Share Transfers Agreed/Cooling off period

[Jack Hackett]

http://www.bbc.co.uk/sport/0/football/13544414

Remember this day? This was them effectively taking the piss on a whole new level than previous - absolutely everyone know they had zero money and had barely paid their players the last three seasons but they just went "so ****ing what, let's offer three out of contract SPL players three times the wages they're already on."

Oh, and I bet you anything they would have announced only two signings if Jamie Hamill hadn't been a very public Hibs transfer target for the best part of a month.

This and stories like it guarantee they will recieve absolutely no sympathy from me and get exactly what they ****ing deserve. Sucks. :bye: ("naff green goodbye smiley" just for you, Mr Lawson)


"This is going to be the biggest challenge of my career."

You got that bit right ya rocket :jamboclow

[JeMeSouviens]

Yes that is my view and always has been. No bidder is real or has the money to come close to what the Ukio Bankas's administrators believe they can obtain from the selling the stadium on its own for property development. This will mean a liquidation sale. I predicted liquidation for RFC when they went into administration in February 2012. This is a different but equally complex situation if not more. HMFC will completely disappear for a period but comeback into Div 3 as new company at some point in the future. The risk for the SPL and it is very high that they cannot even begin to fulfill their fixtures never mind see them out for next season. Of course nobody believed the Hobo economists on here because they were too thick or deluded. An aware SPL would have given them the 18 points penalty on UBIG's self-insolvency and given the problem to SFL.

Can HMFC be separated from Tiny without liquidation? Could Ukio's liquidator take the ground and HMFC's administrator sell the rest of the club (player registrations, SPL/SFA shares, etc) to the FoH?

[gringojoe]

I was driving the bus past the Wonga dome last night and expected to be held up with the puddle drinkers, their was two jakeys outside robbos. that was it.:greengrin

Was one of the jakeys Robbo?

[Ozyhibby]

This fight over admins is very encouraging. It shows that the Lithuanians aren't going to just take whatever the FoH can cobble together from bake sales.

[Platinum Scotty]

Just a thought, and given his dad was a sneaky git (understatement i know) but perhaps young mercer is sniffing about at the carve up options - he runs an investement/development portfolio after all (ok it was his dad's) and maybe he wants to have first dibs on *********** (footbal stadium) for redevelopment!

:greengrin

[Treadstone]

We are getting them all now. Charlie Mann

http://sport.stv.tv/football/clubs/hearts/229844-vladimir-romanovs-conspiracy-theories-denied-hearts-something-special/

[Hibrandenburg]

I though Romanov the Junior was born in lithuania? Could be wrong it was just a memory thing.

Don't make a difference, if a pig is born in a racehorse stable it's still a pig.

[Sweet Left Peg]

Originally Posted by jamie hamill:
"This is going to be the biggest challenge of my career."


Wasn't a challenge picking up your pound of flesh. You and your ilk were complicit in the whole mess. Nae sympathy. Suck it up, fatboy.

[Gatecrasher]

:greengrin

They're faxxed
too late for that :cb

[Mon Dieu4]

Just a thought, and given his dad was a sneaky git (understatement i know) but perhaps young mercer is sniffing about at the carve up options - he runs an investement/development portfolio after all (ok it was his dad's) and maybe he wants to have first dibs on *********** (footbal stadium) for redevelopment!

:greengrin

He is actually selling the business or the properties, can't remember which one, he is Hearts daft but not sure if he's that daft

[FranckSuzy]

Don't make a difference, if a pig is born in a racehorse stable it's still a pig.

:faf:

[Hibrandenburg]

:faf:

:greengrin Old German saying, normally used the other way round but inverted quite fitting in this case.

[SunshineOnLeith]

To save on postage, the strips are going to be sent out with the share certificates, pretty shrewd really.

[Treadstone]

:greengrin Old German saying, normally used the other way round but inverted quite fitting in this case.

Always liked the Italian saying "If my uncle had three balls he would have been a pinball machine"

[SmithyHibee]

To save on postage, the strips are going to be sent out with the share certificates, pretty shrewd really.

And if you didn't buy a strip you dinny get a certificate and your shares are worthless ...... Oh wait they're worthless anyway!

[Sylar]

Have these maroon-tinted media welts learned nothing from what happened to Rangers?

All the crying about 'Big Club', 'proud history', 'too big to go down', 'irreparable damage to Scottish football' blah blah blah done absolutely bugger all to save Rangers and from a commercial point of view and historical point of view, there was a much clearer argument (if indeed the word clear can be applied) for saving them (not that they deserved any special treatment or saving either I hasten to add!).

You only have your collective selves to blame for your apathy, inaction and arrogance. Bend over and suck it up! :aok:

[Black Kyle]

Don't ask me why, I just fancied seeing what their position would be with accepting money from fans...............outcome below from the PR Manager.

My online query stated that my son and his pals had raised funds for an animal charity by selling stuff on Ebay but now wanted to donate given the 'dark days' etc

From: Clare Cowan

Hi Davie
Thanks for your email
On our website there is a “click here to donate button”, which may be easier than writing / posting a cheque.
Many thanks in advance for your donation.
Your support is appreciated.
Kind regards
Clare


Tick tock:wink:

[Viva_Palmeiras]

IM: Today is the Club's darkest day....

Journo: But the papers ain't signed...

IM: Emmm. Today will be a bit overcast with some storm clouds forming
But Wednesday, Wednesday will be the darkest day

Robbo: What about the golf medal followed by cake bake?

IM: Crap - Thursday, yes, THURSDAY will be the Club's darkest day

Journo: Will that be darker than when the club is liquidized?

IM: Good point. The day the club is liquidatized, liquiditied, liqu- the they the club is fffffffd will be the Clubs darkest day.

Journo: But will it be darker...

IM: OK I'm a bad person, yeah real bad. Look just give us yer ffffffing money now.
No I don't know what we're gonna do with it none of us have a scooby - the darkness makes it complicated but Barry is dealing with it ok? Robbo - where's the Whisky decanter? .... No! That too!!!!

[Treadstone]

I've got to say the photoshopping on the avatar is first class. Never even knew Vlad smoked.:aok:

[Hibby Kay-Yay]

I've got to say the photoshopping on the avatar is first class. Never even knew Vlad smoked.:aok:

It's not photoshopped :wink:

[Hibrandenburg]

I've got to say the photoshopping on the avatar is first class. Never even knew Vlad smoked.:aok:

Thought he was an anti smoking vegetarian like all good dictators :greengrin

[Hibercelona]

The amount of seethe on their "bitterness" thread.

:faf:

:na na:

[Oscar T Grouch]

While I am all for having fun at the expense of the yams, we should remember that there are ordinary people working there for them. While I have no sympathy for the team or support, I do empathise with the ordinary admin staff and the like, having been made redundant a few times in my life. these folk won't necessary be yam supporters, when they get made redundant they will have to apply to the DWP for the outstanding wages due to them by HoMFC, this isn't always paid quickly leading to bank charges and the like for unpaid direct debits etc and like most admin staff they will be barely above minimum wages.

Just saying we should understand their plight at this time, fek the team and support but lay off the admin staff, I knew a Hibbie that used to work for them, cause it was the only job she could get at the time. You never know there might be a Hibee working there doing a ****ty admin job with the prospect of them not getting their wages next week.

[greenginger]

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DgY0%26rls%3Dorg.mozilla:en-US:official%26biw%3D1202%26bih%3D667&rurl=translate.google.co.uk&sl=lt&u=http://www.15min.lt/naujiena/sportas/futbolas/isiskolinimu-kamuojamam-vladimiro-romanovo-edinburgo-hearts-paskirtas-bankroto-bylos-administratorius-24-345828&usg=ALkJrhjMLCQNwADPSD1vVPff776afWViYA

Lith. media not at all confident of any progress. :greengrin

[Sanger]

Can HMFC be separated from Tiny without liquidation? Could Ukio's liquidator take the ground and HMFC's administrator sell the rest of the club (player registrations, SPL/SFA shares, etc) to the FoH?
I believe HMFC have put this proposition to the SPL in the form of a ground change. The bidder could line up a buyer for Tynie and include the funds from the sale in the bid. Buy the whole club notify the SPL or a ground change. Rent a new ground and hand over Tynie to the buyer.

[Since90+2]

Vladimir Romanov Vladimir Romanov Vladimir Romanov Vladimir Romanov Vladimir Romanov Vladimir Romanov

:greengrin:greengrin:thumbsup:

[Springbank]

Yes that is my view and always has been. No bidder is real or has the money to come close to what the Ukio Bankas's administrators believe they can obtain from the selling the stadium on its own for property development. This will mean a liquidation sale. I predicted liquidation for RFC when they went into administration in February 2012. This is a different but equally complex situation if not more. HMFC will completely disappear for a period but comeback into Div 3 as new company at some point in the future. The risk for the SPL and it is very high that they cannot even begin to fulfill their fixtures never mind see them out for next season. Of course nobody believed the Hobo economists on here because they were too thick or deluded. An aware SPL would have given them the 18 points penalty on UBIG's self-insolvency and given the problem to SFL.

If only anyone knew of a supermarket that had (very recently) shelved their plans for a supermarket in the Chesser area.

Perhaps with a view to picking up a tastier opportunity 1.5 miles nearer the city centre?

http://www.scotsman.com/edinburgh-evening-news/latest-news/fruitmarket-uncertainty-as-morrisons-pull-out-1-2965233

Source: the EEN. AllisBarry

[Sanger]

I believe HMFC have put this proposition to the SPL in the form of a ground change. The bidder could line up a buyer for Tynie and include the funds from the sale in the bid. Buy the whole club notify the SPL or a ground change. Rent a new ground and hand over Tynie to the buyer.

But would still need money to pay off tax man and run the club next season. So they need about £6m. £2m for Hearts, £2m for tax debts and £2m to run club next season.

[Viva_Palmeiras]

All we hear is [clap,clap]
Vladimir's goo-goo [clap,clap]
Vladimir's ga-ga [clap,clap]

All we hear is [clap,clap]
Vladimir's goo-goo [clap,clap]
Vladimir's ga-ga [clap,clap]


Vladimir what's new?
vladimir Hibees all love you!

[EH6 Hibby]

Should we not have heard who the administrator is by now?

[DaveF]

But would still need money to pay off tax man and run the club next season. So they need about £6m. £2m for Hearts, £2m for tax debts and £2m to run club next season.

Would the tax debt not disappear when Administration is confirmed? I thought hector was out the picture and the Lith's had 1st dibs on any monies generated from a sale?

[DaveF]

Should we not have heard who the administrator is by now?

Tomorrow, according to desantos post earlier on.

http://www.hibs.net/showthread.php?247788-Financial-meltdown-(HMFC-apply-to-appoint-administrators)&p=3646343&viewfull=1#post3646343

[Waxy]

I'll never have to hear that way doon in gorgie song ever again.(because it will be a branch of morrisons or the like)
Oh how i hate that song.That's for starters
Cant think of any cons just now.

[Hibs07p]

... on now.

http://www.bbc.co.uk/sport/0/scotland/17325775

[YehButNoBut]

Who else do they owe money to, anyone know.

Perhaps we could create a list. :greengrin

http://local.stv.tv/edinburgh/magazine/229857-police-scotland-owed-17000-as-hearts-fc-placed-in-administration/

In the grander scheme of this, it seems a paltry amount. Just £17,416 and 80 pence. But the significance shouldn’t be overlooked.

The figure is the exact amount that remains unpaid to the Scottish Police Authority by Hearts FC for policing their last four home games at Tynecastle. Alongside the mountain of debt owed to Ukio and UBIG, thought to be in the region of £23m to £25m, it is inconsequential in itself. But when the arm wrestling over who gets to be Administrator for the club finally ends, it will beg the question, how many more debts like this will they find? That is the warning Foundation of Hearts, through the increasingly impressive chairman Ian Murray MP, have been issuing to supporters while calling for patience as they seek to conduct due diligence.

They are, of course, concerned about what they might find when they go through the club’s books. Are there any unexpected (and unwanted) surprises to come? Mr Murray told a public meeting of 300 Hearts fans on Friday night: “We’ve only got what anybody else has. We’ve only got what is in the public domain and what people are telling us.
“In terms of due diligence, it would have to be done. That due diligence isn’t going to be quick. “To be honest, we’re worried about opening some drawers – and worried about what we might see in them. There is a long, long process to go before any transfer of ownership happens. “But certainly, if we get a bid on the table, that’s the biggest hurdle.”

And their caution may be well placed.

In a statement to STV Local, commanders at Police Scotland confirmed that the club was in debt to the Scottish Police Authority - the organisation responsible for the finances of the force - and they would expect to be working with the administrator with regards to any future policing requirements. A Police Scotland spokesman said: “As at June 18, 2013, Heart of Midlothian FC went into administration owing the Scottish Police Authority £17,416.80. “This effectively covers the contribution to the policing costs of the club's last four home games of the season. “The matter is now in the hands of the administrator and we will liaise with the administrator as appropriate."

The fact that the club had no role in Europe means there is no outstanding debt with their official travel partner TMG Sport.

Some of their other commercial friends, only too well aware of the precarious state of the club, have had the nous to call on payment up front before agreeing to offer their services. However, while bigger companies may be looking out their invoices to see what is owed to them, it’s the smaller businesses that sit in the shadow of Tynecastle that are also concerned about the future.

Khalid Mohammed has owned a newsagents on Gorgie Road for around 30 years and, while Hearts may be in the early days of administration, he is concerned what it may mean for him if it continues down the path towards liquidation. The 52-year-old said: “We depend on it. It will become a ghost town. It brings in a lot of trade when there’s local games on. “If they were to be liquidated, that would kill the whole of Gorgie Road I reckon. Things are hard in enough at the moment – we are struggling as it is. If less people were to come into the area, it would devastate a lot of shops on Gorgie Road.”

Not too far away is Colin Nicoll in his butcher shop. Colin started the business only seven months ago and already knows the impact it could have if Hearts were unable to find a way out of their current predicament. "Gorgie Road will die a death without Tynecastle," he said. "Most of my customers are Hearts supporters. We sell a lot of pies on match days to guys going to the football. We get a couple of hundred extra each match day - it adds up to nearly £1000 extra every month. "We will just have to wait and see what happens just like everyone else."

For Callum Anderson, owner of the Dickens pub, his passion for Hearts would see him take the many fans that frequent his pub on match days to wherever the Jambos were playing if they had to leave Tynecastle. Callum, who said he would arrange buses for fans if they had to travel elsewhere, said: "There will be the same amount of Hearts fans that will go to the games."It's not important what happens to my business, it's what happens to Hearts that's important."

All fans and businesses alike can do is play the waiting game to see what the future holds for the 139-year-old club.

But those eager to set about constructing a bid will have to wait on the administrator drawing up a full list of creditors to see the true extent of the damage.

[Hibstrooper]

But would still need money to pay off tax man and run the club next season. So they need about £6m. £2m for Hearts, £2m for tax debts and £2m to run club next season.

I could see this working for them. They would probably need to rip up season tickets however would generate a proportion of operating costs from that plus other revenue streams to easily reach £2m, it's the £4m up front that they may struggle with.

However would tax debts not be wiped out because of admin and is the name of the club worth £2m on its own?

[joe breezy]

The amount of seethe on their "bitterness" thread.

:faf:

:na na:

It's brilliant; "we are the big team, we are the big team" clearly they have small penises

:lolyam:

[Gus Fring]

The amount of seethe on their "bitterness" thread.

:faf:

:na na:

Just had a read whilst sat on the train. They really do not get it at all. It's not bitterness, it's vindication.

This "5-1" crap is the same as Lance Armstrong saying "Well I won 7 tour de frances in a row". Both parties are now facing their comeuppance.

[Sanger]

Would the tax debt not disappear when Administration is confirmed? I thought hector was out the picture and the Lith's had 1st dibs on any monies generated from a sale?

To reduce the tax bill they need a CVA an agreement from all creditors. Liquidation would see the secured creditors paid first leaving HMRC at bottom of the queue but also mean HMFC were wound up and a newco applying for div 3 which I think is the mostly likely outcome.

[Sanger]

Tomorrow, according to desantos post earlier on.

http://www.hibs.net/showthread.php?247788-Financial-meltdown-(HMFC-apply-to-appoint-administrators)&p=3646343&viewfull=1#post3646343
Yes that was from the press association. They need to get the finger out before HMRC winds them up!

[DaveF]

To reduce the tax bill they need a CVA an agreement from all creditors. Liquidation would see the secured creditors paid first leaving HMRC at bottom of the queue but also mean HMFC were wound up and a newco applying for div 3 which I think is the mostly likely outcome.

Right, I didn't think HMRC had any vote on a CVA but you are saying they do?

If so, then I assume they will be very unlikely to accept a pence in the £ deal?

[IWasThere2016]

Was told yesterday "Campbell Hart KPMG appointed today"

[CyberSauzee]

But would still need money to pay off tax man and run the club next season. So they need about £6m. £2m for Hearts, £2m for tax debts and £2m to run club next season.

DS, or anyone with commerical property valuation experience, any idea what the PBS would go for on the open market?

I recall the pie man was about to sell it for £19-20m? Obvoisly the value collapsed after 2008. Last night over a pint wih Sergey he mused at it being worth about £11m, I went higher at £15m.

Anyone any ideas?

[Kojock]

Yes that is my view and always has been. No bidder is real or has the money to come close to what the Ukio Bankas's administrators believe they can obtain from the selling the stadium on its own for property development. This will mean a liquidation sale. I predicted liquidation for RFC when they went into administration in February 2012. This is a different but equally complex situation if not more. HMFC will completely disappear for a period but comeback into Div 3 as new company at some point in the future. The risk for the SPL and it is very high that they cannot even begin to fulfill their fixtures never mind see them out for next season. Of course nobody believed the Hobo economists on here because they were too thick or deluded. An aware SPL would have given them the 18 points penalty on UBIG's self-insolvency and given the problem to SFL.

If your going to keep speaking dirty like this Im going to have to close my blinds. :agree:

[bathhibby]

Just listening to the Roasters on Sports sound - unbelievable - tune in now

[Sanger]

Right, I didn't think HMRC had any vote on a CVA but you are saying they do?

If so, then I assume they will be very unlikely to accept a pence in the £ deal?

It would be an credit between creditors and a sliding scale of payouts.

[Treadstone]

Gordon Chrees' report on STV was a disgrace "Under Wallace Mercer they were a model of financial prudence..." Eh naw they were not. Sold to pieman with a £4m debt.

[Hibee87]

DS, or anyone with commerical property valuation experience, any idea what the PBS would go for on the open market?

I recall the pie man was about to sell it for £19-20m? Obvoisly the value collapsed after 2008. Last night over a pint wih Sergey he mused at it being worth about £11m, I went higher at £15m.

Anyone

between 12 and 14 million in todays market I believe

[TowerHibs]

FOH guy on sportsound saying they have tens of THOUSAND pound pledges!!!

That wouldn't buy you a decent motor

Plums:fenlon:fenlon

[hibbytam]

Just listening to the Roasters on Sports sound - unbelievable - tune in now

The guy that was just on is a genius.

'looking back, nothing was invested'.
Yeah. We said at the time.

'We shouldn't be making deals we can't sustain'
yeah....


'I can't say how much money we've raised'

I can. £0.00p.

[Sylar]

Who's going to initiate the inaugural hibs.net "Vladimir Romanov Statue" thread? :greengrin

[Zondervan]

Was told yesterday "Campbell Hart KPMG appointed today"

I am told he is just a PR guru for KPMG, and not an Administrator?

[Monopolyguy]

Stole this beauty from some Hibby trolling a Hearts clip on Youtube a few months ago. I apologize if this has been posted before.

Way down in Gorgie, where the tramps sing the Sash
They're crapping themselves cos they've run out of cash
The biscuit tin's empty, they're down to the bone
And not even Wonga will give them a loan
Debts, debts mountains of debts
The bailiffs are chapping the door
The new Gorgie Tescos is going up soon
There'll be not a trace of the boys in maroon

[hibbytam]

Who's going to initiate the inaugural hibs.net "Vladimir Romanov Statue" thread? :greengrin

I'm sure there was one on 'the other side'.

Should probably just continue that, to avoid confusion.

[Treadstone]

The guy that was just on is a genius.

'looking back, nothing was invested'.
Yeah. We said at the time.

'We shouldn't be making deals we can't sustain'
yeah....


'I can't say how much money we've raised'

I can. £0.00p.

I will raise you the fan who said "we need the right man with the right money who is willing to spend"

No sh** sherlock.

[hibbytam]

I will raise you the fan who said "we need the right man with the right money who is willing to spend"

No sh** sherlock.

Or the one was asked 'who't to blame', and answered 'football'.

[kdhibees1]

Stole this beauty from some Hibby trolling a Hearts clip on Youtube a few months ago. I apologize if this has been posted before.

Way down in Gorgie, where the tramps sing the Sash
They're crapping themselves cos they've run out of cash
The biscuit tin's empty, they're down to the bone
And not even Wonga will give them a loan
Debts, debts mountains of debts
The bailiffs are chapping the door
The new Gorgie Tescos is going up soon
There'll be not a trace of the boys in maroon
Genius! :thumbsup:

[One Day Soon]

Is that the sound of Hearts going bust or fireworks going off?

[bathhibby]

Or the one was asked 'who't to blame', and answered 'football'.

I'll raise you a fatty Robbo - "its not Romanov's fault its Scottish Football's"

[Treadstone]

Or the one was asked 'who't to blame', and answered 'football'.

:faf:

[TowerHibs]

Agree with the FOH there though regarding Scottish football.

The governance of the league must demand full future business models for teams, budgets and projections. This forces better planning and better long term for the health of the scottish game. German league follows this process and is being adopted in other European leagues

[Treadstone]

Blobbo says Swynecastle valued at £5.6m :faf:

[Oscar T Grouch]

The way thy're talking on Sportsound you'd think all fitba' teams are run the same way as that lot, what a bunch of muppets

[God Petrie]

I wish we could bypass the "Scottish football is doomed if Hearts die", "It would be catastrophic for Scottish Football if Hearts die", "All the other clubs will die with Hearts" stage of the media's "analysis" of the Hearts situation.

It was done to death last year and doesn't have any basis on reality or any bearing on the final outcome of the insolvency process.

[CropleyWasGod]

To reduce the tax bill they need a CVA an agreement from all creditors. Liquidation would see the secured creditors paid first leaving HMRC at bottom of the queue but also mean HMFC were wound up and a newco applying for div 3 which I think is the mostly likely outcome.

Only the unsecured creditors vote in a CVA

[greenginger]

Only the unsecured creditors vote in a CVA


Does a creditor part secured like Ukio Bankas seem to be ( owed £15 million and having £6.8 million of it secured ) not get a vote for the unsecured part of the debt ?

[greengnome]

The way thy're talking on Sportsound you'd think all fitba' teams are run the same way as that lot, what a bunch of muppets


Another yam business model posted over the road..... Makes you wonder how they went T**s up in the first place? :rolleyes:

(That's it....Dinnae like him, withdraw the pledges lads!!!!)


robbo made a good point, (about fan ownership)the fans could hold the club to ransom if they don't agree with certain aspects like who the coach is etc.. and could withdraw their pledges at any point

[IFONLY]

Was told yesterday "Campbell Hart KPMG appointed today"

Told by whom ??

[Part/Time Supporter]

Agree with the FOH there though regarding Scottish football.

The governance of the league must demand full future business models for teams, budgets and projections. This forces better planning and better long term for the health of the scottish game. German league follows this process and is being adopted in other European leagues

Aye, but under the SPL rules you would have needed an 11-1 majority to vote for such regulation to be imposed. I can't imagine that Hearts (and possibly one or two others with shaky finances) would ever have voted for that.

[fat freddy]

Only the unsecured creditors vote in a CVA


The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.

[Iggy Pope]

Vlad 'invested' some £50K in 7 or so cows during Edinburgh's CowParade (2006). None of them were the fat bint hanging her sheets oot in Wheatfield street.

Here: http://www.edinphoto.org.uk/10/12_edinburgh_today_-_2006_cow_parade.htm

I am reliably informed that the side with no strips have recently been trying to hawk these to certain other notable Edinburgh Institutions for around a grand.

Be aware: Bovine spongiform encephalopathy. It's not gone yet!

[#FromTheCapital]

The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.

Il second that. Many thanks to all mentioned. As someone who really doesn't have a clue about financial matters, the insight you guys have provided has given me and many others an understanding of how grave their situation really is :not worth

[jgl07]

Right, I didn't think HMRC had any vote on a CVA but you are saying they do?

If so, then I assume they will be very unlikely to accept a pence in the £ deal?

Of course HMRC have a vote.

Who do you think torpedoed Rangers' CVA?

[gackohibs]

Who's going to initiate the inaugural hibs.net "Vladimir Romanov Statue" thread? :greengrin

10339

this? :thumbsup:

[TowerHibs]

Aye, but under the SPL rules you would have needed an 11-1 majority to vote for such regulation to be imposed. I can't imagine that Hearts (and possibly one or two others with shaky finances) would ever have voted for that.

yeah i agree 100%

hopefully with SPFL this should be brought in, why on earth not. Games on it's arse, needs a change. Would like to think Hibs would prosper under these conditions it would certainly get fans expectations under control and get them supporting the team on the park every saturday rather than second guessing the club.

**** the Hearts though!!!

[greengnome]

The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.


:aok:......... Agreed!

[ballengeich]

Of course HMRC have a vote.

Who do you think torpedoed Rangers' CVA?

The difference with Hearts is that HMRC's percentage of the debt is unlikely to be high enough for them to block a cva if the administrator can come to an agreement with his Lithuanian opposite number.

[SkintHibby]

Between the two administrators, who is the one more likely to (1) liquidate Hearts and (2) sell Tynecastle Stadium?

[Woody70x2]

It may be posted elsewhere, just catching up, but heard that Rod Petrie has made 70 pledges and Albert Kidd 45. Good on them I say :greengrin

[Chris.igoe]

http://img.tapatalk.com/d/13/06/19/2amezaju.jpg

Happy days hearts going bust

[kdhibees1]

http://img.tapatalk.com/d/13/06/19/2amezaju.jpg

Happy days hearts going bust Shuuuperb!!!:thumbsup:

[green glory]

I am told he is just a PR guru for KPMG, and not an Administrator?

Never trust a Campbell. We need good Jacobite administrators on the job.

[greenginger]

The difference with Hearts is that HMRC's percentage of the debt is unlikely to be high enough for them to block a cva if the administrator can come to an agreement with his Lithuanian opposite number.


Also, will all the Yam non-share holders also be considered as creditors.

[jgl07]

Also, will all the Yam non-share holders also be considered as creditors.

If they renage on the season tickets for 2013-14, that will generate another 6,000 creditors.

[Kaiser1962]

How can they afford to have the lights on? Will Scottish Power or whoever get paid? :greengrin :wink:

Very very unlikely. Admins will be responsible for leccy once they take over and will take readings. Invoices up to that date will go in the pot marked "whistle".

[bingo70]

Very very unlikely. Admins will be responsible for leccy once they take over and will take readings. Invoices up to that date will go in the pot marked "whistle".

Say they get a utility bill in the next few weeks how will they pay it if they've no income coming in? Pressumably if they can't the administrators will need to liquidate them?

[mca]

10340


Is it Too Late to organise one of these plaque / tile thingys...

Maybe even Just Something To Honour Vladimir Romanov .. ANY IDEAS FOLKS ??

[Big Frank]

http://img.tapatalk.com/d/13/06/19/2amezaju.jpg

Happy days hearts going bust



:aok::aok::top marks:aok::aok:

[greengnome]

10340


Is it Too Late to organise one of these plaque / tile thingys...

Maybe even Just Something To Honour Vladimir Romanov .. ANY IDEAS FOLKS ??


In Vlad we trusted?

Vladimir Romanov A Hibs Legend (Sort of)

Vladimir... The man who broke their Hearts

[weonlywon6-2]

Very very unlikely. Admins will be responsible for leccy once they take over and will take readings. Invoices up to that date will go in the pot marked "whistle".

On that note,how are the administrators going to get their money if there aint any in the club just now.They wont do the job for nothing???

[Part/Time Supporter]

On that note,how are the administrators going to get their money if there aintay in the club just now.They wont do the job for heehaw???

From the buyer. Same as any other insolvency, for the reason you pointed out.

[green glory]

<img src="http://www.hibs.net/attachment.php?attachmentid=10340"/>

Is it Too Late to organise one of these plaque / tile thingys...

Maybe even Just Something To Honour Vladimir Romanov .. ANY IDEAS FOLKS ??

'Vladamir Romanov'. Heartbreaker extraordinaire and honorary Hibee.

[weonlywon6-2]

From the buyer. Same as any other insolvency, for the reason you pointed out.

Lets hope no one buys them then so they have to sell parts of the club!!

[Sanger]

On that note,how are the administrators going to get their money if there aint any in the club just now.They wont do the job for nothing???
They get paid at the end when they have sold everything. Taking a slice. Duff & phelps took £2.5 million of a £5.6 million takeover. Very lucrative!

[Drumlanrig]

First ever post from Drumlanrig, couldn't resist it anymore!

This thread has just made me so happy....blub blub!

Never thought that it could be like this...... sniff, sniff blub !

On train to Cheltenham and gonna celebrate with a large dram on arrival ... I'm overcome by emulsion!!

Wot dram should I have??

[Ross4356]

I love this from Radio Scotland tonight so I ripped and you will too :)

https://soundcloud.com/rosscarnie/hearts

Its in regards to PBS and goes on to say later in the program that its valued at 5.5m as a stadium and 6m as land

Full prog is here

http://www.bbc.co.uk/podcasts/series/scotfoot

[Paisley Hibby]

FOH guy on sportsound saying they have tens of THOUSAND pound pledges!!!

That wouldn't buy you a decent motor

Plums:fenlon:fenlon

I burst out laughing when he said that. The FoH guy was presenting himself as a financial expert but came over as a complete and utter trumpet. He says FoH are the only option left. On the basis of his performance tonight I do hope so!! Under FoH it will be Hearts 2013 FC playing Lowland League home games at Creamery Park, Bathgate.

[mca]

10341



Get your ideas in folks.... :greengrin

[Treadstone]

I burst out laughing when he said that. The FoH guy was presenting himself as a financial expert but came over as a complete and utter trumpet. He says FoH are the only option left. On the basis of his performance tonight I do hope so!! Under FoH it will be Hearts 2013 FC playing Lowland League home games at Creamery Park, Bathgate.

Between him on Sportsound and Ian Murray MP on the Hootsman webchat the Yams should be cacking it. Its like the Keystone Cops let loose on t'internet.:greengrin

[Kaiser1962]

Say they get a utility bill in the next few weeks how will they pay it if they've no income coming in? Pressumably if they can't the administrators will need to liquidate them?

The company in admin has protection from creditors. Thats the whole point.

[tomf]

Just had a read whilst sat on the train. They really do not get it at all. It's not bitterness, it's vindication.

This "5-1" crap is the same as Lance Armstrong saying "Well I won 7 tour de frances in a row". Both parties are now facing their comeuppance.

This is one of the best comments I have read. It is absolutely accurate and every Hibs fan appreciates that they are reaping what they sowed. If they feel cheated by Romanov then they might feel a little less comfortable about the scoreline they are so proud of and understand where a lot of our feelings are coming from. I appreciate that there is a certain amount of gloating going on at the moment...but I am sure that the Hearts fans will stop it one day! I posted what I thought was a reasonably sensible comment here last week and it seemed to upset them...now look what has happened...I am just worried in case I might have caused all of this. I feel like s**t.:faf:

[bingo70]

The company in admin has protection from creditors. Thats the whole point.

Thought administrators weren't allowed to accrue new debts though?

[Kaiser1962]

Thought administrators weren't allowed to accrue new debts though?

There will be running costs associated with the business.

[FranckSuzy]

The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.


Il second that. Many thanks to all mentioned. As someone who really doesn't have a clue about financial matters, the insight you guys have provided has given me and many others an understanding of how grave their situation really is :not worth


:agree: :top marks :applause:

[clerriehibs]

This is one of the best comments I have read. It is absolutely accurate and every Hibs fan appreciates that they are reaping what they sowed. If they feel cheated by Romanov then they might feel a little less comfortable about the scoreline they are so proud of and understand where a lot of our feelings are coming from. I appreciate that there is a certain amount of gloating going on at the moment...but I am sure that the Hearts fans will stop it one day! I posted what I thought was a reasonably sensible comment here last week and it seemed to upset them...now look what has happened...I am just worried in case I might have caused all of this. I feel like s**t.:faf:

They don't; nor do they feel cheated by wallet mercer, who started the financial skulduggery. Apparently, it's all the pieman's fault ... one of their own, and possibly someone who really did try to resolve their problems. But it's his fault.

[hibsmum]

Fed up hearing about the institution, this institution has nothing to do with sport!!

[Springbank]

First ever post from Drumlanrig, couldn't resist it anymore!

This thread has just made me so happy....blub blub!

Never thought that it could be like this...... sniff, sniff blub !

On train to Cheltenham and gonna celebrate with a large dram on arrival ... I'm overcome by emulsion!!

Wot dram should I have??

Spring bank fifteen year old

Numerous reasons

1) amazing malt
2) Campbeltown malt (see above - may influence kpmg)
3) green and black label
4) fifteen
5) one five
6) 15
And not a minus fifteen or a childish hand gesture in sight!

Slainte!!

[Springbank]

Between the two administrators, who is the one more likely to (1) liquidate Hearts and (2) sell Tynecastle Stadium?

Bump!

Good question - any guesses?

[Hibernia Na Eir]

There really is no option but the Big 'L'.

Its coming your way Hertz.

[CropleyWasGod]

Does a creditor part secured like Ukio Bankas seem to be ( owed £15 million and having £6.8 million of it secured ) not get a vote for the unsecured part of the debt ?

They probably do.

That said, I am not trusting what is in the public domain at the moment.

As others have said, the debt levels are taken from the 2012 accounts, as is the nature of the securities. It wouldn't surprise me if securities have been changed or increased, and not lodged at Companies House. It will be up to the administrator to assess that; remember that D&P said, on their appointment, that one of their first tasks was to do exactly that.

And, whoever called me a guru.....I refute that. Gurus are Sikh, and I'm not laying myself open to criticism from some of the more rabid posters on here. :greengrin

[mca]

There will be running costs associated with the business.



And i thought the Admin Would or Could - Procede straight to Liquidation.. if there was Not enough Ready Funds or incoming Income !!! to keep the club running in the meantime.. ???

[Viva_Palmeiras]

:top marks
If your going to keep speaking dirty like this Im going to have to close my blinds. :agree:

[jgl07]

The company in admin has protection from creditors. Thats the whole point.

But they still have to pay day to day expenses. They may be protected from paying previous utility bills but if they want electricity from now on they will have to pay for it, possibly in advance. Anyone got any 'Power Kerds'? If there is no money coming in the administrators will not be able to maintain Hearts as a going concern.

Rangers had £3-4 million in the bank when they went into administration. They were also in season so there was matchday income from visiting support and walk-ups.

Hearts need to spend a lot on maintenance on that crumbling old stand or their safety certificate will be gone. If they want to retain any playing staff they will have to pay them. I would guess that the Police will require payment up front if Hearts last into the start of next season.

I suspect that once BDO/KPMG see the full extent of the situation they will go for liquidation right away.

[Eyrie]

Maybe I'm missing something, but four things appeal to me

1 - If the PBS has been pledged for £6.8m then that has to be the minimum value attached to the Yams. KPMG can't sell them with the stadium for less than that because I assume that the liquidators for Ukio Bankas could turn around and call in the security, giving them ownership of the property. And they will have no qualms about seeking an open market sale and inviting bids from developers.

2 - So with any cosy stitch up between KMGP and Save Hearts In Trouble ruled out, Ian "I'm an MP" Murray and his mates will have to raise a very large amount of cash to purchase the stadium. But no-one will lend on the basis of pledges, some of which are bogus (and well done!) and the rest of which may not agree to sign up or can cancel at any time. If they hope for a wealthy fan (eg Ann Budge) to lend the Save Hearts In Trouble bid the money, then why would the ordinary fans pay their pledges to refund a millionaire?

3 - And if Save Hearts In Trouble do manage to get ownership of the club (with or without the PBS), they will still need to fund the running of the club. They'd have to honour the existing season tickets due to the bad feeling any cancellation would cause, which means they're reliant on walk ups and pledges. The result will be a team destined for relegation, and that will further depress attendances after the initial surge of defiance.

4 - The relegated Yams won't come straight back up as they'll be in the same Division One in 2014/15 as Sevco Huns, so they'll need to fund at least one more year out of the SPL. That in turn will hamstring them on their eventual return due to the level of debt they will incur just by trying to operate as a club.

[CropleyWasGod]

And i thought the Admin Would or Could - Procede straight to Liquidation.. if there was Not enough Ready Funds or incoming Income !!! to keep the club running in the meantime.. ???

Part of the admin's job is to secure a better return for creditors than they could get in liquidation. If he thinks this is impossible, after reviewing the situation, then liquidation will be the next step.

However, it gets messier. In order to do his job, I think he has to take possession of HMFC's shares. Whilst UBIG's assets are frozen, he won't be able to do that.

[mca]

There will be running costs associated with the business.


Apparently The Pitch.. That Little Poor Grass Bit In the MIDDLE of All This keek.. Actually Requires Upkeep.. approx 2k a week with staff !! ....But - With Extra Seeding needed to Get Pitch Playable - Until The New Season Starts..... .. oh. and wee tractor needs diesel .. :greengrin

[clerriehibs]

Part of the admin's job is to secure a better return for creditors than they could get in liquidation. If he thinks this is impossible, after reviewing the situation, then liquidation will be the next step.

However, it gets messier. In order to do his job, I think he has to take possession of HMFC's shares. Whilst UBIG's assets are frozen, he won't be able to do that.


Some of the current owners of "shares" can't take possession of them either!

[Andy74]

Maybe I'm missing something, but four things appeal to me

1 - If the PBS has been pledged for £6.8m then that has to be the minimum value attached to the Yams. KPMG can't sell them with the stadium for less than that because I assume that the liquidators for Ukio Bankas could turn around and call in the security, giving them ownership of the property. And they will have no qualms about seeking an open market sale and inviting bids from developers.

2 - So with any cosy stitch up between KMGP and Save Hearts In Trouble ruled out, Ian "I'm an MP" Murray and his mates will have to raise a very large amount of cash to purchase the stadium. But no-one will lend on the basis of pledges, some of which are bogus (and well done!) and the rest of which may not agree to sign up or can cancel at any time. If they hope for a wealthy fan (eg Ann Budge) to lend the Save Hearts In Trouble bid the money, then why would the ordinary fans pay their pledges to refund a millionaire?

3 - And if Save Hearts In Trouble do manage to get ownership of the club (with or without the PBS), they will still need to fund the running of the club. They'd have to honour the existing season tickets due to the bad feeling any cancellation would cause, which means they're reliant on walk ups and pledges. The result will be a team destined for relegation, and that will further depress attendances after the initial surge of defiance.

4 - The relegated Yams won't come straight back up as they'll be in the same Division One in 2014/15 as Sevco Huns, so they'll need to fund at least one more year out of the SPL. That in turn will hamstring them on their eventual return due to the level of debt they will incur just by trying to operate as a club.
The security is suggested to fall away with administration according to some insolvency gadge in the News.

[PatHead]

Any chance the new firm of Caversham, Cropley and Desantos can be appointed.

[Deansy]

What about the video in that report ? Whalearses laddie, WHY ?

"In the 80's 'The Pink-Fluffies' were a model of financial prudence"

i cannot believe that (whoever the commentator is) actually made THAT statement !!. The Fat cardigan-wearing, Tory Fat-Boy, Wallace Mercer, was the one who STARTED their 'Financial Football' business-model !. HE was the one who who started the '3rd-Force' garbage, HE was the one obsessed that they would never, ever lie down to us after we had regularly ripped them for 99% of the 70's !!

Their derby-fortunes changed dramatically once he took over - did they have some miraculous managers/trainers/super-football plan etc because if they did, these people or plans would be world-renowned / household names whose system would be copied by clubs everywhere !!

NO - Mercer started the year-in, year-out, season-after-season LOSSES !!. Every season that debt increased due to him buying players they could NOT afford - all, IMHO, with a view to beat US - not seriously challenging for leagues or cups, just to be 'No.1 in Edinburgh' !!. Robinson continued with this 'Business-Model' and Vlad even strengthened it further !!

30 years later, they are now paying the price for Mercer's ............... vision !!

[Ozyhibby]

Apparently The Pitch.. That Little Poor Grass Bit In the MIDDLE of All This keek.. Actually Requires Upkeep.. approx 2k a week with staff !! ....But - With Extra Seeding needed to Get Pitch Playable - Until The New Season Starts..... .. oh. and wee tractor needs diesel .. :greengrin

They usually play the ball high above the grass anyway.

[duffers]

Latest from BBC....


@BBCBMcLauchlin: The offer was from the Scandinavian group who were willing to hand over £500k in return for a share of future transfer fees.#bbcsportscot

[jaf]

I burst out laughing when he said that. The FoH guy was presenting himself as a financial expert but came over as a complete and utter trumpet. He says FoH are the only option left. On the basis of his performance tonight I do hope so!! Under FoH it will be Hearts 2013 FC playing Lowland League home games at Creamery Park, Bathgate.

No having that just roond from my house, they can jog on up to almondvale if they want but if they pitch up at creamery park my house goes on the market!!

It's bad enough watching Bathgate play kelty hearts as it is

[God Petrie]

Hahaha £500k.

[SmashinGlass]

The security is suggested to fall away with administration according to some insolvency gadge in the News.

The security doesn't (and won't) fall away, as such. Basically, an administrator can deal with the asset unencumbered by the security but must account to the secured creditor with the proceeds. In practice what normally happens with oversecured property in administrations is that the security holder and insolvency practitioner agree a fee in advance of the sale, which is then deducted from the proceeds before these are passed to the security holder. Any remaining balance falls in as an unsecured claim.

[clerriehibs]

Given that UBIG would appear to be unhappy that "the club" want to appoint KPMG ... who at "the club" decided, or was even authorised, to go for admin? Surely that decision would have had to come from UBIG, being the majority shareholders?

[CropleyWasGod]

The security is suggested to fall away with administration according to some insolvency gadge in the News.

Utter bulldust, IMHO

Do you have a link? It may be bad journalism. :rolleyes:

[7062]

What happens with the wages that were due last week?

When they are in admin do the players become creditors and can therefore not expect hearts to even try to pay them?

[Sas_The_Hibby]

Given that UBIG would appear to be unhappy that "the club" want to appoint KPMG ... who at "the club" decided, or was even authorised, to go for admin? Surely that decision would have had to come from UBIG, being the majority shareholders?

They can't even manage to go into administration when they try to!! :faf:

[Leithenhibby]

Given that UBIG would appear to be unhappy that "the club" want to appoint KPMG ... who at "the club" decided, or was even authorised, to go for admin? Surely that decision would have had to come from UBIG, being the majority shareholders?

As I understand it, you have to have Directors to file for Admin, so how could UBIG call this one?

Clear as mud :wink:

As an after thought, when UBIG go down, do they become UB bitch? :cb

[CropleyWasGod]

Given that UBIG would appear to be unhappy that "the club" want to appoint KPMG ... who at "the club" decided, or was even authorised, to go for admin? Surely that decision would have had to come from UBIG, being the majority shareholders?

It's a Board decision.

[PatHead]

What happens with the wages that were due last week?

When they are in admin do the players become creditors and can therefore not expect hearts to even try to pay them?

They become preferred creditors after liquidators and secured creditors if I remember correctly

[HibbySpurs]

Given that UBIG would appear to be unhappy that "the club" want to appoint KPMG ... who at "the club" decided, or was even authorised, to go for admin? Surely that decision would have had to come from UBIG, being the majority shareholders?

No, the board of directors at Hearts have a legal duty of care to "act in the best interests of the shareholders". In this instance the best interests of those shareholders is by accepting the business can no longer meet it's liabilities therefore to offer some sort of chance of protecting those shareholders interests through some form of restructuring or refinancing the board have asked to appoint an administrator which also offers bankruptcy protection whilst the administrator attempts to find a way forward for the business. Someone asked earlier which administrator would be more likely to go for liquidation. I think the answer is neither as they have a duty of care to attempt to keep the business going as a "going concern", however BDO if appointed would be working on behalf of UBIG/UKIO'S Administrator and therefore would be looking at ways to ensure their client obtained the best possible return through the administrative process. should that lead to liquidation and sale of assets then so be it. This was why HMRC wanted to appoint the administrator at Rangers to protect their interests first & foremost. They failed as they were not a shareholder or secured creditor. The opposite is true of UBIG/UKIO so my money is on BDO being given the nod (provided the judge is not some yam walloper of course :greengrin:greengrin)

[CropleyWasGod]

They become preferred creditors after liquidators and secured creditors if I remember correctly

You can claim for all your outstanding pay from the insolvency practitioner. There is no guarantee that the full amount you are owed will be paid as this depends on whether enough funds are raised from the sale of your employer's assets.

Some debts, including holiday pay and wages, will be 'preferential debt' when your employer's assets are shared out. This means they must be paid before certain other debts.

As full payment cannot be guaranteed, there are special arrangements for employees to claim the basic minimum of debts owed to them from the National Insurance Fund. These claims are:

redundancy
wages - up to a maximum of eight weeks
holiday pay - up to a maximum of six weeks
compensatory notice pay - one week after one calendar month's service rising to one week per year of service up to a maximum of 12 weeks (new earnings will be taken into account)

There is a limit of £450 a week on the amount you can claim for weekly pay.

[Andy74]

Utter bulldust, IMHO

Do you have a link? It may be bad journalism. :rolleyes:

On the phone just now but the EN had a Q and A with an insolvency guy today. He was prattling about newco getting relegated though.

[Eyrie]

There is a limit of £450 a week on the amount you can claim for weekly pay.

Getting paid in full from the taxpayer will be a small consolation for the youth players and ordinary employees in the Yams office, shop etc who will be losing their jobs. But it's nice to know that the remaining overpaid mercenaries in the first team squad will only get a fraction of what their contracts promised.

[Hermit Crab]

@BBCFootball1: Administration nears for Hearts: BBC Scotland expects administration to follow for Hearts once their parent co... http://t.co/M6UwgA9nff

[Hermit Crab]

@BBCBMcLauchlin: Hearts board turned down £500,000 from potential buyer on Monday hours before asking for club to be placed in administration#bbcsportscot

@BBCBMcLauchlin: The offer was from the Scandinavian group who were willing to hand over £500k in return for a share of future transfer fees.#bbcsportscot

[Sir David Gray]

Dimitri learns of tonight's revelations (http://captiongenerator.com/5318/Dimitri-hears-the-good-news). :greengrin

Just in case anyone missed this last night. :greengrin

[SaulGoodman]

500,000 :faf: :faf:

[Hibbyradge]

"Hearts are due to pay a significant six-figure sum to the Inland Revenue on Friday but have insufficient funds available."

:hmmm:

Could a winding up order be on its way or has admin robbed us of that particular giggle?

[Hibbyradge]

Just in case anyone missed this last night. :greengrin

Hats off to you!

[CropleyWasGod]

"Hearts are due to pay a significant six-figure sum to the Inland Revenue on Friday but have insufficient funds available."

:hmmm:

Could a winding up order be on its way or has admin robbed us of that particular giggle?

Given that the Inland Revenue disappeared in 2005, that's a helluvan old debt. :greengrin

[jgl07]

It's a Board decision.
But UBIG have no Board. I suspect that the directors of Hearts and the (former) directors of UBIG have some overlap.

[SteveHFC]

http://www.afc-chat.co.uk/forums/index.php?act=idx right hand side:faf:

[CropleyWasGod]

But UBIG have no Board. I suspect that the directors of Hearts and the (former) directors of UBIG have some overlap.

The question was about the Hearts administration, and who made that decision.

[Zondervan]

I wonder how long it will take The City of Edinburgh Council to tell us how much is owed to us from HoMFC?

[jgl07]

The question was about the Hearts administration, and who made that decision.

My guess is David Southern.

[CropleyWasGod]

My guess is David Southern.

No, it can't be. It is the Board who make the decision. DS may have recommended it, but the Board have the final say.

[WestEndHibee]

http://youtu.be/fenMbcZgqD4

Just back from a weekend away. What sublime news:thumbsup:

:flag::flag::flag:

[poolman]

Spring bank fifteen year old

Numerous reasons

1) amazing malt
2) Campbeltown malt (see above - may influence kpmg)
3) green and black label
4) fifteen
5) one five
6) 15
And not a minus fifteen or a childish hand gesture in sight!

Slainte!!


I have a bottle of glenmorangie quinta ruban(been extra matured in port casks ) I'm really tempted but I'm keeping it for my 60th in three weeks time

Then its getting opened for a wee party in Whitby

A really good mate of mine ( a jambo ) will be there so I hope he takes it in good part when I open it and he sees the T-shirt I'm planning to wear :-)

[rcarter1]

For reading addicted insomniacs...

Hearts. An Edinburgh Institution. A bit like RBS. Both institutions pushed the financial boat far too far from the shore. RBS, bailed by the government, the tax payer, continues to trade. The future of Hearts remains in the balance. Perhaps the Edinburgh rate payer should foot the 25 million bill? Or perhaps the UK government should lean on the Lithuanians to foot the bill – all in order for a football club to continue in its present form. A football club, that like RBS was the sole architect in its own downfall. Both examples of the hubris that rages throughout the capitalist free market economic model.
So how should Scottish football judge this sorry mess? On the one hand, having lost Rangers from the league, an argument can be made for protecting another prominent club from folding. This argument is based on very loose assertions that the SPL cannot survive, or is devalued without Hearts. The survival argument is tenuous at best – given that the loss of Rangers was far less damaging than had been predicted. The bottom line is, Hearts as an organisation created their current situation, and it is difficult to see why anyone should pay for their poor management.
Football is an emotive business of course. Sport attracts supporters in a way no other industry quite matches. A contest that epitomises the competitive spirit, it is pride that is at stake for those who pay through the turnstiles. This is the other side of the argument for those interested bystanders watching from the side lines. Apart from the legalities of debt and financial fair play, sporting integrity is what matters most to many of Scotland’s football supporters. Supporters who see their pride damaged on the pitch by opponents gaining unfair financial advantage inevitably have no sympathy for those opponents suffering when the debts are recalled. The supporters of Hibernian have more reason than most to hope for financial justice to be done to their rivals across the city. Years of derby domination by Hearts has been a hard slog for these supporters, in the knowledge that their own club were trying their hardest to make ends meet. The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov. That his vision ultimately failed, his businesses bankrupt, and his financial support for Hearts withdrawn, is no direct fault of the Hearts fans, or any employee of the club. Nonetheless by buying into his vision, accepting his wages, shouting from the rooftops at their glory, they cannot now avoid facing whatever fate befalls them – and can expect no sympathy.
The 25 million pounds owed by Hearts to UKIO/UBIG, is ultimately part of a large pool of debt owed to a host of creditors - probably including Lithuanian taxpayers, who have no interest in Hearts or Scottish football. It is a sign of the mean and callous side of human nature, that there are many who would be happy to see these creditors foot the bill for all those players that passed through the gates of Tynecastle. After all they are in Lithuania right? Surely we just send a gun boat to the Baltic Sea and call the whole thing quits. Or perhaps, the organisation responsible for accumulating this debt should be held accountable. If this results in the Stadium being sold, the club being liquidated, then how can this be seen to be in anyway unfair, or even harsh? For sure there will be many people associated with Hearts who will be devastated, many club employees looking for jobs. Is it the Lithuanian creditor who is at fault and should suffer instead? Loss of jobs is always a personal tragedy, and it is an indictment of our society that a person can – through no fault of their own – go from respectable contributor, to drain on society overnight. Once again however it is Hearts financial imprudence that has most directly led to this.
From this observers view point, I hope that a Hearts team plays football, if not now, but in the future. In the meantime, I also hope that they reap what they have sown.

[Dunderhall]

On the phone just now but the EN had a Q and A with an insolvency guy today. He was prattling about newco getting relegated though.


Was it this? EEN link (http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-gloom-descends-as-administration-beckons-1-2969997).

"What happens to the club’s debt?
The CVA will mean both Ukio Bankas and UBIG will have to agree to accept a certain proportion of their debt, whether that might be five or ten pence in the pound, or perhaps slightly more. One of them also has security over Tynceastle Stadium. That will be excluded from that process."

[monktonharp]

Yeah some good points there cheers, however, I guess I wasn't really asking if the SPFL would survive, but really if anyone can see a slow, possible domino effect in other clubs maybe slipping into financial dire straits as time goes by, say over the next 2-3 years. We're obviously in far better shape that those puddle drinkers but I do think we will have to keep an eye on things money wise as well.

Anyway, cheers for the comments :aok:I'm miles off the pace here:greengrin things are changing by the minute! but I basically don't give a fck what happens down gorgie way at the mo, and even less about der hun. I do have a good feeling, that our crowds will increase over the coming season,yet there will be ramifications re-the demise of another top end club, for Scottish football at the moment. there is no way that I can feel anything though , other than a "you made your bed, lie in it" attitude. and I'm 100% certain that almost 100% of the people on here feel the same. cheats, and that's the only way to describe them, be it sevco , or soon to be sevco 2, will get their just deserves and the people that have been cheated will feel that every dog has it's day, and as I've said on various posts on here over the years, our day will come. that day is just round the corner and I am hoping that our supporters can kick on this season, by attending our games in good numbers. we have more ST holders than them, obviously driven by Petrie's reasoning of , renew, buy, get a ticket to the final etc which in essence actually worked!. (not the ideal scenario for fans , from a while back imho) however, I do still feel a bit confused about the new spfl, or what it means and will it actually help Scottish football but I will be following Hibernian fc again this coming season with hopefully a full bus to most of our away games! despite the idiotic ,usual tv driven ko times/days! ggtth.

[Delboy4]

? :thumbsup:?

[monktonharp]

The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.and for that, in turn we support you:not worth

[monktonharp]

Very very unlikely. Admins will be responsible for leccy once they take over and will take readings. Invoices up to that date will go in the pot marked "whistle".ok, while we're at it, have they/will they paty the council tax/rates? who empties their buckets?

[monktonharp]

First ever post from Drumlanrig, couldn't resist it anymore!

This thread has just made me so happy....blub blub!

Never thought that it could be like this...... sniff, sniff blub !

On train to Cheltenham and gonna celebrate with a large dram on arrival ... I'm overcome by emulsion!!

Wot dram should I have??Glenfarclas, 10, 12,15 or 18year old. recommended. and don't add water:greengrin

[SaulGoodman]

Nearly, probably

[Dashing Bob S]

I think the reaction by the sporting media to Hearts demise shames Scottish society. They shouldn't be selfishly asking whether the SPL can survive without Hearts, they should be considering the broader implications for western democracy as a whole.

In the thirties and forties, only Hearts stood between us and being kitted out in Hugo Boss today.

Now the fear is that we'll all have towels wrapped round our heads and be reciting verses from the Koran next season.

The only people who will be 'having a party' will be the Hitlers and Bin Laden's of this world.

[Iain G]

Glenfarclas, 10, 12,15 or 18year old. recommended. and don't add water:greengrin

What about the 105?!?

Aberlour A'Bunadh; Lagavulin 16; Bunnahabhin anything :greengrin

[monktonharp]

What about the 105?!?

Aberlour A'Bunadh; Lagavulin 16; Bunnahabhin anything :greengrinbeen a fan o' glenfarclas for many's a year but 105? nah, burns the throat if ye take it raw! not recommended. spent a fortune buying it in duty free, only to find it was mair like pocheen:greengrin

[grunt]

http://www.15min.lt/en/article/business/realization-of-ukio-bankas-assets-in-lithuania-can-take-up-to-two-years-527-345583

[Denverhibby]

been a fan o' glenfarclas for many's a year but 105? nah, burns the throat if ye take it raw! not recommended. spent a fortune buying it in duty free, only to find it was mair like pocheen:greengrin
30 yr Talisker the best

[Drummer]

Hearts in administration reminds me of an old song. The Muckin "o" GORGIES byre

[Time For Heroes]

http://youtu.be/fenMbcZgqD4

Just back from a weekend away. What sublime news:thumbsup:

:flag::flag::flag:

Just landed in Hawaii, stuck on Hibs.net and seen the news!
Awesome way to start a holiday!
To everyone connected with Hearts, thanks!

[deek]

They were offered the dosh but turned it down!!

http://www.bbc.co.uk/sport/0/football/22963110

[green day]

They were offered the dosh but turned it down!!

http://www.bbc.co.uk/sport/0/football/22963110

In the BBC story, there is a Q&A which mentions selling assets including their Rickarton training base.

Just goes to show that these BBC journos just regurgitate keech like BAnderson.

[...WentToMowAnSPL]

Scary or Pleasing?
Hearts going into liquidation and life as a newco is inevitable, says former colleague of Vladimir ... http://t.co/3RoiSxWWPT

[ronaldo7]

Scary or Pleasing?
Hearts going into liquidation and life as a newco is inevitable, says former colleague of Vladimir ... http://t.co/3RoiSxWWPT

I hope the *******s rot in hell.

[Part/Time Supporter]

They were offered the dosh but turned it down!!

http://www.bbc.co.uk/sport/0/football/22963110

£500k, only on condition that the club wouldn't go into administration and that they could share profits from selling players.

There's no way that the directors could have guaranteed that the club wouldn't go into administration eventually. £500K would have eased their immediate crisis, but they would have just faced the same problem in 3 months or so. Just as the £1M raised by the fans eased the crisis last autumn for a few months.

Sounds like more timewasting / grandstanding by the Scandinavians, TBH. They would have known full well that the Hearts management would not take that offer.

[marinello59]

£500k, only on condition that the directors guaranteed that they wouldn't go into administration and that they could share profits from selling players.

There's no way that the directors could have made that guarantee. £500K would have eased their immediate crisis, but they would have just faced the same problem in 3 months or so.

Sounds like more timewasting / grandstanding by the Scandinavians, TBH. They would have known full well that the Hearts management would not take that offer.

They also wanted to know the full extent of the debt at Tynecastle. Maybe the current board simply can't provide answers on that.

[...WentToMowAnSPL]

Ouch ...

[ronaldo7]

Picked up from KB on a thread about Jamie Walker

And they wonder why they've got themselves into soooo much bother.



"Don't know the original poster fro Adam but he isn't far off the mark.

Jamie is now back from his holiday in Egypt.

He was expecting to sign a new deal at £2500pw which is I would imagine is now off the table.

Wigan and Huns are the two teams I was told as well."

[Beefster]

In the BBC story, there is a Q&A which mentions selling assets including their Rickarton training base.

Just goes to show that these BBC journos just regurgitate keech like BAnderson.

Brian McLauchlin has shown himself to be completely out of his depth with Hearts' financials.

[Hibs07p]

..... at this rate, the UKIO administrator will have to pay FOH to take Tynie of their hands.

Foundation chairman Ian Murray MP warned Valnetas that there would have to be a compromise over their twin desires to preserving Hearts as a going concern and defending the interests of Ukio’s creditors. “They did say that they wanted Hearts to be a going concern – they have to protect what they have got,” he said. “What do they have at the moment? They have a club in administration and a stadium worth £4m.

“They can whistle in the wind, really. They have to be careful that they don’t walk away with nothing and take the club with them.”

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

To be fair, I suppose the stadium is worth less than £4M, but the land value is worth a wee bit more.

GGTTH

[...WentToMowAnSPL]

.....
“They can whistle in the wind, really. They have to be careful that they don’t walk away with nothing and take the club with them.”

'Whistle in the wind '.. Apparently is a complex negotiating term to be used when trying to persuade a foreign bank not to sell your land and sell your players but I wouldn't understand #allverycomplex

The yams have really landed on their feet with this bright cookie

[bingo70]

..... at this rate, the UKIO administrator will have to pay FOH to take Tynie of their hands.

Foundation chairman Ian Murray MP warned Valnetas that there would have to be a compromise over their twin desires to preserving Hearts as a going concern and defending the interests of Ukio’s creditors. “They did say that they wanted Hearts to be a going concern – they have to protect what they have got,” he said. “What do they have at the moment? They have a club in administration and a stadium worth £4m.

“They can whistle in the wind, really. They have to be careful that they don’t walk away with nothing and take the club with them.”

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

To be fair, I suppose the stadium is worth less than £4M, but the land value is worth a wee bit more.

GGTTH

"They have to be careful they don't walk away with nothing"

Is that not pretty much impossible? At the very least they'll be able to sell tynecastle

[Gatecrasher]

Brian McLauchlin has shown himself to be completely out of his depth with Hearts' financials.

over the last year the media in general have made complete ***** of themselves between this and the Rangers one. Thanks to a few folk on here like Sergey, CWG, Cav, Desantos and a few others who keep us informed.

[Viva_Palmeiras]

10345
"Barry you're out of your element - the Scandinavian is not the issue here"

[Kaiser1962]

ok, while we're at it, have they/will they paty the council tax/rates? who empties their buckets?

Nothing, prior to Hearts going into administration, will now be paid and anyone owed money just gets in the queue. Given that UKIO have a security on the stadium and a floating charge on the assets if they are expecting any sort of payout they will be disappointed. I do expect the queue to be a lengthy one and the list of creditors will be interesting.

Any expenses incurred between entering admin and exiting it will, ultimately, be paid by the buyer.

[s.a.m]

Hearts in administration reminds me of an old song. The Muckin "o" GORGIES byre

Have you got a tune for that?:greengrin

[joe breezy]

If the editors had any brains they'd get business journalists not sports journalists on these stories...

[Treadstone]

Scary or Pleasing?
Hearts going into liquidation and life as a newco is inevitable, says former colleague of Vladimir ... http://t.co/3RoiSxWWPT

"With debts now touching £25m..."

That horse has bolted and we can now assume nearer the £30m mark or even beyond.

[Treadstone]

10345
"Barry you're out of your element - the Scandinavian is not the issue here"

"Who's the Scandinavian Dude ?"

[Part/Time Supporter]

Nothing, prior to Hearts going into administration, will now be paid and anyone owed money just gets in the queue. Given that UKIO have a security on the stadium and a floating charge on the assets if they are expecting any sort of payout they will be disappointed. I do expect the queue to be a lengthy one and the list of creditors will be interesting.

Any expenses incurred between entering admin and exiting it will, ultimately, be paid by the buyer.

That's not right either. The administrator fees are paid by the buyer, but the company has to generate enough income to pay for its ongoing costs incurred from the date of administration. One way of doing that is to cut the ongoing costs by laying off staff.


"With debts now touching £25m..."

That horse has bolted and we can now assume nearer the £30m mark or even beyond.

Jambo myth of the week seems to be that "Romanov left us £25M debt, which was the same as the Pieman".

Which is true, if you ignore the fact that the Pieman left them with just under £20M in debt. And the fact that he had done a deal to get rid of that debt. Which they then very publicly opposed.

[bingo70]

That's not right either. The administrator fees are paid by the buyer, but the company has to generate enough income to pay for its ongoing costs incurred from the date of administration. One way of doing that is to cut the ongoing costs by laying off staff.

They've not got any income just now at all so is it fair to say this is likely to be a very quick administration then? I just don't see how they'll pay bills when they come in, even if they get rid of every employee.

[CyberSauzee]

They've not got any income just now at all so is it fair to say this is likely to be a very quick administration then? I just don't see how they'll pay bills when they come in, even if they get rid of every employee.

About to say the same bingo. They've no money to pay staff now. Liquidation looming?

[Part/Time Supporter]

They've not got any income just now at all so is it fair to say this is likely to be a very quick administration then? I just don't see how they'll pay bills when they come in, even if they get rid of every employee.

I don't think it will work that way. New bills won't hit for at least a couple of weeks (not much point sending them one now), which will give the administrator a little bit of time to assess things - is there a realistic buyer, can they sell (Lithuanian legal situation), what income is there really, etc. If they can get through to the end of July then it could drag on for a longer period with the SPL income paid out.

[Hermit Crab]

About to say the same bingo. They've no money to pay staff now. Liquidation looming?

Hopefully.

[Coco Bryce]

They've not got any income just now at all so is it fair to say this is likely to be a very quick administration then? I just don't see how they'll pay bills when they come in, even if they get rid of every employee.

Yes, this surely is the end game for them now.

[brog]

For reading addicted insomniacs...

Hearts. An Edinburgh Institution. A bit like RBS. Both institutions pushed the financial boat far too far from the shore. RBS, bailed by the government, the tax payer, continues to trade. The future of Hearts remains in the balance. Perhaps the Edinburgh rate payer should foot the 25 million bill? Or perhaps the UK government should lean on the Lithuanians to foot the bill – all in order for a football club to continue in its present form. A football club, that like RBS was the sole architect in its own downfall. Both examples of the hubris that rages throughout the capitalist free market economic model.
So how should Scottish football judge this sorry mess? On the one hand, having lost Rangers from the league, an argument can be made for protecting another prominent club from folding. This argument is based on very loose assertions that the SPL cannot survive, or is devalued without Hearts. The survival argument is tenuous at best – given that the loss of Rangers was far less damaging than had been predicted. The bottom line is, Hearts as an organisation created their current situation, and it is difficult to see why anyone should pay for their poor management.
Football is an emotive business of course. Sport attracts supporters in a way no other industry quite matches. A contest that epitomises the competitive spirit, it is pride that is at stake for those who pay through the turnstiles. This is the other side of the argument for those interested bystanders watching from the side lines. Apart from the legalities of debt and financial fair play, sporting integrity is what matters most to many of Scotland’s football supporters. Supporters who see their pride damaged on the pitch by opponents gaining unfair financial advantage inevitably have no sympathy for those opponents suffering when the debts are recalled. The supporters of Hibernian have more reason than most to hope for financial justice to be done to their rivals across the city. Years of derby domination by Hearts has been a hard slog for these supporters, in the knowledge that their own club were trying their hardest to make ends meet. The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov. That his vision ultimately failed, his businesses bankrupt, and his financial support for Hearts withdrawn, is no direct fault of the Hearts fans, or any employee of the club. Nonetheless by buying into his vision, accepting his wages, shouting from the rooftops at their glory, they cannot now avoid facing whatever fate befalls them – and can expect no sympathy.
The 25 million pounds owed by Hearts to UKIO/UBIG, is ultimately part of a large pool of debt owed to a host of creditors - probably including Lithuanian taxpayers, who have no interest in Hearts or Scottish football. It is a sign of the mean and callous side of human nature, that there are many who would be happy to see these creditors foot the bill for all those players that passed through the gates of Tynecastle. After all they are in Lithuania right? Surely we just send a gun boat to the Baltic Sea and call the whole thing quits. Or perhaps, the organisation responsible for accumulating this debt should be held accountable. If this results in the Stadium being sold, the club being liquidated, then how can this be seen to be in anyway unfair, or even harsh? For sure there will be many people associated with Hearts who will be devastated, many club employees looking for jobs. Is it the Lithuanian creditor who is at fault and should suffer instead? Loss of jobs is always a personal tragedy, and it is an indictment of our society that a person can – through no fault of their own – go from respectable contributor, to drain on society overnight. Once again however it is Hearts financial imprudence that has most directly led to this.
From this observers view point, I hope that a Hearts team plays football, if not now, but in the future. In the meantime, I also hope that they reap what they have sown.

Truly excellent, thanks! Was this you or is it lifted from somewhere? Possibly the best overall summation I've seen.

[Viva_Palmeiras]

"Who's the Scandinavian Dude ?"
:greengrin

"This is a very complicated case. You know, a lotta ins, a lotta outs, a lotta what-have-yous. And, uh, a lotta strands to keep in my head, man. Lotta strands in old Duder's head. Fortunately, I'm adhering to a pretty strict, uh, drug regimen to keep my mind, you know, uh, limber."

[bingo70]

I don't think it will work that way. New bills won't hit for at least a couple of weeks (not much point sending them one now), which will give the administrator a little bit of time to assess things - is there a realistic buyer, can they sell (Lithuanian legal situation), what income is there really, etc. If they can get through to the end of July then it could drag on for a longer period with the SPL income paid out.

Fair point, most companies offer 30 day payment terms as well which presumably will help them as well.

Sure I read a quote on here, think it was the pm board though, that when livi got relegated to the third division it was because they couldn't guarantee they'd be able to complete there fixtures, I wonder if the SPL will be looking for guarantees before dishing out any tv money.

[Treadstone]

That's not right either. The administrator fees are paid by the buyer, but the company has to generate enough income to pay for its ongoing costs incurred from the date of administration. One way of doing that is to cut the ongoing costs by laying off staff.



Do the administrators costs start counting immediately as ongoing costs just in case there is no buyer ?

[Onion]

They've not got any income just now at all so is it fair to say this is likely to be a very quick administration then? I just don't see how they'll pay bills when they come in, even if they get rid of every employee.

:agree: administration will have stopped even the most stupid of Yams from buying season tickets and no one is going to give them credit, so cash flow must be an issue for them. They have no money. The admins will not want to spend £££ working for an insolvent company and will want this wrapped up quickly or at least start selling assets to generate cash. Bottom line: Yams are in a perilous position, especially if BDO are appointed.

[brog]

About to say the same bingo. They've no money to pay staff now. Liquidation looming?

You're up early S! I posted identical a couple of days ago. Unless they can quickly sell some players, most unlikely, they have no income until start of next season & continual outgoings. I think administrators, will stick their head in (with a hobo clothes peg on their nose) take one look & sniff & declare this is a dead club, sorry institution.
They're doomed!!

[Purehibee_MYB]

Just about to head to bed here in Canada.. It is really quite exciting to wake up and see what more damage has happened to our 'poor' neighbours during the days proceedings :greengrin

[Onion]

Do the administrators costs start counting immediately as ongoing costs just in case there is no buyer ?

The Admins will only work if there is a realistic chance of them getting paid through currently cash-flow or the sale of the business as a going concern. If there is no cash or prospective buyers offering realistic money, then liquidation (incl sale of Tynie) will quickly follow.

[Phil D. Rolls]

Perhaps a list of the people shafted by Hearts not paying bills will put an end to all this "proud and famous club" guff. It sickens me that, despite their public disgrace, they continue to cling on to their own myths.

They seem to be going down the road of their big cousins. One of the criticisms of the Huns was their failure to be contrite, and hold their hands up to apologise.

FoH seem to be continuing the line that Hearts are a club with massive potential. Within Scotland, yes they could be occasional contenders (in about 10 years time). But the very fact that they seem to allude to bigger ambitions, suggests to me that their survival plan is to chase the same pipe dreams.

It seems to me that the Yam is more interested in being a big man, than simply having a team to follow. I would urge the sensible fans to do an FC United of Manchester, and start again from the bottom.

Heart of Midlothian is now such a poisoned institution that it should be dismantled once and for all. Their need to be the dominant force in Edinburgh football has totally blinded them to reality. They are the same size of club as us, and all the bluster, arrogance and conceit has cost them a heavy price.

This whole saga is an old fashioned morality tale. It's about two different sets of values, and how they impact on the people that hold them. The wise man built his house upon the rock and all that.

[brog]

That's not right either. The administrator fees are paid by the buyer, but the company has to generate enough income to pay for its ongoing costs incurred from the date of administration. One way of doing that is to cut the ongoing costs by laying off staff.



Jambo myth of the week seems to be that "Romanov left us £25M debt, which was the same as the Pieman".

Which is true, if you ignore the fact that the Pieman left them with just under £20M in debt. And the fact that he had done a deal to get rid of that debt. Which they then very publicly opposed.

And they owned their ramshackle stadium! With ref to a previous poster I think he's giving Mercer far too much credit by saying his raisin d'être was beating us. There's no doubt he moved in that direction but let's remember he was a rugby supporting FTB whose only rationale in trying to buy Hibs was to make a quick buck through asset stripping, that was as far as his vision went. I sat beside him on a plane from Edinburgh one Sunday about 3 years after his failed bid. Yams had beaten Falkirk 2-1 at PBS day before. He couldn't name either scorer nor half yet he Yam team. Our Rod is an über fan compared to that w!!!!!

[Viva_Palmeiras]

Truly excellent, thanks! Was this you or is it lifted from somewhere? Possibly the best overall summation I've seen.

Whilst I do accept that Hearts like Rangers have been the architects of their own downfall, there is a theme here throughout football and something Ive raised for a number of years - the role of the football authorities.

After the shock of the On Digital collapse there should have been a realisation across football authorities in this country that the underlying models were unsustainable. If not about sustainability what are the authorities about (rescinding an erroneous red card/blocking goal line technology?)

Rod to his credit learned from the heady days of relative high spend and reigned it in. Some others did too whilst others carried on - who knows maybe Rod was a lone voice tying to get others to listen and move towards a different model?

But when all is said and done i do believe that football authorities should have done a bit better to protect the clubs from themselves. That said it seems they are not geared up for this either in terms of the rule books, capacity or capability. These things amongst others need to be addressed to take things forward IMO.

[Kaiser1962]

I don't think it will work that way. New bills won't hit for at least a couple of weeks (not much point sending them one now), which will give the administrator a little bit of time to assess things - is there a realistic buyer, can they sell (Lithuanian legal situation), what income is there really, etc. If they can get through to the end of July then it could drag on for a longer period with the SPL income paid out.

So who pays the bills when they do hit?

My understanding is that any such bills will be sent to the admins, from the time they are in place, and then the added to their costs, which get deducted from money raised from the purchaser, or purchasers if the thing is broken up.

[Ozyhibby]

And they owned their ramshackle stadium! With ref to a previous poster I think he's giving Mercer far too much credit by saying his raisin d'être was beating us. There's no doubt he moved in that direction but let's remember he was a rugby supporting FTB whose only rationale in trying to buy Hibs was to make a quick buck through asset stripping, that was as far as his vision went. I sat beside him on a plane from Edinburgh one Sunday about 3 years after his failed bid. Yams had beaten Falkirk 2-1 at PBS day before. He couldn't name either scorer nor half yet he Yam team. Our Rod is an über fan compared to that w!!!!!

Our Rod is an uber fan compared to most on here. He lives and breaths Hibs in a way most of us never could. He could almost certainly earn more money away from Easter road but chooses to stay because he loves the job. A real uber fan.
Doesn't mean we don't get stuck into him if we think he's making the wrong decision though. We're not Yams after all.

[Finbar]

'Whistle in the wind '.. Apparently is a complex negotiating term to be used when trying to persuade a foreign bank not to sell your land and sell your players but I wouldn't understand #allverycomplex

The yams have really landed on their feet with this bright cookie

Whistling in the wind? Is that like pissing in the dark?

[Spike Mandela]

..... at this rate, the UKIO administrator will have to pay FOH to take Tynie of their hands.

Foundation chairman Ian Murray MP warned Valnetas that there would have to be a compromise over their twin desires to preserving Hearts as a going concern and defending the interests of Ukio’s creditors. “They did say that they wanted Hearts to be a going concern – they have to protect what they have got,” he said. “What do they have at the moment? They have a club in administration and a stadium worth £4m.

“They can whistle in the wind, really. They have to be careful that they don’t walk away with nothing and take the club with them.”

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

To be fair, I suppose the stadium is worth less than £4M, but the land value is worth a wee bit more.

GGTTH

I realise that Ian Murray should be the first port of call for the Lithuanian administrators when it comes to any valuations, however, should they do something reckless like get their own indepenent assessor of the valuation and he in turn reports the value would be a great deal more surely they would fall in to the trap and try to sell it off to property developers to get the best return for the creditors.

It is lucky they have a man of the stature and intellect of Murray to keep them right.:cb

[Viva_Palmeiras]

You're up early S! I posted identical a couple of days ago. Unless they can quickly sell some players, most unlikely, they have no income until start of next season & continual outgoings. I think administrators, will stick their head in (with a hobo clothes peg on their nose) take one look & sniff & declare this is a dead club, sorry institution.
They're doomed!!

I suppose with the Internet there's probably a lot of "unseen work" but in comparison with HOH are you surprised at the lack of mobilisation B? I suppose in some way HOH had an adversary to rally and galvanise support against whereas many Hearts minded fools have been in bed with Vlad throughout and hung in there whilst they limped along...

[bingo70]

So who pays the bills when they do hit?

My understanding is that any such bills will be sent to the admins, from the time they are in place, and then the added to their costs, which get deducted from money raised from the purchaser, or purchasers if the thing is broken up.

Pretty sure that the bills get sent to the administrator but they need to pay from whatever is in the companies bank account.

[PapillonVert]

About to say the same bingo. They've no money to pay staff now. Liquidation looming?

Or VAT. Think I read somewhere recently they have £100,000 due at end of June.

[Kaiser1962]

Whilst I do accept that Hearts like Rangers have been the architects of their own downfall, there is a theme here throughout football and something Ive raised for a number of years - the role of the football authorities.


The problem with football is that cheating is endemic and accepted as part of the game, be it on the field or in the boardroom. Any punishments in football are lenient in the extreme which, in turn, makes the cheating viable.

Hearts being the latest example in that the vast majority of Hearts fans (and pundits) portray Hearts as the victims and fully expect that the club will emerge intact and debt free. And its not beyond the realms of possibility that they do so. They even have a sitting MP and Lord fighting their corner despite there very dubious financial dealing.

[greenpaper55]

It would seem there is a realistic chance of liquidation now and even some on the dark side are starting to believe it could happen but when you get roasters like this asking questions you get their general level of intelligence


"What happens if we are liquidated after the season starts?

Do we have to sit out a season? "


Naw ya plumb you get to sit out for ever !.

[Phil D. Rolls]

I realise that Ian Murray should be the first port of call for the Lithuanian administrators when it comes to any valuations, however, should they do something reckless like get their own indepenent assessor of the valuation and he in turn reports the value would be a great deal more surely they would fall in to the trap and try to sell it off to property developers to get the best return for the creditors.

It is lucky they have a man of the stature and intellect of Murray to keep them right.:cb

Just hope tiredness doesn't get the better of him.

[PapillonVert]

Pretty sure that the bills get sent to the administrator but they need to pay from whatever is in the companies bank account.

A big fat ZERO, by all accounts!

Do they even have a bank account?

[Craig_in_Prague]

They had large debts, high wages and a crippling stadium pre Romanov.
After 7-8 years of wages > turnover, this club deserves nothing but to be shut down.
As posted by Desantos, their "real" debt is technically over 60M.
Robbo et all can keep bemoaning those pesky "bills" that keep falling due, but I am afraid their downfall is nothing to do with recent bills or current lack of cash - but quite simply +20 years of trading way beyond their means.
Unlike Rangers, I am not sure they'll just waltz into the Scottish Leagues and win lower leagues at a canter.

They are in serious trouble, they have no cash and UKIO have a huge hole to fill and want the best return they can get from Hearts. That surely will be liquidation & the sale of the PBS. There are no real bidders and FOH appear to be giving them some hope, but I am afraid our little pink sheep, it is nothing but false hope.

Turn the lights off on the way out please (or now, as you cannae pay the bills lol).

[bingo70]

A big fat ZERO, by all accounts!

Do they even have a bank account?

Probably one of those shady post office cash card accounts

[Treadstone]

I suppose with the Internet there's probably a lot of "unseen work" but in comparison with HOH are you surprised at the lack of mobilisation B? I suppose in some way HOH had an adversary to rally and galvanise support against whereas many Hearts minded fools have been in bed with Vlad throughout and hung in there whilst they limped along...

:agree:

Hands off Hibs was an extraordinary achievement at a time when it was word of mouth or a landline phone call. Was going to post something like this when someone was talking about Kenny McLean the other day on here.

I remember getting my ticket for the 93 league cup final from that wee ticket office in Easter Road (the actual street) near the police box. Who sold me my ticket ? Kenny McLean that's who! Cannae see any of the FoH mob being that dedicated especially when there's a chance to get yourself on the telly or radio.

Gone but not forgotten Kenny.

[hibbymac]

They had large debts, high wages and a crippling stadium pre Romanov.
After 7-8 years of wages > turnover, this club deserves nothing but to be shut down.
As posted by Desantos, their "real" debt is technically over 60M.
Robbo et all can keep bemoaning those pesky "bills" that keep falling due, but I am afraid their downfall is nothing to do with recent bills or current lack of cash - but quite simply +20 years of trading way beyond their means.
Unlike Rangers, I am not sure they'll just waltz into the Scottish Leagues and win lower leagues at a canter.

They are in serious trouble, they have no cash and UKIO have a huge hole to fill and want the best return they can get from Hearts. That surely will be liquidation & the sale of the PBS. There are no real bidders and FOH appear to be giving them some hope, but I am afraid our little pink sheep, it is nothing but false hope.

Turn the lights off on the way out please (or now, as you cannae pay the bills lol).

Hey, it's all been worth it, .... according to a "fans leader" Here (http://www.thescottishsun.co.uk/scotsol/homepage/sport/4970369/Were-in-a-mess-now-but-two-cups-and-a-5-1-victory-over-Hibs-prove-Vlad-was-good-for-Jambos.html) :bitchy:

[Treadstone]

Hey, it's all been worth it, .... according to a "fans leader" Here (http://www.thescottishsun.co.uk/scotsol/homepage/sport/4970369/Were-in-a-mess-now-but-two-cups-and-a-5-1-victory-over-Hibs-prove-Vlad-was-good-for-Jambos.html) :bitchy:

He is an absolute roaster. His twitter (https://twitter.com/iain_mac) is absolutely bitter.

[H18sry]

Hey, it's all been worth it, .... according to a "fans leader" Here (http://www.thescottishsun.co.uk/scotsol/homepage/sport/4970369/Were-in-a-mess-now-but-two-cups-and-a-5-1-victory-over-Hibs-prove-Vlad-was-good-for-Jambos.html) :bitchy:


He is an absolute roaster. His twitter (https://twitter.com/iain_mac) is absolutely bitter.

He is a decent guy, I've known him for a good few years, and he will be hurting just like we hurt in the past.

[frazeHFC]

Hey, it's all been worth it, .... according to a "fans leader" Here (http://www.thescottishsun.co.uk/scotsol/homepage/sport/4970369/Were-in-a-mess-now-but-two-cups-and-a-5-1-victory-over-Hibs-prove-Vlad-was-good-for-Jambos.html) :bitchy:


:hilarious

Someone tried to stick up for the yams yesterday by saying to me that at least they won the final, but when I told him it was with players they can't afford and is leading to their death it shut him up.

:lolyam:

[Kato]

The wise man built his house upon the rock and all that.

...And the foolish man built his upon a ****hole financed with stolen, toxic cash from Lithuania, yeah I remember that one.

[Treadstone]

He is a decent guy, I've known him for a good few years, and he will be hurting just like we hurt in the past.

I personally don't know him, I'm just going by his twitter and public comments in the media. Roaster.

Nae offence.:aok:

[andrew70]

http://dailym.ai/129ZJb0

[Hibbyradge]

For reading addicted insomniacs...

Hearts. An Edinburgh Institution.

A bit like RBS. Both institutions pushed the financial boat far too far from the shore.
RBS, bailed by the government, the tax payer, continues to trade. The future of Hearts remains in the balance. Perhaps the Edinburgh rate payer should foot the 25 million bill? Or perhaps the UK government should lean on the Lithuanians to foot the bill – all in order for a football club to continue in its present form. A football club, that like RBS was the sole architect in its own downfall. Both examples of the hubris that rages throughout the capitalist free market economic model.

So how should Scottish football judge this sorry mess? On the one hand, having lost Rangers from the league, an argument can be made for protecting another prominent club from folding. This argument is based on very loose assertions that the SPL cannot survive, or is devalued without Hearts. The survival argument is tenuous at best – given that the loss of Rangers was far less damaging than had been predicted. The bottom line is, Hearts as an organisation created their current situation, and it is difficult to see why anyone should pay for their poor management.

Football is an emotive business of course. Sport attracts supporters in a way no other industry quite matches. A contest that epitomises the competitive spirit, it is pride that is at stake for those who pay through the turnstiles. This is the other side of the argument for those interested bystanders watching from the side lines.

Apart from the legalities of debt and financial fair play, sporting integrity is what matters most to many of Scotland’s football supporters. Supporters who see their pride damaged on the pitch by opponents gaining unfair financial advantage inevitably have no sympathy for those opponents suffering when the debts are recalled.

The supporters of Hibernian have more reason than most to hope for financial justice to be done to their rivals across the city. Years of derby domination by Hearts has been a hard slog for these supporters, in the knowledge that their own club were trying their hardest to make ends meet. The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov.

That his vision ultimately failed, his businesses bankrupt, and his financial support for Hearts withdrawn, is no direct fault of the Hearts fans, or any employee of the club. Nonetheless by buying into his vision, accepting his wages, shouting from the rooftops at their glory, they cannot now avoid facing whatever fate befalls them – and can expect no sympathy.

The 25 million pounds owed by Hearts to UKIO/UBIG, is ultimately part of a large pool of debt owed to a host of creditors - probably including Lithuanian taxpayers, who have no interest in Hearts or Scottish football. It is a sign of the mean and callous side of human nature, that there are many who would be happy to see these creditors foot the bill for all those players that passed through the gates of Tynecastle.

After all they are in Lithuania right? Surely we just send a gun boat to the Baltic Sea and call the whole thing quits. Or perhaps, the organisation responsible for accumulating this debt should be held accountable. If this results in the Stadium being sold, the club being liquidated, then how can this be seen to be in anyway unfair, or even harsh?

For sure there will be many people associated with Hearts who will be devastated, many club employees looking for jobs. Is it the Lithuanian creditor who is at fault and should suffer instead? Loss of jobs is always a personal tragedy, and it is an indictment of our society that a person can – through no fault of their own – go from respectable contributor, to drain on society overnight. Once again however it is Hearts financial imprudence that has most directly led to this.

From this observers view point, I hope that a Hearts team plays football, if not now, but in the future. In the meantime, I also hope that they reap what they have sown.


Well written piece Mr Carter.

It's a stoic and objective observation and compares rather well to the childish and hysterical "5-1, 1902, we killed your club last May" nonsense we hear from Kickback and elsewhere.

I've copied it to my FB and credited it to you.

I would disagree with one thing though. You suggest that "The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov." I think Mercer started it, it was then continued by Robinson and finally taken to the extreme by Romanov.

Edit: PS I hope you don't mind, but I split it into paragraphs as it makes for easier reading. Cheers.

[s.a.m]

...And the foolish man built his upon a ****hole financed with stolen, toxic cash from Lithuania, yeah I remember that one.

:agree: ..in a blast zone. On contaminated land. In a hemmed-in inner city location, making it nigh-on impossible to adapt it, to render it regulation compliant.



Acht well. Musn't grumble.
:fenlon

[Treadstone]

Scary or Pleasing?
Hearts going into liquidation and life as a newco is inevitable, says former colleague of Vladimir ... http://t.co/3RoiSxWWPT


http://dailym.ai/129ZJb0

At last the media are waking up, or at least quoting people who are telling it like it is - a swindle.


‘He invested way too much in Hearts,’ he said. ‘And it wasn’t his money. He is paying for his mistakes now.‘I told him that at the time — that’s why I left. I only understand one way of doing football business. The first part is to break even; the second is to make decisions about investment.

‘The problem was Romanov was spending money which belonged to the institutions. The management should have said something. They should have stopped it.’- Liutauras Varanavicius former chairman of UKIO Bankas

[Leishy1995]

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

[CropleyWasGod]

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

It's not that they are £60m in debt. Romanov et al have invested £60m in the club over the years, and much of that has been forgiven or converted to shares.

[bingo70]

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

The various debt for equity swaps weren't a debt write off.

[Peevemor]

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

That figure includes the debt for equity swaps and debt forgiveness manoeuvres that have been carried out over the years.

[Leishy1995]

Cheers guys!

[JeMeSouviens]

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb

[therealgavmac]

I think the reaction by the sporting media to Hearts demise shames Scottish society. They shouldn't be selfishly asking whether the SPL can survive without Hearts, they should be considering the broader implications for western democracy as a whole.

In the thirties and forties, only Hearts stood between us and being kitted out in Hugo Boss today.

Now the fear is that we'll all have towels wrapped round our heads and be reciting verses from the Koran next season.

The only people who will be 'having a party' will be the Hitlers and Bin Laden's of this world.

Can't believe I'm the first person giving you credit for this post...... Laughing so much I'm almost doing an impersonation of old pishy breeks :top marks

[johnrebus]

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb


Not according to my calculatons.

They are more likely to kick off in Division Three in August and be at home to Annan Athletic on the opening day, followed by a trip to Stirling Albion.


:thumbsup:

[CyberSauzee]

You're up early S! I posted identical a couple of days ago. Unless they can quickly sell some players, most unlikely, they have no income until start of next season & continual outgoings. I think administrators, will stick their head in (with a hobo clothes peg on their nose) take one look & sniff & declare this is a dead club, sorry institution.
They're doomed!!

Pegs don't sell themselves B! Seriously though, prudently run and fiscally astute football clubs don't just run themselves :wink:

[marti1875]

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb

:top marks I just laughed when i saw their first 3 home games were the 3 largest money earners for them, so blatant and obvious what has went on.

[The Leith Dutch]

Any chance the new firm of Caversham, Cropley and Desantos can be appointed.

That has a certain ring to it :agree:

[GordonHFC]

It's not that they are £60m in debt. Romanov et al have invested £60m in the club over the years, and much of that has been forgiven or converted to shares.

Is this 60M that Ukio Bankas invested, possibly fraudulently, and would the auditors be entitled to look for it back through their administration process. Apologies for ignorance as I know sod all about accounting processes.

[Sylar]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

[StevieC]

They are in serious trouble, they have no cash and UKIO have a huge hole to fill and want the best return they can get from Hearts. That surely will be liquidation & the sale of the PBS.

Would the best return not be to sell the club along with the debt? (That's what Murray did with Rangers)

They must be making close to £1m a year from the interest on the debt (assuming it can all be lumped together). Add to that some sort of "repayment" agreement and it's a nice little earner for the Lithuanian government over the next 50 years.

[s.a.m]

I think the reaction by the sporting media to Hearts demise shames Scottish society. They shouldn't be selfishly asking whether the SPL can survive without Hearts, they should be considering the broader implications for western democracy as a whole.

In the thirties and forties, only Hearts stood between us and being kitted out in Hugo Boss today.

Now the fear is that we'll all have towels wrapped round our heads and be reciting verses from the Koran next season.

The only people who will be 'having a party' will be the Hitlers and Bin Laden's of this world.



The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander
McCrae’s Battalion Trust

:hmmm:

[Craig_in_Prague]

Would the best return not be to sell the club along with the debt? (That's what Murray did with Rangers)

They must be making close to £1m a year from the interest on the debt (assuming it can all be lumped together). Add to that some sort of "repayment" agreement and it's a nice little earner for the Lithuanian government over the next 50 years.

and who will buy the club with it's debts? The fans? lol

that is why I said without any real bidder, I can't see anything but liquidation.

[JeMeSouviens]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

Please tell me that's not real.

[Onion]

The problem with football is that cheating is endemic and accepted as part of the game, be it on the field or in the boardroom. Any punishments in football are lenient in the extreme which, in turn, makes the cheating viable.

Hearts being the latest example in that the vast majority of Hearts fans (and pundits) portray Hearts as the victims and fully expect that the club will emerge intact and debt free. And its not beyond the realms of possibility that they do so. They even have a sitting MP and Lord fighting their corner despite there very dubious financial dealing.

Well said!! Yes, the Hearts situation is not good for football but Hearts only have themselves to blame. Every single one of the people connected with that club has reaped the benefits of Vlads funding using other people's money - and they have revelled in it. Few raised any concerns when it was all milk and honey. Jackie Mac is quoted in today's Mail that any Hibs fans who are dancing on Hearts grave are "narrow minded", when all focus should be on the how Hearts have cheated their way to trophies and should be punished for that. Hibs & Hibs fans are one of the main victims of Hearts cheating over the years, yet will receive not one penny in compensation. Our "compensation" is in seeing them rightfully punished. If they come through this relatively intact, that would be the biggest crime of all.

[marinello59]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander


McCrae’s Battalion Trust

If that is real then Jack Alexander has lost the plot. Totally.

[YehButNoBut]

Alex Salmond says Hearts will survive administration :fenlon

http://www.scotsman.com/news/alex-salmond-says-hearts-will-survive-administration-1-2970919

First Minister Alex Salmond today said Hearts will survive its current financial woes and emerge “at the other end of the tunnel.”

The SNP leader is a lifelong fan of the Tynecastle club and told a gathering of business leaders in Edinburgh that it was a time of “great anxiety” for staff at the club.

Hearts’ parent company UBIG is expected to lodge papers at the Court of Session today indicating the accountancy firm BDO as the Edinburgh club’s administrators.

“The situation affects fans like myself,” he told the National Economic forum today.

“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian.

“But other clubs have gone through this process and emerged at the end of the tunnel and that’s’ what I fully expect Heart of Midlothian to do.

“We’ve been around for a long time and I expect we will be around for a long time to come.”

[RickyS]

Alex Salmond says Hearts will survive administration :fenlon

http://www.scotsman.com/news/alex-salmond-says-hearts-will-survive-administration-1-2970919

First Minister Alex Salmond today said Hearts will survive its current financial woes and emerge “at the other end of the tunnel.”

The SNP leader is a lifelong fan of the Tynecastle club and told a gathering of business leaders in Edinburgh that it was a time of “great anxiety” for staff at the club.

Hearts’ parent company UBIG is expected to lodge papers at the Court of Session today indicating the accountancy firm BDO as the Edinburgh club’s administrators.

“The situation affects fans like myself,” he told the National Economic forum today.

“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian.

“But other clubs have gone through this process and emerged at the end of the tunnel and that’s’ what I fully expect Heart of Midlothian to do.

“We’ve been around for a long time and I expect we will be around for a long time to come.”


Really?

[Sanger]

Really?

Yes reapplying as Newco without a ground to DIV 3. That's how they will survive!

[lucky]

The yams employ less than 200 people, mostly part time. Yet Alex Salmond thinks they are a major employer in Edinburgh. Clearly his grip on reality gets worse every day he get closer to the referendum. Can't trust a word he says.

[Gus Fring]

HMV employed more people but he didn't bother his arse when they went into admin.

On a side note, the SPL fixtures are arranged by a company in Canada and its incredibly complicated. There's no way it was fixed in favour of Hearts. It'll be club 12 that's playing Celtic etc anyway, not Hearts.