‘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.
You can read CQN Magazine for FREE here , you can also subscribe for £10 or £20, and our sponsor, Executive Shaving, who offer an enormous range of grooming products, are offering readers a £20 voucher for all £30 CQN Magazine subscribers.
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If you won euromillions would you invest heavily in lower tier scottish football teams – it would be great fun wouldn’t it ?
Forevery5percentswallyinvestssevcoisknackeredcsc
For fans of QOTSA there is an excellent No Reservations episode where Tony goes to meet Josh Homme and sample the desert’s finest fare. It’s called US Desert.
DJBEE
You need to get out to the nearest purveyor of fine wines asap to replenish your stock!
We are still celebrating Wednesday’s magnificent feat after all!
HH!!
Buddy Morrisey
As you obviously have a problem with literacy yourself, I will wait till you have rectified your obvious lacking.
When you manage to teach yourself to read, come back and then we can discuss things like grown ups.
Until then…
HH
Is the quiz on tonight
Rocket Man
I saw that episode….excellent mix of food, booze and a jamming session in the Californian desert!
Hail Hail
djbee
19:20 on
9 November, 2012
Can I ask any wino’s out there, aherm eh wine experts if it is ok to drink red wine, rosy and then white wine or should I drink them in any particular order.
Bottles were all opened last night.
Thanks
Pap them both in a pint tumbler and to Hell with consequences.
Fttt? Where art thou?
I´ve just cracked open a carton of Lidl´s finest vino blanco at 69 cents a litre carton.
Luvly jubbly.( actually the vinegar in the cupboard tastes better.)
http://www.youtube.com/watch?v=zCkNu9OxThc&feature=related
djbee
I hope you realise,that all this talk of wine,has forced me to open my first bottle of the evening,I have tried to leave it until 21.00 before I do this,so you will be totally responsible for my sore head in the morning.HH
Looks like Boro have emptied Catterick Barracks to fill the ground
Maybe Chuckie can get some up to Ipox to break another world record tomorrow
It’s plain crisps with the Rose, folllowed by cheese & onion with the white then Smokey Bacon with the red
enjoy
gourmetCSC
Fanad…..,
Your going to drag us all down with you , hold that line soldier :oD))))
http://www.youtube.com/watch?v=0uNLw3pXlVM
http://www.youtube.com/watch?v=r8hjtFq3vE0&feature=related
Dj petec mixing like he always did.
Gene
Smokey bacon with red,No Way,Biscuits with cheese,preferably blue,only.HH
Imagine what would happen if the owners of all these clubs down south stopped bank rolling them !!!
fanandpatriot and tallybhoy
Come on – at least put the rose under the stairs in case there’s s swerltering summer
Rosy is rank
Apologies for the spelling The Exiled Tim
Of course the spelling in your earlier post was perfect! :)
That would be unlike your knowledge of the activities of the orange order in Edinburgh. Your post carried out the same approach as 107Cowgate – smear a school and all its work promoting literacy in a community not without its challenges. It was not truly shocking.
You fell for emotional sensationalism of the highest order and tonight you have made no positive contribution to challenging sectarianism in Scotland.
Don’t reply then ! ;)
It’s a good’un Dublinbhoy. In honour of our Catalan visitors this week, have you seen the El Bulli episode?
On another matter of real substance – will the DVD of the Celtic Barcelona game or games be out for Christmas?
Any chance celtic can get the rights release the DVd and sell it as a package with 125 video.
They did it for the programme and the View on Wednesday.
Anyone got anything that might be like links to the full game? Don’t tell Paul67.
Just sitting with a glass of wine, watching the barca victory while reading through the comments after the game on Sunday.
Tut tut tut.
“Disgraceful” “not good enough”, etc.
actually quite amusing.
An M&S Rose as well, still goes down well with chilli nuts to kill the taste.
Djbee
Red first
Put white in fridge
Ice in the rosy …rosy is a birds drink ..but just about palatable with ice in
Sorted
Either that or get another couple of bottles of red…
Just enjoying a nice cote de rhone right now
Buddy Morrisey
Don’t ask silly questions.
Celtic are now starting to WOW Scottish fans and Inspire many.
Celtic is the Blueprint to a successful future, if Scotland can accept the fact that Celtic have steered our game through the choppiest waters ever, then our collective future will be very good.
good evening cqn
still on a on a high
will never forget it what a night,offered ticket at 3pm on wednesday due to sons girlfriend not able to go,as very upset at the death of a very good friend of hers,dying age 23 earlier on wednesday.
Spoke to a friend,who has been to all the big european nights,and he said Wednesday,beats them all,maybe i was meant to be there.
H H
Ok lads must go,Chianti opened,antipasti plated,followed by Bisc.,and cheese.Christy playing in the background.Life good for us TIMS.HH
M’boro average crowd = 16K drop price for Friday night game and crowd = 28K.
Thanks for the info gentlemen, maybe we could have a cqn wine club before the quiz every friday, makes sense to me. Anyway, red gone, Rose stanked with chilli nuts and the white is actually not bad, its called Legacy, a Chardonnay but I think Legacy is a bit much.
A rare pic of NFL
http://thescore.thejournal.ie/neil-lennon-armagh-minor-photo-666502-Nov2012/
whitecrook tim
20:18 on 9 November, 2012
good evening cqn
still on a on a high
will never forget it what a night,offered ticket at 3pm on wednesday due to sons girlfriend not able to go,as very upset at the death of a very good friend of hers,dying age 23 earlier on wednesday.
Spoke to a friend,who has been to all the big european nights,and he said Wednesday,beats them all,maybe i was meant to be there.
H H
_________________________________________________________
Thanks for sharing such an emotional comment.
We need to get as many people who have not experienced Celtic at its best to go at that moment, preferably people who don’t support Celtic.
http://www.youtube.com/watch?v=aHZuS3S6jKA
Cava just finished, now onto pinot. As others, rose is fur burds. Digestives & edam.
Has Vic got a vocal tic ? thought I noticed onein the post match interview on wed .
It is very hard to give CL tickets to a Rangers person, or is it?
Prosecco opened – which flavour crisps – decisions decisions
djbee
20:06 on
9 djbee
20:06 on
9 November, 2012
Rosy is rank,
Drink more red and she will get better looking.
Djbee.
Watch out for the pygmy wae the blowpipe n dart usualy gets me when i partake on drinking wine.hh