Ergo...Quote:
Originally Posted by lapsedhibee
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Ergo...Quote:
Originally Posted by lapsedhibee
If Hibs had £60m+ of funny money spent on them we'd be the 3rd 'biggest' club by a country mile. That's right yamfuds, you're nowt special. Let's see how your attendances hold up now your financial doping has been removed - if you make it to the start of the season that is, which I doubt.
From what I've heard I would incredibly surprised if Hearts did not get the 15 point deduction when UBIG are officially declared insolvent. They almost applied the 18 points that would have relegated them but the legal advice from here and Lithuania was that it would never stand up to scrutiny so they decided against. Trust me, that gun is loaded, cocked and pointed at Tynecastle, they're just waiting for the right moment to pull the trigger.Quote:
Originally Posted by Part/Time Supporter
Regarding Hearts entering admin next week, I'd think that's unlikely (but not impossible). They are keeping that as they're last resort it seems. Admin could kill them off completely.
They seem convinced, and to be fair the whole thing hinges on, the Lithuanian's writing off the debt. References to them doing the "correct thing" by Hearts (wipe out the debt). No mention at all of Hearts doing the correct thing and paying them back. This is very much their starting point and if they can get the Liths to agree then they are sorted.Quote:
Originally Posted by Thecat23
I really hope the Liths play it hard.
:agree:Quote:
Originally Posted by Bajillions
Since they don't have any cash, the only point in HMFC going into administration is to frustrate a winding up petition (most likely from HMRC) succeeding in liquidating the company outright. It would at least buy the company some time and legal protection until another bill hits that the administrator couldn't pay. There isn't a winding up petition in place (as of yesterday's papers) so there's no immediate urgency.
This is how EVERY football administration works. It is a cheats charter for shedding debt. I have no doubt this will be the same.Quote:
Originally Posted by The Falcon
Someone get the spelling of 'dicks' sorted out FFS.Quote:
Originally Posted by Fife-Hibee
What more can we do to help in their hour of need? Are we doing enough? So far people are:
1) Making false pledges of support on the FOH website (I think using plausible names is best)
2) Sending complex questions to the FOH info email address (waste their time)
Both are laudable. What about also:
3) Fresh FOI request regarding their current council tax debts and what the council are doing to recover. Could be another straw to break the camel's back. Who did the first one - some guidance here would be good.
4) Who would be the appropriate authority to report the non-existent share issue to? Any suggestions? Or a journalist who might actually be interested?
Anything else we can do? Lets rally round and help!
The security in place gives the Lithuanians some protection from being completely screwed. If FOH or whoever makes an absurdly low offer then the Lithuanians can just say "okay, we'll just take the assets (PBS) instead and sell it off to the highest bidder". Whereas if the security wasn't in place (as in the Rangers case) the assets would pass to the proposed buyer regardless of the wishes of the creditors.Quote:
Originally Posted by Spike Mandela
Deary dear their wishes never came true so they're taking the cash back, on the other hand they could be looking for VladQuote:
Originally Posted by Minder
Thought it time to air this again after being reminded with it being on the tellybox tonight.
http://youtu.be/dd2Zcbl9_iU
Must admit I never thought any thread would come close to the Rangers one,this thread is catching up rapidly and once the Yam coffin is getting lowered in to the ground it will pass the Huns thread easily
This will be the biggest thread EVER in the history of hibs.net :agree:Quote:
Originally Posted by gorgie greens
In fairness, most football clubs don't have the audacity to get themselves in to this much of a convoluted mess. This is not you're typical "Football speculates a bit too much and it all goes tits up" strategy. Administration is unlikely to be the clean slate the yam fans think and the club itself is all to aware of that. There's much at play between Hearts, UBIG and Ukio all going *pop* at the same time as well as secured assets etc.Quote:
Originally Posted by Spike Mandela
There is one vital thing that has been constant for the last few months and could very well end up being the most important factor. All UBIGS assets are frozen because it's suspected Vlad has been up to, shall we say "significant dodginess". That decision won't be lightly if the lithuanian authorities think they play a significant part in any investigation. Until such times as those assets are unfrozen
HEARTS CANNOT BE SOLD! TO ANYONE!
It would be a hell of a lot shorter if we could be arsed to delete the highly informative "I wish they would die", "are they dead yet?" or "it will never happen" posts.Quote:
Originally Posted by gorgie greens
:greengrin
I did an FOI request at the beginning of the year and last month. At the end of April they had no outstanding Business Rates and owed about £ 10,000 in rent. That was 2 months ago so there should be more debt now.Quote:
Originally Posted by josef k
Its easy to make an FOI request on-line. Go to Edin Council web site, click information, and at the bottom there is a make a FOI request box.
Only trouble , it takes 20 working days, so info will be sent in the middle of July.
Quote:
Originally Posted by josef k
Register for season tickets with Direct Debit option, then cancel.
Create a Company to put in a bid - then bid a £1 - take on the debt and then liquidate them.
I'd like to add one caveat that the press (and this forum) haven't really picked up on.
Their last audited accounts had them circa £25M in debt. That figure is now nigh-on a year out of date. Their current debts....and I repeat, current debts, could easily surpass the £30M mark. As Desantos has previously mentioned in this thread, their debt to both Ukio and UBIG could be far greater than is being reported. It's certainly not £25M when you factor in HMRC and ongoing interest charges.
The Scottish press are simply using their previous accounts as the benchmark to their current debts. These are long outdated and I'd like to know what they are currently trading at.
Not a big ask....but an ask that FoH and the other 'bidders' are probably too afraid to ask.
It won't be hugely different. The total debt to Ukio/UBIG might be (at worst) £2M higher because the interest on the Lithuanian loans was being rolled up and not physically paid until quite recently. They weren't getting any fresh advances from Lithuania last season and their accounts at June 2012 already included the settlement of the tax case.Quote:
Originally Posted by Sergey
Suppose the counter argument to that though is that it doesn't really matter does it? Whether its 25m 50m or 100 billion they're only worth what someone's willing to pay surely?Quote:
Originally Posted by Sergey
Imagine the scenario in reverse, a Scottish businessman is putting money into Kaunas through a subsidiary of his 'successful' business. Runs up a lot of debt and stops investing. His company is going down the pan but the Scottish government step in and put tax payer money in to keep it running. The assets in Kaunas now belong to the Scottish government who would like to sell the assets as a 'job lot'. However selling them to the highest bidder is preferable as it lowers the burden on the tax payer.
C'mon the Lith administrator/liquidator.
My other half has a company - should I give her the nod?! I like this one, it's really unpleasant.Quote:
Originally Posted by Minder
I'm not so sure, PTS. I'm still not 110% convinced (shows I'm no accountant) that no additional debt has been racked up with the Liths, let alone Scottish suppliers.Quote:
Originally Posted by Part/Time Supporter
As Bingo says, it's fairly irrelevant in the broad scheme of things as they are goosed good and proper, but I personally feel that the figures currently being quoted are inaccurate.
Got another little piece of debt confirmed by the Scottish Police Force in today's mail.
As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray. :thumbsup:
http://www.15min.lt/en/article/busin...ank-527-326362
I wonder if that one will ever make Court . It sure could slow down transfer of hearts shares , the PBS. and the baking trays.
Services in this town are hard pressed enough without these donuts applying additional pressure through their wilful mismanagement leaving others out of pocket. I hope the full extent of non payment is revealed and no public money is offered by the way of support (which I think others have suggests would be illegal in Europe anyway) nor should planning applications be looked on favourably.Quote:
Originally Posted by greenginger
VlAd looks a broken man.Quote:
Originally Posted by greenginger
Shouldn't have been policing games until they'd paid GG, simple as that. One for the media that one. Senior officers need to be accountable and explain why they've been policing for free (essentially). I'll bet Hibernian are up to date.Quote:
Originally Posted by greenginger
Insane that Hearts should YET again rack up debts with police bills - did Walnut not have to bail them out for similar non-payment? Despicable them how apt.Quote:
Originally Posted by truehibernian
:greengrin its deeper than it looks obviouslyQuote:
Originally Posted by cad
Was there not something about vlads empire being investigated for criminal activities ?, if it's the case that Hearts are involved with this even if it was unwittingly then this could hold up any sale of the club for years.
Maybe someone from Scotland should be writing to them, saying they don't have the kahoonas to take on the might of HOMFC. These eastern european types are just pussies.:cbQuote:
Originally Posted by The Falcon
Over on brokeback they are now claiming that they are some sort of special case and will be treated by the authorities as such, and very leniently.Quote:
Originally Posted by truehibernian
Also the Lith admins are practically gagging for a CVA, apparently, because they know fine well it is better than nothing.
It is quite frightening that these folk are walking among us or working machinery.
You couldny make this up !Quote:
Originally Posted by greenginger
Mind you it's only about a weeks wage that they were paying the likes o Larry Kingston :faf:
Sounds like the kind of message that would fit nicely on a billboard?Quote:
Originally Posted by ronaldo7
In Kaunus:aok:Quote:
Originally Posted by jonty
That's great news. There is no way they can sell while it's the subject of a court case. Nice one VladQuote:
Originally Posted by greenginger
UB has directly or indirectly lost £70 million because of HMFC. The Lithuanian gov have borrowed £200 million to make good the hole in UB. Will they accept pennies for HMFC and just go away like good little children?Quote:
Originally Posted by Sergey
Somebody should tweet Barry Anderson. :wink:Quote:
Originally Posted by greenginger
Looks good but this was published 2 months ago. Just wonder how we have never seen this before and was this before his mystery illness in Moscow?Quote:
Originally Posted by greenginger
Sergey, I too have been wondering what a thorough due diligence will reveal.Quote:
Originally Posted by Sergey
I do wonder what horrors will be uncovered once light is shed on HMFC's true financial situation.
I posit the question: why has the main man disappeared and what does he have to hide?
I suspect there's a lot of quite shady stuff yet to be revealed.
As for FoH, dear Lord, those guys need help!
Anyone else notice Iain murrays office is painted in a lovely bottle green :greengrin, absolute plum!
alway's remember Vlads wee boy was voted in as chairman(?) a couple of weeks ago :wink:
On Scotland Tonight Michael Murray did hint at potential unknown problems that could yet emerge. I think FoH might have an inkling that the situation could be even worse than reported, and any offer from them to buy the club - if they make one - could have so many caveats attached that it is effectively meaningless.Quote:
Originally Posted by PapillonVert
Until investigations in Lithuania have run their course, how could any prospective buyer know what exactly they are buying? Of course Fedotovas, as HMFC director and recent UBIG director, probably has a good idea of the true situation, but he's playing dumb.
http://24.media.tumblr.com/tumblr_lv...od8lo1_500.gifQuote:
Originally Posted by andrew70
Quote:
Originally Posted by andrew70
"With 6 Independant groups, 3 North American , the Scandinavians and 2 UK based (including FOH) all interested in purchasing HMFC, you can almost feel the seethe from the first 3 numpty hobo comments haha giruy
HHGH"
:faf: :faf: :faf:
Yep we're seething right enough. :faf:http://www.hibs.net/Stats/Tracker.gi...=1371340804354
Staying up late is awesome sometimes.. :flag:
http://www.hmfckickback.co.uk/index....here-it-hurts/Quote:
Originally Posted by andrew70
AlloaSectionG Posted 14 June 2013 - 08:35 PM
The way to hit them where it hurts is to get back to pumping them on the park, ASAP.
How do you think they're gonna feel when we're debt-free under new owners by the time the season starts?
Deluded Yam *****. Hope you enjoy Sunday League, about the only thing your club could raise money for.
:lolyam:
Absolutely outraged. :agree:Quote:
Originally Posted by frazeHFC
I was hoping we could build a statue of Vlad outside Tynecastle when the gates finally close for the last time. But if any of these groups take over, you can be sure they'll be nothing left but a big spot of empty land for them to build houses over. :aok:
Has anyone else ever discovered it was possible to love two threads at the same time? :greengrinQuote:
Originally Posted by Coco Bryce
If you ever have a bairn and want to teach them the dangers of the toxic effects that Cocaine and Alcohol abuse have on the brain, just shown them a glimpse of kickback. It will scare them for life.Quote:
Originally Posted by Salt & Sauzee
You've gotta love the hearts sources and club insiders.
None of that carry oan!! Just pure crystalised asbestos fumes!!! Potent stuff gadgie!!!Quote:
Originally Posted by Hibercelona
My gut feeling is that no one will ever see hide nor hair of the mad one ever again,Quote:
Originally Posted by PapillonVert
However if you happen to buy some tins of Chechen dog food
http://www.hmfckickback.co.uk/index....-through-this/
Post 41
Jessjambo
Posted Yesterday, 23:53
NOT if we get through this. WHEN we get through this.
I liked a previous post....................Borussia Dortmund were in this position 5 / 6 years ago. The Jambos,...............Scotland's Borussia Dortmund in waiting.
:lolyam: No words. Enjoy going bust and ending up the polar opposite of Dortmund.
:faf:Quote:
Originally Posted by Salt & Sauzee
Fannies, deluded fannies, the lot of them.Quote:
Originally Posted by SteveHFC
Attachment 10270
Medals Mackay kens wots goin oan!Quote:
Originally Posted by peter douglas
Quote:
Originally Posted by Salt & Sauzee
Hahahahahahahahahahahahahahahahahahahahahahaha :faf: :faf: :faf:
Almost wet myself with laughter reading that post. Dortmund who can get 80,000 at home and have half a million CL Final applicants, against a team that gets 13,000 on average in a league with little TV income.
Great post Jess, cracker to end the night with. :aok:
http://bit.ly/10m6Xib
well I never, thought they were only 2 wks away from making a substantial bid. Muppets the lot of them. They all deserve each other. This is fun!
Remember, a lot of those "Pledges" are from us Hobo's so they really are quite a fair bit away.Quote:
Originally Posted by andrew70
#allisarry
Hibs were saved by getting small children to write to wealthy people.Quote:
Originally Posted by Salt & Sauzee
Dortmund are bigger than hibs.
h£art$ are the Scottish Dortmund.
1-5 1902.
Problem solved. They will come back debt free next year.
We are all Vladimir Romanov :greengrin
:flag:
Quote:
Originally Posted by andrew70
Admitting the fans had probably been slow to react to the escalating crisis, he added that it was not yet too late to salvage the situation – though he conceded it was unlikely that there would be much help from the outside, with other clubs contending that Hearts’ continued overspending has given them an unfair advantage throughout the Romanov years.
:agree:
:applause::faf:Quote:
Originally Posted by Salt & Sauzee
Dortmund, that were saved in part by a donation from big rivals, Bayern Munich.Quote:
Originally Posted by Salt & Sauzee
They'll be waiting a long ******* time for one from us!
Dortmund's local (and biggest) rivals are Schalke.Quote:
Originally Posted by ScottB
The equivalent in Scotland would be Celtic giving Hearts some finance.
Been really interesting reading this from Australia but ive always feared that administration would be their easiest route out to no debt and effectively get off scot free, bar a points deduction.
I used to be in the generous category but now i just want a gretna situ.
Can they wriggle out of this relatively unscathed? Surely not?
.....and yet another tube who can't resist a 5-1 jibe in the interview.Quote:
Originally Posted by kdhibees1
He effectively says that this is all worth it for that result.
THAT is why the fans are not up in arms. They think that day was "job done" - that was as good as it gets.
And barely any of them understand that tainted cup win will kill their club.
Fools.
p.s. 26 registered players, that's first team and under 21......... They are so gubbed next season whatever happens. Hee Hee
And he still says he'd take where they are now for all the success (Champions League winners etc) they've had, honestly deluded!Quote:
Originally Posted by andrew70
Ahhh well at least we'll still have a derby in the EoS league!
“So unless someone comes in with £500,000 then I don’t see any way we can pay the staff and if we can’t then I don’t see any way we can avoid going into administration.”Quote:
Originally Posted by andrew70
Shirley this is where Jakey Rolling comes in. She coughs half a million and #allisharry.
Recommended reading - a decent assessment of things from the Scotsman, but another unattributed story. Can their journos only put their name to the fantasy stories that tell the Yams what they want to hear?Quote:
Originally Posted by andrew70
Good article in the Herald. It claims that Hearts have so far paid £50k of the tax bill, but will face a VAT bill for the season tickets sold already at the end of the month, which is likely to be in the region of £1m.
There will also be another PAYE bill due soon.
Admin now seems a certainty which means a 15 point deduction with no new players.
Quote:
Originally Posted by jacomoseven
F*** them!Quote:
Despite the shambles the club has been left in by the Vladimir Romanov regime, MacLeod is reluctant to condemn his time at the helm as an outright disaster.
“If you’d told me at the start we’d have won two Scottish Cups – beating Hibs 5-1 in the second one – I’d have stopped listening at that point and said ‘yes, thank you’. We are where we are.
“The Romanov years have been a rollercoaster. We’ve had two Scottish Cup wins and the greatest result in our history.
I thought it was a bit of a confused article, especially the last paragraph which seems to make no sense at allQuote:
Originally Posted by Tom Hart RIP
http://www.heraldscotland.com/sport/...earts.21304917Quote:
Originally Posted by The Herald
Why do the flumps not sell Tynecastle to alleviate their money problems? Surely that land would be worth a bob or two.:confused:
It has a security against it for more than its worth, I.e. they could sell it and see no cash, but then have to pay someone rent!Quote:
Originally Posted by SkintHibby
Their arrogance is astounding. It appears they are using administration as a threat to their creditors and the vast majority take a total debt write off as a given, whatever happens. There may a degree of defiance, I'm being kind here, in their collective attitude that administration or liquidation would be a very good thing.
I would hope, probably expect, the Lithuanian Govt to show some backbone when dealing with an organisation that effectively stole their money. It has been clear for a number of years now that there has been no intention to pay back any of the funds taken and this alone should justify a far more robust, possibly criminal, investigation. Hearts assets should be treated under the Proceeds of Crime Act.
Quote:
Originally Posted by green day
This piece says everything that needs to be said.....
http://www.scotsman.com/news/andrew-...arts-1-2968753
"Hearts have been a financial basket case for close on a decade and really, until this season, there has been no serious attempt to seek treatment or take the necessary medicine. Each one of the Vladimir Romanov seasons, the wages-to-turnover ratio has sat at more than 100 per cent – almost double what financial analysts agree is a level that allows for running a football club in sustainable fashion..."
The merricks are utterly clueless in this area. Bordering on stupidity.Quote:
Originally Posted by robinp
Excellent and thanks for not posting a comment so I could beat Kiwi Doug to post first.Quote:
Originally Posted by Hibzbollah
I'd say two decades. Whalearse sold HoMFC in 1994 and debt was £4m+ at that time that would have been more than turnover. Their debt has only ever been managed and never addressed.Quote:
Originally Posted by Hibzbollah
That article is spot on. Tells it exactly as it is, they really have nobody to blame but themselves.Quote:
Originally Posted by Hibzbollah
The outstanding amount due to Scottish Police at 30 th May was probably for their May fixtures and not due for payment until June.Quote:
Originally Posted by truehibernian
Having said that, pretty sure it won't be paid this month ! :thumbsup:
But they won't .Quote:
Originally Posted by #FromTheCapital
I think it's worse than that. The debt has been compounded. Previously only the ground was threatened. Romanov has speculated over and above this to now threaten the very clubs existence. It's a perfect meltdown built on arrogance, ignorance, hubris, greed and delusion...Quote:
Originally Posted by Treadstone
The only really new info is re the VAT due on season tickets & for once in this case I think they've overstated the problem. Being generous, 7,000 at £400 = £2.8mm, 20% of that = £560,000. Mind you when you've resorted to looking down the back of the sofa & your Dadsgolf bag for loose change then I suppose that's a sizeable problem!Quote:
Originally Posted by grunt
It would be 1/6 of the total because football sales are made gross of VAT; the fan pays (say) £300 for a season ticket, the club then pays £50 of that* to HMRC when they account for their VAT. Effectively the sale from the club's point of view is £250 + 20% (£50) of VAT.Quote:
Originally Posted by brog
*less any input VAT that can be reclaimed. In the case of a football club that will be minimal because the vast majority of their spending is on items without VAT (ie staff and player wages).
The figure in the Herald is absurdly high; £1M would be more akin to their VAT liability for a full year. At the very worst they would have to pay for a quarter, or they may even be on the monthly payments on account system.
A Blind man with a stick can see it they are ****ed
Close the thread they're saved. Fat toothless lump who hasn't kicked a ball for years Kevin Kyle wants to help them :faf:
Health warning: Please don't click on the link if you are squeamish.
http://www.thescottishsun.co.uk/scot...t-me-help.html
You know if it hadn't been for this Iain MacLeod bloke and his mates forcing the Pieman out they would never be in this situation that they are in just now; if they had sold Tynecastle at the height of the property boom they would have cleared their then debt levels and that could have been a springboard for them to push on.Quote:
Originally Posted by jacomoseven
Instead 9 years later they have brought this on themselves, with open arms, they opened the door for Romanov and now they are paying for their over reaction and folly with the very fabric of the club they thought they were saving.
When it looked like Hibs were heading to Straiton we got it together to say no and the board got into dialogue with the fanbase and worked out how we could stay at ER; instead, when faced with the same dilema, the Hearts support threw chairs and threatened the family, business and home of their owner til they got their way like a bunch of spoilt schoolchildren upset at not getting their favourite pudding for dinner.
But for the determined and positive actions of the Hibs support, we could have been at a souless IKEA stadium instead of at the fully restored Easter Road.
£1 million due for VAT
They are well and truly Donald Ducked
http://www.heraldscotland.com/mobile...earts.21304917
What the hell are that club up to, surely when a season ticket is sold they know to put the VAT money to the side for the taxman.
The lack of any planning/organisation is unbelievable.
Any injection of half a million now from a rich fan just keeps there life support machine running for a couple of weeks.
I still can't understand why there fans aren't all down at Tynie, dragging fedofeetass or whatever his name is out and booting him back to Lithuania and insisting that someone out with the Lithuanian regime is installed to handle and oversee this current shambles.
Silence of the Yams. :greengrinQuote:
Originally Posted by macca70
Here's today's article from The Herald:Quote:
Originally Posted by macca70
Hearts are on the brink, both of crisis and salvation.
The situation at the Tynecastle club grows graver by the day, and it seems unlikely that Heart of Midlothian plc will avoid falling into administration. Yet that turn of events may be necessary for a rescue bid to succeed. That dilemma is being faced by all of the potential buyers of the company that owns the club, and it appears certain that further distress must be suffered before Hearts can be saved.
Half of the £104,000 bill owed to Her Majesty's Revenue and Customs has been paid, but a winding-up order will be served if the remaining balance is not met. The salary bill was not paid in full on Friday, leading to a registration embargo automatically being implemented by the Scottish Premier League. That in itself would be a minor consideration, since a club in financial difficulties will not be on a recruitment drive, but the board have effectively invited offers for all of their players and the squad could be stripped of its best talent. With season ticket sales having fallen, Hearts need £500,000 just to survive until the beginning of the season.
These are the details, but it is the bigger picture that is so debilitating. A VAT bill from the season tickets already sold will need to be paid before the end of the month and could be more than £1m, while a further PAYE bill will be due at the same time. With all of the season ticket revenue already committed, Hearts face critical cash flow problems. However, a controlling stake cannot be purchased at this time. BBC Scotland reported yesterday that there are six potential buyers monitoring events, although those close to the situation believe that the Foundation of Hearts – a coalition of supporters groups – is best placed to make an offer to save the club. Members of the FoH board addressed fans on Friday night, and afterwards Ian Murray, the independent chair and Edinburgh South Labour MP, admitted that administration might be necessary to solve Hearts' problems.
FoH have generated more than 4000 pledges to their website, which crashed at one stage last week due to the sheer volume of visitors, and they are now beginning the process of turning those pledges into cash, as well as seeking new backers amongst the fans. Members of the Edinburgh business community, including Ann Budge, the multi-millionaire who earned her fortune in IT, will also provide financial support, and the intention is to lodge a bid by July 4. Of the remaining parties reportedly interested in buying the club, three are from North America, one is based in London and the other has already been revealed as a consortium of Scandinavia-based businessmen. The latter have spoken with FoH about a joint bid, and further talks will clarify their intentions.
Although Hearts need a quick solution, nobody can move any more swiftly. Ukio Bankas hold 29.9% of the club, as well as ownership of Tynecastle Stadium as security against a £15m debt. The bank is now insolvent, and the administrator stressed last week that the intention is to sell the shares as part of maintaining Hearts as a going concern. A further 50% of shares is held by UBIG, the investment group which has yet to be formally placed into administration by the Lithuanian court. Although essentially now just a shell company, its assets have been frozen and the 50% shareholding cannot yet be sold.
Once UBIG, who are owed £10m by Hearts, are formally declared insolvent, it is likely the Scottish Premier League will rule that the Tynecastle club are technically in administration. This would cause the team to begin next season with a 15-point deficit, while the new Scottish Professional Football League rulebook will contain several scenarios if HFC plc were to eventually be liquidated.
"We have a rulebook, and it covers all eventualities," said Neil Doncaster, the SPL chief executive. "In the event that anything happens to any member clubs of that new league after June 27, it will be up to the new board and the new rulebook to determine what happens."
Administration would at least clarify the situation for potential new owners, and the insolvency process would strip Hearts of their debt. The intention of FoH is to buy 51% of the club to enable fan ownership and they are willing to work alongside other potential investors. Ian Murray's role is crucial, since his status as an independent figure has helped align fan groups, while he is also widely respected by key individuals in Lithuania.
The administrators of Ukio Bankas want Hearts to remain as a solvent business, having agreed terms on interest payments on the £15m loan until 2015, but they are also likely to work in conjunction with any administrators appointed to UBIG to sell the Hearts shares as a single package. The situation is complicated, but a rescue plan is possible. It will require significant funds, although the cash flow problems can be addressed within 12 to 18 months, but more setbacks will also have to be overcome.
I don't think administration is a viable option as they have nothing for the administrators to use to fund them through it.
Seems to me latest fire sale is final attempt to raise the funds for this and retain a small element of control of the process.
If this isn't successful and it won't be without a white knight being prepared to write off their cash injection then it will be a very quick route to liquidation.
Whilst in the end I want them to be obliterated, I am quite happy that it rolls on a bit longer and the flumps get fleeced for a good few quid more and suffer the agony of their raised hopes being dashed at the last minute.
Every £1 they chuck in now is a £1 they don't have to give to any sevco type new hearts, so a bit of patience is required to ensure they are parted from as much cash as possible by the current regime.
They will have used the VAT money to pay the PAYE money which they used to pay the ...Quote:
Originally Posted by macca70
Nice comment! Obviously, don't expect any intelligent debate - the usual Yammentators on the Scotsman site will either ignore this piece or descend into insults very quickly. Maybe it really is all the fault of the media, for not holding Romanov to account?Quote:
Originally Posted by VivaPalmeiras
Simply an open letter to Ann Budge and other Hearts mug. We've seen these begging letters before. Mention that Hearts will go bust and the reluctant punters will stump up.Quote:
Originally Posted by andrew70
Interesting article in Scotsman saying 10 days to administration. Point i liked was 150 staff, 26 players with rest being coaches etc. All you ever hear is we have reduced wage bill by showing the player reductions so we now can afford bigger salaries for new players guess they didnt realise the wage bill encompasses everyone else.