Hibs' "Massive Mortgage"

[Hibbyradge]

For some reason JKB Meltdown tweets have started appearing on my Facebook wall, not that it bothers me as some are quite funny.

I saw one this morning which suggests that the fee we get for Jason Cummings will go towards our "Massive Mortgage".

Now I know we are in rude health financially and the substance of that tweet is a million miles from reality, but what is our current position.

In my mind we have a loan from Tom Farmer and are repaying that at a low interest rate with regular and affordable installments.

Is that accurate?

[blackpoolhibs]

For some reason JKB Meltdown tweets have started appearing on my Facebook wall, not that it bothers me as some are quite funny.

I saw one this morning which suggests that the fee we get for Jason Cummings will go towards our "Massive Mortgage".

Now I know we are in rude health financially and the substance of that tweet is a million miles from reality, but what is our current position.

In my mind we have a loan from Tom Farmer and are repaying that at a low interest rate with regular and affordable installments.

Is that accurate?

£500k a year interest free as far as i can remember, with i think £4m left to pay?

[Onceinawhile]

No.

It's not low interest. It's interest free.

[Big_Franck]

For some reason JKB Meltdown tweets have started appearing on my Facebook wall, not that it bothers me as some are quite funny.

I saw one this morning which suggests that the fee we get for Jason Cummings will go towards our "Massive Mortgage".

Now I know we are in rude health financially and the substance of that tweet is a million miles from reality, but what is our current position.

In my mind we have a loan from Tom Farmer and are repaying that at a low interest rate with regular and affordable installments.

Is that accurate?

Pretty sure we repay 500k a year. More than manageable with the kind of turnover we'll have next year which I'd expect to be 8-9m.

[Pretty Boy]

£500k a year to STF for 10 years was the deal announced at the AGM 3 years ago as part of the agreement with the bank. We had no external long term debt at that point, no overdraft facility, outstanding loans etc.

I don't believe anything has been comunicated to shareholders since that time to suggest the situation has changed.

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[Hibbyradge]

No.

It's not low interest. It's interest free.

:wink:

[SirDavidsNapper]

No.

It's not low interest. It's interest free.

Shhhh don't say that. You will have the kickbackers crying into their cornflakes.

[Pretty Boy]

I think what you have to remember is that for some time now Hearts fans have tried to equate Hibs and the bank coming to mutually beneficial agreement with their systematic financial mismanagement over a number of years.

Nobody knows the full terms of the deal Hibs brokered with the bank. Commericially it makes no sense for either party, especially the bank, to disclose that information beyond their legal obligations to do so. The figures involved though suggest that STF stumped up a lump sum up front with an agreement Hibs would pay him back interest free over an extended period. He also made a significant number of new shares available to dilute his own shareholdong whilst allowing new money to be invested directly into the club rather than to himself.

The bank, many of who have wished to extract themselves from Scottish football for some time, are happy. Hibs are happy and we continue to meet our short term financial obligations as I would expect. I wonder if anyone other than Hearts came out of their murky dealings happy? Totally incomparable situations however they try to dress it up.

[Jones28]

I love it when jambos type something "insightful" about our finances and then legitimise their claim by putting "tick tock" at the end.

This is how a well run, obligation meeting football club with people who know what they're doing operates.

[tamig]

For some reason JKB Meltdown tweets have started appearing on my Facebook wall, not that it bothers me as some are quite funny.

I saw one this morning which suggests that the fee we get for Jason Cummings will go towards our "Massive Mortgage".

Now I know we are in rude health financially and the substance of that tweet is a million miles from reality, but what is our current position.

In my mind we have a loan from Tom Farmer and are repaying that at a low interest rate with regular and affordable installments.

Is that accurate?
There's a whole thread about our financial position on the front page.

[WhileTheChief..]

Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

[tamig]

Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

I did shake my head at that one. Fantasy island that place.

[SirDavidsNapper]

End of the day Hibs are reaping the rewards of years of sound financial management. Hearts could only dream of the position we're in off the park.

[ian cruise]

End of the day Hibs are reaping the rewards of years of sound financial management. Hearts could only dream of the position we're in BOTH ON AND OFF the park.

Fixed that for you

[SirDavidsNapper]

Fixed that for you
👍

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[J-C]

From what I remember at the time STF paid off the bank loan/mortgage, so in essence we pay back STF the £5M at £500K per year interest free over 10 years, STF is doing what any good club owner should do, look after his club.

[CallumLaidlaw]

Their bitterness is hilarious. That strange real Romanov chap on twitter (hard to believe that's a grown man) is convincing himself that £560k of Jasons transfer fee will go straight to Farmer to pay for the loan. Aye of course :rolleyes: Sorry pal, but we don't need to live from deal to deal to keep things ticking over. Just like we don't need a huge flippin' cow to pay for our stand (and I'm talking about the porcelain one, not Budge).

They are all just raging that a club that apparently died 5 years ago is on an upward spiral, and even more hurt that their failings in recent Scottish Cup ties have helped towards that.

[Geo_1875]

From what I remember at the time STF paid off the bank loan/mortgage, so in essence we pay back STF the £5M at £500K per year interest free over 10 years, STF is doing what any good club owner should do, look after his club.

You mean there are club owners who don't supply interest free funding to their club?

[jacomo]

I love it when jambos type something "insightful" about our finances and then legitimise their claim by putting "tick tock" at the end.

This is how a well run, obligation meeting football club with people who know what they're doing operates.


They've copied TICK TOCK now too?

Here's a tip Jambos: it doesn't really work unless the club is tipping into financial insolvency.

[O'Rourke3]

There's a poster here who had a jambo pal post something on a fb comment about our financial cheating. OK, I'll play I said. Can you explain why negotiating conditions favourable to both sides of the deal is the same as forcing one party to accept pennies as you are about to go insolvent? Still waiting.

[Bostonhibby]

All I can really add, is that what Mrs Budge is charging them in interest for the privilege of using their money to improve her stadium asset plus whatever she wants to do next, is far in excess of any commercial mortgage rate.

Still, its the yams and numbers so you have to make allowances.

[HIBERNIAN-0762]

They always have to try and find a way of demeaning us due to the outrageous thieving that went on there and will pick up on any silly little item to try and get back at us, small minds have small pleasures.

The thread on JC is hilarious and well worth a look if you are in need of a little light relief.

[Bostonhibby]

There's a whole thread about our financial position on the front page.

It's a strange one isn't it?

I know they are not familiar with seeing published certified accounts but why don't they just post what we publish every year. At least they'll get to see what should have been done over all those years before they put themselves into admin to avoid paying all those poor creditors on their own list of shame.

No creditors bumped, charities denied their money, public bodies not paid for services or tax man deceived out of millions. You don't even have to owe the debt to yourselves if you just pay the people who are owed.

Poppy thieves.

[Caversham Green]

There's a poster here who had a jambo pal post something on a fb comment about our financial cheating. OK, I'll play I said. Can you explain why negotiating conditions favourable to both sides of the deal is the same as forcing one party to accept pennies as you are about to go insolvent? Still waiting.

To be fair, they didn't give the bank pennies, they gave the bank nothing. On the other hand, we gave the bank the amount they asked us for.


Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

Just in case someone might believe this, it would have to be disclosed in a note to the accounts. Dundee United and Motherwell have both included such notes in the past, but there is no such notes in Hibs' accounts.

[Frazerbob]

It's ok, we owe it to ourselves.

[Captain Trips]

Hearts may have had a turn at bragging rights in past with results but at the moment can their fans really be discussing our finances? when they are having face painting days, tombolas and large plastic cows to put money in so they can fund things.

Maybe when we are looking to buy a forward and in order to do that we need to have a bake sale they can just get back in their box and can come out for their pumping once league starts.

[Tobias Funke]

This thread can easily be summarised by the following statement;

"The majority of Hearts fans who post on Kickback are thick as mince."

[J-C]

You mean there are club owners who don't supply interest free funding to their club?

Yep,Queen Budge

[Pretty Boy]

This thread can easily be summarised by the following statement;

"The majority of Hearts fans are thick as mince."

Sorted.

[Sir David Gray]

I'll not believe this until we see bake sales organised out the back of the West Stand.

[tamig]

It's a strange one isn't it?

I know they are not familiar with seeing published certified accounts but why don't they just post what we publish every year. At least they'll get to see what should have been done over all those years before they put themselves into admin to avoid paying all those poor creditors on their own list of shame.

No creditors bumped, charities denied their money, public bodies not paid for services or tax man deceived out of millions. You don't even have to owe the debt to yourselves if you just pay the people who are owed.

Poppy thieves.
They have zero humility. A despicable set of individuals.

[jdships]

Yep,Queen Budge

Latest interest figure from PBS is 6% , and liable to riise.:confused:
Zero interest loan - anybody ?:greengrin

[CropleyWasGod]

Latest interest figure from PBS is 6% , and liable to riise.:confused:
Zero interest loan - anybody ?:greengrin

She's not charging them anything at the moment.

[NORTHERNHIBBY]

To be fair, when it comes to how not to run a club financially, there are no better experts that Hearts.

[Don Giovanni]

They've copied TICK TOCK now too?

Here's a tip Jambos: it doesn't really work unless the club is tipping into financial insolvency.

Since giving Hibs even the smallest modicum of praise would be met with howls of derision and probably a ban from Kickback, maybe their use of "Tick Tock" is undercover code for acknowledging Hibernian Football Club is financially sound and runs like clock-work?

:dunno:





:wink:

[NAE NOOKIE]

Sitting down with a bank and working out a mutually beneficial arrangement that allows both parties to extricate themselves from a deal both want out of isn't the same as waiting for the final demand for payment to drop through the door and saying 'sorry we're skint' ... in fact we cant pay anybody, in fact the money we have been using to pay folk paying was stolen from pensioners and charities ..... Oh and PS ... we cant find the owner, he was last seen heading to Edinburgh airport wearing a wig and a false beard.

Does the thread on Jumbo Sickbag explain how a club 3 million quid short of the amount required to finish building their new stand, even before the recent announcement that its now running over budget, are able to enter a race to sign a player from Birmingham city that includes financially stable Hibs and Aberdeen? .... In fact so far short they are resorting to fundraising methods more appropriate to a charity village fete than a well run business.

Once again it seems Hertz fans are so obsessed with us they are failing to ask questions of their own club.

[MyJo]

I can understand why they struggle to understand our financial position, we aren't running our club using yamenomics or yamathmatics.

Hibs "owing money to ourselves" = The majority shareholder of our club pays off all external debt and is being repayed over several years with no interest, therefore actually costing STF money in lost interest he could be earning on that money elsewhere.

Yamenomics "owing money to ourselves" = the club owner also owns the debt, charges the club interest and does things like signing players they can't afford or building new stands they can't afford, increasing the debt and charging them more interest while asking the fans to pay off the debt out of their own pockets.

[Aldo]

So we are financially cheating.... to those looking in

ADMINISTRATION

o and more importantly

LADY HAIG POPPY FUND

so I would take a close look in the mirror before pointing fingers you roasters!


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[Bostonhibby]

So we are financially cheating.... to those looking in

ADMINISTRATION

o and more importantly

LADY HAIG POPPY FUND

so I would take a close look in the mirror before pointing fingers you roasters!


Sent from my iPhone using Tapatalk
You didn't mention the Macraes Battalion Trust. I didn't either so I think we got away with it[emoji6]

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[ben johnson]

I love it when jambos type something "insightful" about our finances and then legitimise their claim by putting "tick tock" at the end.

This is how a well run, obligation meeting football club with people who know what they're doing operates.

If the Kickbacker is right my wife is a baker of the highest order and I saw a plastic cow in a reclamation yard down South. Put a slot in it's back and sell cakes to the side of it. Sorted

[sleeping giant]

Imagine stealing from the poppy fund.

Who on earth steals from charities ?

[lord bunberry]

Is part of their club not still owned by a company that doesn't really exist and the owners of the non existing company have done a runner?

[CropleyWasGod]

If the Kickbacker is right my wife is a baker of the highest order and I saw a plastic cow in a reclamation yard down South. Put a slot in it's back and sell cakes to the side of it. Sorted

See, there's the difference right there.

We are an inclusive club. We have mistress bakers.

They just have masterbakers.

[CockneyRebel]

See, there's the difference right there.

We are an inclusive club. We have mistress bakers.

They just have masterbakers.

I see what you did there!

[CropleyWasGod]

I see what you did there!

That's because you don't masterbake. Your eyesight is fine.

[Bostonhibby]

Is part of their club not still owned by a company that doesn't really exist and the owners of the non existing company have done a runner?
If you mean vlads relatives (sisters, neice? ?) share I am pretty sure Mrs Budge bought that out.

Further strenthening her position as the one fan who owns the club under this much heralded fan ownership model.

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[NAE NOOKIE]

Off topic a wee bit, but I've just had a look at a film on JKB showing the inside of the 'stadium' ...... you can now get a bit of perspective as to what it will look like when the new stand is in place and I swear it looks like the place has shrunk, if that were possible. The new stand really puts the other three into perspective, so much so that rather than it looking like the main stand has doubled in height it looks like the other three have been dropped in height by about a third.

When the decking is in place with its shiny new maroon seats the other three stands are going to look even worse than they do now with their faded pink seats ...... I presume they will want to replace them, even more money to be raised through bake sales :greengrin

By the looks of things when ( if ) its finished its going to be even more of a dark depressing dump than it already is .... a ground befitting Scotland's most drab depressing colourless club :aok:

[Winston Ingram]

Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

It's ridiculous. What bank would agree to such proposal?

When was the last time we even sold a player?

[lord bunberry]

If you mean vlads relatives (sisters, neice? ?) share I am pretty sure Mrs Budge bought that out.

Further strenthening her position as the one fan who owns the club under this much heralded fan ownership model.

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Someone posted a breakdown of clubs owners recently and Vlads niece/sisters company was still in there. I'm sure it was called something like quantum holdings.

[MWHIBBIES]

It's ridiculous. What bank would agree to such proposal?

When was the last time we even sold a player?Scott Allan

[ancient hibee]

See, there's the difference right there.

We are an inclusive club. We have mistress bakers.

They just have masterbakers.

And I heard a load of bankers.

[Hibbyradge]

There's a whole thread about our financial position on the front page.

Yes, but you've missed the point of this thread.

[CropleyWasGod]

And I heard a load of bankers.

But it's the banking that makes you deaf.

Half past 4.

[Tyler Durden]

It's ridiculous. What bank would agree to such proposal?

When was the last time we even sold a player?

The same bank that we reached an agreement with did.

[Kato]

This thread can easily be summarised by the following statement;

"The majority of Hearts fans who post on Kickback are thick as mince."

Imagine the internet didn't exist and discussions about Hibs' finance were taking place face to face with Hibs fans and Hearts fans.

Hibs fans would be, in the main, Johnny Normals with the odd scarf and badge here and there.

Hearts fans would be sitting eating cake, baked and bought off a fellow fan, with their faces painted, again bought from another jambo, and every know and then they would stand up, dig deep into their pockets and put money into a fibre-glass cow standing nearby.

[Ronniekirk]

Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

Getting us mixed up with dundee united me thinks


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[Deansy]

Sigh - JC's proposed transfer but more importantly to Jambos - THE FEE - has unleashed a new wave of jealousy, bile and bitterness from our cash-strapped chums over at the PBS ! The fear and anguish caused by installing a single-tier stand they can't afford whilst still clinging on to their delusions, fantasy of being a 'Big team', is seeing the demand for things like 'Prozac' and 'Valium' outstripping supply/manufacture !

Imagine their dilemma in their 'What's worse' nightmare - the fact that we are getting ££££££££££'s OR - the fact that they let JC go - FOR FREE ??. Even Hearts latest ploy to keep their scarf-twirling Muppets happy - getting 'All-Is-Barry' to report they're interested in a player just as soon as they can find out who it is WE'RE after - in a vain attempt at trying to show their fans that they're at least trying to keep up with us, isn't enough for a support going cold-turkey after 30+ years of addiction to 'Other People's Money' !. They know that right now, player-for-player, we have the better squad but they also know that if both teams were after the same player, right now that player WILL pick us - players aren't daft, they know when a team's on 'the up' same as they know when a team is ................... well - Hearts !!

Ultimately, they know the future's GREEN - but they also know their club's future is BLEAK !

[lord bunberry]

Getting us mixed up with dundee united me thinks


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I think they're getting themselves mixed up with people with brain cells.

[heidtheba]

I can understand why they struggle to understand our financial position, we aren't running our club using yamenomics or yamathmatics.

Hibs "owing money to ourselves" = The majority shareholder of our club pays off all external debt and is being repayed over several years with no interest, therefore actually costing STF money in lost interest he could be earning on that money elsewhere.

Yamenomics "owing money to ourselves" = the club owner also owns the debt, charges the club interest and does things like signing players they can't afford or building new stands they can't afford, increasing the debt and charging them more interest while asking the fans to pay off the debt out of their own pockets.


Yamenomics "owing money to ourselves" = the club owner also owns the debt, charges the club interest and does things like signing players they can't afford or building new stands they can't afford, increasing the debt and charging them more interest while asking the simple fans to pay off the debt out of their own pockets.[/QUOTE]

Fixed that!

[RyeSloan]

She's not charging them anything at the moment.

Does that mean she is writing it off or is she rolling it over?

One saves them money, the other costs them more in the long run...

[Peevemor]

Does that mean she is writing it off or is she rolling it over?

One saves them money, the other costs them more in the long run...

She's writing off the interest for a year or two.

[Keith_M]

What would the supporters of a morally (and previously literally) bankrupt club know about finances?

They don't know how to pay bills, steal money from charities and pensioners and currently can't work out where the money for their new stand is coming from.



Oh and they also have Ian Cathro as Manager




Hearts Fans, we're laughing at you!

:faf:

[CropleyWasGod]

Does that mean she is writing it off or is she rolling it over?

One saves them money, the other costs them more in the long run...

According to their accounts, it was "waived" as of 1st June 2016. Doesn't say when it will be "unwaived."

[The_Sauz]

Is it true that The London School of Economics have changed their name to Heart of Midlothian Football Club :confused:







































:greengrin

[Peevemor]

According to their accounts, it was "waived" as of 1st June 2016. Doesn't say when it will be "unwaived."


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

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

[CropleyWasGod]

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

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

Ta... :aok:

[greenginger]

I see on the latest Budge statement on the PBS website she states that the source of 75 percent of the funding for the new stand has been identified.

I think that's a bit different from be in place like the last update.

Also check out the link to the items in old stand auction to be held next week.

Cast iron baths, toilet signage. :confused: Bricks ?

[Green Blood]

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

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


So expected cost of £11 million but have budgeted the cost at £12 million ( 10% over original cost) .
Only £6 million of funds in place of which £3 million is cash reserves. Looks like they won't have any cash reserves for the next 3-4 years and if costs spiral they could be on a sticky wicket! Pleasing to see there is no European funding monies or Lottery monies they have secured. I think this project is going to harm them significantly over coming years.

[lapsedhibee]

Also check out the link to the items in old stand auction to be held next week.

Cast iron baths, toilet signage. :confused: Bricks ?
Might get a few bob for the "Tynecastle Stadium" one.

[Jack Hackett]

Does that mean she is writing it off or is she rolling it over?

One saves them money, the other costs them more in the long run...

Purely and simply it's because she's using their money to build the new megastand, which incidentally still leaves them with a smaller attendance and a non UEFA compliant pitch. As soon as they've divied up for that, she'll start charging them again.

Philanthropy it's not.

Gormless tramps :lolyam:

[CropleyWasGod]

Might get a few bob for the "Tynecastle Stadium" one.

Do they still have the "No Loitering" or "Beware of pickpockets" signs?

Vlad probably had them away....picked their pockets and then didny loiter...:greengrin

[banarc7062]

I love it when jambos type something "insightful" about our finances and then legitimise their claim by putting "tick tock" at the end.

This is how a well run, obligation meeting football club with people who know what they're doing operates.

:top marks GGTTH

[The Falcon]

Apparently Lloyds bank are entitled to 40% of any fees we receive from selling players.

Must be true, a fud on Kickback said so!

That'll be because STF and RP have a rep as being soft touches when it comes to making deals.............

The Yams will try anything to deflect from their own embarrasing and shameful behaviour. We dont even have to remind them because they are living it.

[Deansy]

Purely and simply it's because she's using their money to build the new megastand, which incidentally still leaves them with a smaller attendance and a non UEFA compliant pitch. As soon as they've divied up for that, she'll start charging them again.

Philanthropy it's not.

Gormless tramps :lolyam:

Isn't it strange how they've numerous threads about their shiny, new (but still single-tier) stand but the subject of their new CAPACITY is never mentioned - I wonder why .................................... :hmmm:

[greenginger]

Isn't it strange how they've numerous threads about their shiny, new (but still single-tier) stand but the subject of their new CAPACITY is never mentioned - I wonder why .................................... :hmmm:


I still can't see their capacity being anything like 20,044.

That would require the new stand to hold 7250 or so and it's virtually the same size as our west which takes just over 6,000.

They are also only selling just over 5,000 season tickets for the Budge Folly.

[RyeSloan]

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

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

Cheers.

As ever with Budge her statements are rather convoluted....essentially her contribution is not a contribution but a removal of interest expense that would have accrued to her. But yet the loan is not being re-paid in the period so when the repayments commence the interest payments kick in as well so she will not actually lose out...so her contribution is more of a deferment but without rolling the interest.

And once the fans have paid for the stand then paid her back (with interest) she'll finally start giving them some of the club...but by that stage they will have paid £3m plus £3m plus £2.5m plus interest for that stake! (I think!)

I wonder how the direct debits are holding up? 150k pm is/was an impressive figure though that's for sure.

[jacomo]

Isn't it strange how they've numerous threads about their shiny, new (but still single-tier) stand but the subject of their new CAPACITY is never mentioned - I wonder why .................................... :hmmm:


It's obviously going to be super duper bigly more massive than ours.

They are the Big team and it's just bitter Hobos who would think they would have a smaller stadium than us.

[.Sean.]

Sitting down with a bank and working out a mutually beneficial arrangement that allows both parties to extricate themselves from a deal both want out of isn't the same as waiting for the final demand for payment to drop through the door and saying 'sorry we're skint' ... in fact we cant pay anybody, in fact the money we have been using to pay folk paying was stolen from pensioners and charities ..... Oh and PS ... we cant find the owner, he was last seen heading to Edinburgh airport wearing a wig and a false beard.

Does the thread on Jumbo Sickbag explain how a club 3 million quid short of the amount required to finish building their new stand, even before the recent announcement that its now running over budget, are able to enter a race to sign a player from Birmingham city that includes financially stable Hibs and Aberdeen? .... In fact so far short they are resorting to fundraising methods more appropriate to a charity village fete than a well run business.

Once again it seems Hertz fans are so obsessed with us they are failing to ask questions of their own club.
This post deserves a wider audience.

I used to class them as Edinburgh's Shame but they're Edinburgh's Embarrassment now :agree:

Canny wait to horse them 3 times next year :giruy2:

[Kato]

It's obviously going to be super duper bigly more massive than ours.

They are the Big team and it's just bitter Hobos who would think they would have a smaller stadium than us.

Exactly.

What's more embarrassing?

Face Painting/Bake Sales to finance the building of a new stand OR selling pegs?

[Bostonhibby]

Cheers.

As ever with Budge her statements are rather convoluted....essentially her contribution is not a contribution but a removal of interest expense that would have accrued to her. But yet the loan is not being re-paid in the period so when the repayments commence the interest payments kick in as well so she will not actually lose out...so her contribution is more of a deferment but without rolling the interest.

And once the fans have paid for the stand then paid her back (with interest) she'll finally start giving them some of the club...but by that stage they will have paid £3m plus £3m plus £2.5m plus interest for that stake! (I think!)

I wonder how the direct debits are holding up? 150k pm is/was an impressive figure though that's for sure.
[emoji106]

And if anything should change in the interim she has a secured asset that has increased in value to some extent thanks to the cake baking,coo saving, face painting, overpaying direct debit drones.


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[Pete70]

£500k a year to STF for 10 years was the deal announced at the AGM 3 years ago as part of the agreement with the bank. We had no external long term debt at that point, no overdraft facility, outstanding loans etc.

I don't believe anything has been comunicated to shareholders since that time to suggest the situation has changed.

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I was at the AGM and from what I remember you are correct. STF Paid off the bank debt (mortgages). In return he absorbed the debt which the club agreed to repay him at £500k per year for 10 years, interest free, He also increased the number of shares in the club which are gradually being bought by the fans via HSL.

[Peevemor]

Cheers.

As ever with Budge her statements are rather convoluted....essentially her contribution is not a contribution but a removal of interest expense that would have accrued to her. But yet the loan is not being re-paid in the period so when the repayments commence the interest payments kick in as well so she will not actually lose out...so her contribution is more of a deferment but without rolling the interest.

And once the fans have paid for the stand then paid her back (with interest) she'll finally start giving them some of the club...but by that stage they will have paid £3m plus £3m plus £2.5m plus interest for that stake! (I think!)

I wonder how the direct debits are holding up? 150k pm is/was an impressive figure though that's for sure.
She does lose out though. The quicker she has been repaid, the quicker she can make that money work for her. Extending the period of the loan but with a 2 year interest holiday is costing her directly the 2 years of interest.

I honestly believe that Budge is a decent person trying to do the best for her team (but without ploughing in millions of her own dosh).

[tamig]

I see on the latest Budge statement on the PBS website she states that the source of 75 percent of the funding for the new stand has been identified.

I think that's a bit different from be in place like the last update.

Also check out the link to the items in old stand auction to be held next week.

Cast iron baths, toilet signage. :confused: Bricks ?
They will have a bunch of guys raking through the debris once the relic comes down. Planks of wood, door hinges and all sorts will be added to the list of items for sale.

[O'Rourke3]

She does lose out though. The quicker she has been repaid, the quicker she can make that money work for her. Extending the period of the loan but with a 2 year interest holiday is costing her directly the 2 years of interest.

I honestly believe that Budge is a decent person trying to do the best for her team (but without ploughing in millions of her own dosh).
:hijack: Loving the subtle change in avtar.......

[RyeSloan]

She does lose out though. The quicker she has been repaid, the quicker she can make that money work for her. Extending the period of the loan but with a 2 year interest holiday is costing her directly the 2 years of interest.

I honestly believe that Budge is a decent person trying to do the best for her team (but without ploughing in millions of her own dosh).

Oh sure there is opportunity cost and I suppose inflation but in basic terms she will still get the 6% interest on the loan for the time the loan takes to be repaid...it's just that the loan won't be repaid nor interest charged for the first two years.

Once they start to repay the loan and assuming it takes them the same period of time to repay that was originally envisaged she will receive exactly the same amount of interest in £ terms that she would have originally, just two years later. I'm far from convinced that equates to a £300k contribution but there you go.

I do happen to agree that sadly she is trying her best for them, I just don't like her mealy mouthed statements nor her rather convoluted way of explaining their finances.

And I'm still unsure how they managed to build up £3m in reserves going through a relegation but hey ho at least they didn't have to give it to any of their creditors that they bumped and can spend it all on themselves....

[Kato]

And I'm still unsure how they managed to build up £3m in reserves going through a relegation but hey ho at least they didn't have to give it to any of their creditors that they bumped and can spend it all on themselves....


There were murmers that some of the money they claimed they had was a case of counting chickens, i.e. monies they were counting on from incoming transfer fees. I don't think that worked out, but then again - just murmers.

[jonty]

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

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

Cos she owes it to herself. And gets it back later.

[Ozyhibby]

I still can't see their capacity being anything like 20,044.

That would require the new stand to hold 7250 or so and it's virtually the same size as our west which takes just over 6,000.

They are also only selling just over 5,000 season tickets for the Budge Folly.

What the yams consider adequate elbow and leg room and what Hibs consider adequate is very different. If we had the same size seats as them Easter road would hold 25,000.


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[jdships]

She's not charging them anything at the moment.

Thanks for that !
Ievidently misheard/read the artycle
It appears she will " charge at least 6% if they default"

Apologies

Re Hendo
y son who is a " private Hire" Cabbie spoke with him today and asked straioght out
" You coming to ER ?"
" Doubt it" was his reply and said no more !!

[Hibs4185]

I was on the train on my way to ER a few weeks ago and I was chatting to 3 fellow Hibees. It was a grandson, dad, and granda. The son was saying he worked for an electrical firm in livingston. The owner of which was a big Jambo and he had given the ****bos £1,000,000.

The boy said he had been in executive boxes etc through his boss but the £1,000,000 was to be repaid and was a loan and not a donation. The same day I read about generous donations from supporters contributing half of the cost of the new mega stand.

It was 3 generations of the same family. Can't imagine the son making stuff up.

Another one of budge's tricks to get the yams believing anything!

[Hibbyradge]

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

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

She's agreed not to fleece them with a high interest rate for a wee while. Very generous.

I wonder if that "contribution" will be tax deductible.

[CropleyWasGod]

She's agreed not to fleece them with a high interest rate for a wee while. Very generous.

I wonder if that "contribution" will be tax deductible.

If she's not getting any income, she's nothing to declare.

[hhibs]

If she's not getting any income, she's nothing to declare.


I suspect the poster means as some some form of tax right off.

[CropleyWasGod]

I suspect the poster means as some some form of tax right off.

No. She isn't actually contributing anything. She is waiving income.

[lord bunberry]

If she's not getting any income, she's nothing to declare.
A jambo I know thinks she's taking a wage.

[CropleyWasGod]

A jambo I know thinks she's taking a wage.

I'd doubt that TBH.

Directors' remuneration in the 2016 accounts was £154k. That's probably all Levein.

[lord bunberry]

I'd doubt that TBH.

Directors' remuneration in the 2016 accounts was £154k. That's probably all Levein.
Lots of them seem to be turning on Budge and are looking for anything to criticise her for.

[Ozyhibby]

I'd doubt that TBH.

Directors' remuneration in the 2016 accounts was £154k. That's probably all Levein.

Your rubbish when it comes to starting a good rumour. [emoji23]
Seriously though, that's the difference between us and them. There are Hibs fans out there who actually read the clubs accounts. When someone posts on kickback that we are losing money, gambling on big wages to get promoted or half the money for Cummings is going to Farmer/BoS etc, there is no one on kickback who come along and says that our accounts show different. Strange lot.


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[Geo_1875]

Your rubbish when it comes to starting a good rumour. [emoji23]
Seriously though, that's the difference between us and them. There are Hibs fans out there who actually read the clubs accounts. When someone posts on kickback that we are losing money, gambling on big wages to get promoted or half the money for Cummings is going to Farmer/BoS etc, there is no one on kickback who come along and says that our accounts show different. Strange lot.


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To be fair to them, it would be difficult to type a sensible post with one hand while your eyes are squeezed tighter than a kamikaze pilot.

[ian cruise]

Their bitterness is hilarious. That strange real Romanov chap on twitter (hard to believe that's a grown man) is convincing himself that £560k of Jasons transfer fee will go straight to Farmer to pay for the loan. Aye of course :rolleyes: Sorry pal, but we don't need to live from deal to deal to keep things ticking over. Just like we don't need a huge flippin' cow to pay for our stand (and I'm talking about the porcelain one, not Budge).

They are all just raging that a club that apparently died 5 years ago is on an upward spiral, and even more hurt that their failings in recent Scottish Cup ties have helped towards that.

I mean if we're being pedantic he's not wrong. We owe TF 500k a year, so of the money coming in 500k will be paid to TF. I doubt that's what he's trying to suggest though...

[CallumLaidlaw]

I mean if we're being pedantic he's not wrong. We owe TF 500k a year, so of the money coming in 500k will be paid to TF. I doubt that's what he's trying to suggest though...

Exactly. He's basically implying that we need to sell Jason to pay that £500k. Which is entirely incorrect. Meanwhile they need every penny going to go towards their over budget glass curtain.

[Geo_1875]

Exactly. He's basically implying that we need to sell Jason to pay that £500k. Which is entirely incorrect. Meanwhile they need every penny going to go towards their over budget glass curtain.

I think he's been saying that as part of STFs settlement with the bank he agreed to give them 40% of any future transfer income. What an imagination he has. I'm sure he's related (probably by incest) to BAnderson. Neither one of them has ever printed/posted anything near the truth.

[CropleyWasGod]

I mean if we're being pedantic he's not wrong. We owe TF 500k a year, so of the money coming in 500k will be paid to TF. I doubt that's what he's trying to suggest though...

He is, though. We don't give STF £500k once a year. We pay it in 12 monthly instalments. Simple cash-flow budgeting.... which may be an alien concept, I grant you. :cb

[jgl07]

I was at the AGM and from what I remember you are correct. STF Paid off the bank debt (mortgages). In return he absorbed the debt which the club agreed to repay him at £500k per year for 10 years, interest free, He also increased the number of shares in the club which are gradually being bought by the fans via HSL.
The Mortgages are nothing to do with the debt if I recall correctly.

Long-term Mortgages backed by Farmer were taken out to construct the North and South Stand and later to construct the West Stand. The East was paid out of transfer fee income along with East Mains. I think that Tom Farmer wrote off other debts.

[Pete70]

The Mortgages are nothing to do with the debt if I recall correctly.

Long-term Mortgages backed by Farmer were taken out to construct the North and South Stand and later to construct the West Stand. The East was paid out of transfer fee income along with East Mains. I think that Tom Farmer wrote off other debts.

We're both singing from the same hymn sheet. The debt I was referring to was the mortgages which totalled in excess of £5m. He cleared them with the bank. In return he agreed to be repaid £5m interest free over 10 years. He then converted the excess he was owed additional shares in the club to I think 125m which he is now selling to HSL etc. The fans will ultimately own 50.1% (I think) of the club.

Anyway, it's a big thank you from me to STF :not worth

[CropleyWasGod]

We're both singing from the same hymn sheet. The debt I was referring to was the mortgages which totalled in excess of £5m. He cleared them with the bank. In return he agreed to be repaid £5m interest free over 10 years. He then converted the excess he was owed additional shares in the club to I think 125m which he is now selling to HSL etc. The fans will ultimately own 50.1% (I think) of the club.

Anyway, it's a big thank you from me to STF :not worth
STF isn't selling shares. If that were the case, the Club wouldn't be getting the cash. The shares currently up for grabs are new ones.

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[Pete70]

STF isn't selling shares. If that were the case, the Club wouldn't be getting the cash. The shares currently up for grabs are new ones.

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I agree, the club is receiving the money from the sale of any shares. What I meant was, as the owner of the club at the time, he increased the number of shares from around 60m to approx 125m. The extra are new shares which are being be sold so the club will end up in the ownership of the fans as they will have over 50%.

We're saying the pretty much the same thing, just in a different way :agree:

[Crazyhorse]

I still can't see their capacity being anything like 20,044.

That would require the new stand to hold 7250 or so and it's virtually the same size as our west which takes just over 6,000.

They are also only selling just over 5,000 season tickets for the Budge Folly.

It's 19,788. They will spoof around on this but they have officially released the capacity details of each stand (including reductions) in recent years. It's easy to check this but they are in complete denial that tiny will be under 20,000. You can imagine the angst this induces they can't just enjoy the fact that they will have a decent stadium when it is eventually finished. I think people saying that Budge is fleecing them and doesn't have their best interest at heart are wrong. She is making pretty hard headed decisions which will ensure their survival - the previous willy waving chairMEN wouldn't/couldn't do this.
It's great that they are stuck in a smaller stadium than ER but we need to keep beating them on the pitch that's what really counts in the end.

[southsider]

Our accounts are signed off each year. Our Directors would be liable to prosecution if the accounts were not true. STF will not, and doesn't ask for, any money from JC. The man is almost a Saint for what he has done for Hibs. God Bless him.

[scm70nyd1973]

To be fair to them, it would be difficult to type a sensible post with one hand while your eyes are squeezed tighter than a kamikaze pilot.

Yes - maybe we should write to Mr Wilson and suggest that when their players come out of the tunnel (only a 75% constructed tunnel I hasten to add) that the song played is "Turning Japanese" by the Vapors !

[Dashing Bob S]

It's 19,788. They will spoof around on this but they have officially released the capacity details of each stand (including reductions) in recent years. It's easy to check this but they are in complete denial that tiny will be under 20,000. You can imagine the angst this induces they can't just enjoy the fact that they will have a decent stadium when it is eventually finished. I think people saying that Budge is fleecing them and doesn't have their best interest at heart are wrong. She is making pretty hard headed decisions which will ensure their survival - the previous willy waving chairMEN wouldn't/couldn't do this.
It's great that they are stuck in a smaller stadium than ER but we need to keep beating them on the pitch that's what really counts in the end.

I heard that by the time it's done the capacity will actually be slightly below that and they'll be stuck at 19,020.

[Smartie]

Yes - maybe we should write to Mr Wilson and suggest that when their players come out of the tunnel (only a 75% constructed tunnel I hasten to add) that the song played is "Turning Japanese" by the Vapors !


https://youtu.be/_M1372Z1Ldg

They should run out to this surely?

[cabbageandribs1875]

I heard that by the time it's done the capacity will actually be slightly below that and they'll be stuck at 19,020.



i see what you've done there boab

[Crazyhorse]

I heard that by the time it's done the capacity will actually be slightly below that and they'll be stuck at 19,020.

Haha!