Share Transfers Agreed/Cooling off period

[basehibby]

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Quote attributed to Bob Jamieson in this morning's Scotsman:

“I’m a lifelong Hearts supporter who has kept an interest in this club for some time. Hearts is a club with a great reputation, it is 140 years old and has the potential to attract a big customer base even around Edinburgh. Neutrals would come to Hearts because it is a nice venue and there would be space. They were always a glamour club for me and have a good reputation for doing things properly.”

Dear Bob
What planet have you been on for the past 12 years?
or
Can I have some of what he's been having?
or
Are you in such denial that you are unable to be honest with yourself?
or
Just beat it weirdo!

Glamour Club?!? The fans of that Bloodied Turd coloured institution are famed for stretching the credulity but GLAMOUROUS?!?!? FFS there is more glamour in a dose of botulism - maybe he's getting glamour mixed up with glitter - they were always a Glitter club - now THAT would make sense.

As for "good reputation for doing things properly" words fail me!

[The Falcon]

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Any danger that a newco proposal could include Tynie like the Rangers situation? Who'd have though tens of millions of quid of property could have been bought for £5m?

Ibrox, Murray Park and the car park area were bought by Newhun for the princely sum of £1.5m. The properties were valued in the Rangers accounts, prior to their demise, at over £100m and were independently valued by The Rangers a matter of weeks after their acquisition for, from memory, £40m.

[Golden Bear]

The rats are emerging from their holes and showing their true colours. I always suspected that Anderson was one of the maroon balloon persuasion.

[scott7_0(Prague)]

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Ian Murray has said they have another source of finance aside from the pledges. It would be deeply stupid of him to say this if it was just a bluff.

I don't think it's impossible that they could have secured a lump sum up front, but if its a loan that needs to be repaid, what's it secured against? I presume the only option is the freehold for the PBS.

I am hearing the bid will be close to 3m, with 1.5m upfront and 1.5m in 12months.

Anyone else starting to hear the fat lady sing?

[Prof. Shaggy]

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Yup, now Jumbo Jim says the Romanov era was a disaster:

Disgusted.

Anyone with any integrity would have spoken up years ago.
Even some of the players tried to.

[Waxy]

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Ian Murray has said they have another source of finance aside from the pledges. It would be deeply stupid of him to say this if it was just a bluff.

I don't think it's impossible that they could have secured a lump sum up front, but if its a loan that needs to be repaid, what's it secured against? I presume the only option is the freehold for the PBS.

Hope it's nothing to do with the council/government or other MPs

[CropleyWasGod]

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Ibrox, Murray Park and the car park area were bought by Newhun for the princely sum of £1.5m. The properties were valued in the Rangers accounts, prior to their demise, at over £100m and were independently valued by The Rangers a matter of weeks after their acquisition for, from memory, £40m.

£5.5m, no?

[JeMeSouviens]

From Sickbag:

Surely the bid will have to be >£4M?

The liquidators will value Tynecastle at or around that .
I appreciate there are significant deconstruction & decontamination costs before the site could be made fit for rebuilding though.

Admirable self awareness there I thought.

[Makaveli]

Jeffries?

Rewind a few years and this grovelling prick was hiding in a changing room waiting on a phonecall from the Dear Leader.

Happy enough to take a tainted wage when Vlad could be bothered to pay it, eh? They really are a shameless species.

7-0, 6-2, CIS final, relegated by Hibs. Cheer up!

[SMAXXA]

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From Sickbag:



Admirable self awareness there I thought.

[down-the-slope]

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Disgusted.

Anyone with any integrity would have spoken up years ago.
Even some of the players tried to.

Yup the 'Riccarton Three' are the only ones with integrity and the moral high ground to comment.....

[hibeesjoe]

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

[Matty_Jack04]

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According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

My thoughts as well you have FOH on one hand as u say dependant on at least 5k people not loosing there jobs,having kids,moving house etc etc and then club9 who have already failed numerous times at taking over football clubs, it's bleak very very bleak and very very pleasing

[Peevemor]

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According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

Once the immediate danger of extinction has passed, I suspect the majority of DDs will be cancelled.

[Andy74]

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Yup the 'Riccarton Three' are the only ones with integrity and the moral high ground to comment.....

Not really - they weren't complaining about unsustainable spending or the unfairness in terms of the competition.

They were complaining about internal practices that they thought were hampering their ability to take their rightful place challenging at the top.

They also backed down a bit when there were chances of returns, just like the rest of them.

[Hibercelona]

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According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

The numbers will begin to dwindle as more and more struggle to cover their bedroom tax.

[Phil D. Rolls]

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Wouldn't Morton be 'invited' to the top division (or maybe that was for the separate SPL last season) and could say no? I wonder if they would turn down the chance of a season in the top division (especially as we are certs for relegation without the Thumb blah blah 5-1 etc etc).

I reckon Morton are as well in the SPL this year. If they live within their means, and pocket a visit from Celtic. Then it's back down to D1 and two visits from Sevco.

[HUTCHYHIBBY]

The attempted re-writing of recent history from down Tynie is lamentable.

Is it only us that can see it? Or are the MSM not interested enough to accurately report the situation?

[Waxy]

As far as i remember yams have always turned easily once results go wrong.
And this year will be a belter IF they somehow play SPFL.
How much in pledges will be left when they go down?

[CropleyWasGod]

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The attempted re-writing of recent history from down Tynie is lamentable.

Is it only us that can see it? Or are the MSM not interested enough to accurately report the situation?

We are the only ones who are obsessed

[Phil MaGlass]

Unbelievable, working at the council and earning 123K per year

[MurrayfieldHibs]

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According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

The FOH model may be ok for working capital but I can't see it coming up with the initial capital the Liths will want for the club+ground although there was a comment from Ian Murray about the DD set up leveraging in the capital for the initial purchase (if you believe what IM says).

However, if you run a couple of FOH DD scenarios:-
1) HOMFC have a good start and pick up some points and the DDs mostly continue with some gradually cancelling because of personal reasons.
2) HOMFC youngsters start getting stuffed, crowds fall, key players get injured/suspended, fans get annoyed with management/team/situation because they have been used to overspending for decades, knocked out of cup early. Many DDs get cancelled and working capital goes into a death spiral.

[Hibbyradge]

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[COLOR=#800000]

Wouldn't it be funny if these guys bought the stadium and began demolition, only to be told that the ground was so toxic due to the noxious effluvia from the distillery next door that they couldn't build anything on for at least a hundred years?

Oh, Doddie, you are awful...

[HUTCHYHIBBY]

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We are the only ones who are obsessed

Typical wee team mentality.

[Andy74]

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The FOH model may be ok for working capital but I can't see it coming up with the initial capital the Liths will want for the club+ground although there was a comment from Ian Murray about the DD set up leveraging in the capital for the initial purchase (if you believe what IM says).

However, if you run a couple of FOH DD scenarios:-
1) HOMFC have a good start and pick up some points and the DDs mostly continue with some gradually cancelling because of personal reasons.
2) HOMFC youngsters start getting stuffed, crowds fall, key players get injured/suspended, fans get annoyed with management/team/situation because they have been used to overspending for decades, knocked out of cup early. Many DDs get cancelled and working capital goes into a death spiral.

I don't follow what FoH are really saying now. Why would they need ongoing working capital. Surely the aim is for the club to only spend what it gets in? I'd assumed they needed the income to repay initial lending they would need to arrange to buy the club. That was the initial intention was it not, to raise the cash to fund a purchase?

[Treadstone]

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I reckon Morton are as well in the SPL this year. If they live within their means, and pocket a visit from Celtic. Then it's back down to D1 and two visits from Sevco.

Derby against St Mirren as well.

[CropleyWasGod]

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I don't follow what FoH are really saying now. Why would they need ongoing working capital. Surely the aim is for the club to only spend what it gets in? I'd assumed they needed the income to repay initial lending they would need to arrange to buy the club. That was the initial intention was it not, to raise the cash to fund a purchase?

Because they have already spent the ST money and there will be fewer walk-ups during the season.

[Andy74]

The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

[Andy74]

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Because they have already spent the ST money and there will be fewer walk-ups during the season.

I get that next year but that seems to be their ongoing model for fan owership? Keep taking money from fans to spend more cash than they would get from tickets etc?

[Viva_Palmeiras]

"Lifelong ... Taken an interest... for some time..."
This is a guy that doesn't know the difference between his shoes and his kex ;)