Share Transfers Agreed/Cooling off period

[Rasta_Hibs]

Who cares man! If they are going to die let them die in peace!

Big cup final this week, dinnae dirty it by mentioning they chumps!

[Treadstone]

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Just had a conversation with a yam in my work. Now this guy is well educated and very good friends with Leslie Deans.

He just told me, Hearts are now fully self sufficient, will be debt free, in the SPL and owned by FOH next season

I was finding it very hard to keep a straight face during the whole conversation

Ask him what 'fully self sufficient' means as opposed to self sufficient. Is it like being a little bit pregnant?

[robinp]

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Just had a conversation with a yam in my work. Now this guy is well educated and very good friends with Leslie Deans.

He just told me, Hearts are now fully self sufficient, will be debt free, in the SPL and owned by FOH next season

I was finding it very hard to keep a straight face during the whole conversation

They still don't seem to have grasped that they are going to have to settle up 2 different companies, both of which will (hopefully) be in the hands of a state appointed Administrator, £10m + £15m being due, both of which have the main clubs assets offered up as collateral or security against the borrowings (the companies shares and main asset, the crumbling ground).

Offering the admins 3 shillings and a copy of underage voyeurism monthly is not going to cut it.

[greenginger]

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Ask him what 'fully self sufficient' means as opposed to self sufficient. Is it like being a little bit pregnant?

Did he say if Hector was just going to forget about the £ 1.5 million they've agreed to pay.

[Coco Bryce]

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They still don't seem to have grasped that they are going to have to settle up 2 different companies, both of which will (hopefully) be in the hands of a state appointed Administrator, £10m + £15m being due, both of which have the main clubs assets offered up as collateral or security against the borrowings (the companies shares and main asset, the crumbling ground).

Offering the admins 3 shillings and a copy of underage voyeurism monthly is not going to cut it.

The word 'deluded' was made for them, they are absolutely hilarious.

[robinp]

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The word 'deluded' was made for them, they are absolutely hilarious.

The thing about this self sufficient malarkey...are they planning on running an annual series of bake sales, lemonade stands, petting zoos, face painting, kissagrams and self proclaimed potential last game ever, every season in their cash flow projections or was that a dream I had near xmas?

Oh and 1-5, 1902, wee team wee cup, hobo docksiders, killed your club, no longer our rivals 110 etc etc

[Sanger]

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Just had a conversation with a yam in my work. Now this guy is well educated and very good friends with Leslie Deans.

He just told me, Hearts are now fully self sufficient, will be debt free, in the SPL and owned by FOH next season

I was finding it very hard to keep a straight face during the whole conversation

Exactly the same delusional attitude from Robinson to Romanov that got them on the mess in the first place. Some commentators say @feel sorry for the fans". I don't they brought on themselves and lorded over us. Chickens now coming home to roost.

[Part/Time Supporter]

The thing is, they aren't **that** far off "self-sufficiency" once they get rid of Zaliukas et al. The only problem is that this position is predicated on them having mates rates loans from UBIG and Ukio. If the Lithuanian Govt pushes those up to a more realistic rate, let alone demanding capital repayments in addition to the interest, then it would blow a hole of £1M+ in the HMFC budget.

[bingo70]

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The thing is, they aren't **that** far off "self-sufficiency" once they get rid of Zaliukas et al. The only problem is that this position is predicated on them having mates rates loans from UBIG and Ukio. If the Lithuanian Govt pushes those up to a more realistic rate, let alone demanding capital repayments in addition to the interest, then it would blow a hole of £1M+ in the HMFC budget.

What about the fact there turnover will go down MassIvely? They won't have cup finals every year or money spinning European ties plus when they lose there big earners they will more than likely have a pisher team which will likely lead to lower attendances.

I think they must be a million.miles away from breaking even every season.

[Hibby Kay-Yay]

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The thing is, they aren't **that** far off "self-sufficiency" once they get rid of Zaliukas et al. The only problem is that this position is predicated on them having mates rates loans from UBIG and Ukio. If the Lithuanian Govt pushes those up to a more realistic rate, let alone demanding capital repayments in addition to the interest, then it would blow a hole of £1M+ in the HMFC budget.

Are they even making payments on 4% just now? From looking at the accounts they are paying 20k a month when it should be nearer 37k? Unless I've picked this up wrong? Plus where will they get 10million and 15million respectively when they fall due in a couple of years??

Oh yeah, forgot, a membership scheme, cake bakes and players worth millions that they will sell on!

[JeMeSouviens]

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The thing is, they aren't **that** far off "self-sufficiency" once they get rid of Zaliukas et al. The only problem is that this position is predicated on them having mates rates loans from UBIG and Ukio. If the Lithuanian Govt pushes those up to a more realistic rate, let alone demanding capital repayments in addition to the interest, then it would blow a hole of £1M+ in the HMFC budget.

Another problem is they've probably blown most of the ST money they've taken in for next season on this season's wages. Barring new owners with very deep pockets they're going to be running out of cash again.

[Part/Time Supporter]

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What about the fact there turnover will go down MassIvely? They won't have cup finals every year or money spinning European ties plus when they lose there big earners they will more than likely have a pisher team which will likely lead to lower attendances.

I think they must be a million.miles away from breaking even every season.

Turnover doesn't tend to fall or rise that dramatically. That was part of their problem, they thought that by "investing" in the team that income would increase significantly - more through corporate support than gates. Their crowds did go up a bit initially, but there was little additional income from other sources. Some of Romanov's rants railed at the Edinburgh business community for failing to support them.

Even if Hearts were completely guff on the pitch and battling away, their crowds probably wouldn't drop below 10-11K and their corporate income would be largely intact. For example, Wonga have already signed up.

[YehButNoBut]

More leaving the sinking ship?

http://www.bbc.co.uk/sport/0/footbal...medium=twitter

Hearts: Edgaras Jankauskas & board member leave club

Edgaras Jankauskas is leaving his role as Hearts assistant manager, with director Julija Goncaruk having departed the club's board. Former Tynecastle player Jankauskas joined the backroom staff last summer.

"It has been a great experience, an honour and privilege to have been here as assistant manager for a year," the Lithuanian told the Hearts website.

Goncaruk is niece to major shareholder Vladimir Romanov and was involved in retail and commercial operations.

She first became a director in 2005, previously worked at Romanov's company UBIG and remains the sole director of Quantum Holdings, a Swiss-based company
which owns 15% of Hearts.

[Crazyhorse]

Goncaruk is niece to major shareholder Vladimir Romanov and was involved in retail and commercial operations.

She first became a director in 2005, previously worked at Romanov's company UBIG and remains the sole director of Quantum Holdings, a Swiss-based company
which owns 15% of Hearts.[/QUOTE]

Is this of any significance?

[Crazyhorse]

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Just had a conversation with a yam in my work. Now this guy is well educated and very good friends with Leslie Deans.

He just told me, Hearts are now fully self sufficient, will be debt free, in the SPL and owned by FOH next season

I was finding it very hard to keep a straight face during the whole conversation

They seem to swing between gallows humour and spouting this sort of rubbish to keep their spirits up I suppose.
Unfortunately for them the noose really is tightening ....

[Baldy Foghorn]

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They seem to swing between gallows humour and spouting this sort of rubbish to keep their spirits up I suppose.
Unfortunately for them the noose really is tightening ....

Nothing unfortunate about that

[scoopyboy]

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More leaving the sinking ship?

http://www.bbc.co.uk/sport/0/footbal...medium=twitter

Hearts: Edgaras Jankauskas & board member leave club

Edgaras Jankauskas is leaving his role as Hearts assistant manager, with director Julija Goncaruk having departed the club's board. Former Tynecastle player Jankauskas joined the backroom staff last summer.

"It has been a great experience, an honour and privilege to have been here as assistant manager for a year," the Lithuanian told the Hearts website.

Goncaruk is niece to major shareholder Vladimir Romanov and was involved in retail and commercial operations.

She first became a director in 2005, previously worked at Romanov's company UBIG and remains the sole director of Quantum Holdings, a Swiss-based company
which owns 15% of Hearts.

Getting the Liths out the country before the bulldozers move in in case of reprisals.

[Crazyhorse]

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Nothing unfortunate about that

True. And I'm going to tell you something. When that rope starts to pull tight, you can feel the Devil bite your ass.

[Crazyhorse]

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True. And I'm going to tell you something. When that rope starts to pull tight, you can feel the Devil bite your ass.

Your little icon made me think of Blondie..

[Mister P]

Evening news, page 56-57

£25m in debt
£22m exchanged in a debt for equity deal
£15m+ of player sales from Craig Gordon onwards

And they're still up a gumtree.


Happy days!

[JeMeSouviens]

Bazza's effort is here:

http://www.scotsman.com/edinburgh-ev...cess-1-2939671

[Part/Time Supporter]

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re: the possibility of the Council building a new Yam stadium, there is an interesting stushie developing in Northern Ireland. Crusaders FC is complaining that the proposed redevelopment of Windsor Park (funded by the NI Government) breaches competition law because it would be effectively state aid to Linfield.

http://www.bbc.co.uk/sport/0/football/22616193

This is in light of investigations started by the European Commission into similar aid for some Dutch clubs, including PSV.

http://www.bbc.co.uk/news/world-europe-22024669

Further to this case, a judge has allowed Crusaders to take the proposed investment to judicial review.

http://www.bbc.co.uk/sport/0/football/22625278

[Dashing Bob S]

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Stadiums?
Where the yams are going city park would meet requirements.

Is Meadowbank not due to be demolished?

They will hard pushed to play in any league, at any level, next season. I think we'll have to do with a few years of no Hearts before they reconstitute, groundless, and try to work their way back up through the lower leagues.

The next derby should around 2023/24.

[Platinum Scotty]

Not sure if its been mentioned before, but this is on the Evening News from "Wee Donald Ford"

sounds optimisitic, and a quick check of the company quoted suggests that they are a "one man" operation based at a mail forwarding address................

Sorry if its a duplicate.

Statement on our involvement with a possible bid for Heart of Midlothian FC .Published on May 22, 2013

Crest SportsGroup have been contacted by a number of people during the past couple of days, asking for details about our involvement with the Scandinavian consortium reported to be interested in buying Heart of Midlothian FC in Edinburgh. Whilst we understand that there are a lot of rumours going around and that fans of the club naturally wish to know what is going on with their favourite club, we do not have as a policy to reveal client details or detailed information of our projects to outsiders, be it media or others.

We can confirm however, that we since mid 2012 have been working with a mandate from a group of Scandinavian businessmen, to investigate the situation at Heart of Midlothian FC; including the ownership situation, the finances, and the possibility of a take over.

As part of this process we have developed a comprehensive business case and action plan for the club on behalf of this group of investors and we believe there is a considerable commercial upside in the club given the right management and organisational structure.
We have made contact with the appropriate authorities in Lithuania and elsewhere to gain access to the necessary information, as well as make it known that this group of businessmen may be interested in fielding a bid for the club.

We currently have a team working full time in Kaunas to monitor the situation and keep contact with the appropriate parties in relation to the situation at Heart of Midlothian FC. This team includes the necessary local legal capacity to field a bid for the club and negotiate the terms of a takeover, should a decision to move ahead be taken.

We must stress though, that the final decision whether to field a bid has not been made, and will depend on the outcome of current processes surrounding UKIO Bankas and UBIG as well as other companies related to Vladimir Romanov and UBIG. A bid would be based on a single cash payment to take over the club without the debt owed to UKIO and UBIG and other companies owned and controlled by Vladimir Romanov and his family.

Until instructed to do so, we are prevented by client confidentiality to reveal the identities of the group of businessmen, and their decision to step forward will be taken entirely by themselves when appropriate.
We can confirm though, that most of them have educational background from Edinburgh, and they all consider themselves supporters of Heart of Midlothian FC.
Part of their motivation in this process is to safeguard the club against any future situations like the one that has now arisen as a result of the situation with Vladimir Romanovs companies. To ensure this, they would implement an operating model similar to that used by Scandinavian professional football clubs, where the fans/members play a considerable role in the governance of the club.
We have held initial talks with the Foundation of Hearts and keep an open channel to them including the exchange of information, but no formal agreement on cooperation has been signed.

Crest SportConsulting Ltd and Crest SportInvest Ltd act purely in an advisory function and are not in any way planned or foreseen as owners in a potential future ownership of Heart of Midlothian FC.
Our current mandate ends when negotiations for a possible takeover have succeeded, or a decision not to field a bid has been made.

No further comment will be made at the present time as this may compromise the processes going on in Lithuania and elsewhere.

London/Edinburgh May 22nd 2013
Craig Henderson
Managing Partner

[Keith_M]

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Bazza's effort is here:

http://www.scotsman.com/edinburgh-ev...cess-1-2939671

Interesting stuff, kinda let down by two things:


Where was the investigative journalism to uncover this during the Romanov era?

....and the ever faithful "Cutbacks and squad downsizing leave the Edinburgh club self-sustainable for the future,"

[Waxy]

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Bazza's effort is here:

http://www.scotsman.com/edinburgh-ev...cess-1-2939671

The details of the overspend are ok,though he seems to think the worst that will happen is they'll get a 15pt penalty.
a 15pt penalty should be the least of their worries.

[Gus Fring]

It annoys me he gets the company name wrong, repeatedly. It's called the Ūkio banko investicinė grupė, Not Ukio Bankas investment group (which is the english translation. It's bad form to translate company names when writing about them. normal procedure would be a translation after the original. At least, that's what I was taught. I don't believe Barry has any journalistic qualifications, though. His articles are likely submitted in crayon to be typed up.

[JeMeSouviens]

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Not sure if its been mentioned before, but this is on the Evening News from "Wee Donald Ford"

sounds optimisitic, and a quick check of the company quoted suggests that they are a "one man" operation based at a mail forwarding address................

Well, they do appear to exist ...

http://w162152-pantero.php5.dittdome...-midlothian-fc

Seems to be a consultant (Jambo judging by his twitter feed) hired by the same bunch of Scandis that were mooted as bidders a while back. Sounds like they're hovering in the hope of a cheapo deal with the Lithuanian liquidators. Given the FoH muppets' reaction to them last time they were rumoured, I doubt they have the sort of cash needed.

[The Green Goblin]

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True. And I'm going to tell you something. When that rope starts to pull tight, you can feel the Devil bite your ass.

There are two kinds of people in this world my friend: normal people who live in the real world and yams.

[Sanger]

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Evening news, page 56-57

£25m in debt
£22m exchanged in a debt for equity deal
£15m+ of player sales from Craig Gordon onwards

And they're still up a gumtree.


Happy days!

misses the £8.8 million of debt forgiven by Romanov group Panamanian company. And where did that company get the £8.8m and UBIG get the £22m and £10m from? They borrowed it from Ukio Bankas. A pack of cards!