The generic Hearts thread

Printable View

Show 100 post(s) from this thread on one page

31-05-2020, 11:47 AM
hibbyfraelibby

Quote:

Originally Posted by 04Sauzee

Is that good or bad? 😅

It is certainly not good...
31-05-2020, 11:50 AM
FilipinoHibs

Quote:

Originally Posted by brog

Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

Thanks. Looks very messy. You can see with the players and coaching staff salary liabilities and the reduced income from season ticket sales and match day income they are in trouble. Budge and directors in for a big hit. Only way out is voluntary admin. No wonder she has been going radge.
31-05-2020, 11:54 AM
Billy Whizz

Quote:

Originally Posted by FilipinoHibs

Thanks. Looks very messy. You can see with the players and coaching staff salary liabilities and the reduced income from season ticket sales and match day income they are in trouble. Budge and directors in for a big hit. Only way out is voluntary admin. No wonder she has been going radge.

How does she get her money if that’s the way?
31-05-2020, 12:00 PM
greenginger

Hi

Quote:

Originally Posted by Billy Whizz

How does she get her money if that’s the way?

Loan secured on the club assets ?
31-05-2020, 12:04 PM
Kato

Quote:

Originally Posted by Blurry Face

Really if it is philanthropists looking to put money into Scottish football then it has nothing to do with hearts, they should google SPFL as a starting point.
Unless there are strings attached.

The strings attached are tiny violins for the Jambos.

Sent from my SM-A405FN using Tapatalk
31-05-2020, 12:04 PM
Billy Whizz

Quote:

Originally Posted by greenginger

Hi

Loan secured on the club assets ?

Ok, so are the football debts, so who would be the losers
31-05-2020, 12:13 PM
FilipinoHibs

Quote:

Originally Posted by Billy Whizz

Ok, so are the football debts, so who would be the losers

Voluntary admin would get the directors off hook for the players wages. The Motherwell admin in the end found players wages were football debts after court action. Those liabilities bigger than the loans she has to the club. The shares and FOH money could be complicated legally. Admins would look for a buyer. Someone might offer Budge more than the FOH money, Gillet, and takeover the football debts. That is probably her best out
31-05-2020, 12:22 PM
Ozyhibby

Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.

Sent from my iPhone using Tapatalk
31-05-2020, 12:30 PM
calumhibee1

Quote:

Originally Posted by Ozyhibby

Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.

Sent from my iPhone using Tapatalk

If they went down in normal circumstances and kept the same squad they wouldn’t come straight back up. They’re that bad. With other smaller clubs having to cut costs etc though it could be a very poor league next season so they may well be ok.
31-05-2020, 12:33 PM
hhibs

Quote:

Originally Posted by proud_and_green

Oooooh, not that nice Mr Horne....?

Sent from my G8441 using Tapatalk

More round the bend than Round The Horne,older listeners KEN what's going on.
31-05-2020, 12:37 PM
jacomo

Quote:

Originally Posted by brog

Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?
31-05-2020, 12:38 PM
Eyrie

Quote:

Originally Posted by jacomo

I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?

A liability.
31-05-2020, 12:40 PM
007

What I don't get is why hold back on the transfer of ownership when she's supposed to be continuing to run the show afterwards anyway? Is it a control things as she won't have quite the same authority after the transfer has taken place?

The story given is as it's because they want to have a big celebration when it happens but that seems a bit odd. What does it matter if you complete the process now but wait and have the party when it is possible to do so? All seems a bit strange.

https://www.edinburghlive.co.uk/spor...e-set-18333226
31-05-2020, 12:47 PM
greenginger

Quote:

Originally Posted by 007

What I don't get is why hold back on the transfer of ownership when she's supposed to be continuing to run the show afterwards anyway? Is it a control things as she won't have quite the same authority after the transfer has taken place?

The story given is as it's because they want to have a big celebration when it happens but that seems a bit odd. What does it matter if you complete the process now but wait and have the party when it is possible to do so? All seems a bit strange.

https://www.edinburghlive.co.uk/spor...e-set-18333226

It is maybe the FoH brass that don’t want the transfer just now.

I’m sure there has been questions from the FoH grunts about various financial matters , but they’ve all been batted as confidential information.

When control is passed over all will be revealed. :cb
31-05-2020, 12:52 PM
stuart-farquhar

Quote:

Originally Posted by calumhibee1

If they went down in normal circumstances and kept the same squad they wouldn’t come straight back up. They’re that bad. With other smaller clubs having to cut costs etc though it could be a very poor league next season so they may well be ok.

Where do all the players go then? If released presumably they simply stop playing. Lose lose for everyone.
31-05-2020, 12:54 PM
ancient hibee

Quote:

Originally Posted by hhibs

More round the bend than Round The Horne,older listeners KEN what's going on.

It’s certainly Beyond My Ken.
31-05-2020, 12:59 PM
JimBHibees

Quote:

Originally Posted by brog

Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

Is the director named? Thinking may be Levein hence the reluctance to get rid.
31-05-2020, 01:03 PM
HFC93

Quote:

Originally Posted by Ozyhibby

Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.

Sent from my iPhone using Tapatalk

Surely most of the players will have relegation clauses, which will allow Hearts to move them on?
31-05-2020, 01:07 PM
Tobias Funke

Quote:

Originally Posted by calumhibee1

Hearts philanthropists are like the first lassie you claimed to have ****ged. They were absolutely tidy but they went to a different school so nobody else knew them.

🤣🤣
31-05-2020, 01:38 PM
brog

Quote:

Originally Posted by 04Sauzee

Is that good or bad? 😅

They're due to pay back a loan of £1m to a director & other loans totalling £2m next month.
At end June 2019 they owed trade creditors £2.3m more than they were owed by trade debtors. Our trade debtors exceeded our trade creditors by £600k.
At end June 2019 they had £600k in the bank. We had £5.5m
None of the above is good for Hearts.
They turned around a negative cash flow of £5.3m in 2018 to a positive of £392k this year but that was as a result of nearly £2m (net) in donations.

These numbers are now nearly a year old. Their finances may have improved but as their revenue last year included a cup final & semi final & increased attendances at Murrayfield I doubt their gate income can have increased. If these were our numbers I would be concerned.
31-05-2020, 01:40 PM
brog

Quote:

Originally Posted by JimBHibees

Is the director named? Thinking may be Levein hence the reluctance to get rid.

Not named Jim, I had that thought also but unfortunately I doubt it. If it was Harry P he would certainly be calling it in!!
31-05-2020, 01:42 PM
Ozyhibby

Quote:

Originally Posted by HFC93

Surely most of the players will have relegation clauses, which will allow Hearts to move them on?

No, only to reduce their wages. They have already taken those cuts and the agreement was the relegation cuts were based on their original agreement. Even if it’s as high as a 25% cut then they still won’t be able to earn more elsewhere post covid.

Sent from my iPhone using Tapatalk
31-05-2020, 05:21 PM
zitelli62

There f***** could not happen to nicer people let's not forget what the fat Tory b****** tried to do to us I wont let them die.

Tick tock tick tock
31-05-2020, 06:48 PM
CropleyWasGod

Quote:

Originally Posted by brog

Not named Jim, I had that thought also but unfortunately I doubt it. If it was Harry P he would certainly be calling it in!!

Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.
31-05-2020, 06:58 PM
Ozyhibby

Quote:

Originally Posted by CropleyWasGod

Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.

They better hope there is no admin then because all their friendly creditors won’t get a vote on a CVA.

Sent from my iPhone using Tapatalk
31-05-2020, 08:55 PM
HibbySpurs

Quote:

Originally Posted by jacomo

I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?

They owe it to themselves...
31-05-2020, 08:56 PM
HibbySpurs

Quote:

Originally Posted by JimBHibees

Is the director named? Thinking may be Levein hence the reluctance to get rid.

No way Levein has that sort of money to loan out... Likes the bookies to much.
31-05-2020, 08:57 PM
brog

Quote:

Originally Posted by CropleyWasGod

Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.

I missed that, interesting that it's separate from the Bidco loans. Really looks like the whole financial structure is a house of cards held together by Budge. I think her ego will be their downfall.
31-05-2020, 09:20 PM
CropleyWasGod

Quote:

Originally Posted by brog

I missed that, interesting that it's separate from the Bidco loans. Really looks like the whole financial structure is a house of cards held together by Budge. I think her ego will be their downfall.

It's only 1 line that mentions her, so it's not surprising that you might miss it. Every other reference is to "a" director's loan. Part of me wonders if that obfuscation (?) was deliberate.
31-05-2020, 10:20 PM
RyeSloan

Quote:

Originally Posted by CropleyWasGod

It's only 1 line that mentions her, so it's not surprising that you might miss it. Every other reference is to "a" director's loan. Part of me wonders if that obfuscation (?) was deliberate.

So to be clear Budge is in the hole for £2m in outstanding loans? Half though Bidco interest free and other half directly as a Directors loan at market rates....and that was before the disaster of the last seasons finances and the January transfer panic?

Show 100 post(s) from this thread on one page