Flats, flats, glorious flats. Hearts in trouble


A winding-up order against Hearts is hardly newsworthy, it happened in 2009 and 2010, but Vladimir Romanov’s comments this week suggest his days of funding the club have ended.  Much of the debts are owned to the Ukio Bankas, which Romanov is a large shareholder in, while players, small creditors and HM Revenue and Customs are also exposed.

Romanov previously converted a large chunk of Hearts’ debt to shares held by the bank, an investment it is unlikely to see a return on, so the possibility remains that Ukio could write-off the Hearts debt and use their majority creditor status to out-vote HMRC and allow the club to pay as little as a penny in the pound.

This is, however, a seriously worrying time for Hearts fans as well as the club’s creditors.  In Scotland we tend to refer to Ukio Bankas as Romanov’s bank, as though it was a wholly owned business.  It’s not.  Ukio have fiduciary responsibilities to their shareholders, all shareholders.  As such, the prime residential development opportunity off Gorgie Road presents a huge problem.  Hearts previously received a bid of over £20m for their stadium from a housing developer and Ukio will have title to the land.

When Ukio Bankas previously converted Hearts debt to shares they would have slipped straight into the bank’s assets column, irrespective of their resale value.  On paper, there would have been no negative impact for the bank.  Writing-off debt when you hold an asset is a different scenario.  Anyone who believes that a bank can easily walk away from a £20m asset sale has not fully appraised the situation.  Without players, who have not been paid and have been told to find new clubs, or a stadium, there is no football club.

There is a Kodak Moment coming soon at Tynecastle; I predict Livingston FC might be in for another name change in an attempt to harvest some new support.

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  1. DBBIA



    Why should it stop anyone from imploding?



    Why should the authorities help any of them?



    Scottish football is patently unsustainable in its current form and there is no point in the authorities pretending otherwise. It’s all very well for them to bemoan the plight their favourite clubs have got themselves into, but it’s too late.



    Fans could have reacted, could have invested, could have helped bring about change, but they didn’t. Fly-by-nights came in promising untold wealth and unheard of glory and they lapped it up. Auld claes and porridge are too good for them.

  2. Right that’s better. Got all that Celtic nonsense out of the way, let’s get back to Hearts, huns and the horrors of hell.



    Hail hail




  3. A slow burner of a game.



    We started dreadfully, with the early goal loss.



    For the next twenty or so minutes we struggled to get a foothold in the game.



    The lack of confidence stuck out a mile.



    However, by the efforts of one man, we gradually came into the game. That man was Kayal. No wonder he went down with cramp later on.



    He hunted down every ball, right and left. This gave Wanyama the will to also get involved.



    Add Sammi the Magnificent to the mix and we were well in charge.



    A major feature of Matthews’ performance was the support Sammi gave him in defence.



    The rest of the team eventually followed the lead and they all stepped up to the saucer.



    I think Big Dan benefited from the responsibility for young Fraser, although the boy offered good sweeping cover for him, too.



    The only real threat from Rennes was from corners and free kicks and that was/is always a worry.



    Nevertheless a good, timely and confidence boosting win for the club.

  4. ASonOfDan – “What he should be doing is going with the grain rather than against the grain. Hearts have a lot of influential supporters, people who are councillors, bankers, businessmen, all different walks of life. We probably have as wide a range of influential supporters as any club in Scotland.”



    Maybe their pals in RBS or HBoS can lend them cash.



    Oh way…




  5. And another thing.



    When the old crusties sold out to Loadsamoney children of Thatcher, there was no one pointing a gun to their heads. They sold out. Now their clubs are vanishing like wood smoke on a windy afternoon.



    And what a brilliant irony. Thatcher is at the root of the demise of Rangers and Hearts. Oh my aching sides.

  6. Interesting.



    Atletico Madrid, Rennes, Udinese and Glascow Celtic have made ​​a joint complaint for damages against Zion to the CAS. The four companies want to forestall a possible reintegration of the Valais, claiming that it is physically impossible to change the timing of the Europa League. The CAS should say no later than Monday, November 7.



    Above all, the Scots have proved against any kind of restoration of Zion in the competition.



    Today Constantin and his lawyers will be in place at UEFA to discuss the various possible scenarios for reintegration in the European League of Zion, sports scores in hand, rightfully.

  7. Kayal looked like the player of last season again last night and he will need to be again at Fir Park on Sunday. Keep big Wanyama in next to him with hopefully Joe Ledley back fit and young James Forrest who is undroppable at the moment. Midfield is where the game will be won or lost at the weekend and that midfield is equiped to win the battle and give us the platform to take home the much needed 3 points.

  8. Does anyone know what would have happened if Rennes had put one of the balls in the net that time in the second half when there were two balls on the pitch?



    And what would have happened if, rather than stop and point a bit, one of the Celtic players had broken up the park with the other ball at the same time?

  9. Listened to an interview this morning on Talksport with David Jones, a very good, currently our of work manager.


    He seems to have been fitted up by the Police and DPP for sex offenses and has a book about it out just now.



    Was a compelling piece of radio – most unTalksport-like – but seems that his situation was an absolute travesty and a showed up how some people can truly disgrace their professions.



    We need to be very careful we do not allow these things to happen here – esp if this new Offensive Behaviour at Football Bill passes.



    Jones came across as a top bloke and is one very decent manager who may be worth keeping at the back of our minds.



    That said would love to think after last night the current team have turned the corner and could really kick on. Oh, the joy if Lenny was able to pick up the SPL title! Their faces would be very ugly pictures.

  10. Sorry if this has been done to death….



    Samaras. Last night showed two things- Firstly, he reminded anyone who’d forgotten just how good he can be. Secondly, he demonstrated why Celtic can’t really afford to employ him.



    His game only shines when the opposing team are adventurous, attacking, and at least a match for his own. In such situations he is a marvel.



    No team in the SPL does this, bar Celtic. If the move to a proper league ever happens he would be perfect for us. In the meantime, he is too good a player to sit on our bench, and we are too poor to employ square pegs for the few times a year we encounter square holes.

  11. C1st – because the perceived loss, in terms of revenue, and ‘prestige’, would be too great.



    As you know I have serious doubts about whether we’ll ever see the end of the Forces of Dark Backwardness.



    HomFC going down first will increase the urgency to prop the Horribles up.



    I expect in normal business terms there’s no reason why they shouldn’t both be dissolved [preferably in a bath of acid] but Scottish football is not normal business.

  12. ASonOfDan @ 12:50



    Why are you talking like the policeman in ‘Allo ‘Allo ;-)



    Away out for a Happy Friday lunchtime stroll. If you see a grinning, good looking chap with a not so subtle emerald green tie, do say ‘hello’!




  13. If Hearts go first I’m pretty sure there will be little appetite to vote them back in under a pre-pack. Celtic, Hibs for starters, and how many others has Romanov made adversaries of? They are destined for the 3rd division if anywhere.



    So rather than them setting the path for the huns’ return isn’t there more likelihood they will set a precedent that usurps the Govan rescue plan altogether? I could have seen a move to reinstate both and take the heat off the big huns if administration was concurrent, but the quick quid cash injection at Ibrox must mean they are planning to go all the way to last chance saloon with the gorilla. Is Craig Whyte a Burt Reynolds fan?



    Maybe instead of getting the cash from Close Bros they should have gone to Moss Bros for a suit for their own funeral.

  14. the glorious balance sheet on

    Fantastic comeback last night with some clinically taken goals.



    Victor outmuscled everybody else in the middle of the park, Beram fought like a demon for the ball, working doubly hard to win it back whenever he misplaced a pass. Big Dan was solid 2nd half and talked the impressive Marcus Fraser through the game. Adam Matthews was a model of composure in his less favoured let back position.



    James Forrest continued to be the “out ball” in times of need, never afraid to take his man (or more commonly now) men on, take a few kicks and come back for more. And if anyone has a better shot in Scottish football I`ve yet to see them.



    Star of the show – undoubtedly Giorgios Samaras. Always showed for the high ball, that flick on for the second goal had been threatened all game long, worked like a trojan to support Adam Matthews in defence, an incredible Maradona-esque run just a few minutes before another incisive run set up the third. And his defensive work at set pieces was superb.



    What about big Victor doing the keepie ups in the Celtic box when thwarting a Rennes attack and then flicking a back heel pass to Adam Matthews? Class.



    As regards the Scumbos – good riddance to bad rubbish. I look forward to seeing flats and a Tesco Extra there by 2014. In fact I think I will drive 25 miles when the Tesco Gorgie opens just to buy a 4 pack of toilet roll and commemorate the demise of an organisation thats only purpose is to serve as a vehicle for holding rallies for financially challenged fascists who cannot afford bus fare to Mordor.

  15. The Honest Mistake (Sickened) on

    Jobo Baldie 4 November, 2011 at 13:00:


    For goodness sake man!!! Forget about the stroll and make it snow!!!!!

  16. A great result last night which gives us a chance but don’t forget that this is not the group we should have been in. It’s far from easy.



    Hearts in trouble? Oh dear, how sad.

  17. Snake Plissken on

    Robert Tressel



    AS I understand it although I could be wrong, all points gathered by and against Hearts become null and void in the event that they cannot complete the fixtures and therefore Rangers will lose a further 4 points and we would lose none.



    As for their defenders Zaliukas is a decent centre half and would do a job, he certainly is more aggressive than many of our current boys but after last Night I’d say let the young man get a chance first or play Lewis Toshney. Hooiveld I believe is back in January as well.



    I’d take Driver if he could prove his fitness, Templeton, Skacel and Kello if they were going for a song.



    All is not lost in this league.






    They get a 10 point deduction, Motherwell go top and Celtic with a game in hand go a point in front


    Hearts go bust and they get another 4 point deduction – 5 points down


    They lose some players in January to balance the books



    Or better still they lose the tax case and they like Hearts go out of business.



    All of this is possible in different ways and the 10 point deduction is looking increasingly more likely at some point.



    If they get this and more deductions what does their early season form count for? Nothing.


    Celtic get a boost and march on with our injuries gone and our squad fully fit.



    Interesting times ahead.

  18. Good result last night, good performance, although some of the backpasses to Fraser were either frighteningly weak or shots.



    The Comeback Kings did it again, but just for a change, can we no be, get a goal an stay in front Kings.



    I’ll take it though.



    Hail Hail.

  19. Celtic_First at 12:51



    Does anyone know what would have happened if Rennes had put one of the balls in the net that time in the second half when there were two balls on the pitch?



    FIFA’s Laws of the game state:



    If an extra ball enters the field of play during the match, the referee must stop the match only if it interferes with play. Play must be restarted by a dropped ball in the position where the match ball was at the time when the match was stopped, unless play was stopped inside the goal area, in which case the referee drops the ball on the goal area line parallel to the goal line at the point nearest to where the ball was located when play was stopped.



    If an extra ball enters the field of play during the match without interfering with play, the referee must have it removed at the earliest possible opportunity.



    The ruling reads somewhat ambiguous. Hard to know who decides if the extra ball interferes with play.



    And what would have happened if, rather than stop and point a bit, one of the Celtic players had broken up the park with the other ball at the same time?



    Presumably had that happened, the referee would have had to stop play. That would have been funny, to see Celtic break with one ball while Rennes trying to score with the other.




  20. Neil Lennon Is A Celtic Soul Brother on

    Did anyone notice that Sammi was having a pretty poor game until he changed his boots?



    Were these Billy’s Boots?



    Think we should be told.

  21. Jobo Baldie



    The days of Allo Allo and Blankety Blank, Now we have to put with X-Factor…

  22. Neil Lennon Is A Celtic Soul Brother at 13:05



    Did anyone notice that Sammi was having a pretty poor game until he changed his boots?



    Were they the same boots wee James changed into last week against Hibs.




  23. Snake Plissken on

    Rogue Leader



    With that information the team should be



    Forster, Cha, Rogne, Majstorovic, Mathews, Kayal, Wanyama, Commons/McCourt, Forrest, Stokes, Samaras



    We need workhorses on Sunday and that team is enough to beat Motherwell with Zaluszka, El Khadouri, McCourt/Commons, Hooper, Frazer, George on the bench



    Do not risk Ledley or Ki. They will be needed for later in the campaign and if fit they will be useful players for Inverness.

  24. Very happy with the result last night.



    Not happy about being binned at the start of the game though!!

  25. I despise this, Mickey Mouse, SNP mob…



    THE Scottish Government has been urged to think again over its controversial plans to introduce new laws to tackle sectarianism at football.



    All four opposition parties and independent MSP Margo Macdonald united in an attack on the Bill, which has been branded “flawed” and “ineffective”.



    The bid to stop the Bill in its tracks failed as it passed its stage two in the parliament with the SNP’s majority voting it through to the final stage later this year.



    Roseanna Cunningham community safety Minister who is in charge of the Bill said the opposition parties had failed to come up with alternatives and said the public were “sick to the back teeth” of sectarianism at football matches.



    Ms Cunningham rounded on the opposition following the debate in the Scottish Parliament yesterday. She said: “There’s been virtually nothing constructive said by the opposition in this debate.”



    In her speech she said: “As evidenced by the survey done over the summer, the Scottish people have set this Parliament a challenge: to deliver a solution once and for all to a problem the overwhelming majority are sick to the back teeth of. In company with the First Minister, I am prepared to accept this challenge. I hope this Parliament is too. “



    The SNP government has failed to make the case for changes to the law it proposes “We should agree with the Lord Advocate and police that the current response is inadequate. And as a Parliament we should focus on creating the best, most effective measures we can.”



    However Labour, Conservatives, LibDems, Greens and Ms Macdonald said all the SNP had achieved was to unite the rest of the parliament against their proposals.



    A joint statement read: “The SNP government has failed to make the case for the changes to the law it proposes.



    “Concerns have been raised about this Bill by the Law Society of Scotland, the Scottish Human Rights Commission, the Scottish Justices Association, anti-sectarianism organisations, football supporters groups, religious organisations and children’s charities. Their powerful voices deserve to be listened to.



    “If the SNP government exploit their majority to force through this rushed, flawed piece of legislation there is a real risk it will do more harm than good.”

  26. Well done last night to all.


    Bold move to bring on young Marcus rather than switch Vic.


    Continue the bold coaching Neil.


    The midfield balance was better.


    Make people earn their spot.


    Hooper and Commons both showed an appetite.

  27. DBBIA



    What BlantyreKev said.



    Why pretend one club is still a going concern but not the other?



    Mhan, you’re talking like Charlotte Rampling in Sous le Sable.

  28. Afternoon All,


    great game last night, a right wee tonic!



    I’m just curious about the Jam tarts situation. Maybe someone here can enlighten me.


    Can’t the Huns exploit this situation as per Airdrie taking over Clydebank and amalgamate into some horrendous, dare I say it, Super Hun.


    Is there some obvious reason why this won’t happen?



    I’d appreciate any response from those of you in the know.



    Hail Hail!

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