The Adidas deal, Hearts first to move


It is a bit early to call Ann Budge’s early move to cut all Hearts’ staff wages by 50%.  The accompanying offer of termination, which could be accepted by many in the first team squad, indicates what Hearts anticipate the value of footballer contracts will settle at when the crisis is over.

The economic basis that current football contracts were established on no longer applies.  Footballers are worth less money today and going forward than they were a month ago.  Clubs have less money, fans have less money to spend and advertisers have less money to give to TV companies.  Practically every non-discretionary asset class in the world is worth less than before.

I suspect Ann Budge knows this.  She also knows that whether Hearts are relegated or not, they will be better off investing what money they have in the football player market of the future, than keeping what they have.

We have not had a chance to discuss the Adidas deal in any detail yet.  Getting it over the line before the crisis added at least £10m to the value.  If there is a general retail shutdown over the summer, the Adidas contract could be worth £20m less than we got for it.  The importance of this deal grows in tandem with the crisis – and it was stunning to begin with.  Thankfully we have professionals running our commercials.

We’ll talk soon about the consequences and, just as importantly, opportunities in the game going forward.  Celtic are in a good place.

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  1. Happy Friday eve from a pretty darn mild Kentucky.



    First day of spring tomorrow folks and on we march to 9. 




  2. Offices all still open here, bars restaurants etc have no dine in.



    Budge not budging but Prem down south pushing for completion.

  3. Oral and practical exams cancelled in the republic. All students will be awarded full marks for this part of their exams. Remains to be seen what will happen to the main exams in June.

  4. Good point Paul, Decent players on big wages could be a liability. Might help us to hold on to Eddie.


    Can you imagine what a liability the fat Colombian Bassa is to Sevco.

  5. Stop streaming high-def on Netflix, you are going to break the internet!





    European Commissioner Thierry Breton, who is responsible for the EU internal market covering more than 450 million people, tweeted Wednesday evening that he had spoken with Netflix (NFLX) CEO Reed Hastings. Breton called on people and companies to “#SwitchtoStandard definition when HD is not necessary” in order to secure internet access for all.

  6. Canamalar it looks like OCD obsession on

    I suspect Budge is hoping to pAnic a few into accepting, they cannot enforce such an offer so I expect most players especially the ones on decent money to simply run down their existing contract.

  7. Love him or hate him,John James stripping the Huns bare today.Struggling to meet this months payroll,amongst other things.

  8. Anyone out there,thankful for the much maligned PLs prudence.At the moment,we look like a Liner,in a sea of occupied lifebelts.

  9. When the dust has settled I think there might have to be a recalibration of players’ wages throughout football.

  10. I heard the Adidas deal is 5 years @ £12million minimum, £60 million plus a good % of anything sold.

  11. So if a Hertz player takes the termination money they can’t play for the team again this season ( which I don’t think will be restarted anytime soon).

  12. SOT


    Terrible times – some over here just don’t get how serious it is , especially for the elderly. So young adults still socialising – I think London especially is in for a rude awakening.


    Personally me and Mrs Gene can’t totally isolate because of foodbank duties but we’re doing our best.


    Stay safe.

  13. The new huns have been in a dire financial state for much of there existence.



    Yet they are still here.




  14. Canamalar it looks like OCD obsession on

    I expect a forward thinking innovative CEO would have had us in a far better position

  15. !!Bada Bing!! on

    A lot of talk down south of finishing this season when we do start back,and work out 20/21 season whenever

  16. SoT – thanks for the info on Enna the other day.



    We actually stayed in a zero horse town called Racalmuto.



    It seemed a very friendly place like a lot of small towns where they don’t get many tourists.



    Does it have a dark Mafia presence like Enna ?

  17. Gene on 19th March 2020 1:06 pm





    Terrible times – some over here just don’t get how serious it is , especially for the elderly. So young adults still socialising – I think London especially is in for a rude awakening.







    The big risk is that there are a long of people who have the virus but have no symptoms and who are shedding the virus and infecting others.





    Hence the need for a lockdown.

  18. Emdy checked in on the huns??? Media-wise?



    I mean as the newest , auldest and….wurld rekord holdin’ liquidated basket of assets – ye’d think Shortie would have special envoy at the fit o’ yon staircase sportin’ a worried look and raft o’ anxious questions????????? Naw?



    Well, how no?

  19. London’s predominantly pro- European/Labour ..



    Is Boris that evil?



    I personally think Hearts are just a shambles of a club, hence the reason for the wage cuts .. budgerigar is just a mouthpiece that gets far too much media attention ..



    The full fats on the southside will be in full panic mode because they’re on the same sinking vessel!



    Tic tock



    I’ve already purchased a pair of green and white Adidas gazelle to celebrate our new sponsorship 😆

  20. South Of Tunis on




    I’ve never been in Racalmuto but it’s close to Caltanissetta – the Caltanissetta mafia are big on murdering politicians /judges /policemen and journalists.When they aren’t doing that they supply most of Europe’s cocaine business.

  21. Meanwhile, in the plush sanctuary of the Raffles Hotel……………



    ” Paging Mr Gibson………………


    Tellleeee Gram for Mistah Gibson!….


    ……Is there a Mr S Gibson in the lobby please!


    Urgent telllllllllleeeeeeeee gram for Gibson san?”




  22. TURKEYBHOY on 19TH MARCH 2020 12:32 PM


    Anyone out there,thankful for the much maligned PLs prudence.



    Too soon to suggest a statue? :)

  23. There should be a statue to the huns oootside Hampden.



    An amorphous figure , save for the heid, hand carved from lignum vitae ( the densest wood so beluv’d of wee sleekit boolers) and the neck……….formed of well polished brass………the feet, made of clay and encased in brogues, brown ( natch), down-at-heel and of an old-fashioned style!

  24. NHS Highland has cancelled all non-urgent outpatient reviews and diagnostic tests. Mrs Póg, who is a practice nurse, does 2 days a week in a neighbouring NHS Highland GP practice. She is 65 and 5’ 4” tall and today has been designated as the main door enforcer. She had forgotten her lunch so I had to take it over to her, she told me by 11:30 she’d had to pap out two old biddies for non-compliance. When I was there I witnessed another one stand and read the large white board instruction notice then totally ignore it and when Mrs Póg challenged her she denied all knowledge of seeing/complying with the instructions. I don’t envy the very difficult job she does compounded by the fact she will now be known in the family as the Granny granny-basher

  25. SoT – thanks for that.



    In a strange way, Racalmuto waas the highlight of our short trip in Sicily even though we covered Catania, Etna, Aggrigento (which we really liked as well), Palermo, Cefalu and Taormina.



    Maybe it was the friendly welcome plus absence of other tourists.

  26. All SQA exams cancelled.



    First time public exams have been cancelled in Scotland since they were introduced in……1888.

  27. What comes first?



    Sevco go bust.






    Celtic win 9IAR.




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