Yams football debt.

[greenlex]

Anyone know if the football debts have been cleared? Just wondering.

[greenginger]

Anyone know if the football debts have been cleared? Just wondering.


I very much doubt it. Their agreement between Budge and FoH was that FoH would hand over £ 1 million in working capital and also square up the football debts.

According to the FoH site they handed over the £ 1 million in May and they were going to negotiate with the football creditors.

Since then silence on that front.

They were due Musselburgh Athletic £ 5790 , does anyone know if they got paid or shafted in the usual Yam manner ?

[Bishop Hibee]

They didn't get to the top of the league by paying their debt.

[MyJo]

Dont really care any more to be honest.

[CropleyWasGod]

TBH, if the football debt hadn't been settled, it's unlikely that the SFA would have given them their licence for the season.

[greenginger]

Dont really care any more to be honest.


Yams got away without paying for the Heriot Watt training facilities for about 3 years, without paying our Council Business Rates and rentals due because nobody cared to ask questions.

Should it just be allowed to happen again ?

[Pretty Boy]

Yams got away without paying for the Heriot Watt training facilities for about 3 years, without paying our Council Business Rates and rentals due because nobody cared to ask questions.

Should it just be allowed to happen again ?

What happened was pish.

It was corrupt, it was wrong and it should never have been allowed to get to the stage it did.

But it did happen and constantly harping on about it won't change that. We have more than enough problems of our own without worrying about their issues as well.

[Turkish Green]

They entered into a CVA with their creditors for £2.5M. This money was loaned to the club by Budgie's Bidco and has to be repaid in 2 years by the FOH.

Any creditor owed money (including HMRC) would receive a percentage out of the CVA amount.

They did not get to be top of the league by paying their debts in full. In essence they are debt free - for now.

[Pretty Boy]

They entered into a CVA with their creditors for £2.5M. This money was loaned to the club by Budgie's Bidco and has to be repaid in 2 years by the FOH.

Any creditor owed money (including HMRC) would receive a percentage out of the CVA amount.

They did not get to be top of the league by paying their debts in full. In essence they are debt free - for now.

Football debts are treated seperately.

[CropleyWasGod]

They entered into a CVA with their creditors for £2.5M. This money was loaned to the club by Budgie's Bidco and has to be repaid in 2 years by the FOH.

Any creditor owed money (including HMRC) would receive a percentage out of the CVA amount.

They did not get to be top of the league by paying their debts in full. In essence they are debt free - for now.

Sorry, that's wrong. The only people to be paid out of the CVA were UKIO Bankas.

The football creditors are payable in full as part of the conditions of retaining the SFA licence.

No other creditors were paid anything, except for UBIG who received money for their shares, but not their debts.


And, they are not debt free. They owe Budge for the cash she put up.

[greenginger]

TBH, if the football debt hadn't been settled, it's unlikely that the SFA would have given them their licence for the season.

I e-mailed Doncaster in July about the Yams football debts. His response was,

" Any pre-administration debts including sums due to Players , were included in the approved CVA proposals, they would now be a matter between the creditors concerned and the relevant CVA manager. "

In other words the SPFL want nothing to do with it.

[CropleyWasGod]

I e-mailed Doncaster in July about the Yams football debts. His response was,

" Any pre-administration debts including sums due to Players , were included in the approved CVA proposals, they would now be a matter between the creditors concerned and the relevant CVA manager. "

In other words the SPFL want nothing to do with it.

It's an SFA requirement, though. Presumably they would want proof that the debts had been paid before they granted the licence.

[greenginger]

What happened was pish.

It was corrupt, it was wrong and it should never have been allowed to get to the stage it did.

But it did happen and constantly harping on about it won't change that. We have more than enough problems of our own without worrying about their issues as well.


You would be happy if they were able to sign a couple of extra players because they can get away with stiffing our Council etc, AGAIN !

[Pretty Boy]

You would be happy if they were able to sign a couple of extra players because they can get away with stiffing our Council etc, AGAIN !

I wouldn't be happy but I wouldn't really care either.

I lost interest in the whole administration will they/won't they saga pretty early on. I didn't fully understand it and I always suspected they would come out the other side in decent shape.

[MyJo]

Yams got away without paying for the Heriot Watt training facilities for about 3 years, without paying our Council Business Rates and rentals due because nobody cared to ask questions.

Should it just be allowed to happen again ?

If people put half as much energy into supporting and getting the best out of Hibs as they do wringing thier hands and stamping thier feet about what hearts are doing wrong and how their getting away with it then we might actually get somewhere.

Regardless of what they are doing off the pitch they always always seem to have the upper hand on the pitch and until that changes i dont actually care what they do behind the scenes.

[greenlex]

If people put half as much energy into supporting and getting the best out of Hibs as they do wringing thier hands and stamping thier feet about what hearts are doing wrong and how their getting away with it then we might actually get somewhere.

Regardless of what they are doing off the pitch they always always seem to have the upper hand on the pitch and until that changes i dont actually care what they do behind the scenes.
Thanks for your contribution and taking time out your concentrating on Hibs and not caring about them schedule. It was nice of you to take time to read and contribute. Thanks again.

[Hibs Class]

I wouldn't be happy but I wouldn't really care either.

I lost interest in the whole administration will they/won't they saga pretty early on. I didn't fully understand it and I always suspected they would come out the other side in decent shape.

Not just in decent shape but in better shape than those around them. Still not a level playing field.

[MyJo]

Thanks for your contribution and taking time out your concentrating on Hibs and not caring about them schedule. It was nice of you to take time to read and contribute. Thanks again.

No worries, thanks for your thanks.

[emerald green]

I think HOMFC seemingly getting away with murder, then coming out of administration smelling of roses, and now sitting top of this league is a major contributory factor to the amount of anger and frustration felt and being expressed at the moment by many Hibs supporters.

There will be those who don't give a f***, but there are many who feel a sense of injustice at the position HFC & HOMFC now find themselves in.

[greenlex]

No worries, thanks for your thanks.
Your welcome.:aok:

[greenginger]

If people put half as much energy into supporting and getting the best out of Hibs as they do wringing thier hands and stamping thier feet about what hearts are doing wrong and how their getting away with it then we might actually get somewhere.

Regardless of what they are doing off the pitch they always always seem to have the upper hand on the pitch and until that changes i dont actually care what they do behind the scenes.


I am semi-retired, so I've got time for both.

[timewilltell]

Can we not just give this fascination with Hearts debt a rest please...!

Let's concentrate on ourselves!

If there is one lesson from last season then surely it is this,

[Turkish Green]

Football debts are treated seperately.
Then to put it another way, the SFA/SPFL would not have taken off the sanctions if there was still football debts to be paid'

[MWHIBBIES]

All that matters right now is that they have 9 points and we have 3

[The Falcon]

I think HOMFC seemingly getting away with murder, then coming out of administration smelling of roses, and now sitting top of this league is a major contributory factor to the amount of anger and frustration felt and being expressed at the moment by many Hibs supporters.

There will be those who don't give a f***, but there are many who feel a sense of injustice at the position HFC & HOMFC now find themselves in.


spot on. :top marks

[Pete]

There are about forty other threads "concentrating on ourselves" so why can't those who want to discuss the cheats do so without people coming along and trying to make them look stupid or feel guilty?

I might be wrong but I don't think this thread and the energy used to make it will effect our situation as a club.

[Forza Fred]

Can we not just give this fascination with Hearts debt a rest please...!

Let's concentrate on ourselves!

If there is one lesson from last season then surely it is this,

I hate them with a passion, but I too am more concerned about OUR finances, to give a continental about theirs.

I,'m with you Timewilltell.

[Nando™]

The "concentrate on ourselves" folk out in force yet again :hilarious As if people are incapable of focussing on more than one thing. Besides, what has focussing on Hibs and only Hibs on a messageboard ever achieved? **** all, that's what.


I think HOMFC seemingly getting away with murder, then coming out of administration smelling of roses, and now sitting top of this league is a major contributory factor to the amount of anger and frustration felt and being expressed at the moment by many Hibs supporters.

There will be those who don't give a f***, but there are many who feel a sense of injustice at the position HFC & HOMFC now find themselves in.
Exactly correct, they have been cheating for decades and it's no wonder we are miffed. We've been done out of a Scottish Cup, a League Cup and higher league placings by them and other **** clubs like them.

Cheats, unfortunately, prosper.

[jdships]

Sorry, that's wrong. The only people to be paid out of the CVA were UKIO Bankas.

The football creditors are payable in full as part of the conditions of retaining the SFA licence.

No other creditors were paid anything, except for UBIG who received money for their shares, but not their debts.


And, they are not debt free. They owe Budge for the cash she put up.

:thumbsup::agree:
A friend " lost" £ 3000+ due to his small business for " work carried out" . This led to him having to pay off a tradesman .
He has had not a penny nor a note of regret or whatever .
He is I believe only one of a number of small businesses in the same position .
As you say they are not " debt free" with the woman Budge having a default clause written into the loan agreement ( this from an accountant friend )

Also agree with many posters re not really being interested in HofMFC but still scunnered at their having walked away from these debts and almost laughing about it .

Life goes on and we too must move on :flag:

[brog]

I e-mailed Doncaster in July about the Yams football debts. His response was,

" Any pre-administration debts including sums due to Players , were included in the approved CVA proposals, they would now be a matter between the creditors concerned and the relevant CVA manager. "

In other words the SPFL want nothing to do with it.

At about the time you did this I looked up the SPFL rules re football debts & any sanctions available, including refusal to grant a licence if the debts are not honoured. I couldn't really see anything relevant though TBF its not an easy read. I'll have another look & update. I'm sure Yams will have played the football debt card while negotiating with UB, as in "we would like to pay you more but SPFL rules etc"! HMRC may also be interested given that they have strongly contested the principle of football debt.
PS, as a retiree I'm able to multitask & care passionately about Hibs while despising them! For those of you who don't want to hear about "our obsession" with Yams can I gently suggest you don't open a thread entitled Yams Football Debt.

[CropleyWasGod]

At about the time you did this I looked up the SPFL rules re football debts & any sanctions available, including refusal to grant a licence if the debts are not honoured. I couldn't really see anything relevant though TBF its not an easy read. I'll have another look & update. I'm sure Yams will have played the football debt card while negotiating with UB, as in "we would like to pay you more but SPFL rules etc"! HMRC may also be interested given that they have strongly contested the principle of football debt.
PS, as a retiree I'm able to multitask & care passionately about Hibs while despising them! For those of you who don't want to hear about "our obsession" with Yams can I gently suggest you don't open a thread entitled Yams Football Debt.

Think you're looking in the wrong place. It's the SFA that grant the licence. From my hazy memory of the Sevco process, they had to be involved in the 5-way (?) discussions about debts, licences etc. and had the final say about the licence.

Now, get your lazy retired ass moving and prove me wrong. :wink:

[brog]

Think you're looking in the wrong place. It's the SFA that grant the licence. From my hazy memory of the Sevco process, they had to be involved in the 5-way (?) discussions about debts, licences etc. and had the final say about the licence.

Now, get your lazy retired ass moving and prove me wrong. :wink:

Good thought Crops, will do. Today however is a bad day, Bank Holiday in Engerlund so feel like I'm losing out being retired! :greengrin Oh, & its absolutely peeing down. Forest Green on TV is as good as it gets for now!

[greenginger]

I think Sevco got the football license when they agreed to take on the former club called Ranger's debt.

That was about 24 hours before the season started and there was no way the debts were settled before the license had to be issued.

The Yams have never said they won't pay the football debts , just they have delegated the task to FoH and they are in no hurry.

Its the Yam way, remember Dundee Utd waiting for 3 years to get the transfer fee for Willie Pettigrew back in Wallet's time.