The generic Hearts thread

[hibbyfraelibby]

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Is that good or bad? 😅

It is certainly not good...

[FilipinoHibs]

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Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

Thanks. Looks very messy. You can see with the players and coaching staff salary liabilities and the reduced income from season ticket sales and match day income they are in trouble. Budge and directors in for a big hit. Only way out is voluntary admin. No wonder she has been going radge.

[Billy Whizz]

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Thanks. Looks very messy. You can see with the players and coaching staff salary liabilities and the reduced income from season ticket sales and match day income they are in trouble. Budge and directors in for a big hit. Only way out is voluntary admin. No wonder she has been going radge.

How does she get her money if that’s the way?

[greenginger]

Hi

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How does she get her money if that’s the way?

Loan secured on the club assets ?

[Kato]

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Really if it is philanthropists looking to put money into Scottish football then it has nothing to do with hearts, they should google SPFL as a starting point.
Unless there are strings attached.

The strings attached are tiny violins for the Jambos.

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[Billy Whizz]

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Hi


Loan secured on the club assets ?

Ok, so are the football debts, so who would be the losers

[FilipinoHibs]

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Ok, so are the football debts, so who would be the losers

Voluntary admin would get the directors off hook for the players wages. The Motherwell admin in the end found players wages were football debts after court action. Those liabilities bigger than the loans she has to the club. The shares and FOH money could be complicated legally. Admins would look for a buyer. Someone might offer Budge more than the FOH money, Gillet, and takeover the football debts. That is probably her best out

[Ozyhibby]

Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.


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[calumhibee1]

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Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.


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If they went down in normal circumstances and kept the same squad they wouldn’t come straight back up. They’re that bad. With other smaller clubs having to cut costs etc though it could be a very poor league next season so they may well be ok.

[hhibs]

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Oooooh, not that nice Mr Horne....?

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More round the bend than Round The Horne,older listeners KEN what's going on.

[jacomo]

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Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?

[Eyrie]

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I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?

A liability.

[007]

What I don't get is why hold back on the transfer of ownership when she's supposed to be continuing to run the show afterwards anyway? Is it a control things as she won't have quite the same authority after the transfer has taken place?

The story given is as it's because they want to have a big celebration when it happens but that seems a bit odd. What does it matter if you complete the process now but wait and have the party when it is possible to do so? All seems a bit strange.

https://www.edinburghlive.co.uk/spor...e-set-18333226

[greenginger]

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What I don't get is why hold back on the transfer of ownership when she's supposed to be continuing to run the show afterwards anyway? Is it a control things as she won't have quite the same authority after the transfer has taken place?

The story given is as it's because they want to have a big celebration when it happens but that seems a bit odd. What does it matter if you complete the process now but wait and have the party when it is possible to do so? All seems a bit strange.

https://www.edinburghlive.co.uk/spor...e-set-18333226

It is maybe the FoH brass that don’t want the transfer just now.

I’m sure there has been questions from the FoH grunts about various financial matters , but they’ve all been batted as confidential information.

When control is passed over all will be revealed.

[stuart-farquhar]

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If they went down in normal circumstances and kept the same squad they wouldn’t come straight back up. They’re that bad. With other smaller clubs having to cut costs etc though it could be a very poor league next season so they may well be ok.

Where do all the players go then? If released presumably they simply stop playing. Lose lose for everyone.

[ancient hibee]

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More round the bend than Round The Horne,older listeners KEN what's going on.

It’s certainly Beyond My Ken.

[JimBHibees]

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Here's the info from the accounts. £870k is owed to Budge & £1m owed to another director at market interest rates! I wonder if those were variable!! Still leaves over £2m unexplained & all due ( though could be extended ) next month. Hmmmm!

Creditors: amounts falling due within one year2019 Loans and overdrafts £3,972 As explained in note 19 the loans from group undertakings and related parties are now of a current nature.
Loans and overdrafts (Continued)Bidco (1874) Limited provided a number of additional short term loan facilities to the company over the courseof the year, amounting to £700k. Bidco (1874) Limited also agreed to extend the short-term loan facility of£170k provided in the prior year, for an additional 12 month period. The total short term facilities owed to Bidco(1874) Limited at 30 June 2019 was £870k. These facilities have been provided on an interest free basis.In 2017, a director provided a £1.75m loan facility to the company for a period of two years. At 30 June 2018,£1.7m had been drawn down. During the current year the company repaid £1m. The loan has been providedat market interest rates. Subsequent to the year end, the director has varied the facility for another 12 monthperiod, with the outstanding facility of £750k increased to £1m.

Is the director named? Thinking may be Levein hence the reluctance to get rid.

[HFC93]

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Hearts are going into the championship next season with the same players they had this season. Very little chance of moving any of them on in the current market. And after the bodged wage cut negotiations the atmosphere between players and club will be strained to say the least.


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Surely most of the players will have relegation clauses, which will allow Hearts to move them on?

[Tobias Funke]

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Hearts philanthropists are like the first lassie you claimed to have ****ged. They were absolutely tidy but they went to a different school so nobody else knew them.

🤣🤣

[brog]

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Is that good or bad? 😅

They're due to pay back a loan of £1m to a director & other loans totalling £2m next month.
At end June 2019 they owed trade creditors £2.3m more than they were owed by trade debtors. Our trade debtors exceeded our trade creditors by £600k.
At end June 2019 they had £600k in the bank. We had £5.5m
None of the above is good for Hearts.
They turned around a negative cash flow of £5.3m in 2018 to a positive of £392k this year but that was as a result of nearly £2m (net) in donations.

These numbers are now nearly a year old. Their finances may have improved but as their revenue last year included a cup final & semi final & increased attendances at Murrayfield I doubt their gate income can have increased. If these were our numbers I would be concerned.

[brog]

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Is the director named? Thinking may be Levein hence the reluctance to get rid.

Not named Jim, I had that thought also but unfortunately I doubt it. If it was Harry P he would certainly be calling it in!!

[Ozyhibby]

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Surely most of the players will have relegation clauses, which will allow Hearts to move them on?

No, only to reduce their wages. They have already taken those cuts and the agreement was the relegation cuts were based on their original agreement. Even if it’s as high as a 25% cut then they still won’t be able to earn more elsewhere post covid.


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[zitelli62]

There f***** could not happen to nicer people let's not forget what the fat Tory b****** tried to do to us I wont let them die.

Tick tock tick tock

[CropleyWasGod]

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Not named Jim, I had that thought also but unfortunately I doubt it. If it was Harry P he would certainly be calling it in!!

Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.

[Ozyhibby]

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Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.

They better hope there is no admin then because all their friendly creditors won’t get a vote on a CVA.


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[HibbySpurs]

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I thought Budge bragged that Hearts have no debt?

What is the proper way of describing a Director’s loan at commercial interest rates to a company which can’t borrow from a bank?

They owe it to themselves...

[HibbySpurs]

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Is the director named? Thinking may be Levein hence the reluctance to get rid.

No way Levein has that sort of money to loan out... Likes the bookies to much.

[brog]

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Note 31 says it's Dr. B. As far as I can see, that loan is unsecured.

All of Bidco's loans are secured over the stadium, and the other assets.

Interestingly, FOH also have security over the stadium, although that is subordinated to Bidco's charge.

I missed that, interesting that it's separate from the Bidco loans. Really looks like the whole financial structure is a house of cards held together by Budge. I think her ego will be their downfall.

[CropleyWasGod]

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I missed that, interesting that it's separate from the Bidco loans. Really looks like the whole financial structure is a house of cards held together by Budge. I think her ego will be their downfall.

It's only 1 line that mentions her, so it's not surprising that you might miss it. Every other reference is to "a" director's loan. Part of me wonders if that obfuscation (?) was deliberate.

[RyeSloan]

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It's only 1 line that mentions her, so it's not surprising that you might miss it. Every other reference is to "a" director's loan. Part of me wonders if that obfuscation (?) was deliberate.

So to be clear Budge is in the hole for £2m in outstanding loans? Half though Bidco interest free and other half directly as a Directors loan at market rates....and that was before the disaster of the last seasons finances and the January transfer panic?