Share Transfers Agreed/Cooling off period

[Mikey]

Vlad's playing an absolute blinder, assuming his plan is to let Thursday pass without any intervention from him.

[CB_NO3]

The way this is going looks as if Vlad will put them into voluntry administration. It will all but relegate them, give them a chance to get rid of players. UBIG can accept the CVA offer as they are the main creditor, come back debt free and sell the club for say 10-15 million pound with the stadium included. Will give Vlad a chance to get some money back. By doing this, they will still get the full fee for Wallace that they rejected.

[Mikey]

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Good to see Vlad's still playing hardball with them, looks like either Vlad will bail them out or their goosed.

Unless the auction goes spectacularly well tonight.

You can only empty little Freddy's piggy bank once ye know

[Dave-O]

Billionaire consortium with untold wealth meet vlad with a view to taking over hawrts, meeting lasted all of 10sec.

Vlad: ok gents take a seat, what can a dae for ye!

BCWUTW: we want to save oor club.

Vlad: nae probs, how much you paying me for it.

BCWUTW: Eh!

Vlad: shekels! how much you got.

BCWUTW: we wis wondering if you could just gie us it for nowt like, the team and the groond.

Vlad: away ya bunch o' f****** halfwits

BCWUTW: nae need to be hasty Vlad, we'll gie you 3 cupcakes and there's some hot soup nae pish, it wis done in a microwave.

Vlad: :giruy:

[Viva_Palmeiras]

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Has it been listed anywhere who is in the Hearts consortium?

Business men? Ex players? Rich fans?

The Queen, The Vatican, The Gettys, The Rothschilds, *and* Colonel Sanders before he went tits up. Oh, I hated the Colonel with is wee *beady* eyes, and that smug look on his face. "Oh, you're gonna buy my chicken! Ohhhhh!"

[brog]

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In the first place, agreements were made for payments by instalment; that is normal, and interest would have been taken into account when setting that.

RFC missed those instalments, therefore HMRC had to make a decision. Having been in discussions with RFC, they probably knew how bad things were. They also probably thought, as we all did at the time, that Craig Whyte had first dibs on Ibrox etc. They therefore "knew" that, the minute they took RFC to Court, that would be the end of things and that they would get diddley squat.

And that is what happened, although they probably will end up getting a bit more than they expected. Indeed, by not pushing them sooner, they squeezed a little more VAT out of them.

It's always a difficult call for HMRC to make. I have often had the "you can't get blood out of a stone" conversation with them. They have to walk the line between commercial reality and legality, and that's not easy.

Thanks, in line with what I thought & I assumed Yams would have done something similar, ie partial payments, instalments etc

[cabbageandribs1875]

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Has it been listed anywhere who is in the Hearts consortium?

Business men? Ex players? Rich fans?

Bill Gates

Donald Trump

Sultan Haji Hassanal Bolkiah of Brunei

jammy gits so they are

[jodjam]

Stv news was good. Outside the asbestos dome was a lad with 2 collecting bins. Problem was he was swinging them about. The things were totally empty

[Stevie Reid]

Chris Hoy a "die hard Jambo" according to Gordon Chree. Sure he is.

Also the spokesperson for the government agency looking to implement fan ownership in Scotland said that "Hearts fans hold all the aces" with regards to gaining control from Romanov, as "it's their club". Eh? Probably the most inaccurate statement I have ever heard.

[Twa Cairpets]

At the risk of being very naive, if you take the value of a demolished, cleared and cleansed site at Tynecastle at being around, say £6-8 million, if any offer is less than that then Vlad/UBIG are better off sitting tight and taking the land value when the whole things goes vertically betitted?

[Franck Stanton]

Just watched the STV News coverage of the current fiasco at the pbs. Reporter says one of the items up for auction tonight is a cycling outfit from Chris Hoy - a die-hard jambo he says. Now I recall his tv interview and when pressed to name the football team he followed said " I don't really like or follow football, however , if backed into a corner would have to say Hearts" - Hardly "a Diehard" like claimed. Wish they would just report the issues truthfully. Also went on to say that Romanov has knocked back the offer to buy the club from the consortium of Edin buisness men, says it is nowhere near high enough.

[Seveno]

Vlad has just announced that he is in the process of selling Hearts to Abu Qatada as he believes it will provide the guarantee of a long term future for the club.

[YehButNoBut]

From BBC site http://www.bbc.co.uk/sport/0/football/20315889

Hearts say they have rejected a "note of interest" in the club from the Foundation of Hearts consortium led by businessman Alex Mackie.

But director Sergejus Fedotovas says they will continue to talk to Supporters Direct about a fan-led takeover of the Edinburgh club.

Hearts said in a statement that Mackie's bid "demonstrates a staggering misjudgement of the value of the club".

They say it showed "a worrying lack of understanding of the situation".

Earlier, the group, calling themselves the Foundation of Hearts, told BBC Scotland they had made a formal bid after having a "constructive dialogue" with a view to buying Vladimir Romanov's share in the Scottish Premier League club.

And, in conjunction with Supporters Direct, they hoped to provide a vehicle for fans' ownership and planned to speak to the Hearts board on Wednesday to discuss their bid.

Foundation of Hearts chairman Alex Mackie said that it had been discussing plans for the last two years.

Mackie is unsure how much it would cost to buy out Romanov but believes it would be significantly less than the £50m price tag that the Lithuanian put on the club last year.

Last month, Hearts invited fans to buy shares belonging to Romanov in a bid to support the long-term future of the club.

Financial problems at the club and a tax demand for almost £450,000 has put Hearts under threat and Hearts supporters have been urged to find £2m to help the Edinburgh club survive until the summer.

The club have reiterated their intention to offer supporters an opportunity to take control of the club and that they had entered into talks with Supporters Direct, the official government-backed organisation set up to promote fan ownership of football clubs.

"The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely," they said in a statement.

"At best, it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.

"No evidence was provided on how the club would be operated and resourced after any potential purchase."

Hearts say they remain open to genuine offers but would continue to with their share issue and other fundraising events.

"When we move the club on, it will be to the right people at the right time," said Fedotovos.

"With this in mind, we have held positive initial discussions with Supporters Direct and we have asked this organisation for further talks on how we might be able to structure an appropriate supporter-led buy-out of the club."

Mackie responded by stressing that fan ownership was the goal of his own group.

"We have been working for the past two years to try to convince the current owners that a transition to proper fan ownership was the way forward," he said. "This has involved a great deal of work behind the scenes and, at the weekend, we did make an offer to the club.

"However, we have to announce that this initial offer, which included the foundation paying the £450,000 bill to stop the winding-up order, has today been rejected by the current owners.

"We are now looking to continue our negotiations, which have always been constructive, with them.

"What we aim to deliver is a structure whereby fans have majority control, not the minority percentage which is currently being proposed by the current
owners, and are involved in the management and running of the club.

"The foundation was set up by a group of businesspeople, all Hearts fans and all working in their own time and at their own expense, and we have the backing of the key Hearts supporters' organisations for our plans."

Paul Goodwin, of Supporters Direct Scotland, confirmed that his organisation shared in the Foundation of Hearts' objectives.

[Stevie Reid]

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Just watched the STV News coverage of the current fiasco at the pbs. Reporter says one of the items up for auction tonight is a cycling outfit from Chris Hoy - a die-hard jambo he says. Now I recall his tv interview and when pressed to name the football team he followed said " I don't really like or follow football, however , if backed into a corner would have to say Hearts" - Hardly "a Diehard" like claimed. Wish they would just report the issues truthfully. Also went on to say that Romanov has knocked back the offer to buy the club from the consortium of Edin buisness men, says it is nowhere near high enough.

Heard Hoy saying that too. Ridiculous spin from Chree.

[CropleyWasGod]

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Thanks, in line with what I thought & I assumed Yams would have done something similar, ie partial payments, instalments etc

They have been doing that.

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The way this is going looks as if Vlad will put them into voluntry administration. It will all but relegate them, give them a chance to get rid of players. UBIG can accept the CVA offer as they are the main creditor, come back debt free and sell the club for say 10-15 million pound with the stadium included. Will give Vlad a chance to get some money back. By doing this, they will still get the full fee for Wallace that they rejected.

UBIG wouldn't be involved in a CVA, as they are a secured creditor.

There will be no Administration, or if there is one it will last about half a day. If HMRC get their way, it will be straight to liquidation.

[cocopops1875]

This Auction they are having is all good and well but whats the chances of the 300 max people going being how will i put this BIG SERIOUS BIDDERS ? anyone who has run an auction knows that getting guys P*ssed up and into battle is a fine art, i reckon this will be crawling with folk hoping to get something Cheap, Well i hope so anyway

[Saorsa]

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This Auction they are having is all good and well but whats the chances of the 300 max people going being how will i put this BIG SERIOUS BIDDERS ? anyone who has run an auction knows that getting guys P*ssed up and into battle is a fine art, i reckon this will be crawling with folk hoping to get something Cheap, Well i hope so anyway

hardly surprising when maist of it belongs in a ****in' jumble sale, clum's top

[TheEastTerrace]

Couple of tweets saying they've agreed staged payments with HMRC

[WindyMiller]

It appears the "consortium" were going to pay the Tax (wee bill), and Vlad was expected to just hand over the club.

[Hanny]

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Couple of tweets saying they've agreed staged payments with HMRC

Greg Maxwell ‏@GregMax1
#Hearts agree payment plan deal with #HMRC over tax bill. It lifts the immediate threat of closure.

Chris McLaughlin ‏@BBCchrismclaug
#Hearts agree extention with HMRC to setle bill. #BBCSport

Chris McLaughlin ‏@BBCchrismclaug
#Hearts say HMRC deal possible due to some players agreeing to defer wage payments.

[seanshow]

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This Auction they are having is all good and well but whats the chances of the 300 max people going being how will i put this BIG SERIOUS BIDDERS ? anyone who has run an auction knows that getting guys P*ssed up and into battle is a fine art, i reckon this will be crawling with folk hoping to get something Cheap, Well i hope so anyway

On radio scotland just now, accountant guy representing the Peoples Judi-an front hearts consortium, says the have had the stadium valued..price £5 million

[WindyMiller]

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Couple of tweets saying they've agreed staged payments with HMRC

2 payments to be made by 2nd Dec.

[HibbyRod]

Do we know when the £1.75m Tax Tribunal starts?

[Gatecrasher]

I thought they couldn't defer wages without a reviewing their contracts?

[Golden Bear]

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On radio scotland just now, accountant guy representing the Peoples Judi-an front hearts consortium, says the have had the stadium valued..price £5 million

Do you mean ex player Donald Ford? I think he's an Accountant and Radio Scotland said in an earlier bulletin that he was part of the consortium.

[Stevie Reid]

Disappointing news. Is deferment of wages still punishable by the SPL?

[HibeeMG]

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At the risk of being very naive, if you take the value of a demolished, cleared and cleansed site at Tynecastle at being around, say £6-8 million, if any offer is less than that then Vlad/UBIG are better off sitting tight and taking the land value when the whole things goes vertically betitted?

That bit just made me laugh very loudly for a while.

[Saorsa]

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Disappointing news. Is deferment of wages still punishable by the SPL?

Bloody should be otherwise the rule is pointless. they're still playing players they cannae afford tae pay, that's cheating, pure and simple.

[Pete]

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2 payments to be made by 2nd Dec.

Gate money might just keep their head above eater but the sales-of-work will have to continue.

[Golden Bear]

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Disappointing news. Is deferment of wages still punishable by the SPL?

Not sure, but if both parties involved (Employer & Employee) have agreed that this is their preferred course of action then I don't think that the SPL will really want to get involved.