Share Transfers Agreed/Cooling off period

[Wee Scottie Dug]

This quote is hidden because you are ignoring this member. Show Quote

Serious question. Does anybody know how much Hearts need to find by Friday for the wages?

Must be around £420K ........ Being the well publicised £5M annual wage bill / 12 ....... Might need a few more bake sales and auctions to raise that !!

[ScottB]

Lets stop and consider just what they will have to do to survive the season.

First thing tomorrow, cut back on everything possible, staff begged to leave, ask players to make their own ways to away fixtures, bail out of any all expenses that aren't essential to putting a squad out for a game.

Stop picking players with pricey bonuses / appearance fees, unless they agree to waive them. Try and convince any / all players to donate their wages to the clubs emergency fund / go without in exchange for a free transfer in January.

Keep begging the fans for money, flogging anything and everything to them to meet the various tax bills. At least another £200k for the one due this week, and another few hundred grand for the others that will fall due before the end of the year.

If still going in January, sell anyone who can be sold / release anyone on any sort of serious wages if they will go.


Surely this is exactly what they will have to do? If they are still alive at the end of January it'll be a youth team earning peanuts getting hammered in front of a support bled dry by 3 months of begging letters and share issues...

[ScottB]

This quote is hidden because you are ignoring this member. Show Quote

Must be around £420K ........ Being the well publicised £5M annual wage bill / 12 ....... Might need a few more bake sales and auctions to raise that !!

That presumably won't include the NI and PAYE they will owe with it either...

[iwasthere1972]

This quote is hidden because you are ignoring this member. Show Quote

Must be around £420K ........ Being the well publicised £5M annual wage bill / 12 ....... Might need a few more bake sales and auctions to raise that !!

My thoughts as well. Somewhere between £400K-£500K.

Can't wait until Friday.

edit: Just heard that the players have agreed to defer this month's wage. Booger.

[Bostonhibby]

This quote is hidden because you are ignoring this member. Show Quote

My thoughts as well. Somewhere between £400K-£500K.

Can't wait until Friday.

edit: Just heard that the players have agreed to defer this month's wage. Booger.

Take some comfort from the possibility that one of the deferee's may well be Ryan Stevenson.

[Wee Scottie Dug]

This quote is hidden because you are ignoring this member. Show Quote

That presumably won't include the NI and PAYE they will owe with it either...

Guess not . . . . . . Assuming recent bill was a quarterly one then that's about £150K more needed . . . Just as well there's only 7 more wage months to get them through to the end of the season . . .

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

Serious question. Does anybody know how much Hearts need to find by Friday for the wages?

They had 57 non playing staff according to there last accounts , say they have cut that to 40 , add another 40 for coaching and junior players, makes about 80 employees on just above minimum wage say £ 325 /week ; that makes a monthly total of £ 104,000 due on Friday less of course the tax, make it £ 80,000 due on Friday.

[GreenCastle]

This quote is hidden because you are ignoring this member. Show Quote

So they get an extension, big deal.

One thing that tells me is Vlad was never going to bail them out by paying himself as he clearly either has no cash or couldn't be ersed.

They are also deferring wages, basically robbing from Peter to pay Paul. The wages will still need paid at some point.

I also think this decision will slow down any momentum built up by the supporters when it comes to the fundraising.

Out of interest what exactly are the SFA or SPL doing about this? Clearly not paying tax and now not paying wages on time for 3rd month in a row shall lead to more sanctions?

They still need to find a large amount of money to keep themselves operating and I imagine the plan is to make it till January so they can sell some players - the problem is they haven't got many decent players to sell and now everyone know's how poor they are so you can imagine the bids for players in January being very low.

The share issue is still a load of nonsense as long as Vlad is the majority shareholder - he is taking them for a serious ride and trying to get some of his lost money back.

The next few months and how the yams are going to be looking as a team in 2013 is going to be very interesting to see.

[iwasthere1972]

This quote is hidden because you are ignoring this member. Show Quote

They had 57 non playing staff according to there last accounts , say they have cut that to 40 , add another 40 for coaching and junior players, makes about 80 employees on just above minimum wage say £ 325 /week ; that makes a monthly total of £ 104,000 due on Friday less of course the tax, make it £ 80,000 due on Friday.

They wish.

[The_Sauz]

This quote is hidden because you are ignoring this member. Show Quote

They had 57 non playing staff according to there last accounts , say they have cut that to 40 , add another 40 for coaching and junior players, makes about 80 employees on just above minimum wage say £ 325 /week ; that makes a monthly total of £ 104,000 due on Friday less of course the tax, make it £ 80,000 due on Friday.

Are you sure that's correct

[greenginger]

Vlad knocking back chuckie Greens £ 500 K before there was any deal with HMRC suggests he would of happily allowed the club to be liquidated.

of course, they might not turn up with Thursday's Tax installment for HMRC.

[iwasthere1972]

This quote is hidden because you are ignoring this member. Show Quote

Vlad knocking back chuckie Greens £ 500 K before there was any deal with HMRC suggests he would of happily allowed the club to be liquidated.

of course, they might not turn up with Thursday's Tax installment for HMRC.

Keep up man. That along with the wages has been deferred. Do you know how long it takes to make 100,000 fairy cakes?

[The Green Goblin]

Well, I think the yams should be really angry, cos if the creditors are let down, its them that will suffer. After all, its all debt that they owe to themselves, therefore if they don't pay up, they could lose millions.

[Springbank]

Should we pay hearts the Scottish cup gate money on time? I don't know. Tell you what, let's ask Arbroath FC what they think.

[Bristolhibby]

Are we forgetting that is UBIG goes mammeries verticaly skywards, then HoMFC's not continuing is academic.

What was it somebody was saying 12% drop in share value in two days. That's bad.

J

[Saorsa]

This quote is hidden because you are ignoring this member. Show Quote

Should we pay hearts the Scottish cup gate money on time? I don't know. Tell you what, let's ask Arbroath FC what they think.

Personally I wouldnae have let them sell the tickets and would have held the dosh 'til the last possible minute

[Treadstone]

Euromillions won in France . Keep baking the cakes lads.

[truehibernian]

This quote is hidden because you are ignoring this member. Show Quote

Personally I wouldnae have let them sell the tickets and would have held the dosh 'til the last possible minute

Nah, far better beating them and putting them out the cup DD - January is going to be the real time for Hearts to start worrying, trust me.

[Saorsa]

This quote is hidden because you are ignoring this member. Show Quote

Nah, far better beating them and putting them out the cup DD - January is going to be the real time for Hearts to start worrying, trust me.

Only if you never wanted them tae go bust yesterday

[truehibernian]

This quote is hidden because you are ignoring this member. Show Quote

Only if you never wanted them tae go bust yesterday

There's more bills on the way I'm hearing ;-)

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

Euromillions won in France . Keep baking the cakes lads.

Anyone seen Peevemor this morning?

[Saorsa]

This quote is hidden because you are ignoring this member. Show Quote

There's more bills on the way I'm hearing ;-)

Yeah, lots, I still believe they will be gone soon, yesterday was only a stay of execution IMO, it's just a pity it happened that's all, again just my opinion.

[Kaiser1962]

This quote is hidden because you are ignoring this member. Show Quote

IF some sort of deal with the SPL has been struck to allow them to defer players wages, I'll be raging. The whole point of these sanctions was to punish clubs who signed players on big wages that they couldn't afford i.e. cheating. If they allow this to happen the SPL should get a list of all the players who are not receiving there wages and ban them from playing until they have been paid. Otherwise they are getting away with cheating again and the rest of the teams who have to play against these players may suffer because of it.

Cheating barstewards

This is my view and I would extend it further by adding future potential for bullying and intimidation in there as well. If they get away with it this time then what happens if certain individuals, not only players, are perhaps not so keen on "deferring" and the Yams need 10 of them to do so? Are the office staff told if they dont defer, so that player A can be paid, their working life will be made even more hellish and, should they leave, the Yam hierarchy will tell the DWP they walked out nullifying any benefit claim.

HMFC have lodged contracts with the SFA and the SFA should ensure that payments are made in accordance with those contracts. Any decision shouuld be removed from the responsibility of individual staff and, if the SFA allow this to happen, they may be leaving themselves open to future litigation. The SFA have a duty to protect all staff at all clubs that come under their governance.

This quote is hidden because you are ignoring this member. Show Quote

Yes they will. There will be another time we all get our hopes up but it'll come to nothing, like this week.

I am not so sure.

They are trying to sell a cigar box that was a gift prior to a european tie along with some faded tops that have been removed from their display cases. They are potless. The biggest worry for them is that it is barely mid November and they cant pay their VAT (they've spent it) and they cant pay their wages. All ST money (their main source of income) is gone. They are surviving now on a day by day basis.

FWIW anyone taking over the yam is going to need substantial capital going forward and unless they abdicate responsibility for the seasons sold by Vlad, I cant see how the Yams can make it to the end of the season. Not only that but any consortium is going to need serious money shortly to renovate the PBS which is showing signs of advanced deacy and neglect. IF they dont get to end of the season then I cant see the SFA hanging around to make a decision who replaces them, or they will end up with another Dundee scenario. If they go pop before the end of January I suspect its non league for them.

[Peevemor]

This quote is hidden because you are ignoring this member. Show Quote

Anyone seen Peevemor this morning?

J'arrive!

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

J'arrive!

Ou est le piles of cash?

[Peevemor]

This quote is hidden because you are ignoring this member. Show Quote

Ou est le piles of cash?

Dans mon cul!

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

Dans mon cul!

Well keep it there and don't give 50 mill to any Jambos

[JeMeSouviens]

Things we know now we didn't know last week:

1. Vlad isn't going to bail them out.
2. They couldn't raise 450K to save their club (and diminishing returns says ... )
3. Vlad isn't going to write off all the debt.
4. The "consortium" consists of a few guys who want Vlad to give them the club including the ground, write off all the debt and agree to cover any liability from existing tax cases.

The annoying thing is we have to play them in the cup while they've still got a squad costing twice as much as ours and will have a siege mentality.

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

This is obviously what’s happening. Can any of the financial experts on here shed any light on why HMRC would allow the extension when it’s obvious they are only getting in deeper by continuing to honor player contracts which they cannot afford. They are running up more tax liabilities which they cannot pay. They will make almost nothing in Jan player sales as they are all out of contract next summer therefore must rely on match days for income for the rest of the season which is nowhere near enough income. I cannot see how it’s possible for HMRC to allow this to go on any longer? Or am I missing something?

I'm not a financial expert but I assume that as Hearts have been able to show that they will be able to pay this bill (at least) then HMRC will be happy to take the money without regard for what may happen in the near future. It's only when the payments aren't made they'll get pissy with them again.

As I understand (though I'm happy to be corrected) HMRC will get brussell sprout in the event of liquidation as it will all go to Romanov so taking the money today (figuratively) is better than not taking it all, but should they fail to pay in future I'm sure HMRC will issue another WUP and as it looks like they are paying yesterdays bills with tomorrows money it will come to a sticky end sometime soon enough

[Craig_in_Prague]

They are like a dying old limping dog.
They need put down.
Struggling on is just delaying the inevitable.

I am glad I do not pay into the UK tax system. For a company like Hearts and their regular late payments, including some late payments on installments agreed... to then get another extension, on a figure we all keep hearing "isn't that significant"...... is truely astonishing.

Pathetic the whole thing,
and what about our dear SFA/SPL leaders, they will just keep allowing them to keep playing these players that they can't afford... and extend the embargo as maximum penalty.