‘News’ that a football club can actually go out of business will come as a surprise to no one here as Hearts issued a statement saying “Without the support of fans there is a real risk that Hearts could possibly play its last game on 17 November.”
Hearts have two commercial problems: they owe HMRC money they don’t have and their running costs are greater than their income. They also have over £20m of debt owed to major shareholder, Ukio Bankas, which at this stage of their corporate existence is more of an asset than a liability.
The club have asked supporters to cough up around £2m to pay HMRC and see it through until the end of the season. A further £1.7m HMRC demand is being contested but should Hearts lose this appeal, that bill will crystallise quickly.
Unlike the now-defunct Rangers, Hearts major shareholder is due more than 75% of the debt, so Ukio could vote to accept a Company Voluntary Arrangement, possibly for as little as 1p in the £1, if the club goes into administration. This is a well-travelled road for Scottish football clubs who overwhelmingly fail owing shareholders or the bank the majority of their debt.
In this respect, there is no obvious reason why Hearts are in danger of playing their last game next week. Administration would allow the club to shed its debt, including the contested tax bill. It would almost certainly result in player redundancies, which would reduce expenditure below the level of income. Hearts would be diminished as a football club, and would take a 17 point hit in the SPL, but that is as bad as it needs to get. Ukio Bankas would take the largest hit on money they may well have already written-off.
The only thing I see for Hearts fans to worry about is the property value of Tynecastle. Ukio will almost certainly have a charge on all the club’s property assets. If the club disappears, they would be left with the real estate. Tynecastle is worth a whole lot more money as flats than as a football field.
When a company cannot pay its creditors it goes into administration and seeks to negotiate a settlement with them. Hearts can do this “within days if not hours”, as Our Hero once said. It’s just curious that Hearts are playing on the bring rather than sorting things out.
Maybe they could get former player and tracksuit salesman, Maurice something-or-other, to sell some of their assets.
The magnificent 1254125 charity cycle, from birthplace of Brother Walfrid, Ballymote, Co. Sligo, to Celtic Park, got underway yesterday. Today the six cyclists, Paul Muldoon (of this parish), Mark Cameron, Alistair Schulz, Robert Campbell Ray McFarland and Jim Kelly, left Blacklion on a 80 mile journey to Lurgan.
Check out their everyclick page for more information.
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the onlooker at
16:52
Re.: So called the Poznan or Celtic huddle.
Lech Poznan were doing this early in nineties (very early). That way of supporting was called the Poznan not long time ago.
If I remember correctly Lech supporters called it lambada.
That way of supporting the team was the answer on simmilar support by Legia Warsaw fans. We called our support “let’s dance small waltz” but we were not turned back to the pitch.
Lech Poznan fans were telling, they were supporting team, no matter what was the play, just support.
Henr1k
Thanks anyway.
I’ve emailed STV with my complaint about the article.
We have to challenge every lie spouted or it will soon become accepted.
SPF
petec
we’ve come a long way baby…
U
17.29 The Exiled Tim
“I canny believe that nobody mentioned this, tis truely shocking.
Scotland today, and the future if nothing is done about it.”
What a load of tosh!
Done about what?
Its great to live in a country if this any measure of supposed sectarianism.
Firstly the character is not the orange order one
Secondly even so the school may know nothing about it being the similar stock character
Thirdly what is wrong with using cartoon characters to support literacy skills.
James Connolly would be turning in his grave if this is what is being done in his name.
The worst kind of mistaken tabloid sensationalist nonsense, not just lazy journalism now but lazy pressure groups. So very very sad!
A Drum Solo –
michael shrieve – santana CSC
Petec
Just about my favourite film…great NFL footage and AP is superb
SPF
Raman Bawbag is an eejit …dreadful tv presenter
A minutes silence on Sunday.
oh well, I expect the usual fun & games and political nonsense over this issue.
Wiki’s list of female drummers
I would add two locals: Clare Kelly from Glasgow band Suspire and Kay McLaren of Brown Bear & The Bandits from Largs.
Asonofdan
Any chance we are being set up by moving our game to the Sunday ?
Half an hour into SSB and they’ve got Forster, Wanyama, Watt and now Lenny off at the first available opportunity. I feel their pain.
Welcome to paradise Jim
buddy morrisey
‘Its great to live in a country if this any measure of supposed sectarianism.’
Do you actually live in Scotland ya nugget?
Supposed sectarianism?
The bombs and bullets in the post was just banter then?
PR***!
….PFayr
Thank ulysses because that was a really pivotal online moment for me.
http://www.youtube.com/watch?v=Ex1qzIggZnA
Off topic bhoys but a case of institutionalised racism can’t go unchallenged.
epetitions.direct.gov.uk/petitions/41209 Walter Tull, ex Spurs player & war hero essentially had WW1 military cross rescinded because was black. Please sign.
https://submissions.epetitions.direct.gov.uk/petitions/41209
Starryhope
I know of one person who went to Celtic Park who wasn’t a Celtic fan, before he went. ;)))))))))))))
Petec @ 18.25
Watts what I think.
The lure was Barca. ;)
….pfayr
Ask buddy morrisey and his version of Scotland that is Shangri-La…
Buddy Morrisey
Oh dear.
And you call me sad, I despair
I’m expecting the deid club to win tomorrow,I’m going to start making a point on congratulating thems on any victory.
Just like they did on Thursday morning.LOL
Now that i feel a little less intimidated , blame sipsini, I want to
have a moan about our scouting team.
Thiago signed for argentine club Newells Old Boys, where were
our scouts. I`m astounded of forehead that this week old baby
could deal with agents, understand his agents advice and
sign the contract and he hasnt learnt to walk yet.
Starryhope
Done
I urge others to do likewise…a wrong that needs righted
thetimrieper
When we sell Victor for 3.5 Million we will send a scout out there to get ahead of the curve.
;))
Get a result against Benfica (away) and beat Spartak Moscow (home) and we could actually WIN the group!!!!! Not as silly as it might appear these days…..
Oh, how times have changed!
Any thoughts fholks?
NO WAY Big Vic will be going for 3.5 million!!!!! NFL.
All of a sudden in the Scottish msm, oor Lennie , Mr. Francis Neil Lennon, has gone fom being last season’s hate figure and all-around disruptive influence, to being a manager of interstellar class and practically sainted. Fair enough….we’ve always known he’s a proper gent and the mhan for us.
However, the words ‘bandwagon’ and ‘jump’ spring to mind.
I watched THE match with the mrs. this afternoon. Could do the slo-mo thing as and when….Tony Watt, Tony Tony Watt looked like a man possessed as he slotted the ball past Valdez.
I know I’m still going on about it, but it was sooooo good to be part of that night.
Where next? I want to talk the mrs. into jumping in our jalopy (and it is….20 yr. old Polo that runs like a dream. The stereo’s worth more than the car) and driving to Lisbon. Get the ferry to Santander. Get tickets in Lisbon?
Probably just dreaming. But the last 16 should definitely provide an opportunity of at least a couple more European nights. And dreaming of the final itself is a good dream to have.
I admire anyone who’s bought into that dream and have got tickets for Wembley in the belief that Celtic F.C. could be there.
It is football after all : ” The ball is round. The game lasts ninety minutes. All else is speculation. ”
HH!
Can honestly say, their demise cannot come quick enough for me. They are, and always will be , imo, the sons of william. Swinecastle is the worst ground in Scotland, worse than Ibroke for venomous anti Catholic, anti Irish vibes and hostility.
KINGLuBO
….PFayr
How does David Tanner get any sort of gig? I’m sorry that guy is an embarrassing person to be hosting any programs.
We need to get all the Tanners right out and get people like Tom Boyd and other intelligent men who know what is needed to educate Scottish Football. English Football is also an embarrassment although punditry is slightly better than up here. It is players who like the money commenting and they are never the best to listen to.
Spanish journalists seem to me, and I don’t speak Spanish, to have a real in depth knowledge about football.
For the Green Brigade to the tune of Okie from Muskogee.
“We don’t have to drink no Eldorado
We don’t have to take no LSD
All we have to do is follow Celtic
And be faithful to the CFC.
Chorus
No more Rangers
No more Rangers
No more Rangers for the Celts to beat
Repeat chorus
rothbhoy18:59 on 9 November, 2012
“………………….Any thoughts fholks?”
>>>>
You are spot on in your thinking. In these misery driven times it is a blast of sunlight being a Tim. Optimistic positivity is way better than dreary negatitvity and ,believe it or not, this kind of thinking gets transmitted to The Bhoys, and this current crop of brilliant triers respond to being raised up and highly praised. And that’s only logical.
HH!
Negatitvity? Anyone for Freud?…
Kinglubo,
Just what I’ve been saying in a few or my earlier posts: the whole place is rotten and stinks: The Rangers, Hearts, Kilmarnock, Motherwell – PEWKVILLE!!!!!
We don’t need this CRAP any longer – time to move on!
Minis&Sevco…….
….bye bye.
Lovely. Good riddance. Begone.
Kinglubo
Agree 100%the sooner they go under the better.HH
rothbhoy
18:59 on
9 November, 2012
Get a result against Benfica (away) and beat Spartak Moscow (home) and we could actually WIN the group!!!!! Not as silly as it might appear these days…..
Oh, how times have changed!
Any thoughts fholks?
It´s a sobering thought Rothbhoy but Barca hadn´t got that 94th minute goal in the Camp Nou we´d be top of the group now.
There’s a great local band called Hector Bizerk and they have a girl drummer.
Managed to avoid taking the car on Wednesday so I could (ahem) enjoy the build up and Mrs Baldie very kindly met me and mini at 10.00 to safely escort us home.
Why is this significant?
Well, she’s just reminded me that the other side of the deal was my agreement to sit through 2 episodes of DCI Banks whilst massaging her feet!
See you Bhoys around 9.00…grrrrrrrr