I thought they couldn't qualify for Europe as they needed to file their accts by the 31st of March to be eligible for a licence. These to my knowledge have yet to be filed.
Tonight the commentator on sky said HoMoFc still had a chance of qualifying if they beat us in the final.
Can anybody shed any light on this?
Results 1 to 30 of 109
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01-05-2012 08:51 PM #1
Hearts and Europe? (accounts published on 3 May)
Last edited by Part/Time Supporter; 03-05-2012 at 06:35 AM.
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01-05-2012 08:51 PM #2
Europe elegibility
Judging by a lack of information to the contrary, and constant reference to the Jambos being a stones throw away from a Europa League place, can we assume that all the talk about their ineligibility because of unaudited accounts and financial irregularities etc. is inaccurate?
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01-05-2012 09:07 PM #3This quote is hidden because you are ignoring this member. Show Quote
Rangers may have submitted 'undercover' accounts to the SFA although if this is the case they would probably have submitted them to the authorities as well.
A 'special case' will probably be used to enable the 'not a going concern' to compete in Europe in the unlikely event that they either beat Hibs in the Cup Final or finish ahead of St Johnstone or Dundee United in the SPL.
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01-05-2012 09:14 PM #4This quote is hidden because you are ignoring this member. Show Quote
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01-05-2012 09:17 PM #5This quote is hidden because you are ignoring this member. Show Quote
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01-05-2012 09:48 PM #6This quote is hidden because you are ignoring this member. Show Quote
Given the statements on Hearts' website about financial support being removed by UBIG and the fact that Hearts' accounts have only been signed off by the auditors for some years because of assurances of this support, things look decidedly dodgy.
They have no accounts filed beyond the 2009-2010 season.
Are the Daily Record on their case? I don't think so. It is the same for the rest of the Scottish Media.
Maybe Alex Thomson will investigate once Rangers have been interred?
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01-05-2012 09:59 PM #7This quote is hidden because you are ignoring this member. Show Quote
Trouble with their Accounts is, that last years accounts although not filed at Companies House until 13/5/2011, are dated as being signed by the auditors on 31/3/2011.
Might be the same this year and the SFA already has copies and the Yams enjoy getting £6,000 penalties from Companies House.
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01-05-2012 10:02 PM #8This quote is hidden because you are ignoring this member. Show Quote
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01-05-2012 10:14 PM #9This quote is hidden because you are ignoring this member. Show Quote
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01-05-2012 10:36 PM #10
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Did they not change the dates of their financial year?
Would this make a difference?Space to let
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01-05-2012 11:07 PM #12
We'll beat Hearts in the final and they'll finish 6th in the table.
Problem solved.
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01-05-2012 11:16 PM #13This quote is hidden because you are ignoring this member. Show Quote
Hope their defenders are as slow.
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02-05-2012 07:46 AM #15
I have spoken to a good few people in the know and the silence is deafening I even asked David Southern !! he would not confirm they had
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03-05-2012 01:14 AM #16This quote is hidden because you are ignoring this member. Show Quote
Beware the end is nigh!
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03-05-2012 05:24 AM #17
Apparently there is a story about Hearts finances on BBC radio this morning.
https://twitter.com/#!/BBCGeoffWebst...17353533636608
Edit: Appears their accounts for the 2010/11 season are being posted to shareholders. Announcing profit for last season and reduced debt from £36M to £24M, due to another debt for equity swap. Now trying to trade without support from Vlad.Last edited by Part/Time Supporter; 03-05-2012 at 05:32 AM.
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03-05-2012 06:04 AM #18
What's a debt equity swap? Is this a we owe money to ourselves kind of thing? I find it hard to believe they managed to shed £12m without a significant sale of a player
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03-05-2012 06:15 AM #20This quote is hidden because you are ignoring this member. Show Quote
The significant thing is that his support is now in the process of stopping. Over the last 7 years his funding has allowed them to spend at least twice as much on players than they would normally be able to do. Hearts now have to find a way to break even without his support, but still having to service £24M+ worth of debt.
There was a lot of scepticism when Romanov said in 2005 that he would fund Hearts by £10M a year for 5 years, but that is more or less what he has done. The problem is they haven't really progressed as a club in that period (same stadium, attendance is about the same, on-field results have been inconsistent at best) and now they have to adjust to a more normal state of affairs. Presumably he will stick his oar in now and again though.Last edited by Part/Time Supporter; 03-05-2012 at 06:22 AM.
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03-05-2012 06:20 AM #21This quote is hidden because you are ignoring this member. Show Quote
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03-05-2012 06:35 AM #22
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They announced a "profit" last year, by virtue of the fact that Vlad gave them an £8m donation.
I expect the same process will have been used this year - so not a debt / equity swap, more likely it will be a forgiveness of debt.
But we shall see later today. As pointed out above, Vlad has actually been very generous to them in recent years.
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03-05-2012 07:32 AM #23
Brian Mclauglin (scoops) tweeted to day hearts have announced they have reduce there debts according to the accounts so i take it they have been done although Late !!!! am sure rangers had to meet a 31st march deadline
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03-05-2012 07:52 AM #25This quote is hidden because you are ignoring this member. Show Quote
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03-05-2012 08:40 AM #26
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It's not him being generous, he has no choice but to do that sort of 'donation' every season (until they cut back big time). Hearts have a debt limit of about £40 million don't they? All of Vlad's donations and debt swaps have been to pull them back from that limit.
Thus far it would appear proper cuts are coming in the summer, an overdue dose of normality for them...
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03-05-2012 08:44 AM #27This quote is hidden because you are ignoring this member. Show Quote
Not on planet Yam apparently. Last year their accounts were published about 3 weeks before their AGM. Vlad says jump and the Yams say " How high " .
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03-05-2012 08:44 AM #28This quote is hidden because you are ignoring this member. Show Quote
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03-05-2012 08:50 AM #29This quote is hidden because you are ignoring this member. Show Quote
I'm struggling to see how there can be a profit from those figures.
£6.9m turnover for the period, with staff costs still over £8m, operating costs at £3.6m and Vlad's cut (sorry, finance charges ) at £1.44m.
The only way there can be a profit surely is counting whatever DFE swap they've done?
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03-05-2012 08:51 AM #30This quote is hidden because you are ignoring this member. Show Quote
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