Is Nowt the name of the Jambo Newco ?Quote:
Originally Posted by hibees 7062
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Is Nowt the name of the Jambo Newco ?Quote:
Originally Posted by hibees 7062
The first 2 could have cost less as FTB constructed them on a separate trades basis. James Clydesadale appointed a project manager who oversaw the sub contractors which cut out main contractors profit, significantly reduced the preliminaries and secured enhanced sub contractors discount for FTB due to direct payment. There was a suggestion at the time that corners were being cut which Clydesdale denied. He then went on to say that FTB not only paid him additional cash for the PM but also paid him a full Architects fee which very few other clients did. You have to ask why? I believe Clydesdale did other work for FTB but have no idea what if any fees were paid for that!!!! I do not believe their stands are any less well constructed than any other stand constructed at that time. However when you compare the two grounds you do realise what an exceptional job STF and RP have done in producing a first class environment to play and watch football.Quote:
Originally Posted by Stonewall
I dont think there is anything wrong with their 3 'newish' stands. They are cheap and nasty looking but they are not about to fall down. They will last a few years yet.
Maintenance must be expensive due to them being open at the back though.
Internally, the place is in a terrible state. I recently spent a day in the Gorgie suite as part of an SFA training day and it's fair to say that the place needs considerable amounts if money spent on it.
Can't imagine how bad things are in the main stand.
If Hearts get their CVA they will still face significant costs maintaining Tynecastle which we will not. That's before you even think about building new stands.
LolQuote:
Originally Posted by lapsedhibee
Hope the link works
http://www.telegraph.co.uk/sport/foo...istration.html
I'm sure their political backers will be looking for ways to offload some of that onto local tax payers having fleeced foreign ones already.Quote:
Originally Posted by Ozyhibby
Quote:
Originally Posted by Billy Whizz
Looks like The Rangers maybe close to admin then.
HNFC PLC :greengrinQuote:
Originally Posted by Weststandwanab
Was it the chapel ??Quote:
Originally Posted by GreenArmyyy!
Each nostril has a different postcode:greengrinQuote:
Originally Posted by Bajillions
:panic:Quote:
Originally Posted by Billy Whizz
seen him there too he was dressed like a homeless guy by looks of himQuote:
Originally Posted by greenpaper55
[QUOTE=leggeto;3905469]seen him there too he was dressed like a homeless guy by looks of him[/QUOTE
Was he sitting wi his family ?
http://i.telegraph.co.uk/multimedia/...E_2686480b.jpg
Absolutely astounding Mikey. I'm out country just now so v limited access but para 5 should be cut & pasted & sent to journos & the council. On a serious note here that old stand has the potential to cause a major disaster. Who will accept responsibility if a genuinely dreadful event occurs? We have a stand which 10 years ago did not conform to safety standards re exiting, has an asbestos roof with holes in it, has structural issues & has a wooden floor with a higher fire risk! Yet it remains open to the public 10 years on, that is shameful.Quote:
Originally Posted by matty_f
ps, on a lighter note I didn't realise the netting to stop debris falling had been in place for over 10 years now, what a joke of a club!
I remember Petrie talking about this a couple of years ago.Quote:
Originally Posted by brog
He said that back in 2002 or so both Hibs and Hearts were notified by the Council that their main stands were not compliant and their safety certificates were to be withdrawn. Hibs obviously progressed with their new stand while the Yams did nothing and continued to get their safety cert. from our impartial Council. Petrie was very bitter about the whole thing.
Can I suggest someone with a good camera phone pays the PBS main stand a visit on a match day and films some of the more shocking failures in the death-trap and posts them on U-tube.
May'be make a sensation out of it :cb
[QUOTE=hibees 7062;3905479]yip that's them mate lol qualityQuote:
Originally Posted by leggeto
Hope he skinned him for as much as he could get. Exhausts, tyres the lot.Quote:
Originally Posted by GreenArmyyy!
I'm totally shocked. The internet doesn't work when you're not in Scotland?!Quote:
Originally Posted by brog
Incredible.
That netting will do an excellent job of stopping the microscopic asbestos fibres falling from the roof of the stand.Quote:
Originally Posted by brog
Its a pity the 100 MPH gales did'nt venture a bit further north. That stand would look superb without its roof.
They probably would have wanted that for insurance purposes.Quote:
Originally Posted by greenginger
Wonder how much it cost them to insure it.
Melville dundas were the main contractor on that job, were they not?Quote:
Originally Posted by TrinityHibs
Maybe the first stand definitely not the second. Mercer was going thro his separate trades stage at that time and getting things built on the cheap. Main issue was getting an acceptable warranty to satisfy the lender as there was no single point of responsibility. I was pretty sure he did the first stand that way as well but you are as likely to be correct as it is a good few years ago.Quote:
Originally Posted by degenerated
It was mentioned some months ago that insurance was costing [over] £300,000 a year for that stand alone.Quote:
Originally Posted by Waxy
Although that document was clearly caged to try and convince the mutants that Murrayfield could work, the paragraph on the main stand is incredible.Quote:
Originally Posted by brog
Structurally unsound, asbestos roof in a state of disrepair (as if netting is a suitable mitigation for asbestos risk!), non-compliant access and egress, made of wood. The stand is - without even exaggerating - a disaster waiting to happen.
I remember being in it for the semi in 2007 and being shocked at how terrible it was. I doubt much has been spent in the way of maintenance since.
And to think they have a hospitality suite in that stand as well. Gas heaters and all. Big team ma arseQuote:
Originally Posted by bawheid
The netting is to keep the pigeons IN. It's only the bird **** keeping the roof together.
Quote:
Originally Posted by Jack
In BDO's report expenditure report insurance costs for the first 6 months of administration were £ 15,439.00 .
I would guess that would only cover public liability and staff accidental injuries. Don't think they can get/considerate it worth it to insure the Wonga Dome.
The creditors list does not seem to have an insurance company named either. Paid up front or un-insured :confused:
If it was paid in full before admin then the policy would still be active? Therefore may not show up on BDO report?Quote:
Originally Posted by greenginger
No matter how this pans out, the next generation of yams will blame their Uncledaddies for the mess they're in.
To those that remember watching events unfold at Bradford, 29 years ago. Paper rubbish under the stand, a discarded fag....Quote:
Originally Posted by bawheid
http://bradfordcityfire.co.uk/
Thing is it will be insured for well more than it's worth. There would be those behind the scenes hoping it does burn down.Quote:
Originally Posted by Golden Fleece
In The Football Grounds Of England And Wales published in 1983, in the section on Bradford City, the author Simon Inglis wrote "Underneath the seats are flaps which open to reveal piles of accumulated litter" The fire occurred about 2 years later on 11 May 85.Quote:
Originally Posted by Golden Fleece
The problems at Valley Parade prior to the fire seem to mirror many of those now at Tynecastle. And Hearts have had a 10 year warning of impending disaster but seem to be totally unconcerned!
I don't think they are unconcerned, they just can't afford to do anything about it. I'm pretty sure their plans for a 400,000 seater multi purpose superdome was all smoke. I think it was a matter of spend £5-10m they didn't have on a new stand or draw up plans for a new stand to keep the health and safety people off their backs.Quote:
Originally Posted by Eric
If Hearts were concerned they would have closed their main stand. Then again it is Hearts we are talking about!Quote:
Originally Posted by Geo_1875
Exactly.Quote:
Originally Posted by Geo_1875
This has been the excuse for about the last 6 years.
" Why make us spend money bringing the old stand up to safety standard when we are going to pull it down as soon as you give us planning permission for a new stand ".
The million pound plus the imbeciles spent on design fees for a pie-in-the-sky mega stand could have given the pre-war relic another 20 years of use.
The upper part of the stand, the bit with the wooden deck should be closed when the season finishes as a minimum requirement.
These chumps have a simple choice. act like a rationale, well run club and pgrade the infrastructure to make it safe, comfortable and 21st century, or put every penny they steal into players they can't afford so they can beat the Hibs. No contest.
Tough year ahead for the Yams with no Hibs glamour game to look forward to :greengrin
I was last in main stand for a game vs them in the 90's. I was horrified at the conditions, particularly as people were smoking in the toilets. I've refused to go there ever since & also barred my family from going to that stand. It really should be shut down now.Quote:
Originally Posted by bawheid
Did they actually spend one million on design fees or did they string along the Architect with promises of the commission once the stand received planning permission?Quote:
Originally Posted by greenginger
Either way, spending a million on the old stand would do little to solve the safety issues. A ball and chain is the only way to deal with that!
STV news...
Gary Locke calls out prospective Hearts owner on her plans for the club.
Clever boy, hound your only real backer even before the 'rubber stamp' makes its appearance. And I thought it was the biggest supporter movement in history, not the Anne Budge show?
Just coming on STV shortly.Quote:
Originally Posted by the_ginger_hibee
Update coming up apparently. Bet it's pish :wink:
Here's the FOH response
http://progress-sc.com/wp-content/up...ruary-2014.pdf
£6m debt after admin? Better than we hoped. :-)
It is vital that supporters understand that is likely £6m needs to be raised over a five year period ?
I'm assuming the £6m figure is the running costs plus bidcos money
"BBC Scotland can reveal"
:faf:
Raising £6m while rebuilding an entire squad, at least 1 season in the championship and also needing a new main stand. Aye nae bother.
All seems a bit premature to me, and it disnae sound like a fan owned club if Budge is already doing Kim Jong Il walkabouts and appointed herself to the chair - wonder if the bubble might still go pop if the real value of the property asset is ever drawn to the Liths attention or indeed the shares remain frozen.Quote:
Originally Posted by H18sry
They tried to get more cash out her but she wouldn't budge.
so that FOH statement says to the effect that the share deal has not yet been done , yet all the yams are spouting that the shares are signed sealed and delivered
This, have we not discussed this 100 times over, no really any new news! Oh and frozen shares not being defrosted anytime soon, which is the key element!
Quote:
Originally Posted by Bajillions
If I was her I'd be praying that the Lith shares remain frozen and the Jambos proceed to liquidation. Getting mixed up in a CVA and bid that looks doomed to permanent austerity followed by failure...all you're doing by getting involved is setting yourself up to be a much hated scapegoat.
Might be the first, probably not the last. So, the £6M is the debt due to BidetCo, not the total needed to keep the club going in running costs/turnover so - and excluding the rebuilding costs for the main stand - they need to raise around £11M
Don't think so. I made it 6.3 m.Quote:
Originally Posted by O'Rourke3
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Looks like Ann Budge is paying £2.5m fir the club and selling to FoH for £6.3m.
She's no daft.
She's no daft. ..no sure about you though ;-).Quote:
Originally Posted by Ozyhibby
Not my reading at all.
She is lending FOH cash. That is all. FOH are buying the club.
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No - she gets her £2.5m repaid but other funds are for working capital purposes.Quote:
Originally Posted by Ozyhibby
I can't help but try to show it in a most negative light. :-)Quote:
Originally Posted by CropleyWasGod
All in all the yams have to come up with £6.3m to take control of the club?
It's effectively a £1000 a yam 5 year payment plan.Quote:
Originally Posted by Ozyhibby
Not sure what happens after the five years. Maybe they start saving up for a new stadium at that point.
Interesting that she is the sole director of Bidco. I thought they had a number of investors - perhaps they still do but they don't want the spotlight or the hassle that would go with it.
Makes you wonder why Donald Ford left though.
You know what, that could be because THE SHARES ARE STILL FROZEN :greengrinQuote:
Originally Posted by PacoLuna
No. On day 1 Bidco buys the club. FOH need £1m in the first year (not sure if that's actually by day 1) to support running costs. That's funds over and above their revenues from season tickets etc. FOH then need to put in £1.4m working capital for at least next 2 years for same purposes.Quote:
Originally Posted by Ozyhibby
When FOH are able, they can repay Bidco the £2.5m used for initial purchase of the club. That has to happen by year 5.
Is my reading.
Oh I expect they'll unfrozen soon as part of the normal procedure of rubber stamping the CVA. That's if they were ever really frozen in the first place.Quote:
Originally Posted by Mikey
Debt free by April and a strike force of May and MacKay blasting Hearts back into the Premiership next season!
So she's a Philanthropist with Hear7s best interests at Heart It's a touching story .Her name came up before so I take it there is substance to this .Has anyone confirmed yet when the Lithuanian Court is meeting to unfreeze the shares and bring this fairy tale to its happy ending .has she passed the due Diligence and Fit and Proper person checks the new SPFL put in place , who knows we might then discover she is in the midst of some mid life crisis and hasn't thought this through .Wonder what her realMotives are .Quote:
Originally Posted by Tyler Durden
From EEN
Great News, BIDCO to run the club for 3-5 years as per the full statement and WE the Foundation of Hearts will have enough from our current members to pay back BIDCO's interest free loan and have 6million reserve in the bank. All great news, pity the EN have only printed the bit about us have to raise 6million, the statement says nothing about we need this to save Hearts, BIDCO (Anne Budge) has kindly done this for us, cheers Anne!!
Wow they're ok then
They can do admin2 and stiff Budge for the 2.5m and drop into the West Edinburgh Pub League.
But she will be Executive Chair though? I understand why she'd want to be on the board to protect her loan but sounds like she wants to run the club.Quote:
Originally Posted by CropleyWasGod
Why are we even interested in hearts main stand . the club know how dangerous it is yet are not worried about their own fans sitting in itQuote:
Originally Posted by brog
the season ticket holders in there don't seem to complain . would not want any body hurt or become ill due to asbestos but if as you say its that bad
then why not close that stand I know they need the wonga but surely fan safety is more important wonga ?
Wonder what happened to them :confused:Quote:
Originally Posted by degenerated
Budge will be running the club, so she'll not be getting stiffed off anyone ..Quote:
Originally Posted by GreenLake
.. which, given some of the jambo bur .. errr .. females .. I've seen, sounds like it's on the money.
Sounds like she WILL run the club to me..... so much for fan ownership hahaha ducking plums.Quote:
Originally Posted by jacomoseven
That suits her down to the ground.Quote:
Originally Posted by StevieC
With "Budgie" - like most Ikea furniture - there's no screwing, its all Tongue 'n Groove.
Old'un but golden - ya for sure
Yep.Quote:
Originally Posted by Ozyhibby
Easy peasy :-)
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How much will it be next month ?Quote:
Originally Posted by CropleyWasGod
Couple of jambos have told me this week that all is sorted, the shares can be unfrozen by UKIO, soon as the meeting is over in March the shares will be popped in the microwave, everything has been agreed down to the finer details and they will be debt free by next season.
Attachment 12010
I've read this properly now, and here's the news:Quote:
Originally Posted by Bajillions
Ann Budge is buying the club out of admin, if all goes to plan. Ann Budge will run the club. FoH will be represented on the Board but will not have control.
At some point in the future, probably at least 3 years away or longer, Ann Budge will hand the club over to FoH if they have paid her money back. There is no legal agreement in place for this yet.
So many questions about this I don't know where to start. It's hardly the 'supporters revolution'' as advertised though, is it?
Ann Budge isn't buying the club. She is lending the money to FOH to enable them to buy it.Quote:
Originally Posted by jacomoseven
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Their delusion about them suddenly being debt free once the Foundation of Idiots get handed the keys to Tynie must have taken a bit of a battering after todays press release from said idiots. Not to mention their 'fan ownership' plan might have to wait a while until Budgie decides to vacate the Chairmans office.Quote:
Originally Posted by NadeAteMyLunch!
If all goes to jambo plans she'll be sitting in a fur coat watching a Champions League tie at Old Trafford in three years time and swig back some Pinot Noir with Fergie after the game discussing the purchase of Rooney with Paterson thrown in to sweeten the deal.Quote:
Originally Posted by jacomoseven
Or even better, maybe she is an undercover Hibs supporter who will take a firm grip of the running of Hearts and make sure they don't cheat for another 30 years or so.
If she isn't buying the club, why is she effectively running it for 3 years?
Certainly sounds like it'll be her club till the Foundation pay her off?
She's protecting her investment. Given the recent history, it makes sense to have a major input in how the club is run.Quote:
Originally Posted by ScottB
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Who owns Bidco? It appears that they buy the club initially? Only director is Ann Budge?
They're not buying the club. FOH are.Quote:
Originally Posted by Ozyhibby
The FOH press release refers to her as the BIDCO director. Not sure if she's the only one.
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@The_FoH: [BIDCO]: BIDCO can and must ONLY sell to #FOH with a binding contract in place. This will take 3-5 years.Quote:
Originally Posted by CropleyWasGod
@The_FoH: [BIDCO]: BIDCO as majority shareholder of Hearts will control the board. Ann will put that in place in due course. #FOH will be fully rep.
I'm confused as usual. :-)
Actually, that has confused me now. It's at odds with yesterday' s press release and the previous statements.Quote:
Originally Posted by Ozyhibby
I'll get back to you :-)
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God they are tiresome. I really couldn't care less what they get up to. I just wish it would stop eating media and football time, energy and coverage. Go bust, don't go bust - whatever, just get on with it.
The quicker they move to a stable new position the better because it is very clear that at that point they are going to have to deal with the reality of consistently living within their means for the first time in decades. And the bonus is that Banderson's guff should run its course pretty quickly after that.
Its not at odds with the FOH statement in my opinion. BIDCO owned & run exclusively by Budge buy the club. Only when the conditions of yesterdays FOH statement are met can BIDCO & FOH then enter negotiations to transfer the club. There is time constraints on this happening (3-5 years). All in the statement.Quote:
Originally Posted by CropleyWasGod
Any recent smoke from FOH and BDO has failed to mention BIDCO's prominence and instead spouted nonsense like 'Greatest Fan Movement Ever'...they have failed to even acknowledge a 3 year period in between where they will donate but have no control.
Does any else see the following scenario unfolding:-
HOMFC are relegated but exit administration and start 2014/15 in the first division. Failing to learn lessons of the past, they over-spend whilst mounting a first division title challenge and compete with The Rangers (who are also spending at riddiculous levels to get out the 1st div, even more so as they are bricking it about finishing second to HOMFC) for the title. They and Rangers return to the Premier League for season 2015/16. They both spend the next season spending way outwith their means trying to give it the big I am in the top league. Eventually, maybe after a few seasons, both run into some sort of financial trouble again.
I just think the arrogant attitudes and delusions of grandeur that people associated with these two clubs will get the better of them. I don't think building things back up quietly, slowly but surely and most importantly for each clubs, sustainably, exists in their vocabularlies.
Bidco Ltd ?
They might need a different name. There already is a Bidco Limited registered with Companies House. Incorporated in 2011 (SC404654) , registered at Woodend Farm, Duns.
It is a Dormant Company, may'be a FoH sleeper. :confused:
Bidco is code name. Its what all the big clubs do. For example, Sevco call themselves Rangers in an attempt to fool us. :-)
On a serious note, what's to stop Bidco having a pile of caveats to allow them to get out of selling to FOH? If it was me I would certainly cover myself. I would also do due diligence before handing over my cash.
interesting wee snippet on FFOH twitter :
BIDCO will acquire 79% shareholding of HMFC
who owns the other 21 % - is Vlad's niece still holding shares ?
The Company is BIDCO (1874) Ltd.Quote:
Originally Posted by greenginger
Not with Ann Budge running the show for 3 years. I think things will be tighter than we first thought. A chairman who has £2.5mill riding on Hearts making it to 5 years with no wild aspirations of 'Champions League glory' or real interest in the club being the 'big' team - chairman purely to see she gets her money back. I'd say a 2nd relegation or championship mediocrity is more likely than SPFL then bust.Quote:
Originally Posted by The Sea-gull
The Queen owns 4.45% of HoMFC shares :greengrinQuote:
Originally Posted by SQHib
Bidco is code name. Its what all the big clubs do. For example, Sevco call themselves Rangers in an attempt to fool us. :-)
On a serious note, what's to stop Bidco having a pile of caveats to allow them to get out of selling to FOH? If it was me I would certainly cover myself. I would also do due diligence before handing over my cash.
I propose Budgieco. After all it's all being done on the cheep.Quote:
Originally Posted by greenginger
Where's the gettin' me coat smiley?