Hearts announce profit

[Stuart93]

Can’t seem to see how much was pumped in from benefactors but I can only imagine it’s been a large amount

[007]

Donations from benefactors £4.715m
Donations from FOH £1.666m

So in other words, a massive underlying loss.

Not to mention the other support from the furlough scheme, government Covid grants and the money from the SPFL Trust. (which obviously all teams got).

[linlithgowhibbie]

Or spending what they know they were getting!

[007]

Or spending what they know they were getting!

Up until this season I'd have described it as "wasting" rather than "spending". 🙃

[linlithgowhibbie]

True:thumbsup:, hopefully continue to do so for many years

[Hibernia&Alba]

Hearts' accountants Cheetham, Pilfer & Bolt say the figures are best they've ever seen.

[Since452]

Have they finished the glass curtain stand yet?

[Hibernia&Alba]

Have they finished the glass curtain stand yet?

It was finished ahead of schedule and under budget, you jealous Hobo. If you came to see it, you would realise why Edinburgh is now called the Benidorm of the North. And it sells chips.

[Carheenlea]

Hooray for Hearts

[Stuart93]

Mad how the media and their fans make it out to be a big success & completely ignore the fact they’re needing £4m pumped in from benefactors

[JohnMcM]

Doesn’t make any difference to us does it?

[007]

Doesn’t make any difference to us does it?

Does it matter if it doesn't?

[flash]

Doesn’t make any difference to us does it?

Fitba fans talk about their local rival. Whatever next?

[CropleyWasGod]

The donations totalled £6.4m. There were also gains on the sales of players (Hickey, presumably, being the main one) of £940k.

All of these contributed to the £2m profit.

The interesting thing for me is that their cash forecasts do not rely on the money from FOH, but do rely on Anderson's continued support.

[Stuart93]

Doesn’t make any difference to us does it?

It does though doesn’t it. A teams finances usually impacts on how they do on the pitch

[MWHIBBIES]

Scary how much they'd be losing without a rich fan giving them millions. ****ing lucky lucky *******s.

[CropleyWasGod]

Scary how much they'd be losing without a rich fan giving them millions. ****ing lucky lucky *******s.

Ours won't be much better for that season, tbh.

[MWHIBBIES]

Ours won't be much better for that season, tbh.

Of course, but they've come up smelling of roses, whereas we've suffered in line with others.

We also had to spend a good chunk of our cash reserves didn't we?, whereas they just got given the cash to cover the losses and some.

[Billy Whizz]

Ours won't be much better for that season, tbh.

If only we had a benefactor, crops

[Danderhall Hibs]

We’ll have the business interruption insurance payment this year as well.

[Billy Whizz]

We’ll have the business interruption insurance payment this year as well.

Well done LD

[JohnMcM]

Doesn’t make any difference to us does it?

I was asking a question - not making a statement. :grr:

[Danderhall Hibs]

Well done LD

Hopefully she got that one right.

[Jones28]

If I have to pump £4m in to a business to make it profitable it’s not true profit, it’s bankrolling.

[Billy Whizz]

If I have to pump £4m in to a business to make it profitable it’s not true profit, it’s bankrolling.

Chelsea and co have been doing it for years

[jeffers]

Scary how much they'd be losing without a rich fan giving them millions. ****ing lucky lucky *******s.

Even more annoying that he’s not even a Hearts fan.

[Mrimbetween]

Think all clubs like a positive spin with finances.How much did Hearts get of the government in comparison to Hibs Aberdeen Rangers Dundee Utd ??I also think we would all love to have wealthy benefactor's

[Mickey Weir]

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

[JimBHibees]

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

:greengrin

[Smartie]

It was interesting hearing Ben talk in his interview about the 4 sources through which clubs can receive income - and how different they must look for 2 Edinburgh clubs of roughly the same size.

[Mrimbetween]

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

How does that work are the Jumbo's misreading with there finances be sweet

[The Harp Awakes]

It really doesn't matter how they have managed to get into profit, it's good news for them. After seasons of signing absolute dross, they have made some decent acquisitions and have done well so far this season. Their manager is a pr1ck though and they will not reach their potential under him.

Having said all that, Hearts are just another run of the mill Scottish football club for me and I have no interest in how they do, bad good or indifferent.

[NAE NOOKIE]

Plenty of football clubs survive on the largess of owners or wealthy fans, so its not that big a deal Hearts doing the same I would expect Hibs to bite the hands off of anybody willing to give us free money.

What does make me laugh though is thinking your club is in a healthy position because somebody gave it 4 million quid turning a 2 million loss into a 2 million profit. The bottom line with any business is can it survive through it's activities in the industry its engaged in and for some time now Hearts have dodged their accounts showing a trading loss because of gifts of money from wealthy individuals.

Unless I'm being spectacularly stupid 4 million quid of money for nothing turning a 2 million quid loss into a 2 million quid profit is not a testament to Hearts ability to trade sustainably as a football club ..... Surely Hearts fans, especially now that they are owners of the club, should be asking what happens when that money dries up as it surely will, nobody unless they are in the Roman Abramovich category can afford to continually gift millions to a club indefinitely and especially one they don't and cant own.

When was the last time Hearts showed a profit through trading as a football club ... would any of their accounts since budge took over have shown a profit without gifts of cash from 'benefactors' ? Hearts are lucky just now because they are being bankrolled, this would be the time for their 'owners' to attempt to make the club sustainable without relying on cash injections amounting to millions from one or two wealthy fans so that when that money stops they can survive on their own. That would be the sensible thing to do, but will it happen at a club where 'hubris' is practically the official motto.

[cocteautwin]

Doesn’t make any difference to us does it?

The difference it makes to all Scottish Clubs is that they are taking points and trophies from other clubs due to being funded by something other than the cash they are generating through the main activities of the business. They are the 3rd best funded club in Scotland by some margin at the moment. Hibs can only dream of having an extra $5m p.a. given to them from one person for nothing in return.

If the only benefit of the analysis and discussion of their accounts is to give us an excuse as to why they are taking points off us and stealing trophies, then it’s a discussion worth having.

[cocteautwin]

For anyone interested, the amounts of known free money that HMFC have blown through since their insolvency event can be listed thus:

FoH = £13m
Anderson Gifts = £17m
Anderson Sponsorship = £2m
Budge Loans = £5m

Total that up and it comes to at least £37m of extra cash they have spent and the only significant performance related measurement is:

ONE RELEGATION

[bigwheel]

For anyone interested, the amounts of known free money that HMFC have blown through since their insolvency event can be listed thus:

FoH = £13m
Anderson Gifts = £17m
Anderson Sponsorship = £2m
Budge Loans = £5m

Total that up and it comes to at least £37m of extra cash they have spent and the only significant performance related measurement is:

ONE RELEGATION

That’s all true, and is a sorry tale (happily for us). but most of that free money continues to hit their accounts. As a result they will eventually get it right. This season is starting to show that.

Their accounts show the value of external funding and transfer fees. It shows how important it is to regularly makes some money from our talent. Our failure to do that this summer, will remain a frustration for the club.


Sent from my iPad using Tapatalk

[lapsedhibee]

For anyone interested, the amounts of known free money that HMFC have blown through since their insolvency event can be listed thus:

FoH = £13m
Anderson Gifts = £17m
Anderson Sponsorship = £2m
Budge Loans = £5m

Total that up and it comes to at least £37m of extra cash they have spent and the only significant performance related measurement is:

ONE RELEGATION

Nicely put :greengrin

[Eyrie]

What does make me laugh though is thinking your club is in a healthy position because somebody gave it 4 million quid turning a 2 million loss into a 2 million profit.

To be fair to Hearts, they wouldn't have spent so much money on overpaying average players to win yet another lower league title if they hadn't had that £4m, so it wouldn't have been a £2m loss without the donations. Instead they would have probably lost only £1.5m by overpaying those players.

[tamig]

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

I thought you’d been emptied a few weeks ago.

[Skol]

For anyone interested, the amounts of known free money that HMFC have blown through since their insolvency event can be listed thus:

FoH = £13m
Anderson Gifts = £17m
Anderson Sponsorship = £2m
Budge Loans = £5m

Total that up and it comes to at least £37m of extra cash they have spent and the only significant performance related measurement is:

ONE RELEGATION

Do budges loans not need repaid plus interest so really should not be in your numbers

[Mrimbetween]

Lets face it and pish aside

Hearts ran at loss

But the thing is they can right now

[cocteautwin]

Do budges loans not need repaid plus interest so really should not be in your numbers

You are correct that the loan from Budge would normally not need to be included in the total as it eventually should be repaid. The reason I’ve included it is that it’s already been spent on operations and there is almost ZERO chance it’ll ever be repaid.

This isn’t the Bidco loan that FoH have repaid recently but is the additional loan needed in season 2019/20 to keep them operating at the excessive spending levels they choose to operate at. The money has been spent and it’s gone.

There’s zero chance this can be repaid out of funds generated from operations. It’ll have to come out of money that Anderson pays them or money paid by FoH. I’d be surprised if Budge takes her money back through either of those methods, so, given her age, the loan will probably always be there until she passes away. It will be interesting to see what happens at that point given that there is a charge over assets to guarantee the loan. Will her surviving family be quite so generous?


Sorry, in my original post I forgot to add 2 more performance indicators that might demonstrate how much value they’ve had for their £35m of extra funds they’ve piled through:

1. League Cup performance 2020/21 – pumped out by Alloa Athletic
2. Scottish Cup performance – 2020/21 – pumped out by Brora Rangers

[007]

You are correct that the loan from Budge would normally not need to be included in the total as it eventually should be repaid. The reason I’ve included it is that it’s already been spent on operations and there is almost ZERO chance it’ll ever be repaid.

This isn’t the Bidco loan that FoH have repaid recently but is the additional loan needed in season 2019/20 to keep them operating at the excessive spending levels they choose to operate at. The money has been spent and it’s gone.

There’s zero chance this can be repaid out of funds generated from operations. It’ll have to come out of money that Anderson pays them or money paid by FoH. I’d be surprised if Budge takes her money back through either of those methods, so, given her age, the loan will probably always be there until she passes away. It will be interesting to see what happens at that point given that there is a charge over assets to guarantee the loan. Will her surviving family be quite so generous?


Sorry, in my original post I forgot to add 2 more performance indicators that might demonstrate how much value they’ve had for their £35m of extra funds they’ve piled through:

1. League Cup performance 2020/21 – pumped out by Alloa Athletic
2. Scottish Cup performance – 2020/21 – pumped out by Brora Rangers

That's not all they've got to show for it. They also got a crappy unfinished stand in a buy 2 get 1 deal.

[cocteautwin]

That's not all they've got to show for it. They also got a crappy unfinished stand in a buy 2 get 1 deal.

LOL. Instead of 50% off they got 100% on.

[007]

LOL. Instead of 50% off they got 100% on.

😀👍

[Bostonhibby]

That's not all they've got to show for it. They also got a crappy unfinished stand in a buy 2 get 1 deal.You're laughing now, but when that single tier stand is finished it will be the finest of its type in Gorgie.

Sent from my SM-A750FN using Tapatalk

[ShetlandHibby]

Gonna say this thru gritted teeth but hats off to the fans that continue to contribute each month. It’s a hell of a lot money getting pumped in. Fair enough a lot of it has been squandered but still.

[Hibernia&Alba]

Gonna say this thru gritted teeth but hats off to the fans that continue to contribute each month. It’s a hell of a lot money getting pumped in. Fair enough a lot of it has been squandered but still.

Yes, the Yams have done a great job in helping the club continue via FoH. They've done a damn sight more than the Huns did during their demise.

[oldbutdim]

Even more annoying that he’s not even a Hearts fan.

Is that really the case or am I missing a joke or something :confused:

[JimBHibees]

Is that really the case or am I missing a joke or something :confused:

Think he is from down south want to say Norfolk. Saying that assume he is now.

[Billy Whizz]

Results out pretty quickly. Just had a look at a few things

Furlough claimed £726,000
Government grant £500,000
SPFL Trust grant £50,000
Turnover down to £7.62m from £12,270m the year before

[jeffers]

Is that really the case or am I missing a joke or something :confused:

No, it’s not a joke. Got involved via Budge, but previously no attachment to Hearts. Was keen to invest for the good of the community and Scottish football in general. We missed a trick there…..

[Alfred E Newman]

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

You're a trier I'll give you that.

[lord bunberry]

They can announce whatever they want, they’ll still be the tramps that bumped scores of honest people out of money they were owed in order to further their sporting ambitions. They didn’t care and still don’t that people lost out, they’ll always be lowlifes. They’ve not made an operating profit, they’ve as usual relied on spending someone else’s money. **** them.

[Hibees1973]

Strange lot them, it's like a charity.

[Kato]

Gonna say this thru gritted teeth but hats off to the fans that continue to contribute each month. It’s a hell of a lot money getting pumped in. Fair enough a lot of it has been squandered but still.

:hat_firmly_on:

[Bostonhibby]

Strange lot them, it's like a charity.End up stealing from themselves if that's the case. They do like a bit of charity cash.

This could get complicated when they try to say they owed it to themselves again......

Sent from my SM-A750FN using Tapatalk

[green day]

Many Hearts fans are weirdos. It is in their DNA, like pretending that they don't care about us ending 95% of their their songbook.

They have basically won the lottery with Anderson, and yet they still feel compelled to bang on about how "big" they are or how his donations have no bearing on how they operate.

Some even delude themselves that - if his £4-£5m per year stopped that they would be "fine" as they don't budget for it.........

You can almost taste the KOOL aid from here.

Anyway, I find it more amusing that - in the years since they exited administration, they have been gifted upwards of £30 m and have that stand, and that stand only, to show for it.

Makes me laugh every time.

[andudare2]

Seemingly according to the fonts of all knowledge over on keekback we done the same through Tom Hart and Sir Tom Farmer, its just our jealousy streak coming through in regards to their benefactors, firgive me if im wrong and after following Hibs for over 60 years i dont think i am as because as far as im aware both Toms owned Hibs,at no time were they ever outsiders giving cash to the club outwith football needs,those on darkside fail to acknowledge the fact that if not for the benefactors generosity they would have shown a 4/5 million loss. Cant argue about the success of foh,however they do seem to forget this was a success because it needed to be at first to save them, now its a great vehicle for raising very much needed cash for them given the way they have squandered so much of it,also get my kill every time they mock hsl as they have never been able to grasp the difference between them . Perhaps one day the penny will drop but i wont hold my breath

[h1bs4life]

Auld Budge has played a blinder here , she may not know how to run a football club and hopefully will continue blow millions but she certainly knows how to play the gullible.
At the end of last season and start of this there was budge out posters / stickers all over Edinburgh.
Now that she has brought in Anderson it has all gone quiet.
Latest accounts show they need Anderson more than they need FOH money all the gullible are now afraid to disagree with Queen Anne in case she does go and takes Anderson with her.

[Aldo]

Many Hearts fans are weirdos. It is in their DNA, like pretending that they don't care about us ending 95% of their their songbook.

They have basically won the lottery with Anderson, and yet they still feel compelled to bang on about how "big" they are or how his donations have no bearing on how they operate.

Some even delude themselves that - if his £4-£5m per year stopped that they would be "fine" as they don't budget for it.........

You can almost taste the KOOL aid from here.

Anyway, I find it more amusing that - in the years since they exited administration, they have been gifted upwards of £30 m and have that stand, and that stand only, to show for it.

Makes me laugh every time.

An unfinished stand at that GD!


Sent from my iPhone using Tapatalk

[Kato]

Many Hearts fans are weirdos. It is in their DNA.

Just recapping.

Sent from my SM-A405FN using Tapatalk

[Rumble de Thump]

Hearts becoming fan owned is a disaster for the club. These are the fans that gleefully lapped up the Romanov disaster years, and gloated during the Budge circus years. They don't have a clue what they're doing and they're always too busy pretending to big a club that it never even occurs to them. They'll go from one car crash to another no matter how much of other peoples' money they spend. Good luck to them :greengrin

[green day]

An unfinished stand at that GD!


Sent from my iPhone using Tapatalk

I know I was being a bit flippant, but Hearts fans seem to think this is all their own work. The FOH is a good thing and has contributed loads, but as I said above, they have won the lottery with Anderson (thanks to Budges friendship with this guy) but still seem to think that his donations mean they are "self sufficient".

I have always paid my own way, but if I had fallen on hard times and my family were bankrolling me, I would see it as a bit of a cringer to pretend that it all came from my job as a Starbucks barista................


Just recapping.

Sent from my SM-A405FN using Tapatalk

Aye, we should never let them forget how odd they really are. I have been musing to a jambo of my acquaintance that it might be sexual jealousy................its funny to watch tbqhwy :greengrin

[Aldo]

I know I was being a bit flippant, but Hearts fans seem to think this is all their own work. The FOH is a good thing and has contributed loads, but as I said above, they have won the lottery with Anderson (thanks to Budges friendship with this guy) but still seem to think that his donations mean they are "self sufficient".

I have always paid my own way, but if I had fallen on hard times and my family were bankrolling me, I would see it as a bit of a cringer to pretend that it all came from my job as a Starbucks barista................



Aye, we should never let them forget how odd they really are. I have been musing to a jambo of my acquaintance that it might be sexual jealousy................its funny to watch tbqhwy :greengrin

I thought that was the case GD and I like to think I never miss the chance to have a wee dig at them!

Indeed the FOH has stepped up and given the club more money to squander.

You are also correct that the cannot see the wood for the trees! They don’t see if it wasn’t for the 4-5 million pounds of donations there’s be screwed. To think their turnover is down about £5 million so there’s an even bigger void to fill!


Sent from my iPhone using Tapatalk

[Biggie]

WTF is Anderson thinking giving that mob £17m quid ???
I can't get my head around that one...hearts ?!?....£17m quid.
They are jammy *******s.....hopefully they come a cropper one day

[007]

I know I was being a bit flippant, but Hearts fans seem to think this is all their own work. The FOH is a good thing and has contributed loads, but as I said above, they have won the lottery with Anderson (thanks to Budges friendship with this guy) but still seem to think that his donations mean they are "self sufficient".

I have always paid my own way, but if I had fallen on hard times and my family were bankrolling me, I would see it as a bit of a cringer to pretend that it all came from my job as a Starbucks barista................



Aye, we should never let them forget how odd they really are. I have been musing to a jambo of my acquaintance that it might be sexual jealousy................its funny to watch tbqhwy :greengrin

I see them as the Mikey Carroll of Scottish football.

https://www.dailystar.co.uk/news/cocaine-hookers-wild-holidays--24044837

[HIBERNIAN-0762]

Why this guy throws money at them is anyone's guess, tax dodge, money laundering? It can't be they are going to be hugely successful team surely, a fool and his money as they say, always comedy gold 😄😄😄

[jacomo]

Why this guy throws money at them is anyone's guess, tax dodge, money laundering? It can't be they are going to be hugely successful team surely, a fool and his money as they say, always comedy gold 😄😄😄


Who knows? I don’t think there’s anything dodgy going on, but the guy clearly has a blind spot when it comes to Hearts. If Baillie Gifford made a habit of investing in companies that returned results like Hearts, they wouldn’t be in business anymore.

[Since452]

It would be a better gesture if Anderson donated money to some of the businesses and charities Hearts shafted.

[Eyrie]

Who knows? I don’t think there’s anything dodgy going on, but the guy clearly has a blind spot when it comes to Hearts. If Baillie Gifford made a habit of investing in companies that returned results like Hearts, they wouldn’t be in business anymore.
Which is what has always surprised me about him continuing to pour money in. All that's they've achieved is one relegation, one lower league title, two Scottish Cup runners up and an incomplete inadequate stand.


It would be a better gesture if Anderson donated money to some of the businesses and charities Hearts shafted.
Agreed.

There are far more constructive uses for that sort of money than overpaying average footballers to underachieve.

[andudare2]

Looks like our naughty neighbours have Ron Gordon and all of us Hibs fools sussed,amazing how many of them have friends in high places or connected to Hibs,all singing from the same hymsheet regarding Hibs about to go bust and owner is only here to rip us mugs off,wonder where these circus acts 🤡🤡🤡 were when comrade Romanov was ripping Lithuanian pensioners and local businesses apart,who knows with all their connections and knowhow they may have prevented the great cake bakes etc. Batten down the hatches people because were in for a bumpy ride according to them!!🤣🤣🤣