‘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.
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If Scottish clubs continue to fold , perhaps the Jim McGuinness appointment is an insurance for the future direction of the club …… Celtic GAC
… Anton Rogan can then come back to coach high ball catches.
The Onlooker
Dublinbhoy,
My understanding is that Jim will be working with the under 20s rather than the first team.
I imagine the plan is to see more youth players being able to move up to the first team than have been able to in the past.
Good night on the Guiness last night Dublinbhoy…?
“Morning All” at 15.05? Must have been a helluva night right enough!! :)
greenjedi
14:51 on 9 November, 2012
It cannae happen again, Celtic, and their Support should be paramount in the forward thinking.
This sounds like Old Firmism and there is no Old Firm any more. No matter what anyone tries to say. Get these imbeciles out of office ASAP, and I appreciate it takes time but it is really irritating at times like this.
venting.csc
Rieperman:
I’m sure he will work with the kids initially but have no doubt he will have influence on the first team squad also.
Malc:
Ha, its morning where I live (South Florida) though I’m obviously from Dublin. I know the etiquette is to have a moniker with where one lives but if I did that I would be changing my handle too often :)
PS I don’t really drink stout but when I do I prefer Murphys (I know, I know…anathema for a Dub).
Hail Hail
Lovely afternoon — sunny -low 20s — way down south .
Today’s La Gazzetta Dello Sport [ Italy’s biggest selling daily newspaper ]
Page 19 [ of 40 ]
2/3rds of a page devoted to Tony Watt —– headlined –
The Rise of Watt . From bounce games in the park to the magic of The Champion’s League ..
Tells the story of how he pitched up at Airdrie . Talks of his humble beginnings . Describes his move to Celtic . Talks about his progress with Celtic . Forecasts a big future .
Rest of the page features a picture of Rod The Mod greeting and a column about Messi falling out with Villa and Messi demanding that Villa is given the heave by Barca..
Watched Partizan Belgrade 1 -Inter 3 . Wanted to see Partizan’s much rated / coveted forward Markovic .
Fabulous player . Commentary man said he was being watched by scouts from –
Barca / Chelsea / PSG / Man City / Man Utd and Real Madrid ..
Post match stuff featured Inter’s manager raving about how good Markovic is and Inter’s President stating that he would love to buy Markovic but believed that Inter couldn’t afford to buy him . — Bidding is expected to start at 20 million euros . Fabulous player !
Rieperman
15:11 on 9 November, 2012
Back to the Future…..
The only way we will enthrall Europe with our Football is by bringing through our own Kids.
We might get loads of Luck this Season and win the biggie but the only way we can constantly challenge is to bring through the Dylan’s and Tony’s.
The future is ours as macjay1 comments.
Next Celtic Youngster tae emerge fae oor Cornucopia o’ Future Talent..
Mark Hill.
Remember the Name.
collie done tole me..
n… Ah believe,collie.
Kojo
Still Laughin’
LOL! That’ll teach me for trying to be a smart-arse! Hope the sun isn’t too hot out there right now /envious
the Murphy’s is a fine substitute for the Guiness…
Kojo
What age is he?
A great article from the Evening Herald:
http://www.herald.ie/sport/soccer/huddle-has-spanish-crowing-over-celtic-support-3289514.html?
It surprised the heck out of me (The Herald is owned by the despicable Irish Independent group)…are the Irish media only now discovering what Celtic are about?
Hail Hail
Sleekit Mcmoist on SSN saying he hoped the Hertz would solve their problems as they( the Zombies) had done. FFS, what a FUD.
Hail! Hail!
Saw the highlights of AIK 1 —-PSV 0 last night .
Great goal from someone called Bangura.
Dublinbhoy,
Great article…are we the establishment club now?
“No words to describe the atmosphere at Celtic Park,” Pique typed into his phone as he left the stadium.
Then La Marca gave the man of the match award to Celtic’s supporters. “There is probably no bigger home advantage in all of football than at Celtic Park,” it wrote.
Praise does not come much higher than that.
The Onlooker
Malc:
Not a problem :) Warmth and cold is all relative…after being down here for over year my blood has thinned and I am now accustomed to the heat. The new storm that just hit New York and the North East has dragged down cold air making it pretty chilly…60s during the day and low 50s at night (too lazy to find out what that is in celcius). I’m sitting here with a jumper on which is odd for this time of year.
Hail Hail
Onlooker – was he textin’ Shakira?
http://m.youtube.com/watch?v=CW3fVD04ZXs
You’ll never Walk Alone v Barca.
My dear,dear,dear,friend… Petec
Hiya.. Pally?
Nice tae Meetya.
Mark?
Ah am not too sure, how old he is..
He is …roon aboot.. Fifteen or Sixteen..
He played fur Hamilton Accies, First Team..when he wis..
FOURTEEN!!
He chose Celtic , over. MANCHETER UNITED.. he went doon tae the See Fergie…and toured the Magnificent Manchester Yoof Set-Up..
and , although,his Mother fell in luv wi the Attention, Fergie wiz showin the Visitors..
Mark.. Decided tae Sign Fur Us.
anyway..this Kid is Nae Kid..
He wiz Five Feet TEN.. when he wiz Fourteen.. He is a Mid-Fielder..
collie,says the Couzins are Haverin’ aboot him since he signed fur us..
He has bin wi’ us.. aboot Six Months.. Ah Think.
Nice chattin’
Kojo
yer pal.. who likes ye aloater..
Still..Laughin’… at the F.G.A.
http://m.youtube.com/watch?v=E5hYFd-bRCo
The Green a Brigade Display v Barca.
Petec,
Absolutely. This is just the latest piece of Celtic’s long term strategy being put in place.
Do you not have to say Shakira twice…? Possibly when the dinners no on the table ?
Looks like Elton has forgiven us for Milan :oD)))
Shakira?
Dinner??
Dublinbhoy
15:05 on 9 November, 2012
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
The Dundee Utd goal was lost between the ears but the Barca goal and their winner in the Nou Camp was down to fatigue. Jim McGuinness will certainly help with the between the ears bit.
Jim should work with all the players except Broonie.
He’s better left as he is.
Dublinbhoy.
The hairs on my neck rose reading that article.Its such a pity after scanning the msm over here I had no such feeling.
If the unimaginable shoud occur and we go all the way maybe then their blue blinkers will slip.
I wont hold my breath.hh
I like this
Jamie Redknapp@_JamieRedknapp
Impress me and get @celticfc trending worldwide, see if you can prove me wrong
I like this even better :o)
Efe Ambrose@EfeAmbrose
Its friday now but Im still so happy! I heard it was called paradise but only on wednesday did I understand why. Best night of my life.
Kojo
15:35 on 9 November, 2012
Thank You for the excellent information.
As ever, you are thinking into the future, it sometimes doesn’t sit well with the present, it probably will today though as everyone is happy as Larry.
Our Club is in exceptional hands and we are doing ok at the moment. ;))
SoT
Bangura? Sorry, never heard of him, mate.
Jim McGuinness is from my dear old mum’s town Glenties in Donegal,good luck to him.
canamalar
Efe is the Ki to everything.
was amazed to see Tony Watt at my daughters school in Cb today. Hardly anyone else picking their kids up noticed he was there. He was happy to stand for a few photos with some lucky youngsters.
Metamorphosis
Most Hertz fans taking their demise well although one did say to me “this kind of thing happened to you” I replied “Yes, but we survived!”……………..:)
petec,
I think we have more than Efe :o)
Canamalar,
The Jamie Redknapp account is fake.
Árd Macha
canamalar
How do you think Celtic will do over in Lisbon?
I think we will get a Bishop Desmond against an Excellent team. ;)