‘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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BBC scotland saying that The Rangers have offered an up front payment now for Lee Wallace. The Rangers incentive is that they pay less than they should have for Wallace in January.
Predictably Jaba is supportive of this and says he can’t understand why Hearts wouldn’t take it.
Unbeleivable.
OK, v St Johnstone I’ll go:
::::::::::::::::::::::::::::::::::::::::::::::: Forster ::::::::::::::::::::::::::::::::::::::::::::::::
Lustig :::::::::::::::: Wanyama ::::::::::::::::: Mulgrew :::::::::::::: Matthews
Brown :::::::::::::::: Ambrose :::::::::::::::::::: Kayal :::::::::::::::: Commons
::::::::::::::::::::::::::::::: Miku ::::::::::::::::::::::::: Watt ::::::::::::::::::::::::::::::::::
McCourt in if Brown still gripping porcelain (ducks to avoid whistling Brimmer)
Thanks Greenlion2
Hx2
HT, you corrected it before I posted this
” Miku and Watt to start together tomorrow. Nothing else would make sense.”
;)
U o g
Did you witness the Ambrose , mulgrew switch around two weeks ago
Awful….not to be repeated IMO
up_over_goal
Why the Efe and Vic swap, Vic is our best midfielder at the mo’ ?
Any updates on injuries
Tony Watt MUST start tomorrow – surely?!
Makes sense to me!
HH!!
Hamiltontim 14:21 on 10 November, 2012 …………
Not a problem pal……..Jeopardy is quite an unusual quiz format…..suits my less than lateral way of thinking…..
Urban myth also places it (jepardi) in Saudi Arabia – News item; thousands of jobs in Jeopardy and loads of punters looking for work ended up applying for visas for KSA………
Hope you are well……….
Regards & Hail Hail
TBM
Incredibly poignant story of Celtic players who lost their lives in WW1. A minutes silence tomorrow to honour them
The reality is anyone can find their own reasons to respect or disrespect a minutes silence
The Club are making it very clear the silence is for those who died in WW1 including brave men who wore the hoops .
After the most magnificent effort by the support, humbling in its intensity , awe inspiring in its s
Incredibly poignant story of Celtic players who lost their lives in WW1. A minutes silence tomorrow to honour them
The reality is anyone can find their own reasons to respect or disrespect a minutes silence
The Club are making it very clear the silence is for those who died in WW1 including brave men who wore the hoops .
After the most magnificent effort by the support, awe inspiring in its intensity , humbling in its respect for sporting values and inspirational as an example of what the club stands for………lets not give the Traynors of this world the opportunity to turn the focus away from how great our club and the support is
PFayr and starry plough
I really liked the way Ambrose combined with Kayal v RR (Ambrose was outstanding), and think that deserves another outing, especially as Kayal will be fresh and aiming to prove himself.
The game you refer to was v Kilmarnock when Celtic went 4-3-3 and Killie gave us the wings and crowded the centre (something they did in LC final and which may have influenced Lenny for the Barca games). Totally different scenario with 4-4-2.
starry plough
Meant to say Vic was a colossus, outstanding – MOTM imo – against Barca. Reason I’d have him at CB would be to make sure we don’t tire him out and because of the reasons I gave above.
up_over_goal
Sing with me…”Theres only one Neil Lennon”
notthebus
I’ve been singing that longer than just about anyone on here! Doesn’t prevent me from discussing teams with fellow posters.
up_over_goal
your opinions is as valid as anyone else.Mt response was meant to be lighthearted
Moving Wanyama back for “a rest is” a strange one.We never stuck Henrik on the wing.
I’d play as few of Wednesday’s players as possible.
If we could manage it I wouldn’t play any of them.
Notthebus,
Hows about moving efe alongside him?
Not tomorrow. Maybe once we are a few more clear.
notthebus
Sorry – picked you up wrongly!
re. moving Wanyama back. My main reason is a convoluted one based on combinations of players – don’t worry, I won’t bore you with it! The practice of moving players around was highlighted during the week – Gus Hiddink was explaining why Et’o was playing deeper and said it was down to the number of games Anzhi were playing per week – giving good players a deeper, less stamina-draining role is sensible in the circumstances.
Nuclear Bovril and a Half Munched Pie 11:38 on 10 November, 2012
That vid by the Barca supporter is absolutely. To see their supporters holding up the CFC scarf even after the defeat is class.
To see ourselves as others see us – priceless.
S
If they are fit I would start with the eleven who finished on Wednesday (the Celtic XI)
Geordie in an Ernie agreement shocker;)
Well maybe not the entire team but what a message itd send out if the 11 were replaced and we won.
Barcabhoy
14:39 on 10 November, 2012
”The Club are making it very clear the silence is for those who died in WW1 including brave men who wore the hoops’
#########
No they’re not.
‘THIS Sunday, November 11, marks the 94th anniversary of the ending of the First World War. And there will be a minute´s silence in memory of all those who died in that war and in all other conflicts.’
‘and in all other conflicts.’
miki67 11:57 on 10 November, 2012
Not sure my kids will forget my forward roll to celebrate Watt’s goal – at my age with wine and beer in my belly it wasn’t the best idea I’ve ever had.
S
The gruesome twosome of Tom Miller and Lindsay on Rangers TV extolling the virtues of the Sevconians and their special affinity with the armed forces.
Not special enough that it extends to paying taxes.
Peterhead should be one up.
Barcabhoy @ 14 39
” the Traynors of this world “.
I can think of many reasons why I would choose not to do something .
None of those reasons would include not doing something because a Presstitute like Jim Traynor might write or spout a few lines of disapproval..
Been struggling to compose a coherent thought since Wednesday night. Still feel absolutely over the moon. When Paul67 used the term ‘spontaneous jumping up and down’ in his match report, I laughed out loud. That’s exactly the effect it had on me. I was on my own watching the game and found myself jumping up and down in the living room when the ref blew for full-time. That’s what Celtic means to us.
There were 3 Celtic goals before Wednesday that every time I see them I get misty eyed. Two from Lisbon, especially TG’s, and John Hartson at Anfield. Having seen Tony Watt’s goal now several times, it is definitely now on that revered list. When the ball hit the back of the net, I think I felt it just as much as Tony himself. What a moment. At that moment we all became Tony Watt.
I haven’t seen much mention of Miku’s contribution. Fraser, Vic and Adam were world class but looking at the match stats, Miku covered more ground than anyone else out there.
The display before the game was amazing. Absolutely unbelievable that the guys behind this pulled it off. What an advert for Celtic worldwide. The USA panel over here kept reminding the viewers that they cover the SPL every week as if they had just realized how special we are and how lucky they are.
It’s back to SPL business tomorrow and it is going to be hard for the Bhoys to put on a great show but we are all Celtic supporters and will get behind our heroes. We are all Tony Watt (sorry Neil)
big nan- I mentioned Tom Miller on Talksport yesterday, Dundee Utd fans were rounding on him on twitter- his back sliding was cringing to read but highly enjoyable.
goldstar 10
I wouldn’t miss him for the world, comedy gold.
In fairness Lindsay his co-commentator is fairly good.
How much does that cost ye a month Nan?;)
”Football grounds were viewed as an ideal venue for recruitment drives and during one such event Celtic manager Willie Maley endorsed a mock trench warfare at Celtic Park designed to lure players and spectators alike to the Front.”
It’s estimated that during the First World War 500,000 men joined up as a result of football based recruitment campaigns.
No one knows how many of them were killed or maimed.
You think we might have learned a lesson.
Poppy debate.. I enjoy spot the poppy
Rod stewart i thought i read here didnt wear one on graham norton show..just saw he was wearing small one and friend said he worr one at celtic game.
James mcclean from what i can see i only player in everton/sunderland game without one.
Good to see him stick up and nor be cornered into wearing one.
Off oot but before I go –
Got an Email from a PTFC pal –
” Went to the Barca game —– the scenes of joy reminded me of what I felt like when The Jags stuffed your lot in the League Cup Final “
How come all these neutrals got tickets for Wednesday’s game when so many Tims didn’t?
Coming up on the second hour on Clyde,which Celtic players to speculate about leaving CP.First hour spent punting NL to the EPL.Hurting huns.
Geordie Munro
What is money compared to the pleasure of watching the Huns struggling in the Irn Bru?
When was the last time McCourt came on and improved Celtic?
He’s not the player he could have been, I don’t think he’s made a case even for a bench place this season.
Stick with the younger, hungrier kids…
Nan, is there room on the couch for me?
Over in ten.