Yams new stadium

[Ozyhibby]

http://www.heartsfc.co.uk/news/5161


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[Craig_in_Prague]

Deep pockets down Gorgie way.

[SeanWilson]

say what you like about them.... thats an unbelievable amount of fan investment.

[CallumLaidlaw]

So, as we all thought, Budge is pushing back the fan ownership.

[greenginger]

I see from companies house site FoH registered office address has been moved to Collins House in Rutland Square, that's Mrs Budges lawyer, DLA Pipers address.

Keeping a close eye on the direct debits.

[Sergio sledge]

Ann Budge: "…with a capacity of 20-21,000…"

Come on, you must know what capacity the stand is going to be by now?

"To demonstrate that fans’ ownership still has my full support, I have also offered to transfer 20% shareholding to FOH when £1.5 million has been donated; and a further 15% on reaching the £3 million target. This is by way of a “thank you” and a demonstration of my faith in the FOH pledgers. The balance of 40.1% shareholding would be transferred on full repayment of the BIDCO loan, as per the original FOH/BIDCO agreement.

Finally, I have also offered to waive all interest payments due to BIDCO, during the period of up to two years when this deferral is in operation. "

Fair play to her, she seems to be running the club well and handing over the shareholding before she gets any money back from FOH is a good gesture, but,

"This would effectively be my personal contribution of £300,000 to the main stand fund. "

Does this mean she is due to make £150k a year in interest of her original loan? That means she stands to make £750k over the original 5 year agreement. Not a bad earner, I'm not sure how that compares to the return she would have gotten from any other commercial investment or an investment fund. Does anyone know?

You know what annoys me about that statement, it is full of ellipsis. I hate ellipsis...

[CallumLaidlaw]

Ann Budge: "…with a capacity of 20-21,000…"

Come on, you must know what capacity the stand is going to be by now?

"To demonstrate that fans’ ownership still has my full support, I have also offered to transfer 20% shareholding to FOH when £1.5 million has been donated; and a further 15% on reaching the £3 million target. This is by way of a “thank you” and a demonstration of my faith in the FOH pledgers. The balance of 40.1% shareholding would be transferred on full repayment of the BIDCO loan, as per the original FOH/BIDCO agreement.

Finally, I have also offered to waive all interest payments due to BIDCO, during the period of up to two years when this deferral is in operation. "

Fair play to her, she seems to be running the club well and handing over the shareholding before she gets any money back from FOH is a good gesture, but,

"This would effectively be my personal contribution of £300,000 to the main stand fund. "

Does this mean she is due to make £150k a year in interest of her original loan? That means she stands to make £750k over the original 5 year agreement. Not a bad earner, I'm not sure how that compares to the return she would have gotten from any other commercial investment or an investment fund. Does anyone know?

You know what annoys me about that statement, it is full of ellipsis. I hate ellipsis...

Our capacity is 20,421. They are so sad that they are DESPERATE to have even 20,422. And Budge seems happy to play them along on that. I wouldn't be surprised if an announcement is made that the total capacity will end up around 19,500 due to some negotiations they had to do regarding health and safety.

[SJM]

It's all coming up good for that shower of ****ers.
Cheaters prosper. Even the use of the "best training facilities in the country" they rent after previously bumping them out rent money.

[SouthsideHarp_Bhoy]

It's all coming up good for that shower of ****ers.
Cheaters prosper. Even the use of the "best training facilities in the country" they rent after previously bumping them out rent money.

Yeah, nice guys finish last in football. I just wish we would be a bit nastier and more cynical at times.

[Geo_1875]

I refuse to click that link so can anybody tell me if they've got a completion date for the new stand?

[CallumLaidlaw]

I refuse to click that link so can anybody tell me if they've got a completion date for the new stand?

Sometime in 2018. But maybe 2019...... So, no :wink:

[Ozyhibby]

Our capacity is 20,421. They are so sad that they are DESPERATE to have even 20,422. And Budge seems happy to play them along on that. I wouldn't be surprised if an announcement is made that the total capacity will end up around 19,500 due to some negotiations they had to do regarding health and safety.

If the capacity of the new stadium is all we can pick holes in then they are obviously doing well. FoH has transformed their fortunes. If only we had something similar.

[CallumLaidlaw]

If the capacity of the new stadium is all we can pick holes in then they are obviously doing well. FoH has transformed their fortunes. If only we had something similar.

I'm glad we didn't have to create HSL because we were about to go under. I'm sure HSL would have got a similar backing if our backs were up against the wall. Unfortunately our club has been coasting along on a downward spiral with people losing interest rather than having to beg fans to save the very existance of the club. (I bought Hibs shares and joined HSL last year by the way :wink: )

[Ozyhibby]

I'm glad we didn't have to create HSL because we were about to go under. I'm sure HSL would have got a similar backing if our backs were up against the wall. Unfortunately our club has been coasting along on a downward spiral with people losing interest rather than having to beg fans to save the very existance of the club. (I bought Hibs shares and joined HSL last year by the way :wink: )
They don't face any existential threat now though and they are still digging deep to help their club.

[GreenCastle]

It's all coming up good for that shower of ****ers.
Cheaters prosper. Even the use of the "best training facilities in the country" they rent after previously bumping them out rent money.

Good facilities yes - I don't think they have spent a penny on them.

These facilities will also be used by Hibs Ladies and Hibs men's team if required.

First I've heard of possible delays in the statement plus new stand or not the place is still a dump with the other 3 stands needing some serious work done to them to bring them up to scratch. The yams know this and we saw it at the semi final.

I still think it's funny they will be stuck with the smallest pitch in Scotland for years to come - missing an opportunity to change that and make it future proof.

[CallumLaidlaw]

They don't face any existential threat now though and they are still digging deep to help their club.

Do you think they would be still getting the same backing if they had flopped in the championship last season. The team stormed the league and have done very well again this season, giving the fans no reason to back out. Budge is saying and doing all the right things to keep that funding coming in. If we get promoted and win the Scottish cup, June would be a great time for another big HSL push as the fans will be onside big time.

[OsloHibs]

What no hotels & shopping centers!!!?

[Waxy]

All we can do is concentrate on ourselves.

[SJM]

Good facilities yes - I don't think they have spent a penny on them.

These facilities will also be used by Hibs Ladies and Hibs men's team if required.

First I've heard of possible delays in the statement plus new stand or not the place is still a dump with the other 3 stands needing some serious work done to them to bring them up to scratch. The yams know this and we saw it at the semi final.

I still think it's funny they will be stuck with the smallest pitch in Scotland for years to come - missing an opportunity to change that and make it future proof.

They paid for a 20 year lease I think. That's what I mean though, they scaff off the uni and call it their own.

[Geo_1875]

If the capacity of the new stadium is all we can pick holes in then they are obviously doing well. FoH has transformed their fortunes. If only we had something similar.

They have chucked fortunes into their club to get back up into 3rd place in the SPL. As far as we know they are getting ready to spend money on a long overdue replacement of their main stand, and as far as we know they are paying all their bills. It will be interesting to see how they manage to maintain their lofty league position without investment in their playing side. Something has to give to keep the fans interested and paying through the nose. Will they defer replacing the death trap stand or defer paying their creditors or hope their fans will accept mediocrity?

[HIBERNIAN-0762]

**** them! cheats!

[green day]

So, in summary they are paying for the new stand largely from fans contributions?

Fair play, and its about time they paid for something themselves.

Lets see if it all pans out.

I'm more interested in tonight, to be honest

[GreenCastle]

They paid for a 20 year lease I think. That's what I mean though, they scaff off the uni and call it their own.

They definitely didn't pay the bills last time - the creditors list showed that!

I am happy they are sorting the death trap out though - was a horrible place to sit and not fit for purpose.

[overdrive]

Am I reading this right? It seems to suggest they aren't knocking the old stand down but instead, building around it?

[SJM]

They definitely didn't pay the bills last time - the creditors list showed that!

I am happy they are sorting the death trap out though - was a horrible place to sit and not fit for purpose.

Yeah they paid money direct for the lease then stopped paying the bills, went into admin, shafted them and got to go back using them. :confused:

The stadium is still a hovel regardless of the main stand being done up. Absolute ***** hole in a ***** hole part of town populated mainly by ***** hawkes.

[Www1875hfc]

http://www.edinburghnews.scotsman.com/sport/football/hearts/budge-pledges-300k-to-new-stand-and-defers-hearts-repayment-1-4123949


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[CallumLaidlaw]

Am I reading this right? It seems to suggest they aren't knocking the old stand down but instead, building around it?

I think it means they'll start the framework of the new stand, building up and around the old one, and then when required, they'll take the old one down.

[lapsedhibee]

I think it means they'll start the framework of the new stand, building up and around the old one, and then when required, they'll take the old one down.

:agree: To maintain continuity with their Famous history, they'll want to allow some asbestos to easily find its way on to the new materials.

[TrinityHibs]

Does this mean they are going to commit to a contract for £12M at the end of the year without having the money available to pay them? How does that work?:hmmm:

[Baader]

They're £6M short of the projected cost! Wouldn't be getting too excited about it. Another multi millionaire owner asking fans to dig deeper...

[dangermouse]

Does this mean they are going to commit to a contract for £12M at the end of the year without having the money available to pay them? How does that work?:hmmm:

When the money runs out, the old stand will have become listed, but, they will have a nice shiny new roof and sides protecting the old main stand from the elements. Forward thinking as ever from Budge.

[CentreLine]

Our capacity is 20,421. They are so sad that they are DESPERATE to have even 20,422. And Budge seems happy to play them along on that. I wouldn't be surprised if an announcement is made that the total capacity will end up around 19,500 due to some negotiations they had to do regarding health and safety.

I don't know what it equates to in additional seats but the seats at Tynecastle are around 2" narrower than those at Easter Road. Add that to the rather odd single seats squeezed in down the sides of each stand and then they can play the numers game with others if they like. But the reality is a much less comfortable experience. I know my seat at ER is barely large enough for my fat ass and I have seen many larger amongst the hahahahearts support. It's been a while since I tried to fit on the primary schools siezed seats at Tynecastle and I'm not sure that I could without rejoining the fat fans fitness club again.

[Alan62]

Fascinating article. Mrs B has structured it to whip up excitement amongst the fans. It's all framed as if it's all in the bag but then she reminds everyone that it's still only ifs and buts. If they get planning permission. If they get to buy the properties that must be demolished. Clearly an awful lot of the negotiating with the Council has already been done for her to present it as such a done deal.

They're well short of money at the moment and they're bleeding FoH dry. I'm not sure that's a sustainable position long term. I also hear mumbles from behind the scenes at Tynecastle that all is not well. Mrs Budge remains committed but her inner circle is under pressure. Some folks have had enough and the word 'shambles' pops up frequently in conversation.

We'll see.

[Waxy]

Really short sighted of them to stay at tinycastle. Hey ho.

[Arch Stanton]

I think it means they'll start the framework of the new stand, building up and around the old one, and then when required, they'll take the old one down.

So, the old stand will be in the middle of a construction site? I can just see the players running on wearing their hard hats!

[Billy Whizz]

So, the old stand will be in the middle of a construction site? I can just see the players running on wearing their hard hats!

They are moving the changing rooms to the wheatfield stand

[Pete]

How many small businesses suffered devastating losses to enable this project to happen?

How many charities were bumped?

Where was all this cash and all these donations when there were debts to be paid?

This new stand should be christened "Edinburgh's new disgrace".

Never, ever let them forget.

[Ozyhibby]

How many small businesses suffered devastating losses to enable this project to happen?

How many charities were bumped?

Where was all this cash and all these donations when there were debts to be paid?

This new stand should be christened "Edinburgh's new disgrace".

Never, ever let them forget.

They don't give a monkeys about that. Nor does anyone else. Not even the charities themselves.

[Pete]

They don't give a monkeys about that. Nor does anyone else. Not even the charities themselves.

You obviously don't but don't try speaking for others.

Yeah I'm sure those who have had to write off debts don't care. You're self employed are you not so how would you feel? Would you care?

Even your well meaning posts like your HSL ones seem to always contsin a backhanded dig at Hibs by comparing them unfavourably to the cheats and their immoral, smug whip round. Even your last post is an attempt to discredit an argument that counters their gloating.

You're like Manchester. You have Strange ways.

[CockneyRebel]

Yeah they paid money direct for the lease then stopped paying the bills, went into admin, shafted them and got to go back using them. :confused:

The stadium is still a hovel regardless of the main stand being done up. Absolute ***** hole in a ***** hole part of town populated mainly by ***** hawkes.


I live just off Robertson Avenue in Gorgie - so that's you off my Christmas card list!

[hibs69]

So, the old stand will be in the middle of a construction site? I can just see the players running on wearing their hard hats!

They're all helmets anyway.

[Bostonhibby]

They're £6M short of the projected cost! Wouldn't be getting too excited about it. Another multi millionaire owner asking fans to dig deeper...

But to be fair she's charging them slightly less interest than she was before, still a decent return though, the fan ownership model gets distorted a bit further and moves a bit further away, whatever will they want to use the never ending DD's for next?

[SJM]

I live just off Robertson Avenue in Gorgie - so that's you off my Christmas card list!

Can we make that Shandon and let me back on? 😄😄

[Biggie]

**** them! cheats!
Amen bro

[Kavinho]

There's a classic line in there something along the lines of 'my offer of a personal contribution of £300k of your money' ..

[jacomo]

There's a classic line in there something along the lines of 'my offer of a personal contribution of £300k of your money' ..

They're Yams. They're thick. They'll never work it out.

[McD]

There seems a bit of getting her excuses in ahead of time....'not yet got HSE approval'....'still to receive planning permission'....'only got half the money'.....

so in essence, you don't have much except grand ideas and a quarter of the money in the bank, and begging the fans to foot more of the bill :hmmm:

[HIBERNIAN-0762]

How many small businesses suffered devastating losses to enable this project to happen?

How many charities were bumped?

Where was all this cash and all these donations when there were debts to be paid?

This new stand should be christened "Edinburgh's new disgrace".

Never, ever let them forget.

:agree::agree::agree:

[jacomo]

There seems a bit of getting her excuses in ahead of time....'not yet got HSE approval'....'still to receive planning permission'....'only got half the money'.....

so in essence, you don't have much except grand ideas and a quarter of the money in the bank, and begging the fans to foot more of the bill :hmmm:

'Here's half the money you need. Build me a 20,000 or 21,000 seat stadium!'

[Forthview]

I can't think of many construction firms that will build the new stand based on getting 50% on handover and the other 50% paid via a thousand direct debits over 5-7 years. This is a fairytale. :na na:

[ancient hibee]

I have it on very good authority(really can't say who)but one of the reasons for changes at the top of FOH with one or two voluntarily standing down is because of an ongoing argument that the purpose of FOH is being forgotten.That the next phase should have been the money collected being used to buy Ms Budge's shares and no longer being used to pay for things that should be the business of the club-such as a new ground.

[Geo_1875]

I have it on very good authority(really can't say who)but one of the reasons for changes at the top of FOH with one or two voluntarily standing down is because of an ongoing argument that the purpose of FOH is being forgotten.That the next phase should have been the money collected being used to buy Ms Budge's shares and no longer being used to pay for things that should be the business of the club-such as a new ground.

So they'll get a couple of yes men onto FoH board who will do their mistresses bidding. In 10 years time they'll have forgotten about fan ownership.

[erin go bragh]

It will still be a PBS .

GGTTH

[Kato]

It will still be a PBS .

GGTTH

Don't think so, mate. What with the upgrades and new facades it'll be re-classed as a Pink Bus Depot.