that could be because THE SHARES ARE STILL FROZEN :greengrin

Oh I expect they'll unfrozen soon as part of the normal procedure of rubber stamping the CVA. That's if they were ever really frozen in the first place.

Debt free by April and a strike force of May and MacKay blasting Hearts back into the Premiership next season!

[Ronniekirk]

No - she gets her £2.5m repaid but other funds are for working capital purposes.
So she's a Philanthropist with Hear7s best interests at Heart It's a touching story .Her name came up before so I take it there is substance to this .Has anyone confirmed yet when the Lithuanian Court is meeting to unfreeze the shares and bring this fairy tale to its happy ending .has she passed the due Diligence and Fit and Proper person checks the new SPFL put in place , who knows we might then discover she is in the midst of some mid life crisis and hasn't thought this through .Wonder what her realMotives are .

[hibees 7062]

From EEN

Great News, BIDCO to run the club for 3-5 years as per the full statement and WE the Foundation of Hearts will have enough from our current members to pay back BIDCO's interest free loan and have 6million reserve in the bank. All great news, pity the EN have only printed the bit about us have to raise 6million, the statement says nothing about we need this to save Hearts, BIDCO (Anne Budge) has kindly done this for us, cheers Anne!!

Wow they're ok then

[GreenLake]

They can do admin2 and stiff Budge for the 2.5m and drop into the West Edinburgh Pub League.

[jacomo]

She's no daft. ..no sure about you though ;-).
Not my reading at all.

She is lending FOH cash. That is all. FOH are buying the club.

Sent from my GT-I9100 using Tapatalk

But she will be Executive Chair though? I understand why she'd want to be on the board to protect her loan but sounds like she wants to run the club.

[EastCalderHibby]

I was last in main stand for a game vs them in the 90's. I was horrified at the conditions, particularly as people were smoking in the toilets. I've refused to go there ever since & also barred my family from going to that stand. It really should be shut down now.

Why are we even interested in hearts main stand . the club know how dangerous it is yet are not worried about their own fans sitting in it
the season ticket holders in there don't seem to complain . would not want any body hurt or become ill due to asbestos but if as you say its that bad
then why not close that stand I know they need the wonga but surely fan safety is more important wonga ?

[HibbySpurs]

Melville dundas were the main contractor on that job, were they not?

Wonder what happened to them :confused:

[StevieC]

They can do admin2 and stiff Budge for the 2.5m and drop into the West Edinburgh Pub League.

Budge will be running the club, so she'll not be getting stiffed off anyone ..

.. which, given some of the jambo bur .. errr .. females .. I've seen, sounds like it's on the money.

[HibbySpurs]

But she will be Executive Chair though? I understand why she'd want to be on the board to protect her loan but sounds like she wants to run the club.

Sounds like she WILL run the club to me..... so much for fan ownership hahaha ducking plums.

[DC_Hibs]

Budge will be running the club, so she'll not be getting stiffed off anyone ..


That suits her down to the ground.
With "Budgie" - like most Ikea furniture - there's no screwing, its all Tongue 'n Groove.

Old'un but golden - ya for sure

[CropleyWasGod]

I can't help but try to show it in a most negative light. :-)


All in all the yams have to come up with £6.3m to take control of the club?

Yep.

Easy peasy :-)

Sent from my GT-I9100 using Tapatalk

[hibees 7062]

Yep.

Easy peasy :-)

Sent from my GT-I9100 using Tapatalk

How much will it be next month ?

[NadeAteMyLunch!]

Couple of jambos have told me this week that all is sorted, the shares can be unfrozen by UKIO, soon as the meeting is over in March the shares will be popped in the microwave, everything has been agreed down to the finer details and they will be debt free by next season.
12010

[jacomo]

Here's the FOH response

http://progress-sc.com/wp-content/uploads/2014/02/Media-Release-Foundation-of-Hearts-BIDCO-13th-February-2014.pdf

I've read this properly now, and here's the news:

Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.

At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.

So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?

[CropleyWasGod]

I've read this properly now, and here's the news:

Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.

At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.

So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?

Ann Budge isn't buying the club. She is lending the money to FOH to enable them to buy it.



Sent from my GT-I9100 using Tapatalk

[SurferRosa]

Couple of jambos have told me this week that all is sorted, the shares can be unfrozen by UKIO, soon as the meeting is over in March the shares will be popped in the microwave, everything has been agreed down to the finer details and they will be debt free by next season.
12010

Their delusion about them suddenly being debt free once the Foundation of Idiots get handed the keys to Tynie must have taken a bit of a battering after todays press release from said idiots. Not to mention their 'fan ownership' plan might have to wait a while until Budgie decides to vacate the Chairmans office.

[GreenLake]

I've read this properly now, and here's the news:

Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.

At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.

So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?

If all goes to jambo plans she'll be sitting in a fur coat watching a Champions League tie at Old Trafford in three years time and swig back some Pinot Noir with Fergie after the game discussing the purchase of Rooney with Paterson thrown in to sweeten the deal.

[GreenLake]

Or even better, maybe she is an undercover Hibs supporter who will take a firm grip of the running of Hearts and make sure they don't cheat for another 30 years or so.

[ScottB]

If she isn't buying the club, why is she effectively running it for 3 years?

Certainly sounds like it'll be her club till the Foundation pay her off?

[CropleyWasGod]

If she isn't buying the club, why is she effectively running it for 3 years?

Certainly sounds like it'll be her club till the Foundation pay her off?

She's protecting her investment. Given the recent history, it makes sense to have a major input in how the club is run.

Sent from my GT-I9100 using Tapatalk

[Ozyhibby]

Who owns Bidco? It appears that they buy the club initially? Only director is Ann Budge?

[CropleyWasGod]

Who owns Bidco? It appears that they buy the club initially? Only director is Ann Budge?

They're not buying the club. FOH are.
The FOH press release refers to her as the BIDCO director. Not sure if she's the only one.

Sent from my GT-I9100 using Tapatalk

[Ozyhibby]

They're not buying the club. FOH are.
The FOH press release refers to her as the BIDCO director. Not sure if she's the only one.

Sent from my GT-I9100 using Tapatalk

@The_FoH: [BIDCO]: BIDCO can and must ONLY sell to #FOH with a binding contract in place. This will take 3-5 years.

@The_FoH: [BIDCO]: BIDCO as majority shareholder of Hearts will control the board. Ann will put that in place in due course. #FOH will be fully rep.

I'm confused as usual. :-)

[CropleyWasGod]

@The_FoH: [BIDCO]: BIDCO can and must ONLY sell to #FOH with a binding contract in place. This will take 3-5 years.

@The_FoH: [BIDCO]: BIDCO as majority shareholder of Hearts will control the board. Ann will put that in place in due course. #FOH will be fully rep.

I'm confused as usual. :-)

Actually, that has confused me now. It's at odds with yesterday' s press release and the previous statements.
I'll get back to you :-)

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[One Day Soon]

God they are tiresome. I really couldn't care less what they get up to. I just wish it would stop eating media and football time, energy and coverage. Go bust, don't go bust - whatever, just get on with it.

The quicker they move to a stable new position the better because it is very clear that at that point they are going to have to deal with the reality of consistently living within their means for the first time in decades. And the bonus is that Banderson's guff should run its course pretty quickly after that.

[the_ginger_hibee]

Actually, that has confused me now. It's at odds with yesterday' s press release and the previous statements.
I'll get back to you :-)

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Its not at odds with the FOH statement in my opinion. BIDCO owned & run exclusively by Budge buy the club. Only when the conditions of yesterdays FOH statement are met can BIDCO & FOH then enter negotiations to transfer the club. There is time constraints on this happening (3-5 years). All in the statement.

Any recent smoke from FOH and BDO has failed to mention BIDCO's prominence and instead spouted nonsense like 'Greatest Fan Movement Ever'...they have failed to even acknowledge a 3 year period in between where they will donate but have no control.

[The Sea-gull]

Does any else see the following scenario unfolding:-

HOMFC are relegated but exit administration and start 2014/15 in the first division. Failing to learn lessons of the past, they over-spend whilst mounting a first division title challenge and compete with The Rangers (who are also spending at riddiculous levels to get out the 1st div, even more so as they are bricking it about finishing second to HOMFC) for the title. They and Rangers return to the Premier League for season 2015/16. They both spend the next season spending way outwith their means trying to give it the big I am in the top league. Eventually, maybe after a few seasons, both run into some sort of financial trouble again.

I just think the arrogant attitudes and delusions of grandeur that people associated with these two clubs will get the better of them. I don't think building things back up quietly, slowly but surely and most importantly for each clubs, sustainably, exists in their vocabularlies.

[greenginger]

Bidco Ltd ?

They might need a different name. There already is a Bidco Limited registered with Companies House. Incorporated in 2011 (SC404654) , registered at Woodend Farm, Duns.

It is a Dormant Company, may'be a FoH sleeper. :confused:

[AltheHibby]

Bidco is code name. Its what all the big clubs do. For example, Sevco call themselves Rangers in an attempt to fool us. :-)

On a serious note, what's to stop Bidco having a pile of caveats to allow them to get out of selling to FOH? If it was me I would certainly cover myself. I would also do due diligence before handing over my cash.

[SQHib]

interesting wee snippet on FFOH twitter :

BIDCO will acquire 79% shareholding of HMFC

who owns the other 21 % - is Vlad's niece still holding shares ?

[Weststandwanab]

Bidco Ltd ?

They might need a different name. There already is a Bidco Limited registered with Companies House. Incorporated in 2011 (SC404654) , registered at Woodend Farm, Duns.

It is a Dormant Company, may'be a FoH sleeper. :confused: The Company is BIDCO (1874) Ltd.

[the_ginger_hibee]

Does any else see the following scenario unfolding:-

HOMFC are relegated but exit administration and start 2014/15 in the first division. Failing to learn lessons of the past, they over-spend whilst mounting a first division title challenge and compete with The Rangers (who are also spending at riddiculous levels to get out the 1st div, even more so as they are bricking it about finishing second to HOMFC) for the title. They and Rangers return to the Premier League for season 2015/16. They both spend the next season spending way outwith their means trying to give it the big I am in the top league. Eventually, maybe a fter a few seasons, both run into some sort of financial trouble again.

I just think the arrogant attitudes and delusions of grandeur that people associated with these two clubs will get the better of them. I don't think building things back up quietly, slowly but surely and most importantly for each clubs, sustainably, exists in their vocabularlies.

Not with Ann Budge running the show for 3 years. I think things will be tighter than we first thought. A chairman who has £2.5mill riding on Hearts making it to 5 years with no wild aspirations of 'Champions League glory' or real interest in the club being the 'big' team - chairman purely to see she gets her money back. I'd say a 2nd relegation or championship mediocrity is more likely than SPFL then bust.

[greenginger]

interesting wee snippet on FFOH twitter :

BIDCO will acquire 79% shareholding of HMFC

who owns the other 21 % - is Vlad's niece still holding shares ?

The Queen owns 4.45% of HoMFC shares :greengrin

[AltheHibby]

Bidco is code name. Its what all the big clubs do. For example, Sevco call themselves Rangers in an attempt to fool us. :-)

On a serious note, what's to stop Bidco having a pile of caveats to allow them to get out of selling to FOH? If it was me I would certainly cover myself. I would also do due diligence before handing over my cash.

[Caversham Green]

Bidco Ltd ?

They might need a different name. There already is a Bidco Limited registered with Companies House. Incorporated in 2011 (SC404654) , registered at Woodend Farm, Duns.

It is a Dormant Company, may'be a FoH sleeper. :confused:

I propose Budgieco. After all it's all being done on the cheep.


Where's the gettin' me coat smiley?

[Ozyhibby]

Does any else see the following scenario unfolding:-

HOMFC are relegated but exit administration and start 2014/15 in the first division. Failing to learn lessons of the past, they over-spend whilst mounting a first division title challenge and compete with The Rangers (who are also spending at riddiculous levels to get out the 1st div, even more so as they are bricking it about finishing second to HOMFC) for the title. They and Rangers return to the Premier League for season 2015/16. They both spend the next season spending way outwith their means trying to give it the big I am in the top league. Eventually, maybe after a few seasons, both run into some sort of financial trouble again.

I just think the arrogant attitudes and delusions of grandeur that people associated with these two clubs will get the better of them. I don't think building things back up quietly, slowly but surely and most importantly for each clubs, sustainably, exists in their vocabularlies.

No chance of that happening as neither club has a line of credit.

[Bostonhibby]

interesting wee snippet on FFOH twitter :

BIDCO will acquire 79% shareholding of HMFC

who owns the other 21 % - is Vlad's niece still holding shares ?

Maybe budgie is Vlads long lost neice after all and when the illusion is complete she will emerge Cruella Deville like and steal all their puppies, or is it poppies down gorgie way?

[Keith_M]

interesting wee snippet on FFOH twitter :

BIDCO will acquire 79% shareholding of HMFC

who owns the other 21 % - is Vlad's niece still holding shares ?


Here (http://www.scotsman.com/news/hearts-administration-lithuanian-directors-sacked-1-2973412)'s the report in the Evening News last year saying that she is thought to still control 15% of the shares through Quantum, in Switzerland.


If FoH are now stating they wil gain control of only 79% of the shares, that means Vlad will still own, directly or indirectly, part of their club :greengrin

[Keith_M]

Maybe budgie is Vlads long lost neice after all and when the illusion is complete she will emerge Cruella Deville like and steal all their puppies, or is it poppies down gorgie way?



Nope, you've got it all wrong, This is the true story of Vlad's Niece..........


12011

[Waxy]

So should we start calling them bidco? Like we call the rangers sevco?

[heretoday]

God they are tiresome. I really couldn't care less what they get up to. I just wish it would stop eating media and football time, energy and coverage. Go bust, don't go bust - whatever, just get on with it.

The quicker they move to a stable new position the better because it is very clear that at that point they are going to have to deal with the reality of consistently living within their means for the first time in decades. And the bonus is that Banderson's guff should run its course pretty quickly after that.

Good post. I'm fed up with all the coverage too!

Personally I hope they get back on their feet and recover, not just for the sake of Edinburgh football but so that we can go about getting revenge for the 5-1. It's as simple as that.

[Waxy]

We dont need revenge for that.they cheated. Relegating them would do though.

[Bostonhibby]

So should we start calling them bidco? Like we call the rangers sevco?

No, its still perfectly acceptable to call them tax payer and charity robbing c***s.

[Sergey]

I see the infighting has already started over on Kickback, which only serves as an Hors d'oeuvre as to the feast of squabbling that lies ahead.

That club is finished.

[Billy Whizz]

I see the infighting has already started over on Kickback, which only serves as an Hors d'oeuvre as to the feast of squabbling that lies ahead.

That club is finished.

Sergey, what are they saying

[Weststandwanab]

Sergey, what are they saying I would imagine the more intelligent supporters will be showing concern for the F.O.H. appearing to shift the goalposts regarding fan ownership.

[greenginger]

The Company is BIDCO (1874) Ltd.


Found it on Companies House web site. One share owned by Ann Budge.

Agent of Company ..... 7Side Limited ...... I kid you not ! :greengrin They just love the number 7.

[Sergey]

Sergey, what are they saying

It looks like Dexter is playing the totalitarian card and telling everyone to tow the party line or else they'll be punted from the forum.

Differing opinions aren't readily welcomed.

[greenginger]

I would imagine the more intelligent supporters will be showing concern for the F.O.H. appearing to shift the goalposts regarding fan ownership.

Wonder if that was the reason for Mackie and Ford quitting last year ?

Brian Cormack seems to be the main man there now.

[matty_f]

I would imagine the more intelligent supporters will be showing concern for the F.O.H. appearing to shift the goalposts regarding fan ownership.

It's definitely a completely different picture to the one painted by FoH when they were asking for pledges.

[CropleyWasGod]

I would imagine the more intelligent supporters will be showing concern for the F.O.H. appearing to shift the goalposts regarding fan ownership.

That's my thoughts.

Thinking this through, my original understanding was.

1. FOH buy the shares, and use Bidco's money to do so.

2. FOH therefore own the club.

3. Over time, FOH repay Bidco.

4. Over time, fans take control of FOH.

That's not what the common understanding is now.

Ozy, I apologise for shooting you down earlier. :greengrin

[Geo_1875]

I find the quoted figures interesting.

As far as I can see the Diddies need to find the following:

Year 1 - £1m for immediate working capital and football debt
+ £1.4m additional working capital
Year 2 - £1.4m working capital
Year 3-5 £2.5m repayment of Bidco investment

That looks like £6.3m which exceeds the £6m given by FoH and EEN as required from fans. It also does not include any additional working capital in years 3-5. Do they expect to be fully self-sufficient or are they hoping for further investment from their new chairperson?

[greenginger]

That's my thoughts.

Thinking this through, my original understanding was.

1. FOH buy the shares, and use Bidco's money to do so.

2. FOH therefore own the club.

3. Over time, FOH repay Bidco.

4. Over time, fans take control of FOH.

That's not what the common understanding is now.

Ozy, I apologise for shooting you down earlier. :greengrin

Will this new arrangement un-ravel the CVA ?

Clause 2. " The Foundation of Hearts ( FoH ) is to purchase the Club as a going concern for a total consideration of £ 2.5 million ...... etc "

Could it be back to the drawing board or can BDO just swop one purchaser for another ?

[Weststandwanab]

Wonder if that was the reason for Mackie and Ford quitting last year ?

Brian Cormack seems to be the main man there now. I would think there is no smoke without fire.


It's definitely a completely different picture to the one painted by FoH when they were asking for pledges. Very different.


That's my thoughts.

Thinking this through, my original understanding was.

1. FOH buy the shares, and use Bidco's money to do so.

2. FOH therefore own the club.

3. Over time, FOH repay Bidco.

4. Over time, fans take control of FOH.

That's not what the common understanding is now.

Ozy, I apologise for shooting you down earlier. :greengrin CWG I would agree with your original understanding - I was the same but looking at the current proposal it is vastly different and poses more questions than provides answers. In the meantime remember the shares are still Frozen !

On a separate note I see Ian - call me a M.P.- Murray is now some sort of expert on common currencies !

[Ozyhibby]

That's my thoughts.

Thinking this through, my original understanding was.

1. FOH buy the shares, and use Bidco's money to do so.

2. FOH therefore own the club.

3. Over time, FOH repay Bidco.

4. Over time, fans take control of FOH.

That's not what the common understanding is now.

Ozy, I apologise for shooting you down earlier. :greengrin

It's clearly a different deal from what they all signed up for. No apology needed. I rarely know what I'm talking about and just got lucky. :-)

[Ozyhibby]

Will this new arrangement un-ravel the CVA ?

Clause 2. " The Foundation of Hearts ( FoH ) is to purchase the Club as a going concern for a total consideration of £ 2.5 million ...... etc "

Could it be back to the drawing board or can BDO just swop one purchaser for another ?

Duff and Phelps did with Sevco 5088 and Sevco Scotland.

[CropleyWasGod]

Duff and Phelps did with Sevco 5088 and Sevco Scotland.

You're on a roll, now.:greengrin

I'm hesitating to shoot you down again, but I think that was different. The 5088 deal was set up by D&P, but the transfer to Scotland was a deal between those two companies.

I think, he says, with one eye on Ozy.

[CropleyWasGod]

Will this new arrangement un-ravel the CVA ?

Clause 2. " The Foundation of Hearts ( FoH ) is to purchase the Club as a going concern for a total consideration of £ 2.5 million ...... etc "

Could it be back to the drawing board or can BDO just swop one purchaser for another ?

That's what I keep coming back to.

It's FOH, not Ann Budge or BIDCO or anyone else, who are committed to buying the shares in the CVA.

[greenginger]

That's what I keep coming back to.

It's FOH, not Ann Budge or BIDCO or anyone else, who are committed to buying the shares in the CVA.


So will it need to go to a new vote of creditors , another cooling off period etc etc.

Come on Robinp, your expertise is required by Hibs.net.

Have BDO said anything about this ?

[Ozyhibby]

You're on a roll, now.:greengrin

I'm hesitating to shoot you down again, but I think that was different. The 5088 deal was set up by D&P, but the transfer to Scotland was a deal between those two companies.

I think, he says, with one eye on Ozy.

My understanding is that 5088 are challenging (or threatening to) in court the deal because they had no part of it. The notes in new Rangers account made note of a potential claim from 5088 along these lines.

[GloryGlory]

I find the quoted figures interesting.

As far as I can see the Diddies need to find the following:

Year 1 - £1m for immediate working capital and football debt
+ £1.4m additional working capital
Year 2 - £1.4m working capital
Year 3-5 £2.5m repayment of Bidco investment

That looks like £6.3m which exceeds the £6m given by FoH and EEN as required from fans. It also does not include any additional working capital in years 3-5. Do they expect to be fully self-sufficient or are they hoping for further investment from their new chairperson?

Also doesn't say anything about stadium redevelopment, which is an issue that will have to be readdressed within 5 years.

I suspect AB will retain ownership of the land and stadium (which effectively she will get for nowt if/when the fans pay her back) and the fans will get shares in the football club that are tenants of the property (on a full repairing lease!). I can't see AB doing this out of the goodness of her heart (pardon the pun).

[southsider]

I would think there is no smoke without fire.

Very different.

CWG I would agree with your original understanding - I was the same but looking at the current proposal it is vastly different and poses more questions than provides answers. In the meantime remember the shares are still Frozen !

On a separate note I see Ian - call me a M.P.- Murray is now some sort of expert on common currencies !
The more i see him as a spokesman for the NO lot the more i am thinking of voting YES.

[Ozyhibby]

Is it possible that all this activity and disclosure is because there has been a change of plan with FoH?

[greenginger]

Duff and Phelps did with Sevco 5088 and Sevco Scotland.

That was the sale of assets after the CVA was rejected . What appears to be going to happen at Gorgie now, HOMFC will be sold to Bidco 1874 rather than FoH.

That is not what was proposed at the CVA vote , that is not what was reported to Court of Session, can it happen without a fresh vote ?

[CropleyWasGod]

That was the sale of assets after the CVA was rejected . What appears to be going to happen at Gorgie now, HOMFC will be sold to Bidco 1874 rather than FoH.

That is not what was proposed at the CVA vote , that is not what was reported to Court of Session, can it happen without a fresh vote ?

I am still reading yesterday's press release as confirming that FOH are buying the shares, funded by BIDCO.

"BIDCO
will provide the following support:

Fund the upfront capital £2.5m to enable the CVA to be completed and to see Hearts exit administration"


It's what happens immediately afterwards that is confusing me. Is it the case that there will be an immediate transfer of the shares from FOH to BIDCO? That would then mean that the rest of the press release makes sense.

This statement is the most telling for me, though:-

"BIDCO is unable to enter into public discussion regarding details of
the rescue package or future plans for the club"

It's nane of oor business.

[Ozyhibby]

@WelshIrvine: Is it just my interpretation of events or are Hearts supporters now being expected to buy their club for the ownership of a private company?

@WelshIrvine: If so, it sadly fits in perfectly with the ethos of our times. A 'Labour man' backing a 'fan movement' as a front for private ownership.

[Weststandwanab]

Also doesn't say anything about stadium redevelopment, which is an issue that will have to be readdressed within 5 years.

I suspect AB will retain ownership of the land and stadium (which effectively she will get for nowt if/when the fans pay her back) and the fans will get shares in the football club that are tenants of the property (on a full repairing lease!). I can't see AB doing this out of the goodness of her heart (pardon the pun). I think the F.O.H. stated position of we will stay at PBS for the foreseeable future covers that ! Now what Bidco (1874) Ltd's position is we will see of the shares are ever unfrozen.


The more i see him as a spokesman for the NO lot the more i am thinking of voting YES. Delighted to read that please see this ink

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDEQqQIwAA&url=http%3A%2F%2Fwww.heraldscotland.com%2Fpolitics %2Freferendum-news%2Fyes-does-not-mean-yes.23438016&ei=3PH9UsfEHInMhAeClYEI&usg=AFQjCNFOAjR5xm7tmlNbdqMwzwbvgNXZ3A&sig2=-sTnhoVdg3hx94vOXcMV5g&bvm=bv.61190604,d.d2k (http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDEQqQIwAA&url=http%3A%2F%2Fwww.heraldscotland.com%2Fpolitics %2Freferendum-news%2Fyes-does-not-mean-yes.23438016&ei=3PH9UsfEHInMhAeClYEI&usg=AFQjCNFOAjR5xm7tmlNbdqMwzwbvgNXZ3A&sig2=-sTnhoVdg3hx94vOXcMV5g&bvm=bv.61190604,d.d2k)


Is it possible that all this activity and disclosure is because there has been a change of plan with FoH? I think there may be merit in that thought.

[Geo_1875]

I am still reading yesterday's press release as confirming that FOH are buying the shares, funded by BIDCO.

"BIDCO
will provide the following support:

Fund the upfront capital £2.5m to enable the CVA to be completed and to see Hearts exit administration"


It's what happens immediately afterwards that is confusing me. Is it the case that there will be an immediate transfer of the shares from FOH to BIDCO? That would then mean that the rest of the press release makes sense.

This statement is the most telling for me, though:-

"BIDCO is unable to enter into public discussion regarding details of
the rescue package or future plans for the club"

It's nane of oor business.

The entire release could have been covered in a couple of sentences but they can't help patting each other on the back. What's confusing things is FoH don't know what is really going on until Bidco's lawyers tell them.

[tamig]

Did they actually spend one million on design fees or did they string along the Architect with promises of the commission once the stand received planning permission?

Either way, spending a million on the old stand would do little to solve the safety issues. A ball and chain is the only way to deal with that!

Did you see the number of boxes that "now that's what I call a planning application" filled?

The boxes alone must have cost well into 6 figures :agree:

[CropleyWasGod]

@WelshIrvine: Is it just my interpretation of events or are Hearts supporters now being expected to buy their club for the ownership of a private company?

@WelshIrvine: If so, it sadly fits in perfectly with the ethos of our times. A 'Labour man' backing a 'fan movement' as a front for private ownership.

He could well be right.

No matter the facts of the situation, perception is key here. If the "ordinary" Hearts fan (insert your own joke here) thinks he's getting shafted, then he'll back off.

I am sensing that Ms. Budge needs to clarify things.... for my sake if no-one else. :greengrin

[jacomo]

Its not at odds with the FOH statement in my opinion. BIDCO owned & run exclusively by Budge buy the club. Only when the conditions of yesterdays FOH statement are met can BIDCO & FOH then enter negotiations to transfer the club. There is time constraints on this happening (3-5 years). All in the statement.

Any recent smoke from FOH and BDO has failed to mention BIDCO's prominence and instead spouted nonsense like 'Greatest Fan Movement Ever'...they have failed to even acknowledge a 3 year period in between where they will donate but have no control.

:agree:

This latest press release draws a clear distinction between BIDCO and FoH, describing them as separate entities.

Previously, the impression was that they were one and the same.

[CropleyWasGod]

:agree:

This latest press release draws a clear distinction between BIDCO and FoH, describing them as separate entities.

Previously, the impression was that they were one and the same.

Not mine. They have always been separate to me.

If anything, the latest release muddies things, compared to what they were.

[jacomo]

http://www.scotsman.com/sport/football/latest/hearts-takeover-it-millionaire-bankrolls-deal-1-3305696


EDINBURGH businesswoman Ann Budge is poised to become the new majority shareholder of Hearts and oversee a transfer of control to fans group Foundation of Hearts (FoH), it has been confirmed.

I read FoH's description of BIDCO "providing the following support" as disingenuous. It seems more like the other way round... BIDCO is the buyer and FoH are going to tie themselves to a contract to pay her back.

Good deal for her - she gets to dabble at running a football club for a few years and then get her money back.

[Mikey09]

I would imagine the more intelligent supporters will be showing concern for the F.O.H. appearing to shift the goalposts regarding fan ownership.



I would imagine most yams will do what they're good at.... Stick there heads in the sand and ask hee haw... For a yam this must be like coming across an RTA, slowing down as they really want to know what's going on but scared as to what they might see.... :greengrin

[Geo_1875]

http://www.scotsman.com/sport/football/latest/hearts-takeover-it-millionaire-bankrolls-deal-1-3305696



I read FoH's description of BIDCO "providing the following support" as disingenuous. It seems more like the other way round... BIDCO is the buyer and FoH are going to tie themselves to a contract to pay her back.

Good deal for her - she gets to dabble at running a football club for a few years and then get her money back.

Will she be happy when the bills start rolling in and the Diddies can't cough up any more?

[CropleyWasGod]

Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

[jacomo]

Will she be happy when the bills start rolling in and the Diddies can't cough up any more?

Just wait for the terms of the legal agreement, which is yet to be drawn up. It might include a clause like this:

"In the case of FoH failing to cough up enough cash to BIDCO, BIDCO reserves the right to turf the club out of Tynecastle and flog the land for redevelopment, and FoH will accept full blame for the whole sorry mess."

[Mikey09]

Will she be happy when the bills start rolling in and the Diddies can't cough up any more?



She could always follow that old yam tradition of not paying the bills...... :greengrin

[Eric]

Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

I read that as "On transfer of ownership of the majority shareholding in Hearts to BIDCO, FOH to transfer 1m to Hearts to provide working capital"

[jacomo]

Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

I assume it means HMFC. I'm sticking to my guns here :wink: ... BIDCO is effectively the buyer (no matter if the shares technically pass through FoH's hands first), and is getting a £1m dowry from FoH.

[CropleyWasGod]

I read that as "On transfer of ownership of the majority shareholding in Hearts to BIDCO, FOH to transfer 1m to Hearts to provide working capital"

... which could only make sense if FOH buy the shares, and then transfer them immediately to BIDCO.

[lord bunberry]

Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

[CropleyWasGod]

I assume it means HMFC. I'm sticking to my guns here :wink: ... BIDCO is effectively the buyer (no matter if the shares technically pass through FoH's hands first), and is getting a £1m dowry from FoH.

Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

[CropleyWasGod]

Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

The Lithuanians have a conditional agreement to sell to FOH, not Bidco. However, the latest thinking :greengrin has FOH transferring the shares to Bidco immediately after that.

The rest of your post is more or less correct. FOH will have representation on the HMFC Board, but how much power they will have is not clear.

[Ozyhibby]

Another ambiguous statement in that press release:-

"On transfer of ownership of the majority shareholding to BIDCO, to transfer £1m to the club to
provide working capital"

Majority shareholding in whom?

1. if HMFC, that bears out my earlier guess that FOH buy the shares, then transfer them to BIDCO.

2. alternatively, does it mean that BIDCO will have a majority holding in FOH?

From Ubig/Ukio to bidco? It looks to me that the Hearts fans won't get ownership till 2019.

[Mikey]

Here (http://www.scotsman.com/news/hearts-administration-lithuanian-directors-sacked-1-2973412)'s the report in the Evening News last year saying that she is thought to still control 15% of the shares through Quantum, in Switzerland.


If FoH are now stating they wil gain control of only 79% of the shares, that means Vlad will still own, directly or indirectly, part of their club :greengrin

Has anyone mentioned to them that the shares are still frozen :dunno:

[CropleyWasGod]

Has anyone mentioned to them that the shares are still frozen :dunno:

See you, Mikey, you can be so freaking negative at times.

:aok:

[JeMeSouviens]

Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back.

Nothing. And I would imagine this will be the Bidco fallback position if the diddies don't keep the fannies solvent.

Interesting that they appear to be budgeting for 2 years in Div1 with a £1.4M shortfall x 2. That's almost sensible and will surely never catch on in Yamland.

It's still a very ambitious stretch for them to keep up over £1M of donations every year for the next 5 on top of the usual STs etc. And after all that they are still only at the position of living within their means and with their dump of a stadium to rebuild.

[jacomo]

Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

No argument from me here!

I assumed that FoH would be in control and running the club from the day they exit administration. This is categorically not the case.

[poolman]

It looks like Dexter is playing the totalitarian card and telling everyone to tow the party line or else they'll be punted from the forum.

Differing opinions aren't readily welcomed.


This is about you Sergey :greengrin


He clearly doesn't recognise the difference between infighting and adult discussion.


Adult discussion on yakbak :confused:

[Mikey]

Yeah, it is, but that is what is different to what has been marketed before.

Unless we have misunderstood the previous trumpetings, the Diddies have signed up to something that has now been changed without their consent or knowledge.

What? Like the share issue you mean? You know, the one where all the money raised was to go to Youth Development.

David Southern will be heavily involved :wink:

[Geo_1875]

EEN now reporting that Budgie has been getting advice from Potter. That's them totally screwed then.

She's also been asking for detailed job descriptions from all staff including players (I don't think that means asking Stevenson WTF do you do). If she runs her club the same way she ran her company there will be players selling programmes and cleaners playing sweeper. They're in for a shock.

[lord bunberry]

Nothing. And I would imagine this will be the Bidco fallback position if the diddies don't keep the fannies solvent.

Interesting that they appear to be budgeting for 2 years in Div1 with a £1.4M shortfall x 2. That's almost sensible and will surely never catch on in Yamland.

It's still a very ambitious stretch for them to keep up over £1M of donations every year for the next 5 on top of the usual STs etc. And after all that they are still only at the position of living within their means and with their dump of a stadium to rebuild.

I doubt many will continue stumping up their cash once the club is saved, they'll know the club is out of any immediate danger, bidco will then put the club up for sale.

[CropleyisGod]

The Lithuanians have a conditional agreement to sell to FOH, not Bidco. However, the latest thinking :greengrin has FOH transferring the shares to Bidco immediately after that.

The rest of your post is more or less correct. FOH will have representation on the HMFC Board, but how much power they will have is not clear.

At the risk of kicking off "Cropley Confusion" again...it looks to me like FOH are a nice front for BIDCO. You send a chubby clown in to deal with the Liths (who clearly doesn't know what he's talking about) and they take so much pity on him they more or less hand the Asbestos Wongadome to FOH on a plate. Post deal, evil BIDCO move in, tear the deeds from his little chubby hands and stand on his foot until he also hands over several million pounds. 'Fan control' my fan, eh? #Letsmakesomeonerich(er)

[Mikey09]

Whenever I pose the question "so who is actually gonna have control of hearts??" My brain just keeps answering "Searg?" No..... "Rosemary, the telephone operator??" No.... "Henry, the mild mannered janitor??" COULD BE!!!!! I'm ****ing confused I tell ya!!! Confused!!!

[Sergey]

Has anyone mentioned to them that the shares are still frozen :dunno:

The penny might have dropped with Banderson...


Budge is expected to be installed as Hearts’ new chairwoman before the end of April, provided the club emerge from administration and their majority shareholding is transfered from Lithuanian companies Ukio Bankas and Ukio Bankas Investment Group (UBIG).

Still no mention of a court date in Lithuania, nor the creditors meetings at both institutions, but that doesn't really matter to #allisbarry.

[Mikey09]

At the risk of kicking off "Cropley Confusion" again...it looks to me like FOH are a nice front for BIDCO. You send a chubby clown in to deal with the Liths (who clearly doesn't know what he's talking about) and they take so much pity on him they more or less hand the Asbestos Wongadome to FOH on a plate. Post deal, evil BIDCO move in, tear the deeds from his little chubby hands and stand on his foot until he also hands over several million pounds. 'Fan control' my fan, eh? #Letsmakesomeonerich(er)


Staying on my Hong Kong Phooey theme........ "It's fanarific!!!" Hey, that could be FOH wee slogan!

[Weststandwanab]

Not mine. They have always been separate to me.

If anything, the latest release muddies things, compared to what they were. Separate legally.


Will she be happy when the bills start rolling in and the Diddies can't cough up any more? Yes as she will just threaten to sell the PBS and the will start paying again.


Can someone confirm that I'm picking all this up correctly.
The Lithuanians are going to sell the shares to bidco, bidco are then going to run the club for 3 years then hand it over to foh, foh will only gain control if bidco has been paid what they are owed.
During this 3 year period the fannies are still going to be paying the direct debits but will have absolutely no control over how the club is run, what's to stop them all just canceling their direct debits, their club will be out of administration so their won't be any need to keep paying up. Bidco would then put the club up for sale to get their money back. Pretty much.


Has anyone mentioned to them that the shares are still frozen :dunno:Stop spoiling the diddies fun.

[jacomo]

It's all coming out now...

http://www.edinburghnews.scotsman.com/news/hearts-fans-need-to-raise-6-million-to-save-club-1-3305689


THE Foundation of Hearts have revealed that £6 million will need to be raised over the next five years in order to save the club.

The figure was released as part of a statement setting out more detail of what will happen under the proposals to move the club out of administration and into fan ownership.

And it also revealed that Ann Budge, 65, would become executive chairman of Hearts on a “no fee” basis as she is currently the sole director of BIDCO 1874, the company that has struck a £2.5m deal with administrator BDO to enable the club to exit administration.

The deal would see BIDCO a controlling 78.98% of shares from UBIG, the bankrupt Lithuanian institution. Under a legally binding agreement to be drawn up those shares would be transferred to the fan-led Foundation of Hearts within five years.

The Foundation would agree to transfer £1m to the club to provide working capital once ownership is transferred to BIDCO, and would agree to provide working capital of £1.4m per annum for at least two years.

In total fans and supporters of the Foundation would be expected to raise £6m - although the statement said that if the current level of monthly contributions continued that figure would be met.

Hearts season-ticket holder Budge netted £40 million in 2005 when she sold her IT company Newell’s & Budge to French group Sopra 20 years after she founded it.

I am an MP might have some explaining to do. Weren't FoH named preferred bidder?

[Mikey09]

It's all coming out now...

http://www.edinburghnews.scotsman.com/news/hearts-fans-need-to-raise-6-million-to-save-club-1-3305689



I am an MP might have some explaining to do. Weren't FoH named preferred bidder?


So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

[Ozyhibby]

So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

Roll on 2019

[jacomo]

So the biggest fan movement football has ever seen will take 5 years to kick in?? Am I right in saying that??

Do keep up. It's called a "supporter revolution" these days. But yes, it appears you are absolutely right about the rest. :greengrin

[Mikey09]

Roll on 2019


:faf::faf::faf::faf::faf::faf::faf:

You couldn't make it up!!! And wait till the yams paying direct debits see the calibre of player that will come in to play for the famous?? " Am no payin awe that money for us to watch that *****!!"

Aye... Happy days..... :greengrin

[Tyler Durden]

@The_FoH: [BIDCO]: BIDCO can and must ONLY sell to #FOH with a binding contract in place. This will take 3-5 years.

@The_FoH: [BIDCO]: BIDCO as majority shareholder of Hearts will control the board. Ann will put that in place in due course. #FOH will be fully rep.

I'm confused as usual. :-)

The first tweet is not accurate - as usual they're selective with the facts. "BIDCO can and must only sell to FOH........if FOH meet the terms of the contract and meet the agreed repayment schedule"....would be be more accurate.

If they don't then BIDCO can do what they please.

[Mikey09]

Do keep up. It's called a "supporter revolution" these days. But yes, it appears you are absolutely right about the rest. :greengrin

Sorry... Supporter revolution!!! Even funnier!!! :faf::faf::faf::faf::faf::faf::faf:

[Mikey]

The penny might have dropped with Banderson...



Still no mention of a court date in Lithuania, nor the creditors meetings at both institutions, but that doesn't really matter to #allisbarry.

I think there may be a reason for that :greengrin

:I'm waiti

[tamig]

Actually, that has confused me now. It's at odds with yesterday' s press release and the previous statements.
I'll get back to you :-)

Sent from my GT-I9100 using Tapatalk
I thought it was very clear that BIDCO - aka Budgie - will initially control and own the club. FOH will only own it once BIDCO have been repaid in full. And Budgie will be running the show in that interim period.

[leggeto]

And at the end of it all they'll still be shi@t@

[Gustavo Fring]

so when they talk about fan ownership , 7801 pay in but it will be literally 1 fan owning them :lolyam:

[CropleyWasGod]

It's all coming out now...

http://www.edinburghnews.scotsman.com/news/hearts-fans-need-to-raise-6-million-to-save-club-1-3305689



I am an MP might have some explaining to do. Weren't FoH named preferred bidder?

That article is just nonsense on that score.

FOH have a conditional agreement to complete the CVA. No-one else has.

[Mikey09]

so when they talk about fan ownership , 7801 pay in but it will be literally 1 fan owning them :lolyam:


Does that mean, technically, they are fan owned??! :wink:

[CropleyWasGod]

I thought it was very clear that BIDCO - aka Budgie - will initially control and own the club. FOH will only own it once BIDCO have been repaid in full. And Budgie will be running the show in that interim period.

... which is not how they sold the package in the first place.

[Mikey]

Quality comment from over the road.......


we are currently running at a profit

Yet BDO have told them that they'll run out of money at the end of March. How does that work then :dunno:

[Dashing Bob S]

I'm hoping now that the shares get unfrozen and the CVA proceeds. This looks the best potential for a Jambo civil war. The fans pay for five years of cost cutting 'tight ship' mediocrity on the tightest of budgets, why shelling out an extra million a year to get 'fan ownership' in five years time. If they succeed, they then have to finance the club on an ongoing basis. If they fail, and default, they've presumably bought the club for a private individual who can sell on the assets to recoup her outlay.

UNFREEZE THOSE BLASTED SHARES NOW!

[Dashing Bob S]

Quality comment from over the road.......



Yet BDO have told them that they'll run out of money at the end of March. How does that work then :dunno:

Yamamomics still alive and well. 'We only owe it to ourselves.'

[jdships]

Have read and re-read the press statements re Mrs Budge's " takeover " and my " considered opinion " (:greengrin) is that it raises more question than supplying answers . :confused:
There appear to be more " If's, but's ,perhaps's, maybe's etc." than there has been previously !!

Anyone else agree or perhaps sees things differently ?

[jdships]

I'm hoping now that the shares get unfrozen and the CVA proceeds. This looks the best potential for a Jambo civil war. The fans pay for five years of cost cutting 'tight ship' mediocrity on the tightest of budgets, why shelling out an extra million a year to get 'fan ownership' in five years time. If they succeed, they then have to finance the club on an ongoing basis. If they fail, and default, they've presumably bought the club for a private individual who can sell on the assets to recoup her outlay.

UNFREEZE THOSE BLASTED SHARES NOW!


Yes , think you have got that as near right as is possible without knowing all the facts.
Dangerous path to go down methinks . But then again what is the alternative ? Even the most ardent Jambo's I know were/are concerned as to how the club can maintain a stable existence in the next 5/6 years.

:cb

[grunt]

Yet BDO have told them that they'll run out of money at the end of March. How does that work then :dunno:

Profit and cash flow are different measures. You can be profitable but have poor cashflow and vice versa.

[Moulin Yarns]

I have tried to explain it to a Hearts fan in the office, like so...

The sums that FOH have to raise, according to what I’ve seen

£1million immediately
£1.4million each of the next 2 seasons
£2.5million to pay her back in 3-5 years time

That is £6.3 million,(NOT £6MILLION IN THE PRESS) to be raised over 5 years, just to see present commitments covered, not including the actual running of Hearts and the upkeep of the piggery. FOH have 7600 people paying by direct debit. That is about £830 from each and every one of them, would you want to throw that money away knowing you have nothing at the end of the day? And then there is the upkeep on the piggery. AND THE SHARES ARE FROZEN DUE TO INVESTIGATION INTO CRIMINAL ACTIVITY. And a main stand that was considered to be on the verge of losing its safety certificate 10 years ago (As were Hibs who replaced the main stand at the time).

I understand (sound like Chic Young) that there is an annual cost of £350k to ‘maintain’ the piggery, and that doesn’t include the estimated £6million to replace the main stand, or the upkeep of the 3 newer stands (that had a designed lifespan of 20 years)

IF they survive, and manage to pay their way, they are quickly going to be back in (deeper) debt trying to keep the piggery going.

Can you tell that I don’t actually believe they will get out of this easily?


I also sent her 2 valentines...

Roses are red
Cabbage is Green
Hibs are the best team
I've ever seen

Roses are red
Hearts are maroon
Endo of this season
They're going doon

[ian omand]

Once Budgie has bought the lot, what is to prevent
the direct debitors from cancelling their commitment?
As the club is in "safe" hands, would the FOH still be
obliged to rise the finance to buy her out?

[ehf]

Have read and re-read the press statements re Mrs Budge's " takeover " and my " considered opinion " (:greengrin) is that it raises more question than supplying answers . :confused:
There appear to be more " If's, but's ,perhaps's, maybe's etc." than there has been previously !!

Anyone else agree or perhaps sees things differently ?

Pretty simple really:

1. the Budge bint is acquiring ownership and control of the Yams/the PBS at well under market value;

2. and getting the muppets to pay for it out of their families' clothing and food money instead of risking any of her own £40 million fortune;

3. all while being accclaimed as a hero and saviour.

She's not daft.

[Bighoose]

Is this £2.5m AB is lending interest free?

Or is AB taking her cut out of the Working Capital?

Or is she just asking for £1M pa salary instead?

:confused:

[CropleyWasGod]

Is this £2.5m AB is lending interest free?

Or is AB taking her cut out of the Working Capital?

Or is she just asking for £1M pa salary instead?

:confused:

According to the press release, she's taking no salary.

That's them imitating the Wee Team again.

[Seveno]

I feel sorry for those of you that think it's hilarious that the yams will not achieve fan ownership until 2019.

Don't you people realise that they will be far to busy celebrating their glorious achievements in WW1 all the way through to the centenary in 2018 ?

[PatHead]

According to the press release, she's taking no salary.

That's them imitating the Wee Team again.

I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

[CropleyWasGod]

I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

There have been a few things changed, Pat, so who knows?

Budge is no fool, so I'm sure she will have that sorted.

A side issue. Like you, I was led to believe that there were a few people involved. The focus now seems to be on her alone, which is another siginificant shift.

[jacomo]

I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

Competitive with who? Wonga?

[GreenLake]

I find the quoted figures interesting.

As far as I can see the Diddies need to find the following:

Year 1 - £1m for immediate working capital and football debt
+ £1.4m additional working capital
Year 2 - £1.4m working capital
Year 3-5 £2.5m repayment of Bidco investment

That looks like £6.3m which exceeds the £6m given by FoH and EEN as required from fans. It also does not include any additional working capital in years 3-5. Do they expect to be fully self-sufficient or are they hoping for further investment from their new chairperson?

Years 1-5 £1.2m expense tab for Murray and Foulkes

[fat freddy]

I also sent her 2 valentines...

Roses are red
Cabbage is Green
Hibs are the best team
I've ever seen

Roses are red
Hearts are maroon
Endo of this season
They're going doon

I sent her another two poems..

Bears love Honey
Budgies love Trill
I love the Game
We won Seven Nil

You now have Five Points
You might end up with a Dozen
You can Dream all you want
But the shares are still Frozen

[18/03/07]

Budge's brother is a hibby,he is always in famous five stand bar before the games (if its the same woman, maiden name brydon)

[GreenLake]

@WelshIrvine: Is it just my interpretation of events or are Hearts supporters now being expected to buy their club for the ownership of a private company?

@WelshIrvine: If so, it sadly fits in perfectly with the ethos of our times. A 'Labour man' backing a 'fan movement' as a front for private ownership.

Extorting charity and imposing austerity on the yams at the same time, but then they do like to "create history".

[jacomo]

That article is just nonsense on that score.

FOH have a conditional agreement to complete the CVA. No-one else has.

Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.com/sport/football/hearts/ann-budge-holding-detailed-review-of-hearts-staff-1-3306157


Budge will appoint her own board upon taking control and the Foundation will be represented on it.

EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

[CropleyWasGod]

Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.com/sport/football/hearts/ann-budge-holding-detailed-review-of-hearts-staff-1-3306157



EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

No apologies needed. I am still getting my head around this.

What is, I think, without challenge is the fact that there has been a conditional agreement made between FOH and the HMFC creditors that FOH will buy the controlling shareholding in HMFC. That has been published by BDO and lodged with Companies House. I think it also has to be lodged with the Court.

What is emerging (and, remember the lack of media nous in these things) is that Ann Budge/BIDCO "will" own the club.

So, those two "facts" are clearly incompatible. Unless, as I say, FOH give/sell/transfer their shares to BIDCO as soon as they get them. The more I think about it, the more sense it makes to AB to have that control. It also, IMO, is in HMFC's interest to have AB (with all her experience) in control rather than Ian Murray et al.

[Geo_1875]

Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.com/sport/football/hearts/ann-budge-holding-detailed-review-of-hearts-staff-1-3306157



EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

I'm sure the FoH flyer said they were getting the shares from Lithuania and handing them straight over to Budgie.

[Mikey09]

No apologies needed. I am still getting my head around this.

What is, I think, without challenge is the fact that there has been a conditional agreement made between FOH and the HMFC creditors that FOH will buy the controlling shareholding in HMFC. That has been published by BDO and lodged with Companies House. I think it also has to be lodged with the Court.

What is emerging (and, remember the lack of media nous in these things) is that Ann Budge/BIDCO "will" own the club.

So, those two "facts" are clearly incompatible. Unless, as I say, FOH give/sell/transfer their shares to BIDCO as soon as they get them. The more I think about it, the more sense it makes to AB to have that control. It also, IMO, is in HMFC's interest to have AB (with all her experience) in control rather than Ian Murray et al.


If you're toiling to understand all this CWG I'm ****ed!!! So I will read your posts with interest and in the meantime rip the piss out the yams...... :thumbsup:

[CropleyWasGod]

If you're toiling to understand all this CWG I'm ****ed!!! So I will read your posts with interest and in the meantime rip the piss out the yams...... :thumbsup:

I once read a theory that suggested the human brain has the capacity for a finite number of calculations. I think I am nearing that number, especially with all this shecht going on.

Mikey, be warned that I may have to be sent into the corner sometime soon. :greengrin

[Weststandwanab]

Once Budgie has bought the lot, what is to prevent
the direct debitors from cancelling their commitment?
As the club is in "safe" hands, would the FOH still be
obliged to rise the finance to buy her out? If they do not she would simply threaten to sell the club or stadium,


According to the press release, she's taking no salary.

That's them imitating the Wee Team again. Many ways to "take a salary".

[GreenLake]

Apologies for being like a dog with a bone on this own CWG. I don't doubt your analysis of the ongoing situation based on the available info at all, and you have added immeasurably to this thread, but...

http://www.edinburghnews.scotsman.com/sport/football/hearts/ann-budge-holding-detailed-review-of-hearts-staff-1-3306157



EEN are close to FoH and these reports are not being challenged as far as I know. Whatever has been said in the public domain up until this point, and whatever the exact arrangements of the transfer of shares, FoH are not taking control of this football club. Down the line, maybe, but not in the short term.

I don't know how FoH have presented themselves in negotiations with BDO but there is now a clear line of separation between them and Ann Budge. She is not even described as a member of FoH anymore.

So it is equivalent to making payments on a 5 year car loan but you don't get to drive the car until year 6.

The Jambo's are using a layaway (http://en.wikipedia.org/wiki/Layaway) plan to buy their club. :lolyam:

[Mikey09]

I once read a theory that suggested the human brain has the capacity for a finite number of calculations. I think I am nearing that number, especially with all this shecht going on.

Mikey, be warned that I may have to be sent into the corner sometime soon. :greengrin


Time out in the corner? It will be quieter there than the naughty step crammed with yams....

[Dashing Bob S]

Loving Kickback right now. Apparently some are 'massively relieved' as its not going to be fan ownership after all as they don't have the business expertise, and they are quite happy to fund the running of the club for 3-5 years on behalf of a businesswoman who puts up 2.5 mill. (Then try and buy it off her from 6 mill with the money they have left.)

It's now gone beyond letting idiots wallow in their own stupidity. The authorities really to intervene now, in order to protect them from themselves.

I really think that if we approached Kickback with a scheme whereby we tell them what a bunch of pricks they are, and they pay us to do this, they would seriously consider it.

The old maxim 'if you're in a hole, stop digging' just doesn't seem to apply to Hearts.

[Moulin Yarns]

I know we have been told that the Piggery is owned by HMFC, but has anybody checked with the register of Sasines or whoever that this is in FACT the case. It would be really funny if there had been some under the table dealing done by Vlad that they don't know about.

[Mikey09]

I know we have been told that the Piggery is owned by HMFC, but has anybody checked with the register of Sasines or whoever that this is in FACT the case. It would be really funny if there had been some under the table dealing done by Vlad that they don't know about.


I honestly wouldn't rule anything out when it comes to mad uncle vlad!!!! Seriously.

[ahibby]

If it comes of at all, I predict that Mrs Budgie will own Farts for a long long time to come and a lot longer than 3-5 years. It's going to be written in to the contract that they can (FOH) buy it back before five years or after. In fact just whenever they can come up with the 2.5 mil. However they must give 1m up front and then 1.4 m in years 2 and 3, then come up with 2.5 mil to take control. Could be done but I doubt if it will by the five year span. I don't think many of them will be disappointed if they haven't got it by five years. Of course all they need are the shares from Lith and despite all the rhetoric that aint in the bag yet.

[CropleyWasGod]

I know we have been told that the Piggery is owned by HMFC, but has anybody checked with the register of Sasines or whoever that this is in FACT the case. It would be really funny if there had been some under the table dealing done by Vlad that they don't know about.

It will have been one of the first things that BDO did.


"you did do it, didn't you?"

"ah crap....."

"someone get me Mrs. B on the phone."

[GreenLake]

The title of this article led me to think it was about hearts

http://www.mintpressnews.com/pbs-news-division-at-center-of-corruption-allegation/179591/

[Mikey09]

Loving Kickback right now. Apparently some are 'massively relieved' as its not going to be fan ownership after all as they don't have the business expertise, and they are quite happy to fund the running of the club for 3-5 years on behalf of a businesswoman who puts up 2.5 mill. (Then try and buy it off her from 6 mill with the money they have left.)

It's now gone beyond letting idiots wallow in their own stupidity. The authorities really to intervene now, in order to protect them from themselves.

I really think that if we approached Kickback with a scheme whereby we tell them what a bunch of pricks they are, and they pay us to do this, they would seriously consider it.

The old maxim 'if you're in a hole, stop digging' just doesn't seem to apply to Hearts.


Yep... A lot of self praising and back slapping going on over there just now Bob. How they "knew" the direct debits were for life and not just short term blah blah blah. Some of the posts re this are truly nauseating. Any yam who has a different view are being taken out the back and shot as they ain't real yams.... Etc etc.... Honestly can't wait till reality hits them the day they are relegated to see the arrogant smiles wiped off there smug faces. Drongos.

[Aldo]

Quality comment from over the road....... Yet BDO have told them that they'll run out of money at the end of March. How does that work then :dunno:

Cos they are a BIG CLUB!!! ;-)

[jacomo]

Yep... A lot of self praising and back slapping going on over there just now Bob. How they "knew" the direct debits were for life and not just short term blah blah blah. Some of the posts re this are truly nauseating. Any yam who has a different view are being taken out the back and shot as they ain't real yams.... Etc etc.... Honestly can't wait till reality hits them the day they are relegated to see the arrogant smiles wiped off there smug faces. Drongos.

I like the "Official Thank You Ann Budge" thread. Takes about six posts before someone refers to her as "Mrs Budge".

The poor, lost little lambs have found themselves a new Dear Leader it seems. "Mrs Budge" will know they will tolerate just about any amount of abuse (although reserve the right to compose open letters containing mild criticism if they get really annoyed).

[Famous Fiver]

Referred to earlier in this thread about the upkeep of the stadium.

What if..............Anne gets her club and the Council close the main stand on safety grounds?

Does she a) pick up the tab to repair or replace it ( £6 Mill anyone) and add it to Fanco bill? Quite a lot of d/ds required to fund that little lot (400,000 anyone?)
b) play in a three sided stadium with consequent drop in income?

Will the main stand last another five years in it's present state ( remember Robinson condemned it as not fit for purpose in 2003)?

Somebody, somewhere is going to need deep pockets.

That is only one of many issues the bold Anne will have to deal with IF it gets that far.

I've said it before and I'll say it again TICK TOCK.

[Aldo]

Loving Kickback right now. Apparently some are 'massively relieved' as its not going to be fan ownership after all as they don't have the business expertise, and they are quite happy to fund the running of the club for 3-5 years on behalf of a businesswoman who puts up 2.5 mill. (Then try and buy it off her from 6 mill with the money they have left.) It's now gone beyond letting idiots wallow in their own stupidity. The authorities really to intervene now, in order to protect them from themselves. I really think that if we approached Kickback with a scheme whereby we tell them what a bunch of pricks they are, and they pay us to do this, they would seriously consider it. The old maxim 'if you're in a hole, stop digging' just doesn't seem to apply to Hearts.

Farf!!! Like it DBS.

[Sergey]

I like the "Official Thank You Ann Budge" thread. Takes about six posts before someone refers to her as "Mrs Budge".

The poor, lost little lambs have found themselves a new Dear Leader it seems. "Mrs Budge" will know they will tolerate just about any amount of abuse (although reserve the right to compose open letters containing mild criticism if they get really annoyed).

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.

[Aldo]

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.

Ha ha either that or get phished and get a big budgie instead. ;-)

[jacomo]

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.

I am an MP must be fuming no one's had his pudgy wee face inked onto their body, after all he's done for them.

[CropleyWasGod]

I am an MP must be fuming no one's had his pudgy wee face inked onto their body, after all he's done for them.

No one needs to. They can just look at their erse in the mirror.... and there he is.

[Aldo]

I am an MP must be fuming no one's had his huge moon pus inked onto their body, after all he's done for them.

Changed that for for Jacomoseven.

They would have to have a massive back to get his coupon onto it.

[Mikey09]

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.


Ha ha!!! Come on who would do a stupid th........ Oh wait....

[kdhibees1]

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.
Shaun Lawson's just been to ACE tattoo
http://img.photobucket.com/albums/v723/KTskaBassist/DSC00007.jpg

[NadeAteMyLunch!]

Has anyone seen any pictures of Budgie? Every time I read her name, I imagine her having a coupon like a sand blasted tomato

[kdhibees1]

Has anyone seen any pictures of Budgie? Every time I read her name, I imagine her having a coupon like a sand blasted tomato
:not worth Brilliant! Steve Fulton and Budgie would be a match made in heaven!

[CropleyWasGod]

Has anyone seen any pictures of Budgie? Every time I read her name, I imagine her having a coupon like a sand blasted tomato

http://www.edinburghnews.scotsman.com/news/hearts-fans-hail-ann-budge-s-2-5m-rescue-bid-1-3305689

[GreenLake]

http://www.edinburghnews.scotsman.com/news/hearts-fans-hail-ann-budge-s-2-5m-rescue-bid-1-3305689

She has Hibs Bukta purple on in that photo

[rossevenil]

EEN getting a bit ahead of themselves are they not?
"It has now been confirmed she will effectively lend fans the cash and she has vowed to sell her 80 per cent share in the club back after it’s been paid back."

Didn`t know the sale had already been concluded!

[hibees 7062]

Staying on my Hong Kong Phooey theme........ "It's fanyrific!!!" Hey, that could be FOH wee slogan!

Sorted :greengrin

[Weststandwanab]

I know we have been told that the Piggery is owned by HMFC, but has anybody checked with the register of Sasines or whoever that this is in FACT the case. It would be really funny if there had been some under the table dealing done by Vlad that they don't know about. First thing BJ would have checked.


EEN getting a bit ahead of themselves are they not?
"It has now been confirmed she will effectively lend fans the cash and she has vowed to sell her 80 per cent share in the club back after it’s been paid back."

Didn`t know the sale had already been concluded!More Yamanomics ! I wonder what price she will sell at and what plan B is if the F.O.H. do not have the funds to buy the said shares. Bear in mind by then it will be Ian - I was an M.P. - Murray

[CropleyWasGod]

First thing BJ would have checked.

More Yamanomics ! I wonder what price she will sell at and what plan B is if the F.O.H. do not have the funds to buy the said shares. Bear in mind by then it will be Ian - I was an M.P. - Murray

You saying that, by then, we will be independent?

Or, perhaps more likely, Murray (and the rest of us) will be deid? :greengrin

[Glory Lurker]

Help! Has anyone got a textbook on applied quantum physics I could have a read of? I need something less challenging for my brain than trying to make sense of what's going on down EH11 way!

[Weststandwanab]

You saying that, by then, we will be independent?

Or, perhaps more likely, Murray (and the rest of us) will be deid? :greengrin I hope we will be independent by then and alive !

[HUTCHYHIBBY]

Shaun Lawson's just been to ACE tattoo
http://img.photobucket.com/albums/v723/KTskaBassist/DSC00007.jpg

Is that the elephant that was pictured hanging the vlad banner out her window?

[Seveno]

I know that someone said that Anne Budge's brother is a Hibby but has anyone checked her family tree to see if she is related to anyone called Whyte ?

[hibees 7062]

Has anyone seen any pictures of Budgie? Every time I read her name, I imagine her having a coupon like a sand blasted tomato



http://i.telegraph.co.uk/multimedia/archive/00955/money-graphics-2005_955214a.jpg

She's not got the 5-1 bit right yet

[Weststandwanab]

http://i.telegraph.co.uk/multimedia/archive/00955/money-graphics-2005_955214a.jpg

She's not got the 5-1 bit right yet That is the price of the shares to Ian - I was an M.P. -Murray, chairman of F.O.H. in 2019. In millions....... of pounds/euros/???????

[Hibby70]

I've met her. She used to be really nice and bright. When was it she had a really bad knock to the head?

[Geo_1875]

It's only a matter of time before some trumpet gets a huge 'Mrs Budge' tattoo emblazoned on their back.

More likely to get it on his sisters back.

[brog]

I seem to recollect that the "loan" was being provided at a competitive rate of interest by the individuals, so unless that has changed, interest would be due on top of the capital.

I believe you're correct. The DR today, I know, I know, says the only "profit" Budge will make is the interest she'd have made had her money sat in the bank! A businesswoman such as Budge with a £2.5m pot should get interest of at least 4% on a long term loan! that's another £200k to add to the cost giving an absolute minimum of £6.5m for the diddies to repay. Just when I was starting to have the first faint tremors of doubt re the Yams being banjacksed for the foreseeable future they come along with new info & restore my faith! Much more fun to come!

[CropleyWasGod]

I believe you're correct. The DR today, I know, I know, says the only "profit" Budge will make is the interest she'd have made had her money sat in the bank! A businesswoman such as Budge with a £2.5m pot should get interest of at least 4% on a long term loan! that's another £200k to add to the cost giving an absolute minimum of £6.5m for the diddies to repay. Just when I was starting to have the first faint tremors of doubt re the Yams being banjacksed for the foreseeable future they come along with new info & restore my faith! Much more fun to come!

I read that and nearly drowned in the bath at the sheer stupidity of the statement. HTF is that profit?

[hibees 7062]

That is the price of the shares to Ian - I was an M.P. -Murray, chairman of F.O.H. in 2019. In millions....... of pounds/euros/???????

Or years till f... off hertz take over :greengrin

[brog]

I read that and nearly drowned in the bath at the sheer stupidity of the statement. HTF is that profit?

Yep, it's up there with self-sufficiency! As an aside, as EEN etc are obviously rounding down the £6.3m to 6 can we please round up the 6.5 to £7m? Has a much better ring to it! :wink:

[ScottB]

EEN getting a bit ahead of themselves are they not?
"It has now been confirmed she will effectively lend fans the cash and she has vowed to sell her 80 per cent share in the club back after it’s been paid back."

Didn`t know the sale had already been concluded!

Once she's been paid back, she will sell them the shares?

For how much? :devil:

[Sergey]

Once she's been paid back, she will sell them the shares?

For how much? :devil:

<cough>

She's yet to get the shares :wink:

Great business plan, but the courts in Lithuania hold the aces - not BDO/Budget/FoH/BIDCO.

Nothing happening any time soon would be my guess (that isn't actually a guess)

[joe breezy]

<cough>

She's yet to get the shares :wink:

Great business plan, but the courts in Lithuania hold the aces - not BDO/Budget/FoH/BIDCO.

Nothing happening any time soon would be my guess (that isn't actually a guess)

But but but, it's all signed sealed and rubber stamped

Arf....




Sent from my iPad using Tapatalk

[kaimendhibs]

<cough>

She's yet to get the shares :wink:

Great business plan, but the courts in Lithuania hold the aces - not BDO/Budget/FoH/BIDCO.

Nothing happening any time soon would be my guess (that isn't actually a guess)

Feel a man crush coming on ha


Sent from my iphone

[Dashing Bob S]

<cough>

She's yet to get the shares :wink:

Great business plan, but the courts in Lithuania hold the aces - not BDO/Budget/FoH/BIDCO.

Nothing happening any time soon would be my guess (that isn't actually a guess)

When the Lithuanian government and courts are faced with the full firepower of an Evening News campaign led by Barry Anderson and backed by a Member of Parliament, they'll drop their anti corruption policies and their silly fraud investigations and Gorgie will be swathed in the shimmering sunlight of triumph and the gutters will flow with silver tears of pride.

You'll see.

[Sergey]

When the Lithuanian government and courts are faced with the full firepower of an Evening News campaign led by Barry Anderson and backed by a Member of Parliament, they'll drop their anti corruption policies and their silly fraud investigations and Gorgie will be swathed in the shimmering sunlight of triumph and the gutters will flow with silver tears of pride.

You'll see.

You're right, Robert.

Even Portsmouth while they were in the EPL couldn't change the laws of LT - but Banderson and Co will have those pesky Yam shares before you can say Bankas Snoras.

Remember - out of admin by December and debt free. Not heard that tarradiddle for a while!

[ScottB]

<cough>

She's yet to get the shares :wink:

Great business plan, but the courts in Lithuania hold the aces - not BDO/Budget/FoH/BIDCO.

Nothing happening any time soon would be my guess (that isn't actually a guess)

Haha true, still, if you take that wording at face value, she's wanting her cash back, and some sort of payment for the shares... Assuming they ever come out the freezer of course

[monktonharp]

The more i see him as a spokesman for the NO lot the more i am thinking of voting YES.now now, he is an MP, and he has full authority of his constituents to stick it right up the Yes campaign whenever he likes, explaining how fiscal his thoughts are, and omitting to add that he is an absolute tit.