‘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.
[calameo code=00039017151be7d7cf3d9 lang=en hidelinks=1 width=100% height=500]
1,105 Comments- Pages:
- «
- 1
- ...
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- »
Oh no no no nooooooo
Geordie Munro
Oh no no no ma wee laddie
To Nan’s you can’t go
Tae see the Sevco
You’ll have to stay home in Kirkcaldy
Think this week can only enhance our prospects of leaving Scottish football. We cannot stay in such a corrupt set up.
I long for the day when we line up in European league or EPl and we can let the Sevconians and newco Hearts stew in their own cess-pitt.
The very people who espouse their loyalty to the crown and to Gb armed forces, yet are unwilling to pay for them!…….how ironic.
Big Nan
Ha Ha. :-)
Shady
Why do I have visions of Dixie Deans
Big nan, I burst out laughing there. Mrs gm just looked at me like I’m mental.
P.s. I’m no fi the Lang toon;)
Mean spiritedness; lacking in magnanimity…………..
Not something readily associated with the Celtic support…………..
So why does Paddy McCourt attract such opprobrium on here????????
NFL saw fit to list him in the squad on Wednesday against FCB….
Hope he starts tomorrow, is given the captain’s armband and is wearing a green,white and orange poppy on his top…………. And scores a hat-trick in the first half hour………..
Have never heard the Derry Pele complain via MSM or any other outlets about his lack of game time etc.,…………
Not saying he doesn’t whinge but if he does, he sure keeps it to himself……..
Regards & Hail Hail
The BrandywellMole
shady
>>>>
Lucky you’re still alive…..
did your kids laugh themselves silly?
What a great result, eh?
btw….have I said THANKS! furra ticket?!
: > )
Palacio 67.
Think most of the hun team hid in weirs pumps.a few of their ex apprentices work in the same company as me,mostly they are bitter to the bone.
Greenlion 2.
Thanks for my phone screensaver for work tomorrow.hh
I can see a thread emerging, How did YOU celebrate Tony Watts goal?. I’d have loved to seen a video of Shady’s forward roll. Unfortunately I have no great tale to tell, I just stood in the centre of the room with a clenched fist held aloft for about 60 seconds then twas back to the match, even at 2 up with 7 mins to go, I wasn’t entirely confident of the win, the only thought in my head was “they won’t beat us now.
You must be old if you know that song Geordie/thetimreiper
Big Nan
Lindsay is indeed quite articulate – but he’s still a hun!
HH!!
When you walk through the turnstile at Celtic Park, you become a guest, in much the same way as when you visit your local pub or restaurant.
If there’s a sign outside the pub saying “no football colours” or one outside the restaurant saying “no dogs” that’s their prerogative. You may not agree, but you have a choice. Either respect the house rules or don’t go in.
I know it’s a bit simplistic, but it works for me.
PFAyr
Just for you
http://www.youtube.com/watch?v=-afP5rG-fos
S
Big Nan
15:34 on
10 November, 2012
You must be old if you know that song Geordie/thetimreiper
Old enough.
Sang it a few times at starks park.
miki67
They laughed after they’d stopped crying from the fright I gave them.
S
Anyone from here manage to make it to the pre match fan Zone on wednesday ?
Saw few people asking if barca game would be made into dvd but i read tweet from tony hamilton say ur only allowed max of 50% from fifa and celtic disnt have time to fill the rest of dvd before crimbo.
Tony Watt’s goal : where I was in Section 108, an earspltting crack accompanied by mass levitation and spinning with people all around me, screaming like a girl on a rollercoaster, insane volume fit to bust eardrums, incredible elation.
Outside of space and time. Again, transcendent.
It was the same for Big Vic’s superb brilliant magnificent awesome header.
Will I EVER stop buzzin’?
One day…..mebbe.
: > ))))
Barcabhoy
14:39 on 10 November, 2012
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
===============================================
Despite my opposition to the Poppy and official remembrances of Imperialist wars I would agree wholeheartedly that the Celtic Support should respect the silence. Those who don’t want to should stay out of the stands while it happens.
I have myself respected silences of this nature in days past – out of respect for where I was and who I was with but I made it clear I was remembering and honouring the victims of war not the perpetrators.
Respect the silence. Pray for the dead, fight like hell for the living. (Mother Jones)
TBM
Sorry was busy there for a bit and only caught your reply.
I’m good mate lots going on at the moment so haven’t had a great deal of time on here.
Hope you’re well mate?
Nan, I think I heard it once on something called a compact disc ;)
TTR, ye frequent pratt st do ye?
Elbows
As unprofessional as Sky Sports Soccer Saturday is – ex-players in the background shouting all the time – I’ve got to admire Jeff Stelling’s pronounciation of Forfar. He must be the only Englishman I’ve ever heard pronounce it properly.
I wonder if PL will make a donation for the GBs display after tomorrow’s game….
shady:
>>>>>
Apologies in advance….but my mrs. just told me to ask you if it was a jelly roll….
…..she’s cheeky like that…
3-1 to the Jags
Sorry southside, I can’t agree with you there. It was the Celtic Fans who paid for Celtic Park, its our stadium and I would never put going into Celtic Park on a par with going into a Pub or a restaurant. Now I totally agree no-one should disrespect the stadium in any way but the Celtic Support is a broad Church and to expect everyone to adhere to every rule regardless of whether they agree with it or not, in a compliant robotic manner is too big an ask for me.
southside
It is quite obviously not as simple as that.There are always other restuarants; there is only one Celtic.
JJ
Geordie Munro
Occasionally, but not to see the rovers, not been for many a year, ye ken.
southside
15:35 on 10 November, 2012
When you walk through the turnstile at Celtic Park, you become a guest, in much the same way as when you visit your local pub or restaurant.
If there’s a sign outside the pub saying “no football colours” or one outside the restaurant saying “no dogs” that’s their prerogative. You may not agree, but you have a choice. Either respect the house rules or don’t go in.
I know it’s a bit simplistic, but it works for me.
==============================
Cannot agree. When I go to Celtic Park I am entering a spiritual home, a symbol of what I am, where I come from. This does not give me or anyone else carte blanche to behave as I feel I want to or be an a-hole – in fact it gives me a responsibility to honour the people who went before me and live by the values they handed down to me. One of those values was to respect other peoples beliefs, to be tolerant of everything and everyone apart from the intolerant.
So we reach the same conclusion in different ways.
Works for me.
new article posted.
…wee chic spins ranjurs ‘gesture’ to stiff the “Flats”…….
Aye.
Jeff Stelling is by far the best football pundit on the box.
His all round knowledge is fantastic.
Whenever a scorer or a team is mentioned he can rattle off stats.
Talking of stats there are 400 members of HM forces due on the pitch at half-time.
Nial McGinn scores again, well done that bhoy.
he is going to be a danger to us soon
http://www.dailymotion.com/video/xuym3w_ambient-a-celtic-park-celtic-fc-vs-fc-barcelona-hd-16-9-07-11-2012_sport
Sorry if posted before, not read back.
Unashamedly stolen from etims twitter, a baca fans video from wed night.
Well worth a watch..
SPOILER ALERT…
Celtic won 2-1.
Corkcelt, did you not suggest something similar earlier??
I’m going to throw up!
The troops are out on the pitch at Ipox!
No sign of any banners proclaiming – ‘Where’s our money ya thieving tax-dodging b*******?!’
HH!!
The rank hypocracy of the Hun celebrating their quintessential Britishness whilst not paying their taxes
Disgraceful amoral cretins
TimsinOhio
12:42 on
10 November, 2012
Afternoon all. Need some advice. I’m in Abu Dhabi for the next 4 days and looking for a place to watch the game tomorrow. Checked Celticbars and the closest CSC is in Dubai which is out of my reach right now. Any help would be greatly appreciated.
—————————————————————
There is no ‘Celtic Pub’ in Abu Dhabi. Best bet is Heroes. It is a basement bar in the Crowne Plaza on Hamdan Street. Usually shows several matches simultaneously, but EPL tends to take priority. Call beforehand + check.
If you’re on your own, don’t be surprised if some exotic strangers start making small talk with you ;-)