Yam spending

[NAE NOOKIE]

How is it fair that the Yams can announce that Vlad has OKd a budget to bring more players to the club. Though they didn't mention figures in the report I saw, it sounds like they are prepared to spend big on fees and I presume wages.

For instance, if they are eyeing up Danny Swanston I presume they are looking at at least a £500,000 transfer fee and £5k a week wages.

No wonder football is in the doo doo when badly run overspending clubs who are £35,000,000 in debt are allowed to outspend well run clubs trying to live within their means.

The lad who is / was manager of Hull City was raging about this on the telly a few weeks ago when he pointed out that they had been outbid by Portsmouth for a player at the start of the season.

Whats the point of trying to run your club the right way when you get no reward for it by being allowed to be competative on the park.

:bitchy:

[Ryan69]

Theres more chance of Hearts building that 51 million capacity stand than Hearts even crossing Swansons mind!

Guaranteed Hearts wont spend any cash this summer,as they aint got any!

Jumbo will be looking at 1st division,2nd division,and more Spanish waiters(as hear unemployment is high in Spain,so may fancy a career change).

[bingo70]

Theres more chance of Hearts building that 51 million capacity stand than Hearts even crossing Swansons mind!

Guaranteed Hearts wont spend any cash this summer,as they aint got any!

Jumbo will be looking at 1st division,2nd division,and more Spanish waiters(as hear unemployment is high in Spain,so may fancy a career change).

I agree with you regarding transfer fees, however i think they will still be offering ridiculous wages, darren barr being case in point and it doesn't seem fair that they can get away with it.

Would love the SFA or SPL to clamp down on it but it's never going to happen so think we just need to accept it and hope it catches up with them soon

[NAE NOOKIE]

Theres more chance of Hearts building that 51 million capacity stand than Hearts even crossing Swansons mind!

Guaranteed Hearts wont spend any cash this summer,as they aint got any!

Jumbo will be looking at 1st division,2nd division,and more Spanish waiters(as hear unemployment is high in Spain,so may fancy a career change).

Thats not they way it came over on the telly. It sounded more like they were talking about a challenge to the OF than being able to finish above the likes of us.

Could be hogwash of course, its just the way it sounded that set off the alarm bells.

[bingo70]

Thats not they way it came over on the telly. It sounded more like they were talking about a challenge to the OF than being able to finish above the likes of us.

Could be hogwash of course, its just the way it sounded that set off the alarm bells.

Hearts in talking pish shocker.

Must be season ticket sales time when they come out with guff like that, happens every year.

FJK came out and said he's going to be looking around the lower divisions for players this summer, i imagine he'll have done his scouting towards the end of last season so i'd be surprised if there was a sudden change in his budget now.

[HIBERNIAN-0762]

There's more chance of Danny Swanson poking his own eyes out with a red hot poker than join that mob of deluded fuds...period!

:bye:

[Ryan69]

Your right season ticket time.........time to round up the deluded yams for season tickets!

Same script last year,with heehaw purchases!

Something tells me though that this year the fans aint going to buy into it nearly as much!

End of the day,they can talk all they want but money is money,and money needs paid back,harldy think the Ukios Bank shareholders are going to say yes lets give them another 5 million of our cash for this seasons spending and wages!

[KeithTheHibby]

How is it fair that the Yams can announce that Vlad has OKd a budget to bring more players to the club. Though they didn't mention figures in the report I saw, it sounds like they are prepared to spend big on fees and I presume wages.

For instance, if they are eyeing up Danny Swanston I presume they are looking at at least a £500,000 transfer fee and £5k a week wages.

No wonder football is in the doo doo when badly run overspending clubs who are £35,000,000 in debt are allowed to outspend well run clubs trying to live within their means.

The lad who is / was manager of Hull City was raging about this on the telly a few weeks ago when he pointed out that they had been outbid by Portsmouth for a player at the start of the season.

Whats the point of trying to run your club the right way when you get no reward for it by being allowed to be competative on the park.

:bitchy:

Mate the amount of pish that has spouted from that club in the last few years is unbelievable.

Even if there were actual quotes from the mad one about what they were going to spend and do I still wouldn't believe any of it.

All fart and nae poo from that club.

[Phil D. Rolls]

I agree with you regarding transfer fees, however i think they will still be offering ridiculous wages, darren barr being case in point and it doesn't seem fair that they can get away with it.

Would love the SFA or SPL to clamp down on it but it's never going to happen so think we just need to accept it and hope it catches up with them soon

If they clamp down on the pub team, it wouldn't be fair if they didn't clamp down on other teams who are spending whilst in financial doo doo.

We all know the league needs a strong Rangers.:rolleyes:

[linlithgowhibbie]

According to the deluded theyv'e shifted nearly 10,000 already. Admittedly most will be their £19 a year kiddies ones, but if true well done to them. We will be nowhere near that.

[bingo70]

According to the deluded theyv'e shifted nearly 10,000 already. Admittedly most will be their £19 a year kiddies ones, but if true well done to them. We will be nowhere near that.

we'll end up with around 10,000 season tickets, so will they.

They might end up with a few more due to the kids ones they give away for next to nothing but despite there hype there won't be that much difference.

BTW has this 10,000 figure been quoted anywhere in the press? if not i've got my doubts, if it was true the hearts P.R department would be all over it.

[Hibernia Na Eir]

How is it fair that the Yams can announce that Vlad has OKd a budget to bring more players to the club. Though they didn't mention figures in the report I saw, it sounds like they are prepared to spend big on fees and I presume wages.

For instance, if they are eyeing up Danny Swanston I presume they are looking at at least a £500,000 transfer fee and £5k a week wages.

No wonder football is in the doo doo when badly run overspending clubs who are £35,000,000 in debt are allowed to outspend well run clubs trying to live within their means.

The lad who is / was manager of Hull City was raging about this on the telly a few weeks ago when he pointed out that they had been outbid by Portsmouth for a player at the start of the season.

Whats the point of trying to run your club the right way when you get no reward for it by being allowed to be competative on the park.

:bitchy:

There's no way on earth they could afford a £500k/ £5k p/w player. :bitchy:

[Hibernia Na Eir]

Jumbo will be looking at 1st division,2nd division,and more Spanish waiters(as hear unemployment is high in Spain,so may fancy a career change).

they may even look for Greek waiters......maybe fit the HMFC budget better :greengrin

[cwilliamson85]

Hearts will not spend money. they have no money until they get bums on seats then they could maybe do somethng in Jan to help drive half season ticket sales for the run in.

[jdships]

How is it fair that the Yams can announce that Vlad has OKd a budget to bring more players to the club. Though they didn't mention figures in the report I saw, it sounds like they are prepared to spend big on fees and I presume wages.

For instance, if they are eyeing up Danny Swanston I presume they are looking at at least a £500,000 transfer fee and £5k a week wages.

No wonder football is in the doo doo when badly run overspending clubs who are £35,000,000 in debt are allowed to outspend well run clubs trying to live within their means.

The lad who is / was manager of Hull City was raging about this on the telly a few weeks ago when he pointed out that they had been outbid by Portsmouth for a player at the start of the season.

Whats the point of trying to run your club the right way when you get no reward for it by being allowed to be competative on the park.

:bitchy:



" Vlad has OKd a budget to bring more players to the club. Though they didn't mention figures in the report I saw, it sounds like they are prepared to spend big on fees and I presume wages."

Don't forget a lot can be lost in translation !!!!!!!!!!!
Let's just sit back and wait for what will probably turn out to be another posse of "frees"
:greengrin:bitchy::devil:

[Golden Bear]

It all depends on which report you read. The one I read said that the MAD ONE had sanctioned funds to sign a striker -------- not a posse of new players.

But as others have said ---------- we've heard it all before.

The only thing that is guaranteed is that they'll fall flat on their smug pusses for the umpteenth time. Such a shame really.

:hnet:

[EskbankHibby]

Your right season ticket time.........time to round up the deluded yams for season tickets!

Same script last year,with heehaw purchases!

Something tells me though that this year the fans aint going to buy into it nearly as much!

End of the day,they can talk all they want but money is money,and money needs paid back,harldy think the Ukios Bank shareholders are going to say yes lets give them another 5 million of our cash for this seasons spending and wages!

They will, they have to.

If they didn't they may have to ask uncomfortable questions about the running of their club and, dare i suggest, actually do something about it. Never underestimate the strength of a strongly worded open letter or a blazered committee of kickback luminaries saying the have "just about had enough".

Embarassing to think that Romanov can fool all of the jambos all of the time, how many transfer windows will this be where he has given his manager "free reign"?

[Pedantic_Hibee]

They will, they have to.

If they didn't they may have to ask uncomfortable questions about the running of their club and, dare i suggest, actually do something about it. Never underestimate the strength of a strongly worded open letter or a blazered committee of kickback luminaries saying the have "just about had enough".

Embarassing to think that Romanov can fool all of the jambos all of the time, how many transfer windows will this be where he has given his manager "free reign"?

They're insufferable, so they are.

They're a beaten housewife, the lot of them with Vlad assuming the mantle of the abuser.

Despite absolutely paggering them up and down the place for years, treating them like **** on his shoe, stealing money from their purse, putting them down all the time, refusing to go out with them on a Saturday and paying no attention to their pleas for love and attention, all he's got to do is buy them a couple of skirts from the local market and a Spanish handbag and bish bash bosh, they fall in love with him all over again and sweep the past under the carpet.

They'll never, ever, ever grow a pair. They can't, because without him they're nothing. Penniless, without a home and with no other man willing to take them on.

Slags.

[HibbyAndy]

They're insufferable, so they are.

They're a beaten housewife, the lot of them with Vlad assuming the mantle of the abuser.

Despite absolutely paggering them up and down the place for years, treating them like **** on his shoe, stealing money from their purse, putting them down all the time, refusing to go out with them on a Saturday and paying no attention to their pleas for love and attention, all he's got to do is buy them a couple of skirts from the local market and a Spanish handbag and bish bash bosh, they fall in love with him all over again and sweep the past under the carpet.

They'll never, ever, ever grow a pair. They can't, because without him they're nothing. Penniless, without a home and with no other man willing to take them on.

Slags.



Post of the week.


Read it back people, then read it back again, there is not a single word of this post that is a lie.

[ekhibee]

What is a bit tiring is this constant expectancy that they're going to go bust or so on. They're not, us Hibs fans have been going on about it for years but they're still here, and just as annoying as ever. Whatever figures seem to be banded about, they're still here, and still spending money. It totally amazes me that we seem to be the only ones who go on about it, because Hearts' position is a hell of a lot more tenuous than Rangers,they are a far smaller club with a larger debt. If Romanov was trying to do an Abramovich with a Scottish club he's failed pretty miserably. Hearts are never going to win the league and are extremely unlikely to get a Champions League place ever again, the one chance they did have and they weren't up to the task, and I can't really see why Romanov is still with them, he's certainly not making any money out of them, and most of the publicity he receives is negative. Maybe he just can't find another buyer just now, or maybe ever. But they're still here.

[Vini1875]

What is a bit tiring is this constant expectancy that they're going to go bust or so on. They're not, us Hibs fans have been going on about it for years but they're still here, and just as annoying as ever. Whatever figures seem to be banded about, they're still here, and still spending money. It totally amazes me that we seem to be the only ones who go on about it, because Hearts' position is a hell of a lot more tenuous than Rangers,they are a far smaller club with a larger debt. If Romanov was trying to do an Abramovich with a Scottish club he's failed pretty miserably. Hearts are never going to win the league and are extremely unlikely to get a Champions League place ever again, the one chance they did have and they weren't up to the task, and I can't really see why Romanov is still with them, he's certainly not making any money out of them, and most of the publicity he receives is negative. Maybe he just can't find another buyer just now, or maybe ever. But they're still here.

Of course he is making money. Banks lend money and charge interest, that is how they make money. He is not actually spending money, he is just raising the debt and so the amount of interest to be paid.

[Jim44]

What is a bit tiring is this constant expectancy that they're going to go bust or so on. They're not, us Hibs fans have been going on about it for years but they're still here, and just as annoying as ever. Whatever figures seem to be banded about, they're still here, and still spending money. It totally amazes me that we seem to be the only ones who go on about it, because Hearts' position is a hell of a lot more tenuous than Rangers,they are a far smaller club with a larger debt. If Romanov was trying to do an Abramovich with a Scottish club he's failed pretty miserably. Hearts are never going to win the league and are extremely unlikely to get a Champions League place ever again, the one chance they did have and they weren't up to the task, and I can't really see why Romanov is still with them, he's certainly not making any money out of them, and most of the publicity he receives is negative. Maybe he just can't find another buyer just now, or maybe ever. But they're still here.

Vlad is flavour of the month again. In a thread overby, with a few general reservations, the deluded ones have expressed their undying love for the guy who's screw!ng them rotten.
Pick of the quotes _ "Vlad is the man.
Have had my up's and downs with him, but all said and done he gives me that warm fuzzy feeling inside." :faf::faf::faf:

[pentlando]

There's more chance of Danny Swanson poking his own eyes out with a red hot poker than join that mob of deluded fuds...period!

:bye:

or aids as we were lead to belive earlier in the week :greengrin

[hibee4life1983]

HMRC,


Theyve got it wired, dont worry;-)

[hibee4life1983]

I just cant help writing this post.

With the kgb master releasing his henchmen to talk to the media about how the impaler will allow funds to be released for ''players with a sell-on value''

1. Who in ther right mind is going to go ther?
2. How? There 35m in debt and rising!
3. With the trouble vlad is causing due to non payments to alloa(lol) the milkmen(lol) ricarton(major lol) and the police(lol) who would trust a payment for a player???
4. HMRC are currently overlooking and checking the mad ones accounts for fraud and tax evasion, surely they wont allow anymore transfer activity until the enquiry is over?
5. What a bunch of sweaty baw hummin brain dead bams to 'belive'(lol) this!

Glory To the hibees!

Yams - your times almost up!!!

[The Modfather]

Where is Sergey, not often a hearts post goes un-noticed by our resident Jamboholic :greengrin

[Hibs07p]

They're insufferable, so they are.

They're a beaten housewife, the lot of them with Vlad assuming the mantle of the abuser.

Despite absolutely paggering them up and down the place for years, treating them like **** on his shoe, stealing money from their purse, putting them down all the time, refusing to go out with them on a Saturday and paying no attention to their pleas for love and attention, all he's got to do is buy them a couple of skirts from the local market and a Spanish handbag and bish bash bosh, they fall in love with him all over again and sweep the past under the carpet.

They'll never, ever, ever grow a pair. They can't, because without him they're nothing. Penniless, without a home and with no other man willing to take them on.

Slags.

Respect. :agree::top marks:notworthy:

[Kaiser1962]

I just cant help writing this post.

With the kgb master releasing his henchmen to talk to the media about how the impaler will allow funds to be released for ''players with a sell-on value''

1. Who in ther right mind is going to go ther?
2. How? There 35m in debt and rising!
3. With the trouble vlad is causing due to non payments to alloa(lol) the milkmen(lol) ricarton(major lol) and the police(lol) who would trust a payment for a player???
4. HMRC are currently overlooking and checking the mad ones accounts for fraud and tax evasion, surely they wont allow anymore transfer activity until the enquiry is over?
5. What a bunch of sweaty baw hummin brain dead bams to 'belive'(lol) this!

Glory To the hibees!

Yams - your times almost up!!!

Its all a conspiracy by the GFA and the Hobo supporting referees and press and council and government and police and little GREEN men to derail Vlad master plan to dominate Europe and the world. He drove a nuclear submarine through the Baltic dont you know?

Aye! But it's missiles were pointed at us you f u c k in muppets! He was the enemy!

Still is..........

[weonlywon6-2]

I agree with you regarding transfer fees, however i think they will still be offering ridiculous wages, darren barr being case in point and it doesn't seem fair that they can get away with it.

Would love the SFA or SPL to clamp down on it but it's never going to happen so think we just need to accept it and hope it catches up with them soon

they wont be getting any big names in cause they cannot afford to.they have just freed up a lot of money with stewart etc going but they wont do the same again.

i wouldnt read to much into it

[weonlywon6-2]

I just cant help writing this post.

With the kgb master releasing his henchmen to talk to the media about how the impaler will allow funds to be released for ''players with a sell-on value''

1. Who in ther right mind is going to go ther?
2. How? There 35m in debt and rising!
3. With the trouble vlad is causing due to non payments to alloa(lol) the milkmen(lol) ricarton(major lol) and the police(lol) who would trust a payment for a player???
4. HMRC are currently overlooking and checking the mad ones accounts for fraud and tax evasion, surely they wont allow anymore transfer activity until the enquiry is over?
5. What a bunch of sweaty baw hummin brain dead bams to 'belive'(lol) this!

Glory To the hibees!

Yams - your times almost up!!!


:thumbsup::thumbsup:

[Kaiser1962]

they wont be getting any big names in cause they cannot afford to.they have just freed up a lot of money with stewart etc going but they wont do the same again.

i wouldnt read to much into it

What do you mean they cant afford to? They could easily afford to. Its just that Vlad no longer wants to line the pockets of money grabbing mercenaries who have no love for the club. Oh no sirreee. They are now going to focus on young Lith, sorry, Scottish talent that wants to play for the jersey, cheaper. In fact, that was the plan all along you Hobo peg selling caravan dwelling gypo's! All that other stuff you made up cos you have no idea how a big club operates. Vlad says so! Whats that Vlad? Bend over? Now? No problemo.........

[Jack]

There's a world of difference between announcing that signings are going to be made and announcing they've actually signed.
.
As Hearts have demonstrated so often in the past.
.

[Caversham Green]

Here's what the press release said when the accounts were published;


What they said
The club's employment costs will continue to reduce significantly in seasons 2009-10 and 2010-11 as a number of players reach the natural end of their contracts. This will in turn assist the club in bringing the budget for playing staff closer to market standards without compromising on quality.Or, to put it another way,


What that means
All those millions we've spent on wages over the past few years brought no improvement in quality and was totally wasted.No doubt the matter will be discussed fully at the forthcoming AGM.

[jacomo]

Here's what the press release said when the accounts were published;

Or, to put it another way,

No doubt the matter will be discussed fully at the forthcoming AGM.

Everyone's got so bored with the Yams that the media don't even bother to scrutinise their PR anymore.

This "news" from Tynecastle is just spin and froth - no mention of the fact that they had begged and then threatened Goncalves into signing a new deal, or that Wallace and Driver have been up for sale for a year.

I would think that any players coming in will be lower division freebies. Hearts' ambitions don't stretch any further than the top 6 these days.

[hibee4life1983]

Kaiser!

Dont you know?
Hearts are dying. . . . . . ,
. . . . . . .slowly. . . . . . . . . . . . . . . . .
. . . . . . . . . , . . . . . . . .
. . . . . . ,
. . . . But surely

Just look into ther debt, assets and income, yes, us hibees have been saying it for a while, but the fact is. . . . . . .it will, and as they bams say
BELIVE!

[Aldo]

TBH they can do what they want. If they all think the Debt will just disappear then they have to get their heads oot the sand.

Let them pay, pay and pay and there is only a matter of time before they implode (if they havent done that already).

They are in deep doo doo and if they build a new stand then theres another 5 to 10 million so nearly 45 in debt.

No club or business for that can survive with debt like that.

:greengrin

[number9dream]

Jefferies will bring in a few new players but you can be sure the wage bill will be lower than it was this season.
Kingston, Goncalves, Stewart and Nade were big earners (maybe as much as £30k a week between them).
They have got Darren Barr (£3k) already, so JJ will be allowed to bring in two or three more on frees on a similar wage.
You can also bet that Vlad will be encouraging bids for Wallace - the only player with any sell on value, since Driver has hardly kicked a ball...
In that case, they might scrape up enough to make Killie a derisory offer for Bryson.
They certainly won't be able to afford any players from Tannadice.

[Barney McGrew]

They have got Darren Barr (£3k) already, so JJ will be allowed to bring in two or three more on frees on a similar wage

Barr's on considerably more than that.

Regardless, even by punting the players that you mentioned and saving £30-35k a week, it will only reduce their wage bill by £1.5m a year from a total of over £10m.

[madhibby]

Here's what the press release said when the accounts were published;

Or, to put it another way,

No doubt the matter will be discussed fully at the forthcoming AGM.

I always read what you provide as you have scrutunised the accounts of both Hearts and Hibs.

So a query on the Yams accounts. I read that Hearts spokespersons state they are not "paying" the interest on the debt that it due to the UKias group. So in the acoounts I assume it shows the liability but the cash flow shows these payements nor being made. Is there therefore a massive creditor being not only the loans but the interest on them and what is the value of that creditor? Are they now due interest on interest? Is anothe debt for equity swap feasible? If it is I suppose they could continue to do this as long as the UKias group endorses the strategy. The reduction of the P&L deficit must be part of that strategy.

[Kaiser1962]

Barr's on considerably more than that.

Regardless, even by punting the players that you mentioned and saving £30-35k a week, it will only reduce their wage bill by £1.5m a year from a total of over £10m.

Yip. I reckon they would have to reduce the wage bill by around 80% (£8m) of its current total. And then that would only bring them to a break even amount if you consider they lost around £8.6m on the last (published) accounts. But it also means that, if you disregard the wages, there are still "running costs" of between £8m-£10m. A totally bizarre state of affairs. However as long as Mad Boy is prepared to let the circus run the Yam belivers (sic) have no other option than to accept this because there is absolutely no alternative and they keep telling themselves there is no debt but, at the same time, they are saying they need to bring costs down. Contradictory or what??

[Caversham Green]

I always read what you provide as you have scrutunised the accounts of both Hearts and Hibs.

So a query on the Yams accounts. I read that Hearts spokespersons state they are not "paying" the interest on the debt that it due to the UKias group. So in the acoounts I assume it shows the liability but the cash flow shows these payements nor being made. Is there therefore a massive creditor being not only the loans but the interest on them and what is the value of that creditor? Are they now due interest on interest? Is anothe debt for equity swap feasible? If it is I suppose they could continue to do this as long as the UKias group endorses the strategy. The reduction of the P&L deficit must be part of that strategy.

You're spot on with the interest point - it's being added to the debt and then accruing more interest on itself. The real reason they are doing that is that HOMFC just don't have the cash to pay it, therefore they would have to borrow cash so they could pay interest on the cash they borrowed - which would have exactly the same end result. The fact that they are trying to present that as a virtue speaks volumes. The amount owed to group companies (including Ukio Bankas) at 31 July 2009 was £31.625m.

I think they will have to undertake another DfE swap if they are ever going to turn HoMFC into a remotely viable operation, the problem is, they don't have the scope to do so at present. Their authorised but unissued share capital only has a nominal value of £8k and they are not proposing a resolution to increase that at Friday's AGM.

A second DfE swap on the scale required would represent an admission of epic mismanagement, but no doubt they will present that as a virtue as well. They really do treat their sopporters with awesome contempt, but the poor fools are lapping it up again.

[Sergey]

You're spot on with the interest point - it's being added to the debt and then accruing more interest on itself. The real reason they are doing that is that HOMFC just don't have the cash to pay it, therefore they would have to borrow cash so they could pay interest on the cash they borrowed - which would have exactly the same end result. The fact that they are trying to present that as a virtue speaks volumes. The amount owed to group companies (including Ukio Bankas) at 31 July 2009 was £31.625m.

I think they will have to undertake another DfE swap if they are ever going to turn HoMFC into a remotely viable operation, the problem is, they don't have the scope to do so at present. Their authorised but unissued share capital only has a nominal value of £8k and they are not proposing a resolution to increase that at Friday's AGM.

A second DfE swap on the scale required would represent an admission of epic mismanagement, but no doubt they will present that as a virtue as well. They really do treat their sopporters with awesome contempt, but the poor fools are lapping it up again.

My money is on the deeds of Tynie being transferred to Lithuania as part of the deal. Probably for an amount less that the actual valuation.

[Sprouleflyer]

You're spot on with the interest point - it's being added to the debt and then accruing more interest on itself. The real reason they are doing that is that HOMFC just don't have the cash to pay it, therefore they would have to borrow cash so they could pay interest on the cash they borrowed - which would have exactly the same end result. The fact that they are trying to present that as a virtue speaks volumes. The amount owed to group companies (including Ukio Bankas) at 31 July 2009 was £31.625m.

I think they will have to undertake another DfE swap if they are ever going to turn HoMFC into a remotely viable operation, the problem is, they don't have the scope to do so at present. Their authorised but unissued share capital only has a nominal value of £8k and they are not proposing a resolution to increase that at Friday's AGM.

A second DfE swap on the scale required would represent an admission of epic mismanagement, but no doubt they will present that as a virtue as well. They really do treat their sopporters with awesome contempt, but the poor fools are lapping it up again.

Your posting about the Yams accounts and state of affairs have been excellent, I take it accountancy is your thing.

What I don’t get, there must be yam accountants over on kickback, how come we never seem to see the same type of observations and cautions that you and other .netters have posted on here over there?

I think it’s just too easy to say head in the sand type of thing, just what do they see in the accounts that gives them hope for the future?

Has the Yam accounts for this year been signed off by the accountants, seem to remember last year accounts, the accountancy firm did not sign off the accounts due to lack of info from the UBIG group (maybe sign off is the wrong terminology to use?).

[Jack]

Your posting about the Yams accounts and state of affairs have been excellent, I take it accountancy is your thing.

What I don’t get, there must be yam accountants over on kickback, how come we never seem to see the same type of observations and cautions that you and other .netters have posted on here over there?

I think it’s just too easy to say head in the sand type of thing, just what do they see in the accounts that gives them hope for the future?

Has the Yam accounts for this year been signed off by the accountants, seem to remember last year accounts, the accountancy firm did not sign off the accounts due to lack of info from the UBIG group (maybe sign off is the wrong terminology to use?).

Any accountants on kickback would have been binned for not towing the party line or suffering from hobbonomics.

[Kaiser1962]

My money is on the deeds of Tynie being transferred to Lithuania as part of the deal. Probably for an amount less that the actual valuation.

As is mine Sergey. But even then the muppets are telling each other that he owns it anyway so what difference will it make. Trumpets the lot of them who deserve all thats coming and the longer it takes the more spectacular it will be.

[madhibby]

You're spot on with the interest point - it's being added to the debt and then accruing more interest on itself. The real reason they are doing that is that HOMFC just don't have the cash to pay it, therefore they would have to borrow cash so they could pay interest on the cash they borrowed - which would have exactly the same end result. The fact that they are trying to present that as a virtue speaks volumes. The amount owed to group companies (including Ukio Bankas) at 31 July 2009 was £31.625m.

I think they will have to undertake another DfE swap if they are ever going to turn HoMFC into a remotely viable operation, the problem is, they don't have the scope to do so at present. Their authorised but unissued share capital only has a nominal value of £8k and they are not proposing a resolution to increase that at Friday's AGM.

A second DfE swap on the scale required would represent an admission of epic mismanagement, but no doubt they will present that as a virtue as well. They really do treat their sopporters with awesome contempt, but the poor fools are lapping it up again.

What I dont get (and I'm an accountant as well!) is the debt for equity swap incrreases the value of the company at a time when its value is worth less and less?

I suppose it makes it more difficult for any outsider to do a deal to acqure the club but I suppose this would all come to fruition if UKias changed strategy/Vlad loses interest in the club. From a Hearts point of view they have been able to spend way beyond their means for a number of years and any new owner would know that and would only pay the businesses real worth so UKias will take the hit.

[hibee4life1983]

Hearts are done, pure and simple.
Any talk of them spending is just the kgb masters plan to get the deluded hertz fans off his back,

Hes money laundering, im sure of it.

[Mikey]

No doubt the matter will be discussed fully at the forthcoming AGM.

No chance. A mock up of the new stand will be rolled out and the shareholders will lap it up.

They won't ask about the interest payments. They won't ask about the registration fees. They won't ask about the HMRC investigation. In fact, they won't ask any awkward questions at all.

[greenginger]

Been reading in the Sunday broad-sheets how inflation in the economy is set to return which will no doubt lead to a spike in interest rates for borrowers.
I wonder how high the rate would have to be raised until the Jambos interest charge is more than their gross income ? :greengrin

[NAE NOOKIE]

Hang on a bit.

I'm no accountant, but I am a fan of the Sopranos.

Is adding the interest on to the debt if you cant pay the interest not what loan sharks do in order to turn your £50 loan into a £2000 debt ?

Scary !!!

:bitchy:

[paxtonhibby]

To be fair to the yams what can they do? So far in the reddy brown stuff they have to play ball with vlad.Cause a stink and vlad pulls the plug,seemples.

[hibee4life1983]

Money laundering.

[hibee4life1983]

Tax evasion.

[bighairyfaeleith]

At the agm I reckon they will show off there great new stand design, might even have a little model of it. They will then quietly slip in that in order to pay for it the title deeds for tynie have been transferred to ukio or ubig. This will apparently save them around £10 million. The fuds will lap it up and think all is going to be fine.

Except the stand will never get built, vlad will keep strangling every penny out of the club through his interest charges, registration fees and whatever other little scams he figures out.

Long story short, hearts will actually pay vlad to take tynie out of hearts ownership making any possible takeover and recovery extremely unlikely.

[Caversham Green]

What I dont get (and I'm an accountant as well!) is the debt for equity swap incrreases the value of the company at a time when its value is worth less and less?

I suppose it makes it more difficult for any outsider to do a deal to acqure the club but I suppose this would all come to fruition if UKias changed strategy/Vlad loses interest in the club. From a Hearts point of view they have been able to spend way beyond their means for a number of years and any new owner would know that and would only pay the businesses real worth so UKias will take the hit.

The thing is, in any rational assessment the business of HoMFC is worthless. Because of limited liability it can never be worth less than zero, but you couldn't give away shares in a chronic loss-making company where liabilities exceed assets - the value of the name (such as it is) is offset completely by the levels of debt and history of losses.

The DfE addresses the first of those to an extent, but there is no obvious way of addressing the second, so the best he can do is make the company less worthless than it is just now. If he wants to get any sort of return out of his investment he has to turn it into a profit-making enterprise, which looks impossible to me.

[Caversham Green]

No chance. A mock up of the new stand will be rolled out and the shareholders will lap it up.

They won't ask about the interest payments. They won't ask about the registration fees. They won't ask about the HMRC investigation. In fact, they won't ask any awkward questions at all.
My tongue was firmly in my cheek when I wrote that. :greengrin

Hang on a bit.

I'm no accountant, but I am a fan of the Sopranos.

Is adding the interest on to the debt if you cant pay the interest not what loan sharks do in order to turn your £50 loan into a £2000 debt ?

Scary !!!

:bitchy:

Yep.

Money laundering.


Tax evasion.

I don't know what Vlad's motivation is, but there's no evidence of money laudering or tax evasion - of course the ongoing investigation by HMRC might produce some. If he's doing either, he's guilty of some serious overkill.

[GloryGlory]

What I dont get (and I'm an accountant as well!) is the debt for equity swap incrreases the value of the company at a time when its value is worth less and less?

I suppose it makes it more difficult for any outsider to do a deal to acqure the club but I suppose this would all come to fruition if UKias changed strategy/Vlad loses interest in the club. From a Hearts point of view they have been able to spend way beyond their means for a number of years and any new owner would know that and would only pay the businesses real worth so UKias will take the hit.

I'm an accountant, too - they can have all the DfE swaps they like, it doesn't change the basic equation that their expenditure exceeds their income by a long way and their business model is unsustainable. Apart from one or two of their players, the only other asset is the ground (and with the property recession that has fallen substantially in value over the past two years).

In addition, there's no bank that can sustain lending to a customer indefinitely without getting its capital paid back or even now getting any income on the capital from interest payments (even if the customer is a subsidiary). It's the economics of the madhouse.

[GloryGlory]

Been reading in the Sunday broad-sheets how inflation in the economy is set to return which will no doubt lead to a spike in interest rates for borrowers.
I wonder how high the rate would have to be raised until the Jambos interest charge is more than their gross income ? :greengrin

I think UBIG will be charging a rate that bears no relation to UK bank interest rate (i.e. they'll be charging a whacking premium way over base rate).

[Caversham Green]

Your posting about the Yams accounts and state of affairs have been excellent, I take it accountancy is your thing.

What I don’t get, there must be yam accountants over on kickback, how come we never seem to see the same type of observations and cautions that you and other .netters have posted on here over there?

I think it’s just too easy to say head in the sand type of thing, just what do they see in the accounts that gives them hope for the future?

Has the Yam accounts for this year been signed off by the accountants, seem to remember last year accounts, the accountancy firm did not sign off the accounts due to lack of info from the UBIG group (maybe sign off is the wrong terminology to use?).

Thanks for that - I think your reviews of my posts are spot on as well :wink:.

There are actually a couple of posters over there who do write similar stuff, unfortunately a number of the more prolific posters see it as their business to shout down any voice of dissent and work in concert to wreck any debate. Thus, any valid observation is immediately engulfed in a tidal wave of empty-headed inanities. Under those circumstances I wouldn't bother posting, so I guess these Heart-souls are doing their job well.

On the sign-off question, the auditors have actually signed the audit report, but under a very heavy qualification - the same as last year. I note as well that the accounts have now been lodged at Companies House, despite not yet having been adopted by the shareholders. Not illegal, but another indication of the contempt that ordinary Hearts fans are treated with.

[Jack]

There are actually a couple of posters over there who do write similar stuff, unfortunately a number of the more prolific posters see it as their business to shout down any voice of dissent and work in concert to wreck any debate. Thus, any valid observation is immediately engulfed in a tidal wave of empty-headed inanities. Under those circumstances I wouldn't bother posting, so I guess these Heart-souls are doing their job well.

I’ve long had the impression that the Scotsman blogs are ‘infiltrated’ by staff connected with their grotty little club. And while I don’t spend much time over on JKB I’d be really surprised if the same wasn’t true there.

Some of the positive spin put on even the most dubious events is mind boggling, particularly for a simple Hobo like me :greengrin, even the KGB would be impressed. :agree:

:hmmm: Anyone with KGB connections at the club I wonder? :cool2:

[jgl07]

Thanks for that - I think your reviews of my posts are spot on as well :wink:.

There are actually a couple of posters over there who do write similar stuff, unfortunately a number of the more prolific posters see it as their business to shout down any voice of dissent and work in concert to wreck any debate. Thus, any valid observation is immediately engulfed in a tidal wave of empty-headed inanities. Under those circumstances I wouldn't bother posting, so I guess these Heart-souls are doing their job well.

On the sign-off question, the auditors have actually signed the audit report, but under a very heavy qualification - the same as last year. I note as well that the accounts have now been lodged at Companies House, despite not yet having been adopted by the shareholders. Not illegal, but another indication of the contempt that ordinary Hearts fans are treated with.
The Auditors qualifications should be heeded by anyone supplying goods or services to Hearts. So presumably they have signed given assurances from UBIG that they will back Hearts financially. However have UBIG produced any accounts to show that they are good for this?

When is Hearts AGM due to be held?

[Caversham Green]

The Auditors qualifications should be heeded by anyone supplying goods or services to Hearts. So presumably they have signed given assurances from UBIG that they will back Hearts financially. However have UBIG produced any accounts to show that they are good for this?

When is Hearts AGM due to be held?

The notes to the accounts state that the directors have received written confirmation that UBIG will supply funding, and that they (the directors) are satisfied that UBIG can fulfil that commitment. The auditors on the other hand, say that they have not seen evidence to support this, so in short, the auditors have not seen any UBIG accounts so they are unable to state whether or not HoMFC are a going concern. That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts?

The AGM is this Friday.

[Kaiser1962]

The notes to the accounts state that the directors have received written confirmation that UBIG will supply funding, and that they (the directors) are satisfied that UBIG can fulfil that commitment. The auditors on the other hand, say that they have not seen evidence to support this, so in short, the auditors have not seen any UBIG accounts so they are unable to state whether or not HoMFC are a going concern. That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts?

The AGM is this Friday.

You see CG thats the difference between us Hobo's and the world of the Yam. You see an investment company not producing accounts as a wholly negative thing when, to your average Yam, it just underpins Vlad's innovative approach to the world of finance. We view this as potentially a concern and they view it as an example of Vlad' trailblazing technique and his thinking outside the box. Vlad is actually raising the bar for other financial institutions, Hobonomics just cant see it.

On a serious note there are loads are of Hearts fans who are concerned regarding the situation there and some of them even stand up to the Taliban who run that site. Anyone who dosent tow the party line is held up to outstanding ridicule as a Hobo or are widely regarded as not REAL Hearts fans even if they've got thousands of posts to their name. The qualification seems to be if you would rather feed your kids than give your giro to the Mad One then you dont have the commitment required. A woman poster over there (probably a cross dresser though!) referred to them as being like Pravda and I dont think that was far off the mark. She's probably dead now tho'!
There is no doubt however that dissent is not tolerated. When I think back to some of the things STF and Rod have been called over the years we should look over the road, compare and then be forever thankful for the what we have.

[jgl07]

The notes to the accounts state that the directors have received written confirmation that UBIG will supply funding, and that they (the directors) are satisfied that UBIG can fulfil that commitment. The auditors on the other hand, say that they have not seen evidence to support this, so in short, the auditors have not seen any UBIG accounts so they are unable to state whether or not HoMFC are a going concern. That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts?

It does seem rather dubious to sign off accounts on the basis of support from another organization who may well be skint themselves.

I assume that the caveats from the auditors are there to warn all about how precarious Hearts' finances are.

[greenginger]

[QUOTE=Caversham Green;2477024] That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts.


It depends on what the Company invests in ---- White Powder ?:greengrin

[jgl07]

[QUOTE=Caversham Green;2477024] That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts.


It depends on what the Company invests in ---- White Powder ?:greengrin

Like Johnson's?

[JoJo_07]

Hertz Season Ticket Literature (http://www.heartsfc.co.uk/staticFiles/db/4b/0,,10289~150491,00.pdf). Kids (under 12) season tickets are £25. Two are allowed with any paying adult. Of course a paying adult could be a pensioner so 3 "people" could attend a Hearts game for £205 for the whole season. It does look like this offer is available for all the stadium excluding 5 sections of the Wheatfield bus shelter.

Surely this is absolute financial madness even if their fans follow the rules (and there is plenty potential for fans to abuse the system see here (http://www.hmfckickback.co.uk/index.php?/topic/73382-season-tickets/)). Now it is very good idea to encourage kids to come to games but surely have some sort of cap on this. They are quick enough to remind us of their "attendances". Wonder how and why they get these attendances. Will they be using percentage of capacity to try to make themselves feel big when comparing attendances next season?

I do think that Hibs should do more to encourage the fans of the future but surely this is madness? Thoughts?

[Jack]

Going off on a bit of a tangent JoJo but I'm getting a tad fed up with all the chat about giving more discounts to attract kids. With the price they pay along with the discounted accompanying adult(s) I think they are already well looked after. I'm sure I read that for the equivalent of 2 full price adults the kid effectively goes free. Something like that anyway.
.
But. There are 10s of thousands of folk out there NOW in a position to pay the full whack.
.
Whats being done, is enough being done, to get their bums on ER seats?

[Woody1985]

Going off on a bit of a tangent JoJo but I'm getting a tad fed up with all the chat about giving more discounts to attract kids. With the price they pay along with the discounted accompanying adult(s) I think they are already well looked after. I'm sure I read that for the equivalent of 2 full price adults the kid effectively goes free. Something like that anyway.
.
But. There are 10s of thousands of folk out there NOW in a position to pay the full whack.
.
Whats being done, is enough being done, to get their bums on ER seats?

With respect to Hearts, IF all of those tickets are being filled with (new ST) kids then they are effectively creating a new generation of hard core fans. I bet that most of our hard core were the ones who went along when they were really young with parents or mates.

People are constantly complaining that kids and families are being priced out of the game and lost to other sports/activities so IMO what they are doing is a good thing. Yes, it's financial suicide in the short-medium term but it may pay off in future.

At the end of the day, everything they seem to do is financial suicide so tens/a couple of hundred K worth of lost ST's revenue isn't going to bring them down!

[jgl07]

Going off on a bit of a tangent JoJo but I'm getting a tad fed up with all the chat about giving more discounts to attract kids. With the price they pay along with the discounted accompanying adult(s) I think they are already well looked after. I'm sure I read that for the equivalent of 2 full price adults the kid effectively goes free. Something like that anyway.
.
But. There are 10s of thousands of folk out there NOW in a position to pay the full whack.
.
Whats being done, is enough being done, to get their bums on ER seats?
But there is more to it than attracting kids.

The price structure is designed to get people to pay up for tickets that will rarely if ever used.

The last match of the season at Tynie was listed as 13,000+ despite the fact that the BBC reporter thought that the stadium was less than a third full.

These spurious attendance figures are used to convince creditors that Hearts have a sound basis of support. Typical smoke and mirrors trick from Romanov.

Once the Easter Road capacity is increased it will offer opportunities for discounting tickets but Hibs should avoid going down the route of giving away season tickets.

[Phil D. Rolls]

I don't know what Vlad's motivation is, but there's no evidence of money laudering or tax evasion - of course the ongoing investigation by HMRC might produce some. If he's doing either, he's guilty of some serious overkill.

If it's an act, it's a hell of an act. What I don't get is why vlad has taken so long to do the dirty if that's what he's really up to. He could have had the deal buried by now, but he continues to prop them up.

I think it is more like what happened with Hitler. He has ended up way out of his depth and doesn't know what to do next.



There is no doubt however that dissent is not tolerated. When I think back to some of the things STF and Rod have been called over the years we should look over the road, compare and then be forever thankful for the what we have.

That's the difference, I hope. The Yam on the street will always cow tow to the establishment. They absolutely love the role of servant, and are easily spotted by the red marks on their skull where they have been touching their forelock.

[Hibs07p]

The notes to the accounts state that the directors have received written confirmation that UBIG will supply funding, and that they (the directors) are satisfied that UBIG can fulfil that commitment. The auditors on the other hand, say that they have not seen evidence to support this, so in short, the auditors have not seen any UBIG accounts so they are unable to state whether or not HoMFC are a going concern. That alone would be of huge concern to me - whoever heard of an investment company that didn't produce accounts?

The AGM is this Friday.

What is the consequence of transferring all of their banking debt to UBIG?

http://thescotsman.scotsman.com/sport/Hearts-admit-they-still-cannot.6328315.jp

[Caversham Green]

What is the consequence of transferring all of their banking debt to UBIG?

http://thescotsman.scotsman.com/sport/Hearts-admit-they-still-cannot.6328315.jp

The basic consequence is that it extended the credit on the £17.6m that was due last February - it now appears to be a long-term debt. Fudotovas is quoted as saying that all of the debt was taken over by UBIG, but according to the accounts UBIG only took over £5m and the rest was taken over by "a company related to" UBIG.

Accountants and auditors are always very careful about the wording in accounts and they would not have used that wording if it was not significant. I would conclude that this unnamed company is not part of the UBIG group (if it was they would have said so) and so would be unlikely to participate in a DfE swap.

I wonder why they're being so coy about this company.

[down the slope]

Just a few weeks ago Ukio set up a new joint stock company which lists it's main activity as "asset management" , maybe asset stripping would be a better title !.

[Hibs07p]

The basic consequence is that it extended the credit on the £17.6m that was due last February - it now appears to be a long-term debt. Fudotovas is quoted as saying that all of the debt was taken over by UBIG, but according to the accounts UBIG only took over £5m and the rest was taken over by "a company related to" UBIG.

Accountants and auditors are always very careful about the wording in accounts and they would not have used that wording if it was not significant. I would conclude that this unnamed company is not part of the UBIG group (if it was they would have said so) and so would be unlikely to participate in a DfE swap.

I wonder why they're being so coy about this company.

Maybe he's milked them dry before passing on the debt to another company?

I'm not qualified in any way regarding accounts and I really am ignorant about finances, so this whole thing regarding Hearts is very confusing to the likes of me, but put simply it appears that VR purchased Hearts for a £2.5M, took over their debt of around £18M and has been getting paid interest on that for around 4 or 5 years now. Hearts average turnover has been around £9M for each of the last 4 years but have been spending around £13.5M on average over the last 4 years. VR controls what players he loans to Hearts and how much he charges for their registrations. VR bleeds money out of Hearts, HOMFC pick up the tab. Is it not the case that VR has deliberately overspent Hearts money on payments to himself / Kaunus and loaned it back to them therefore increasing their debt and interest payments back to him in the process? I have deliberately left out the transfer incomes that have mysteriously disappeared, but what does seem very clear is that VR has influenced the spending of much more of Hearts money than he has put in. I do not know if any of the above makes any sense, but neither does Vlads ownership of Hearts.

GGTTH