‘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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Midfield
Edam is also for the fairer sex – it’s in the name anagram of dame
oldtim6716:39 on9 November, 2012
>>>>
A great post.
Someone else who’s seen it all with The Bhoys told me he reckons the other evening was the best he’s ever witnessed.
He was only 9 in ’67 and living in the northern wilds of Canada at the time, so he didn’t witness the Lisbon Lions lifting the big one. But he’s seen pretty much everything in the last 40 years and he reckons that Wednesday night was the best of his life.
HH!
petec 20.26
Easy, if for business purposes. Hospitality, let them see a real team & support.
petec
It is very hard to give CL tickets to a Rangers person, or is it?
———————————-
no they love free tickets
Buddy Morrisey
I wasn’t commenting on your spelling, as I know fine well mine ain’t as good as it should be.
The facts are in front of your eyes, and they are….
A school in Edinburgh is using a cartoon character, who just happens to be called Diamond Dan the orange man, to help to teach their kids how to read.
Now, I see that as an attempt to indoctrine children from a very early age.
Why not use another cartoon character such as the original one, or Poppey the Sailor man,,but no they are using one that is promoting the OO, albeit subtle, but promoting them all the same.
Or maybe it’s me who can’t read, and they are not using Diamond Dan the orange man to aid their kids, but I doubt it.
I do find that shocking, and I have not fallen for anything of the sort.
Sectarianism is being promoted for all to see, and if by pointing this out, I have contributed in a very small way, that imo is positive.
If you find that kind of teaching tool acceptable, you are on the wrong blog mi amigo.
There aint nothing like a dame! Nothing in this world! Except Amde Faye.
Zbyszek
18:39 on
9 November, 2012
Many thanks for the origin of the Poznan.
I should have known to ask an expert before comment.
Just caught your comment in passing.
I need to log off I have a friend ( honest) dropping by for a few beers ( he’s a Jambo so I will need to get a few large whiskies to ease his pain)
The Onlooker
What Cheese is made backwords? ;-)
midfield maestro
I hear you, and you were the Scottie Brown of the bucketeers that day. I don’t know the exact circumstances, as I would never like to ask but I can guess.
No hospitality, just people who have a DEEP love of Celtic and want to let as many people as possible experience it.
After listening to Glasgow’s Radio Clyde start the Super Score Board show at 6pm on Wednesday night stating the tax of a daft wee Edinburgh club over shaddowed Football, I realised how de-shelved Radio Clyde are.
These wee daft teams like hearts and your sevco are irrelevant to a quality Celtic blog, sevco are a daft wee division 3 club we have never played, hearts are hearts, the comedy kid on huns. Let them pass away, they were irrelevant.
Mind that last game of the season their ‘fans’ celebrated their main team, rangers, cheating their way to a title?
Aye?
Mind that?
Aye, I do.
Finish them.
gene’s a bhoys name
Edam also an anagram of Mead. So i may just be a bevvy merchant putting mare wine oan ma digestives :-))
Edam;-)
Eseech?
How about a strong German lager club for the non-vinos?
Gene’s a Bhoys name
20:34 on 9 November, 2012
petec
It is very hard to give CL tickets to a Rangers person, or is it?
———————————-
no they love free tickets
____________________________________
They just need to stop being filled with hatred by their educators.
petec
Still unable to put face to you, sorry. Annoys me, honest. Gies a clue…
rocket
Furstenburg
midfield maestro
That takes the biscuit…
Dead cheesy, I know.
EN
Would this team win on Sunday if all fit
Zaluska,
Rogne Mulgrew Emilio
Forrest Brown, Kayal, , McGeouch McCourt
, Hooper Stokes
only 1 Barca starter
Just replaying the camera going along the line prior to the start of the game – i think the Barca players were awe struck at the stadium display (as was I)
Mrs Gene saying -“you’re not watching that again?”
Stella. Always has been, always will be. After the export and Guinness years of course.
Drink the Boone’s Farm after the Mad Dog 20/20, but before the Thunderbird.
http://www.bumwine.com/
notthebus
20:43 on
I think 3 of your team are injured!
I was thinking Wiehenstephan – that’s Wiehenstephan with a ph and not v :-)
Good brew the ol’ Furstie!
midfield maestro
I’m glad you said that as I did moan to BMCUWP about that comment back then. ;) He is a wee star for those that get emotional!!!!!!
I’m sure Danny Bhoy can put you in the picture, I think you were blessed not remembering it TBH.
http://www.youtube.com/watch?v=XRdtPaVaqYY
I’m the one with the Oscar t-Shirt!!!!
Dame made Edam Mead
Sheet.
I feel old, I can remember the times when our rivals used to be a wee daft local team, mind them, wee delusional nut jobs, rangers I hink they were called. Mad wee daft club, whatever happened to them?
Im hearing rumours they are trying to re-surface, is this true? Would be mad if they came back, how would they start? Crazy if they did.
the onlooker
20:34
Not the expert, I only told what I remembered :-)
I also heard that PSG fans were doing that in nineties. At the end of the day I do not think it’s important who was first.
Kojo.
Yours posts are usualy a bit obscure but when I re-read I realise you nail it in your own way.
Ps. Do you eat a lot of mushrooms ;-))
YEEEEEEEEEEEEEES
For those of the Japanese hip-hop persuasion and in honour of our man from Japan, Nakamura-Sama, scorer of the best free kick in the history of free kicks, here is an album of exceptional quality from DJ Krush:
http://www.youtube.com/watch?v=mX14XbPWnDc&feature=related
Estadio Nacional
Im hearing rumours they are trying to re-surface, is this true?
——————————————————–
like a jobby in the pan
After Wednesday night (yes..still banging on about it…no apologies though) I truly feel we have transcended all and any future tripeology re. the slack-jawed folly follyiers, their owner, and their pie-addicted boakmeister of an excuse for a manager.
I say this from the lofty position of us having gubbed Barça for a birthday present for our 125th.
Someone far more literate than I will one day write something Tolkein-like to describe our struggles vis à vis tfod.
But those days are gone, gone, gone.
The horribles are no more, and we stand on a pinnacle of achievement to rank with the best.
The true opposite of love is not hatred, but indifference.
Starve the orc of the oxygen of interest and it will soon wither. They are doing that to themselves anyway. Their mindset may continue, but their physical presence will soon wane, weaken and waste away with time.
That can only be beneficial for Scotland as a whole.
Meanwhile, we can enjoy the melodic sunshine of European success and worldwide respect.
We’ve earned it….the hard way. And that is transcendent.
Kojo
I love ye, ‘the global Recession will end in the 3rd quarter of 2010’ post of 2008 was my favourite, where you got that insight I will never know.
EN
Gene’s a Bhoys 20:50
Like a lavvy wish a bustyed flush.
EN
Gene’s a Bhoys name
20:50 on 9 November, 2012
Estadio Nacional
Im hearing rumours they are trying to re-surface, is this true?
——————————————————–
like a jobby in the pan
_________________________________________
excrement in a kettle.
Magnificentseven
“Would this team win on Sunday IF ALL FIT”
Its a point about the strength and depth of the squad really
I see scottish linos are officiating at the Riverside tonight, Shef Wed goal at least a yard offside.
notthebus
20:55 on
9 November, 2012
Magnificentseven
“Would this team win on Sunday IF ALL FIT”
Its a point about the strength and depth of the squad really
I know…spotted it after I posted I really shouldn’t just skim and reply ….need to read properly :-)