Share Transfers Agreed/Cooling off period

[Part/Time Supporter]

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Is the £8m to get the club, plus take on the debt?

Mark Donaldson said on twitter he think that is just for the club. Whoever takes it over would also have to service the debt to Romanov and pay him rent.

What a guy.

[Ross4356]

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Q&A on hearts site now.

No where near getting a buyer
Only half way to meeting tax and wages due this year
Pleads for fans to continue to buy shares
Might sell Hearts but rent back stadium
Nothing optimistic there at all for hearts fans imo

Untill land prices increase :)

[Spike Mandela]

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Mark Donaldson said on twitter he think that is just for the club. Whoever takes it over would also have to service the debt to Romanov and pay him rent.

What a guy.

Thing is, that isn't even unreasonable.

The reality of Hearts position now should really be hitting home to supporters instead of fantasies like fan ownership of the club. Most buyer's plans so far have hinged on massive debt forgiveness from Romanov but why the hell should he?

He sits back, withdraws funding and unless they can live within their means or find a buyer he will simply let some form of insolvency event take care of matters.

[StevieC]

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Is the £8m to get the club, plus take on the debt?

My guess is that the £8m would be to pay off all current debts (including TAX liabilities). The new owner would then own the club (name, players, history, etc.), but that UBIG/UKIO/Romanov take control of the assets and rent the stadium back.

Similar to the Rangers situation, only nearly twice the cost and with no assets .. although you would avoid liquidation and having to start in Div. 3 as a NewCo.

[Hibbyradge]

3 Are UBIG willing to write off all of the debt or some of the debt in order to do a deal?

It depends on the deal. If the buyer is willing to get the club for nothing like Foundation of Hearts has tried, then there should be no expectation of the debt being written off. UBIG has acquired the club with a similar amount of debt, similar financial situation by paying a consideration for the shares.

http://www.scotsman.com/edinburgh-ev...club-1-2661677

[Dashing Bob S]

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sounds good. torn between wanting them to die or surviving and suffering, looks i'll be happy either way.

I myself wrestle with that confounded dilemma every day, and it never fails to excite or amuse.

[matty_f]

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Mark Donaldson said on twitter he think that is just for the club. Whoever takes it over would also have to service the debt to Romanov and pay him rent.

What a guy.

Just saw the thing on the EEN site, £8m plus take on £22m of debt that's already been shown to be practically unservicable.

Dream on!

[#FromTheCapital]

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Just saw the thing on the EEN site, £8m plus take on £22m of debt that's already been shown to be practically unservicable.

Dream on!

:fenlon

[CraigHibee]

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Just saw the thing on the EEN site, £8m plus take on £22m of debt that's already been shown to be practically unservicable.

Dream on!

haha nobody in their right mind would do that! buy something for 8 million but be saddled with £22million of debt in the process?

[bingo70]

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haha nobody in their right mind would do that! buy something for 8 million but be saddled with £22million of debt in the process?

For a company that makes a 2 million a year loss.

****ing brilliant.

[grunt]

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For a company that makes a 2 million a year loss.

And the rest. Their losses have usually been up towards £8 and £9m (don't have the exact figures to hand).

[Hibercelona]

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haha nobody in their right mind would do that! buy something for 8 million but be saddled with £22million of debt in the process?

You can just imagine how that conversation would go....

Investor: "I would be very interested in purchasing your company."

Vlad: "Well have I got the deal of a life time for you! For just a measly 8 million pounds, you will inherit a whopping 22 million pounds worth of debt and you'll not need to worry about taking care of any of the assets as I'll still have 100% ownership over them."

Investor: "I beg your pardon..."

Vlad: "£22,000,000 worth of debt, for just £8,000,000!"

Investor: *jumps out window*

[JollyGreenGiant]

And there was me getting a little disappointed as things had gone quiet on this thread..........

[greenginger]

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haha nobody in their right mind would do that! buy something for 8 million but be saddled with £22million of debt in the process?

Yeah, but when they pull the plug on the Pink Palace they will be able to claim that it was only done after all other options had failed.

" We tried to sell the Club as a going concern but nobody came up with an acceptable offer. "

" We tried to negotiate a settlement with HMRC but they would'nt accept the loose change in Vlads pocket "

Unfortunately the only other option is liquidation. Will the secured creditors please step forward first .

[#FromTheCapital]

Quote of the day from brokeback:


"VR will write of the debt.

After all, it's his."


Yes you read it right, apparently hearts were debt free before vlad arrived. Thats why they were planning to sell their stadium they have played at for over 100 years and also why they felt the need to sell the club to a russian maniac who nobody had ever heard of and had already been kb'd from several scottish clubs. Apparently all big teams do the same.....

[Hibercelona]

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Quote of the day from brokeback:


"VR will write of the debt.

After all, it's his."


Yes you read it right, apparently hearts were debt free before vlad arrived. Thats why they were planning to sell their stadium they have played at for over 100 years and also why they felt the need to sell the club to a russian maniac who nobody had ever heard of and had already been kb'd from several scottish clubs. Apparently all big teams do the same.....

Kickback kills brain cells faster than any other venomous substance. It's best avoided if you want to maintain any shred of sanity or level headed thinking.

[lyonhibs]

It's fine. Andy "in the know" Webster is confident that enough Hearts fans will succumb to the latest round of Confidence Trickster 101 blackmail emanating from HoMFC and "Family funday" their way out of trouble.

http://www.dailyrecord.co.uk/sport/f...urvive-1458819

I must confess - although it is all most probably too little too late, and I have no sympathy whatsoever for the mugs - a horrid fascination watching the various well intentioned bake sales/pub quizzes etc being put together by The Peoples Front of Gorgie/The Gorgie People's Front. Great participation and genorosity from the Hearts fans on an individual scale, but the sums being raised just aren't adding up, even if looked at cumulatively. The following numbers are almost certainly wrong but I mean, what is it, £2 million to survive until the end of the season less £600k (?) from this paper printing excercise that HoMFC have the gall to call a share issue = 1.4 million.

Let us - generously - say that (on average), these small scale tombolas/sponsored silences/selling the family silver auctions raise about £7,500 each. They need 267 more such events to raise the money. Now. the really interesting figure will be to see what the shortfall is when the share issue closes in a few weeks time. HoMFC is such a toxic investment that no-one who has had enough savvy to accumulate £8, let alone £8 million, will touch them with a bargepole, so we can almost certainly forget the "White Knight on his trusty stead with a briefcase of cash" option.

As long as HMRC et al have the stones to enforce the law of the land, they are f***ed, and the more you think about the sums involved, assuming no further benevolent Romanov involvement, the more this becomes clear.

[Mikey]

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By Barry Anderson
Published on Tuesday 27 November 2012 12:00
The Evening News asked Hearts director Sergejus Fedotovas about the sale of the club. Here are the Lithuanian’s exclusive answers.


1 What kind of deal is the Hearts board looking for from any new owner? Cash for the majority shareholding? Debt repayment plan? Purchase of Tynecastle Stadium?

Apart from the terms acceptable to the current owners, the buyer will need to demonstrate he is a fit person to run the club and he has a realistic plan for running the club successfully. The current owners did not highlight their preferences of any deal, so a reasonable proposal will have a way forward given it reflects the value of the club and is acceptable in principle. As a possible option, the club may be sold and the stadium may remain in ownership of UBIG and leased to the club. This way, the value of the deal for the football club only will be reduced and debt repayment will be linked to the stadium.

2 Will the new owner of Hearts need to buy UBIG’s majority shareholding outright, and if so, what is the price?

In my view the price is the value of the club acceptable to the present owners. It is normal that every individual sees this value in a different way, but the major thing is that it should be reasonable. Offers we received until now were opportunistic rather than reasonable.

3 Are UBIG willing to write off all of the debt or some of the debt in order to do a deal?

It depends on the deal. If the buyer is willing to get the club for nothing like Foundation of Hearts has tried, then there should be no expectation of the debt being written off. UBIG has acquired the club with a similar amount of debt, similar situation by paying a consideration for the shares.

4 The Hearts board must be very pleased with the efforts of the fans so far, raising funds, buying shares and match tickets. Is it more than you expected in such a short time since the share issue began?

The effort is outstanding 
and in my view represents 
one of the best support of fans for a football club worldwide. It is what we were aiming for, as it was required to preserve the club. And I need to be clear – we 
are still trying to reach half 
way through what is required. Many important challenges 
lie ahead – we are still short 
of covering our wage and tax bill undertakings for the 
season.

5 Do you believe a deal can be done to transfer ownership of Hearts before the end of 2012? Or would it be more realistic for fans to expect a new owner to be in place at some point next year?

Offers received by now fall far away from being reasonable. It is unlikely they will be pursued. Things may change next year if bidders will reconsider their position or new bidders will emerge and I know that some people are actively considering things in the background.

6 You have said you 
are keen to give the club to the fans, but realistically fans will not be able to raise 
millions of pounds to buy out Mr Romanov. What do you think a compromise agreement could involve?

A staged transition, combination of owning the club and leasing the stadium or 
combination of an investor and fan ownership, or a mix. Meanwhile, we are working on improving the business of the club that will make it more competitive and more attractive to 
investors.

7 Would you be keen to talk more with Foundation of Hearts and Alex Mackie if they were prepared to 
offer more than £5million to buy the majority shareholding in Hearts?

Getting the club for £5m debt free would be unreasonable, where just several assets of the club are worth much in excess of that. Just Tynecastle Stadium alone is worth much more than £5m. We have a competitive club in SPL, the brand that is well known beyond Scotland. To organise it will take you much more than £5m. I will reiterate – we are prepared to speak to any reasonable buyer. Meanwhile there was no reasonable offer from the Foundation.

Why doesn't Anderson ask him what the current debt figure is?

Why doesn't Anderson ask him who really owns the stadium?

Why doesn't Anderson ask him what UBIG's game plan is? Fedotovas is a director of UBIG and will know EXACTLY what's going on.

[Wee Scottie Dug]

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Why doesn't Anderson ask him what the current debt figure is?

Why doesn't Anderson ask him who really owns the stadium?

Why doesn't Anderson ask him what UBIG's game plan is? Fedotovas is a director of UBIG and will know EXACTLY what's going on.

And why doesn't he ask him - Since April (i.e. when the season ticket 2012-13 Dynamic pricing!! was launched) it has been widely acknowledged that HOMFC have taken in around £6.5m, why only 3 wages into the 2012-13 season(where 2 of them were delayed and taxes are being withheld!!) has the money ran out??

[#FromTheCapital]

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Kickback kills brain cells faster than any other venomous substance. It's best avoided if you want to maintain any shred of sanity or level headed thinking.

True but it also provides some of the funniest material known to man, especially when they are in turmoil

[HIBERNIAN-0762]

What an embarrassing shambles this is...how any supporters put up with this balloon of an owner and hail him at the same time beggars belief..

[clerriehibs]

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why doesn't anderson ask him what the current debt figure is?

Why doesn't anderson ask him who really owns the stadium?

Why doesn't anderson ask him what ubig's game plan is? Fedotovas is a director of ubig and will know exactly what's going on.

are you reading this, barry? You'll never be a journalist. Do you not do hard questions. Eveni the kids are being ripped off by romanov via their mug parents.

[bingo70]

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ARE YOU READING THIS, BARRY? YOU'LL NEVER BE A JOURNALIST. DO YOU NOT DO HARD QUESTIONS. EVENI THE KIDS ARE BEING RIPPED OFF BY ROMANOV VIA THEIR MUG PARENTS.

I think a more tactfull answer is because his bosses don't want him too.

The een are scared to ask any questions that may piss off the club in case they remove cooperation and they then struggle to get there two stories a day from hearts.

Same applies to hibs btw, sure the journalists would like to ask more probing questions but need to think of there jobs and future stories, especially when they wouldn't get an honest answer anyway.

[Kato]

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HOMFC have taken in around £6.5m, why only 3 wages into the 2012-13 season(where 2 of them were delayed and taxes are being withheld!!)

Because they were still paying off debts from last season.

[matty_f]

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Because they were still paying off debts from last season.

And because even before wages, their costs are more than their turnover for the last however many years.

[Hank Schrader]

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Why doesn't Anderson ask him what the current debt figure is?

Why doesn't Anderson ask him who really owns the stadium?

Why doesn't Anderson ask him what UBIG's game plan is? Fedotovas is a director of UBIG and will know EXACTLY what's going on.

The same reasons why the Weeg media didn't ask the pertinent questions about Rangers during the years leading up to their implosion. Toeing the party line and fear of losing readership by stating the facts/bad news about their situation.

[matty_f]

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The same reasons why the Weeg media didn't ask the pertinent questions about Rangers during the years leading up to their implosion. Toeing the party line and fear of losing readership by stating the facts/bad news about their situation.

Think between you and Bingo you've got the answer.

Bingo's point especially rings true - one of the big selling points of the EEN is the Hibs and Yams coverage. IF they peed off either club to the point where they stopped getting any stories at all, then it's going to hit them.

They need to keep the clubs sweet - don't bite the hand that feeds you and all that.

[clerriehibs]

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Think between you and Bingo you've got the answer.

Bingo's point especially rings true - one of the big selling points of the EEN is the Hibs and Yams coverage. IF they peed off either club to the point where they stopped getting any stories at all, then it's going to hit them.

They need to keep the clubs sweet - don't bite the hand that feeds you and all that.

Sorry, don't buy that. The yams are going down the pan ... what happens to income from yammugs for the een at that point? Only bothering to ask utterly inane questions isn't going to prolong the life of the yams one whit. Doing a serious bit of investigative journalism boosts the een income from the yammugs who just might show a bit more interest in what the een has to say. The yams shutting up shop and refusing to speak to the een means exactly what to the een? Nothing; all they get from either club are scraps already in the public domain.

The een has nothing to gain from pathetic cronyism ... and quite a bit from showing a bit of teeth. Except it can't, because its principal yam reporting journalist is a male dangly thing.

[matty_f]

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Sorry, don't buy that. The yams are going down the pan ... what happens to income from yammugs for the een at that point? Only bothering to ask utterly inane questions isn't going to prolong the life of the yams one whit. Doing a serious bit of investigative journalism boosts the een income from the yammugs who just might show a bit more interest in what the een has to say. The yams shutting up shop and refusing to speak to the een means exactly what to the een? Nothing; all they get from either club are scraps already in the public domain.

The een has nothing to gain from pathetic cronyism ... and quite a bit from showing a bit of teeth. Except it can't, because its principal yam reporting journalist is a male dangly thing.

Whether you buy it or not doesn't change the situation that without that pathetic cronyism, the paper doesn't get the stories. The gritty investagitive journalism only really helps when there's a big story, it doesn't shift papers on a slow news day, week, month.

The status quo suits all parties, Hibs/Yams get stories - mostly positive - regularly in the papers, and the EEN keeps it's readership happy.

[Hibrandenburg]

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Think between you and Bingo you've got the answer.

Bingo's point especially rings true - one of the big selling points of the EEN is the Hibs and Yams coverage. IF they peed off either club to the point where they stopped getting any stories at all, then it's going to hit them.

They need to keep the clubs sweet - don't bite the hand that feeds you and all that.

Disagree. They should have declared war on Vlad years ago and sent out rallying calls for the fans to save their club before it was too late. If they'd been clever about it then they might even have got a fair amount of Hibbies on board. Instead they've played along with the yams and fed their delusions of grandeur.

As it is, all they now can do is sit back and wait for the inevitable to happen and feign outrage when the impossible happens.