Interesting article in Saturday's Guardian

[Kaiser1962]

Interesting stance and quotes from the Hearts hierarchy. Sounds like some (not so veiled) threats in there.

http://www.guardian.co.uk/football/2010/nov/06/hibernian-hearts-stadium-progress

[Barney McGrew]

"I am not sure for how long people in Lithuania will continue to be patient and provide this gift of cash to Edinburgh and the UK"

"If we do not get help, we have to reconsider our investment and Hearts becomes just another small club."

They're direct quotes from Fedotovas. Sounds like the end game is beginning.

[marinello59]

"I am not sure for how long people in Lithuania will continue to be patient and provide this gift of cash to Edinburgh and the UK"

"If we do not get help, we have to reconsider our investment and Hearts becomes just another small club."

They're direct quotes from Fedotovas. Sounds like the end game is beginning.

Even the most deluded Yam couldn't put a positive spin on that one.

We've got a stadium, you've got a shy.........................

[Barney McGrew]

Even the most deluded Yam couldn't put a positive spin on that one.

They'll spin it by towing the party line - it's not fair, it's just the SFA/SPL/Council/Lunar Cycle picking on Hertz again.

[H18sry]

"The most pressing concern on the minds of Hearts fans as they shuffle into Easter Road for their meeting with Hibernian will be whether or not their team can recover sufficiently from a dismal showing against Kilmarnock a week ago to win the season's first Edinburgh derby. Which, in itself, is the latest but rare tribute to Vladimir Romanov's stewardship of Hearts.
On Thursday, an extraordinary general meeting will ratify a plan by Romanov's Ukio Bankas Investment Group (Ubig) to cut £10m from Hearts' debt – last reported at £34.78m – in exchange for fresh equity. As documentation relating to that meeting pointedly states: "The company is dependent on the short-term financial support of Ubig to meet its day‑to-day funding requirements."
That backing, given wages paid out alone, totals something between £50m and £60m over the five years Romanov has had majority control at Tynecastle. In the current Scottish football climate, it not even close to being paralleled outside of the Old Firm.
The upcoming debt-for-equity swap will be the second of its kind and will lower Hearts' balance-sheet borrowing to near the level it was when Romanov took over. Senior figures at the club point to a not insignificant £23m paid out to the government in PAYE and VAT contributions during the intervening period.
Jealously does not sit well with city rivalry. Yet those Hearts fans will tomorrow afternoon get their first close-up look at Hibernian's new east stand. That construction completed Easter Road's redevelopment at a time when Hearts' aspirations of replacing Tynecastle's 96-year-old main stand remain blocked by red tape.
There is a legitimate question over whether or not replacing that stand, at an original cost of £51m which has since been scaled down, is commercially viable. Just as previous regimes at Hearts have found, Tynecastle in its current format does not pay.
The club is highly sceptical towards the possibility of moving to play in a new arena, funded by the Rangers owner David Murray, on Edinburgh's western outskirts but similar possibilities should be investigated. Unlike the turmoil that surrounded former chairman Chris Robinson's fundamentally flawed plan to relocate Hearts to Murrayfield, fans would be more receptive to a move to a purpose‑built stadium that left their club in a financially sound long-term position.
The problem in Edinburgh relates to the basic cost and availability of land, added to an unwillingness by the city council to enter into a joint arrangement to replace the crumbling Meadowbank Stadium. It is to Ubig's credit that their serious and genuine preference is for Hearts to remain at their home of 124 years. Frustration, though, is now emanating from the parent company's Lithuania base over what they regard as a lack of co-operation from the City of Edinburgh council and other parties involved in the Tynecastle plan.

That frustration has triggered a strong warning. "No one cares to recognise the benefit of the investment and offer help to allow positive developments," the Hearts director Sergejus Fedotovas says. "The attitude we face is: 'Once you are here give us all you have and do not expect anything in return.' I am not sure for how long people in Lithuania will continue to be patient and provide this gift of cash to Edinburgh and the UK.
"Hearts secured 58,000-plus spectators at Murrayfield for a friendly game against Barcelona. That clash generated over £7m for the city's economy. Think what a competitive Hearts could do for the city economy if it were to compete within a European standard stadium in Edinburgh on a regular basis."
Ubig is also unhappy no licence has been granted for its commercial bank, Ukio, to operate in the UK. Fedotovas adds: "This is another example where the contribution to the economy is not wanted."
The view of Fedotovas and Ubig in relation to Hearts is simple. "This is a big club in Scotland with a big tradition," the director says. "If we do not get help, we have to reconsider our investment and Hearts becomes just another small club."
Whether that constitutes a threat or a promise remains to be seen. For now, followers of Hearts should be grateful at being able to focus solely on football
" :bye::bye:

[bighairyfaeleith]

So basically hearts multi millionaire owner wants the city to build hearts a stadium. Surely he can afford to build it himself, or is he just full of ****:greengrin

[Hibbyradge]

They're blaming Edinburgh because their fantasy stand is exactly that, a fantasy.

[Kaiser1962]

My take is that they are looking for, primarily, a UK banking license and also looking for public funds to be used to redevelop Tynecastle (or a stadium elsewhere) and thirdly, a proportion of Council Tax to be paid to HoMoFC as some sort of levy for the income they generate in keeping Edinburgh's economy, and indeed the UK economy to boot, from stagnating. I think they are responsible for the country no longer being in recession (technically at least)

[grunt]

Senior figures at the club point to a not insignificant £23m paid out to the government in PAYE and VAT contributions during the intervening periodWhat sort of stupid statement is this? When companies pay PAYE and VAT to the Government, it is not their money they are paying; they are just collecting it on behalf of HMRC. The PAYE is paid by the employees, and the VAT comes from Hearts' deluded customers. Who are they trying to fool?

[degenerated]

I'm not exactly sure what this gift of cash to the people of Edinburgh they refer to is? Anything he's done for the jamtards gets added to the slate, they had to be hounded by hmrc to pay their dues (which incidentally are an obligation rather than a gesture of goodwill) and he won't get his banking licence as we already have enough pissant money lenders and Lombardy pirate banking houses operating here as it is.

[Hibbyradge]

What sort of stupid statement is this? When companies pay PAYE and VAT to the Government, it is not their money they are paying; they are just collecting it on behalf of HMRC. The PAYE is paid by the employees, and the VAT comes from Hearts' deluded customers. Who are they trying to fool?

It's badly worded, but they're trying to say that Hearts are important to the national economy as well as locally because they generate so much tax for the government.

If they were a smaller concern, or didn't exist, those revenues would be diminished or lost.

[Kaiser1962]

The figure of £23m to HMRC includes, I believe, not only VAT but PAYE and NI contributions. Bearing in mind that they also being "investigated" by HMRC for a scheme where they used offshore accounts to pay players thus avoiding UK taxes in a similar way to Rangers/Murray Group.

It would be interesting to see find out what our taxes were for the same period as we have always had much better trading figures but a much lower wage bill.

If they get a public handout then I'm on for pitchforks to city hall!

[Phil D. Rolls]

"I am not sure for how long people in Lithuania will continue to be patient and provide this gift of cash to Edinburgh and the UK"

"If we do not get help, we have to reconsider our investment and Hearts becomes just another small club."

They're direct quotes from Fedotovas. Sounds like the end game is beginning.


Even the most deluded Yam couldn't put a positive spin on that one.

We've got a stadium, you've got a shy.........................

Have they no pride left at all? Presumably we have managed to progress with the same hindrances that they face.

[CyberSauzee]

Ubig is also unhappy no licence has been granted for its commercial bank, Ukio, to operate in the UK. Fedotovas adds: "This is another example where the contribution to the economy is not wanted."


The complete lack of business acumen shown by Fedotovas with this sour grapes statement (presumably authorised to make it by Vlad) shows why the FSA will not sanction a licence for UKIO to operate in the UK. This is a bank who have had their credit worthiness seriously downgraded or even withdrawn by ratings agencies; banks in this country must give guarantees of their financial integrity in order to get permission to do business. Clearly the FSA, for all their faults, have done the country a favour by not granting UKIO a licence to operate. The simple truth is that other financial institutions have found Romanov and his bank for too much of a risk to consider funding its proposed operations. But don't let the facts get in the way of blaming others for your own shortcomings as businessmen.

[monktonharp]

The figure of £23m to HMRC includes, I believe, not only VAT but PAYE and NI contributions. Bearing in mind that they also being "investigated" by HMRC for a scheme where they used offshore accounts to pay players thus avoiding UK taxes in a similar way to Rangers/Murray Group.

It would be interesting to see find out what our taxes were for the same period as we have always had much better trading figures but a much lower wage bill.

If they get a public handout then I'm on for pitchforks to city hall!yup,there will be an outcry if the council spend any of my council tax on these shysters! what tha f/ck do they think they are? it's a business and if it fails,so what yer doon the tubes.

[Phil D. Rolls]

yup,there will be an outcry if the council spend any of my council tax on these shysters! what tha f/ck do they think they are? it's a business and if it fails,so what yer doon the tubes.

Opinion is divided on this matter between those who work in the banking sector and those who don't.

[Springbank]

i'm not quite sure what the journalist means when he says Hearts stadium plans have been held up by red tape.

The ball is in Hearts' court regarding their planning application, it's been well documented in the press - Hearts submitted a planning application, which they are entitled to do; The Council scrutinised it and said it needed alterations if they were to recommend approving it and asked Hearts to make those amendments (so far, so uncontroversial and straightforward)...erm..and..that's it.

It's up to Hearts to make changes, to bring their development in line with the rules, as any developer does.

Either that, or, it's a massive really large conspiracy. Perhaps the journalist might tell us which they think is the better description of the situation???

[jdships]

My take is that they are looking for, primarily, a UK banking license and also looking for public funds to be used to redevelop Tynecastle (or a stadium elsewhere) and thirdly, a proportion of Council Tax to be paid to HoMoFC as some sort of levy for the income they generate in keeping Edinburgh's economy, and indeed the UK economy to boot, from stagnating. I think they are responsible for the country no longer being in recession (technically at least)

Must say you are "right on the money" with your comments
Good post

I have a friend , a retired accountant with a well known firm of liquidators , who in 2009 said he understood there was a three year plan at Tynie to get the club straightened out .
Perhaos this article points to that being correct :greengrin
Interesting to say the least.

[Owain_1987]

"Hearts secured 58,000-plus spectators at Murrayfield for a friendly game against Barcelona. That clash generated over £7m for the city's economy. Think what a competitive Hearts could do for the city economy if it were to compete within a European standard stadium in Edinburgh on a regular basis."

This made no sense as there was only 58,000 people there because lots of people wanted to watch Barca. Am sure loads off egg chasers and non football fans went just for the occasion. Hearts will never get 58,000 of their own fans to one game. Unless of course their 400,000 fans appear from the rocks they are hiding behind!

[Phil D. Rolls]

i'm not quite sure what the journalist means when he says Hearts stadium plans have been held up by red tape.

The ball is in Hearts' court regarding their planning application, it's been well documented in the press - Hearts submitted a planning application, which they are entitled to do; The Council scrutinised it and said it needed alterations if they were to recommend approving it and asked Hearts to make those amendments (so far, so uncontroversial and straightforward)...erm..and..that's it.

It's up to Hearts to make changes, to bring their development in line with the rules, as any developer does.

Either that, or, it's a massive really large conspiracy. Perhaps the journalist might tell us which they think is the better description of the situation???

Another thing about their claim the council is making it difficult for them. I thought the council helped them out in respect of the Tynecastle School site?

I'd be inclined to think they might be getting a bit of help regarding safety certificates, but that wouldn't be right.

[ScottB]

Haha just showed this to a Yam fud. Usual 'Blah blah blah' response as expected.

Honestly, their club will be bust and their stadium bulldozed and the believers will still be cracking one off over Romanov!

I genuinely feel sorry for the genuine Hearts fans (there are a few!) who are rightly concerned with their clubs future, how anyone with a functioning brain couldn't be is beyond me.

[Sergey]

Another thing about their claim the council is making it difficult for them. I thought the council helped them out in respect of the Tynecastle School site?

I'd be inclined to think they might be getting a bit of help regarding safety certificates, but that wouldn't be right.

The Yams haven't paid for that piece of land yet, despite a price being agreed.

[Phil D. Rolls]

The Yams haven't paid for that piece of land yet, despite a price being agreed.

Oh the council want paid? In that case I can see how Edinburgh is making life hard for them. We'll be expecting them to pay for the stadium out of their own pocket next.

[Kaiser1962]

Another thing about their claim the council is making it difficult for them. I thought the council helped them out in respect of the Tynecastle School site?

I'd be inclined to think they might be getting a bit of help regarding safety certificates, but that wouldn't be right.

Also smells a bit like an exit strategy on behalf of UBIG.

"If you dont do what we want we have no alternative but to leave and it will be all your fault. So there. "

[Dashing Bob S]

So basically it's the councils fault if anyhting bad happens to Hearts.

Just so we know who to thank.

Sorry Vlad, this is one we can't pin on them. Don't be shy, please take the credit. I appreciate you.

[jacomo]

This appears to be a straight appeal for help to pay for stadium redevelopment, but even they must know that asking for public funds in the current climate is a non-starter.

So why now? Sounds like a ready made excuse to me.

[The_Todd]

What I read from this is Hearts are getting ready to can the entire project and when they do announce it's been shelved they'll blame the anti-Hearts conspiracy in the council chambers- those bad people wouldn't spend public money on Tynecastle so it's their fault UBIG had to sell up.

The Hearts fans will lap it up, their paranoia second only to Celtic's.

[crewetollhibee]

Also smells a bit like an exit strategy on behalf of UBIG.

"If you dont do what we want we have no alternative but to leave and it will be all your fault. So there. "
A big boy done it, and ran away :boo hoo::boo hoo::boo hoo:

[ScottB]

If the council give the Yams one penny of money I'd refuse to pay my council tax frankly.

To squander public money on an insolvent, private company as we face the worst budget cuts in a generation with a council already obsessed with p1ssing away a fortune on trams would be criminal and can't possibly be allowed, not now, not ever.

[alan gordon]

[QUOTE=ScottB;2628550]If the council give the Yams one penny of money I'd refuse to pay my council tax frankly.

If I remember correctly, Edinburgh Council have blatantly done it before, they'll do it again if they can get away with it. Did they not pay HOM thousands of rate-payers pounds for storage space under a stand that then lay empty?
Add to that, would Hibs have been given a safety certificate on their old main stand for so long? You can answer that.
You better 'believe' that if HOM is in any danger of going out of business, then our council will do practically anything to keep them afloat, no matter the cost.