‘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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They should just follow follow ‘the rangers’ example, disown their debts, change their name to ‘the hearts’, carry on as a debt free club and also claim they’ve bought their history from the old hearts. Mind you, they may not want to keep their history as its not very good.
The Moon Bhoys – Mind you, they may not want to keep their history as its not very good
Didn’t they win WW1 or something? (thumbsup)
Lunchtime news pulls focus in HMFC shop window to reveal shirts sponsored by “Wonga”. Oh dear…..
Off Topic
Someone earlier was looking for a Christy Moore ticket for the Barrowland tonight.
I just popped into ‘Ticket Scotland ‘ Under the Argyle Bridge on the offchance
and picked up 2 briefs, The girl said there were still some available.
hoopsmon
I am sickened that Wonga are allowed to besmirch something so amazing.
http://www.youtube.com/watch?v=sYi7uEvEEmk
philvisreturns
Aye, let me picture the scene :>)
Stunning power of vision:
I met a hun colleague at work yesterday. He is from NI with the same vision you could imagine from such a background.
He stated that it was a good result for Celtic – well you could hardly say otherwise could you?
Then he promptly went into Sevco mode and started on about the hypocritical way the SFA and SPL had dealt with them, especially in light of the events at HMFC.
The fact that RFC had spent over 10 years, rattling up a debt of 100+ million by systemmatic cheating, compared to the relatively piddly debts of HMFC completely passed him by.
I am long since past wasting my time trying to open his/their eyes.
Just keep swallow swallowing the diahorrea printed in the MSM and your finger will be pretty much on the pulse.
They still can’t accept that their so-called friends have been lying to them over & over and their supposed enemies are the only ones telling them the truth.
And they wonder why we call them stupid!
Still see we are ranked 63rd in Europe because of the silly 5 year points system. Actually worse off than last year!
Petec
I agree. Great track too. One of my all time faves along with Jimmy Ruffin’s “What Becomes of The Broken-Hearted”. Cannae post….on mobie.
HH
hoopsmon
Most excellent selection.
http://www.youtube.com/watch?v=2vf3ZE7CLg0
THE EXILED TIM – That would be pretty funny.
Somebody in NornIron needs to make a cartoon based on the adventures of Diamond Dan and his nemesis Republican Ronnie.
Supporting characters would include Seán the SDLP Squirrel and Alastair the Alliance Aardvark.
It would be NI’s answer to Roger Ramjet.
(thumbsup)
Petec
Cheers! ….”all that’s left is an unhappy ending…” Indeed. HH
Must be worth a repost.
http://www.channel4.com/news/catch-up/display/playlistref/081112
philvisreturns
14:15 on 9 November, 2012
You just missed it, it was American wrestling. Oh I think there will be a catchphrase out there that can catch the mood of the confused public.
Oh no there isn’t!!!
Just on – have the salt’n’sauce sevconians gone bust yet?
Still grinning but thankfully the weeping has subsided. Mrs. Corkcelt has banned me from attending Funerals as she reckons I will only upset the mourners. She has given me another 24 hours to get back to normal or else she is threatening fairly drastic measures.
petec – You just missed it, it was American wrestling
Did “The Hundertaker” make an appearance? (thumbsup)
Oops
Gordon J
There is a most definite pattern and it is this:
Two owners who lavished money on their respective teams, money they did not have and their fans treated them as gods. Those two clubs are now either dead or dying.
Meanwhile on the green and white half of both cities we had hard nosed business men who had a business model which they stuck to despite being ridiculed and treated as lepers by large sections of there own support. These two clubs are at the top of the SPL and thriving.
As the bunnet once said the rebels have won.
Glasgow and Edinburgh are inded both GREEN and WHITE.
Who’d have thought it eh!!!!!
glasgowdave
I’m still trying to work out the connection between tonight’s CM concert and you buying a pair of briefs off a girl under the Argyle Bridge…
;o)
philvisreturns
14:20 on 9 November, 2012
Not yet. They love a Sly cliffhanger.
ToneLoc – Just on – have the salt’n’sauce sevconians gone bust yet?
Not yet, but it’s all fur coat and no knickers over there. Can’t see the Minis stumping up the cash to keep their club a going concern. (thumbsup)
There must be couple of people more who watched the game on Wednesday.
Legia Warsaw are hosts tomorrow. We will play against Jagiellonia.
Jagiellonia coach said today: Before that game, we Jagiellonia are like Celtic Glasgow, them Legia Warsaw are like FC Barcelona. They play very good football but I don’t think we are without chances for good result. If we play that good and wise football like Celtic did will can win the game in Warsaw.
sixtaeseven – I’m still trying to work out the connection between tonight’s CM concert and you buying a pair of briefs off a girl under the Argyle Bridge…
Notice he didn’t say “buy”. (thumbsup)
philvisreturns
Not really had much chance to talk to you lately but just how Good were Celtic on Wednesday?
That was Barcelona at their peak and Neil Lennon nullified them but added real cutting edge to our play when we moved forward.
The Ki is to keep thinking way ahead of the game, as Kojo says, Hoops is offski and it is going to be handled in an excellent manner and Celtic will benefit further and Gary will go on and, probably score against us in the Champions League later, have an excellent career but he will RAVE about his time at Celtic.
http://www.youtube.com/watch?v=S9s5R8uSoq8
As ever, tiocfaidh ar la.
petec – Not really had much chance to talk to you lately but just how Good were Celtic on Wednesday?
Absolutely champion!
As ever, tiocfaidh ar la.
My friend in Celtic, our day is here! (thumbsup)
Afternoon all,
On the Jim McGuinness appointment, this is a shrewd move by Lenny and another example of the great vision and intelligence of the man.
I remember discussing what Jim had achieved with Donegal after their Ulster final win earlier this summer. Watching the team parade the trophy around Donegal that Sunday evening, a couple of things really stood out. First of all I remarked on how well presented and disciplined the boys were. Anyone who knows anything about Donegal football will tell you that that was the same group of players who carried with them a reputation for boozing, and wore the tag of underachievers like a badge only 18 months previously. Yet there they were bringing home their second Ulster title in a row.
Watching that scene, my girlfriend remarked that he’d done a ‘Coach Carter’ on them, and I believe she hit the nail firmly on the head.
The good grace with which they met the fans really carried across. There were no signs of triumphalism from these young men who had been regularly lambasted in the local media not so long before. What I saw that night was a group of players with a unity of purpose and a belief in themselves to be able to achieve anything they wanted, that belied their status as amateur sportsmen.
If Jim McGuinness can instill that same discipline, drive and belief in our young hoops then we are in for some very exciting times.
Great credit to Lenny and PL for making this happen.
The future’s bright. The future’s green and white.
philvisreturns
Efe is home and you can take that to the Federal Reserve!!!!!!!!!!!!
I hope he persuades the mighty Brick as the fantastic FFM calls him, to stay and……………
http://www.youtube.com/watch?v=XArP5cmsIVE
Efe could be the most INSPIRATIONAL signing Young Neil Francis Lennon, ever made.
OOOOooooooHHHHHH AAAAAAAAaaaaah UUUUUPPPPPP the SAMARAS.csc ;)
Still raging about the 3 PM Sunday kick off though.
Petec-
Although it is bizarre that the SFL fixture took precedence over an SPL game , the Sunday kickoff probably works for us ……this time ( although I am sure it was designed to work for another team in another league)
Sunday game gives the players ( and us ) an extra day to come back down to earth and to get focussed to play a domestic game
The Onlooker
http://www.youtube.com/watch?v=8XZWgHNcUeA
Re Jim McGuinness
Im torn on this one.
Wearing my Donegal hat . This is a bad day.
But…..
On the other hand as a Celt this is an excellant appointment.
If Jimmy stays around dont be suprised when we are looking at future managers to find his name in the mix.
Great potential.
Hail Hail to the Green Brigade for Weds night.
We couldnt fail to win after that
petec
14:42 on
9 November, 2012
Still raging about the 3 PM Sunday kick off though.
…………
I can’t make it on Sunday as I’m going to the Graveyard Mass at St Convals.
The Onlooker
You will be a happy clapper, welcome to the Club. ;))))
I’m just really disappointed I cannae go and cheer those amazing young players and management for what they achieved. Danny McGrain is older but Oh My God Almighty, if ever there is someone to listen to about things…….
Elton John’s Fenian Army!
Glasgowdave 1404, cheers. It was me looking 4 Christy tickets. I went to Ticketscotland under Argyle Bridge yesterday lunch time & was told it was a sell out!!!!
Now ive got 5s organised for tonight
Not happy :-(
If our players start to pick up red cards for persistent hand ball offences, can we blame this on Jimmy McGuinness’s coaching?
:-)
Morning All,
If Jim McGuinness’ appointment and influence means that we will not have to suffer losing goals in the last few minutes of a game (Barca at the Nou Camp and Dundee United last weekend) then it will be a great signing and worth every penny.
All big clubs employ Sports Psychologists for a reason…J McG joining Celtic provides another piece in the Celtic jigsaw and proof that Celtic are moving forward with their aspirations of being a European footballing powerhouse.
Hail Hail
Hail Hail