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Value of Tynecastle weighing heavily on Hearts on the brink

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By on CQN BLOG & Comments

‘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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  1. Rieperman on

    Can’t do the link from this phone but if anyone fancies a wee chuckle, have a look on the Donegal Dollop site for their article on Jim McGuinness’ appointment as Rangers new accountant…

     

     

    :)

  8. sipsini on

    My mate in work who played in goals for celtic reserves in the late seventies, told me how on arriving home to an invasion of press,young tonys sister was asked if she was tonys mum.

     

    Reply…ya cheeky barsteward I’m his sister I’m only 5 years older.hail hail.

  9. fanadpatriot on

    Mix feelings about Jim McGuinness,I think it is a great move on Celtics behalf,but a great loss for Donegal,as I cannot see how he could juggle both jobs.

  13. Neil canamalar Lennon hunskelper extrordinaire on

    Just spotted big and I mean big efe strolling about partick

  19. fanadpatriot on

    I see Elton John,is jumping on the Celtic bandwagon,unfortunate I’m my opinion,as he is a disgusting individual,

     

    I do not want to repeat on here,but what he said to a female reporter ,a couple of years back,is the most disgusting comment I have ever heard anyone make.

  20. Mike in Toronto on

    Gordon J at 12:41

     

     

    You mean like ‘grand design theory’..Sevco dying and Celtic beating barca … proof that God exists… I’ll buy that.

  21. Dublinbhoy on

    The Onlooker:

     

     

    I hope to God we never become the establishment club…I like where we are at the minute. We, both the club and the support, excel in adversary.

     

     

    Glendalystonsils:

     

     

    Agreed, tiredness can cause mistakes but if the shrink can perform some magic on the players so that they maintain concentration and confidence even when tired then we will be a much better team at closing out games.

     

     

    sipsini:

     

     

    Powerful stuff alright! I just never would have expected that newspaper to print anything positive about Celtic.

     

     

     

    Hail Hail

  22. Kojo on

    My dear,dear,dear,friend..Petec

     

     

    Yep.. Yu are correct.

     

     

    Always think Aheid.. tae get.. well.. Aheid!

     

     

    Case n point..

     

     

    As ye know. Ah am entirely.. APOLITICAL..

     

     

    Howevah… as a Perfect example..o’… thinkin’ Aheid ,in order tae Get.. Aheid..

     

     

    President Obama.. when he wiz initially elected in 2008.. wiz . thinkin aboot his bid fur Re-Election..in 2012..

     

     

    So..

     

     

    Thinking Aheid..

     

     

    He made sure the The States o’ Michigan and Ohio. Two Key States which any Presidential Contendah..MUST WIN…

     

     

    Goat… Extra Special… Attention and Help fae him..

     

     

    So.. He made sure that The American Automobile industry, wiz Brought back fae the Brink.. with Governmental Help..

     

     

    Meanwhile.. right at the Same time.. Romney wiz suggesting that the U.S. Government should Allow the American Motor Industry tae.. Go tae the Wa’.

     

     

    Yep..Obama… knows how tae Get tae the Cross..

     

     

    Celtic, are doing the same..

     

     

    And ..

     

     

     

    Ah am Proud as Punch that we hiv such far-seeing Seers.. in Charge o’

     

     

    oor Team..

     

     

    Oor Motto is..

     

     

    “If they hiv Ootstandin’ Potential…Grab ’em Young… Get ’em Cheap… and Hope tae

     

    Cash in .. Sometime Doon the Road.”

     

     

    We should hiv .. NO HESITATION..in Cashin. in.. eethur.

     

     

    Fur..

     

     

    Naebuddy .. but. NAEBUDDY.. is .. INDISPENSIBLE.

     

     

    There is always . Somebuddy else..ready ,willin’ and Able. tae step intae the Breach.

     

     

    That is..of Course. If.. the Celtic Administrators hiv bin. well..

     

     

    THINKIN AHEAD!

     

     

    Right??

     

     

    Kojo

     

     

    Yer pal. who likes the wey ye think.

     

     

    Still Laughin’

     

     

    Kojo

  26. Rieperman on

    Fanadpatriot,

     

     

    No reason why he can’t do both jobs. One of his best moves was getting the players take responsibility for their own fitness and Rory Gallagher is much more prominent in training than Jim. He won’t need to be there all the time.

     

    Also I don’t believe he would have stayed on in that role or taken on the Celtic job if he didn’t believe he could give them the time required. He’s just not that kind of guy.

     

     

    It’s all good in the hills.

  29. The Moon Bhoys on

    Ready to get shot down in flames here but I’ve always been puzzled as to why we do the mass huddle with our backs to the game, why dont we face the game when doing the mass huddle?

  30. ....PFayr on

    Canamalar

     

     

    I was when in Duomo square when EJ was getting pelters…..full of the drink ..thought it was funny

  32. Dontbrattbakkinanger on

    TheMoonBhoys- because when the team do the Huddle they turn their backs to the crowd.

     

     

    Also 1-0 up against Barcelona result was never in doubt ;/)

  33. oldtim67 on

    Paul67 et al.

     

     

    A bit of a ramble and excuse the grammar, and spelling.

     

     

    I’ve not been on the blog since the game on Wednesday simply because the game knocked hell out of me, the ecstatic moment when we went two up, then the worry, knowing how good Barcelona are after they pulled a goal back and there was still a chance that they could snatch that other goal, the longest couple of minutes that I can remember, Unlike me not to have a drink somewhere to celebrate, but as I said, I was absolutely shattered, Johann Murdoch dropped me of in Ingram Street and I walked the couple of hundred yards to get to my abode for the night.

     

     

    I would say that that game on Wednesday was the most exciting I have had the pleasure of being a part of since 1967 in Lisbon, I was a young 28 year old then, who travelled over to Lisbon with my brother, and four other Celtic fanatics in a Ford Zodiac.

     

     

    Wednesday had it all, fantastic YNWA, a fantastic green brigade, A fantastic support, A fantastic displays of colour, a fantastic result, and a fantastic team to beat, the best team in the World, and we were the first team to beat the mighty Barcelona this season. Yes, Wednesday, was about as good as it gets.

     

     

    But the ultimate accolade that Celtic could achieve was achieved in 1967,the winning of the European Cup.

     

    We are now competing in a new variation of the European Cup called the Champions League. A very different format, and much harder for teams like Celtic to compete in, and win. This League is skew-whiffed in favour of the big four Leagues, England, Germany, Italy, and Spain. Three more points and we will be into the last 16,then it becomes a knockout competition, one team against another, we would have a good chance of going all the way.

     

    When Neil was appointed manager I was against his appointment, I didn’t think it was right that a young guy who had no experience in management would take us onwards, and upwards, at the time I thought it was a retrograde step backwards, and at times I felt justified, he made many mistakes, I won’t go over any, except one, a friendly game against Inter Milan, Both teams agreed on six substitutions, and Neil proceeded to use them up during the game, fine if there had been no injuries during play, I think he put his last sub on with about 18 min’s of play to go when Kris Commons pulled up with an injury, we had used up our substitutions, so Celtic had to play with Ten men for the rest of the game, as I said, it was a friendly, but it was a very bad error of judgment on Neil’s part. I’ve got over these errors, and Think Neil is the 2nd best manager we have had in the 60 years + of watching Celtic. If they are his?,(I don’t know who signs up players)I’m impressed with the signings he has made this season, He is still learning but feel that he has surpassed Gordon, and Martin, at this point in his career, but still a has way to go catching up with the big man.

     

     

    Back to the most Exciting game, you’ve guessed it Lisbon 67,I hope that you get that feeling that I got back then, as I said, I was 28 yrs old, and I struggled to take the pressure that day,45 years on, and Wednesday was the 2nd most magnificent memory that I have regarding Celtic, I have went through the whole gamut of ecstasies, Coronation Cup,7-1 game, all the games that would give you a buzz, my only regret is I missed Seville, I can’t even think why I missed it, I think I had five nephews at the game, and for the life of me I don’t know why I missed that one?.

     

    In 67, I got the feeling that we could do something good as the team were playing so well that I felt that I needed to do a bit of saving. It was a long time ago but I think I managed to save up around £75 for the 11 day trip to Lisbon, I was lucky, one of the others with us told us when we got to Calais that he only had £14 to last the 11 days, but it was a magic trip.

     

    I have that same feeling now, If ,we can get into the last 16 what’s to stop us from going all the way, Wishful thinking, pie in the sky?,who knows. but I still have that feeling, this year I’ve been to Barcelona, and going to Lisbon, it’s all part of the excitement that Celtic creates for us, I love the meeting of like minded people, in a square somewhere in foreign lands, and a shout of oldtim, and the joy of shaking their hands, and having a few you know what’s, there’s nothing I like better than to meet up with fellow traveller’s.

     

     

    Sorry for the ramble.

     

    I have nothing but praise for the team players, Neil, and the back room staff, ‘and especially. us, the supporters.

  34. The Onlooker on

    Before each game the coaches and trainers ensure that the team are prepped for the game. 30 minutes of stretches , sprints , ball work etc.

     

     

    What do we do to prepare for the second half?

     

    I imagine our half time regime consists of 15 minutes sitting on a bench, taking in fluids and listening to NFL .

     

     

    Emilio’s hamstring injury on Sunday occurred immediately after half time ,which may ( repeat may) have been due to no warm ups , stretches .

     

    It brings back memories of Craig Belamy suffering a similar hammy strain at the Deathstar in our post split game… again straight after half time.

     

     

    If things had gone badly on Wednesday evening we may have been discussing the implications of Emilio’s absence at length.

     

    Another task for the Glenties man.

     

    Just a thought

     

     

    ( my half time routine in Sunday morning pub league games was always remain standing , drink Irn Bru and have at least one B&H…. worked well for me)

     

     

    The Onlooker

  35. Dontbrattbakkinanger on

    Ole old Tim, nothin’ to apologise for, ramble on.

     

     

    The fanzone is wherever you are when there’s a game on.

  41. Kojo on

    They tell Me……

     

     

    Mr. McGuinness.. is a Stickler fur..

     

     

    Mens Sana in Corpore Sano.

     

     

    in which Ah . also.. Am a Firm Believer.

     

     

    If Ah wur .. King..

     

     

    Ah wid Ban the use of Alcohol.. by .

     

     

    ANY MEMBER OF THE CELTIC PLAYING STAFF..

     

     

    During the Fitba’ Season..

     

     

    No Athlete ..under a Strict ..TRAINING Regimen.. should indulge in the Consumption of Alcohol .. fur . Alcohol Is a Drug…and.. Drugs dinnae fit intae MA Picture o’ a True Athlete.

     

     

    First and Foremost.. a Celtic Player Must be Dedicated .. tae Daeing his Very Best fur

     

    the Team.. and..

     

     

    THE CELTIC FANS.

     

     

    And the Fans Deserve his Full and Utter Dedication tae Keeping Himself

     

    as Fit as Possible.

     

     

     

    By the wey.. Ah wid also..

     

     

    Ban the use of Tobacco.. and.. Snuff.

     

     

    And…. also…

     

     

    TATTOOS!

     

     

    ( Howevahhhhhhhhhhh.. it seems that there are several Players . who already sport these. unseemly blemishes,already… A Big Tut , Tut . tae Them. frum Me)

     

     

    Ah hope Mr. McGuinness. does .. indeed.. Think along the same lines.. as Ma Guid Sel…in all of these Matters.

     

     

    Kojo

     

    Still Laughin’

  42. henryclarkson on

    Old Tim

     

     

    My old dad flew for the 1st time in his life, not one photo he took of the game as his spool was on empty when he seen the plane -)

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