‘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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OLDTIM67
I’ve not once responded to a post of yours before-they are generally excellent,and your love of the club shines like a beacon,but pretty much of a muchness with many others,if you don’t mind me saying so.
THAT CHANGED WHEN I READ YOUR LATEST CONTRIBUTION!
Stunning,straight from the heart,and on the button.
My Dad is the same age as you,he too was too drained to drink after the game.
Mind,he forced himself,ya wuss………
HAIL,HAIL,old bean. I told my Dad he HAD to go to Seville,as he probably wouldn’t see Celtic in a European Final again in his lifetime.
Neil Lennon’s team has our ambitions and dreams trying to stay grounded,but the sky might be the limit!
Oldtim
Pure magic.
still teary
love celtic love cqn
find myself thinking of walking down london road after the hearts match which was strachan’s last match, they were exuberant during the match when rangers scored, a celtic fan said to a hearts fan ‘is that a rangers scarf under your jersey’, he couldn’t answer
it’ll never happen again ‘cos there won’t be a hearts, if you don’t treat your club with respect , your club will die
oldtim67
16:39 on 9 November, 2012
An amazing Ramble.
Thank You.
Not long in and not checked back, so I do not know if any of our ‘Italian’ CQNers have mentioned it.
Fantastic (almost) full-page spread on Tony Watt in today’s ‘Gazzetta dello Sport’. Very well informed piece on the bhoy -and very complimentary.
Seems to be ‘the talk of the steamie’ throughout Europe!
Gaun yersel Tony son!
They also had 3 photographs (again), of Rod greetin’!
Another story I heard here today is that Leo Messi and David Villa no longer see eye to eye after their wee spat on Wednesday night – apparently Leo has asked the club to sell Villa!
HH!!
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
We are going back to where we belong. ;))
If not Wembley this season, we will be strengthening further anyway even if Victorious leaves for upwards of a Billion $. :)
It is excellent to see Ajax performing so well as well.
Wow, Tnx for that Exiled Tim at
14:18 on 9 November, 2012
Must be worth a repost.
http://www.channel4.com/news/catch-up/display/playlistref/081112
The video “the scandal widens” 3min 43sec long.
Councillor Keith Gregory, at 2min 20sec into video
Masons definitely need to be investigated…….
All the names on my list belong to a Masonic Lodge…..
Now that would explain the cover up.
Gives you shivers.
Tallybhoy
SoT may accuse you of plagiarism :-))
Phil hinting at insolvency at Sevco……….what a great end to a memorable week that would be.
Pretend to be a character in a movie by never saying hello or goodbye when talking on the phone
Listening to this Hearts pash on SSN
they embarked on a season with a turnover of £6m and £8m operating costs…why did they not sell high earners …they also brought in players
fiscal madness
SSN…………………………………………………….Charles Green officially elevated to Walter status and is now referred to exclusively as….……………………Charles.
….PFayr
They also haven’t mentioned that they cheated to win last season’s cup. Signed Beattie when they could neither afford him nor pay their players wages.
When the weather’s like this in ole Shangri La I like to pretend I’m a character in ‘Das Boot’
…as opposed to procurator fiscal madness?
…PFayr
As I said I have not read back – that’s my story and I am sticking to it!
Had a busy/hard (?!) day picking olives! They are tiny, I know, but a bucket-full of them are quite heavy!
Will now scroll back!
HH!!
BEFORE I HIT MY COT………
Canny believe no-one picked up on ERNIE LYNCH’s wee gag about the ramifications of having more than one player in the squad with the surname Watt.
Even when someone said they had just had WATT put on the back of a Barca top!
Och,mibbe you did,and didnae find it as funny as I did………..
Heading South East at last, bucking strong headwinds in typical Glasgow Friday night weather.
BSR
to be a believable character in a movie you also must never lock your car door when you get out
and only ever take two puffs of a cigarette before throwing/flicking it away….theatrically
Havin’ seen off the challenge of Barca I’m now worried Denise Van Outen will win ‘Strictly’; which would be a bit sevconian as she’s an established star of the West End and Broadway.
Quite an astonishing quote from the rangers legned sandy jardine…
“Our anniversary should have been the last week in May, but that’s when we were facing liquidation so celebrations were put on the back burner”…..
Good grief have you not heard sandy, you were indeed liquidated on Halloween…
note to sandy, ‘liquidate’ means according to the dictionary……
“to get rid of, especially by killing: to liquidate the enemies of the regime”.
So there you have it sandy, you can bin the anniversary celebrations altogether now, that’s is of course assuming you still live in the real world and not some alternative universe where rangers didn’t get liquidated at all and are still carrying on as normal..
Ever seen a glazier in a Western?
cadizzy
When does Celtic v Barca the movie come out? – whoooohoooo
BobbyM
I canny believe that nobody mentioned this, tis truely shocking.
Scotland today, and the future if nothing is done about it.
http://107cowgate.com/2012/11/07/orange-order-in-primary-schools/
Sandy’s brain [and hair] is still stuck in 1972.
My dear,dear,dear,friend.. TallyBhoy
Hiya.. Pal?
Did You know that ..
Ah..
Absolutely… Luv.. ITALIANS?
Awe Ma Best Friends ur.. ITALIANS
Ma Goil..is.. An.. Italian.
My Parrot Is .. A Pappagallo.. and his Name is..
Luigi..
Ma pet name .. is.. Pasquale..
which is whit ..awe ma Italian Buddies .. call me..
Although… Ma Name is No Paddy.
How Ah ended up being called Pasquale..is a Tale fur anither Time..
anyway…
Ah am gled tae hiv ye aboard..
You are such a Refreshin’ Chinge.
Too Miny.. Bliddy Irishmen Oan Here.. anywey
Okay.. Ah am KIddin’
Hmmmmmmmmmm
Kojo
Yer pal…who likes ye ,already.
Still , Laughin’
Oldtim 67.
I’m not up to much with the punctuation,yours is fine.
The reason I read cqn is to get educated with those with their fingers in the pie and like to read about posters experiances while following celtic.
I’ve had a few myself some good some not.
It took me a long time to eventualy post as I felt a bit intimidated with the knowledge and scribes on here but hey we’re all tims together with our own opinions.hail hail
Ever seen anyone getting change in a bar in TV/film?
Seems like Mr messi is not the nice guy we all thought he was.
A case of don´t mess wi messi.
Where´s the Champions League Final this year?
Think I might try ´n get a couple of tickets just now.
Ye just never know.
I don´t think any of us really believed we could win it way back in early 67.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
17:21 on 9 November, 2012
I always remember philvisreturns dropping this track way back.
https://www.youtube.com/watch?v=egX9N8yOgaU
haste ye back!!!
A random treble that kicks off very soon. Ligue 2
Guingamp v Tours Over/Under 3.5 Goals
3.80
Dijon v Nimes Over/Under 3.5 Goals
4.333
Arles-Avignon v Laval Over/Under 2.5 Goals
2.30
37/1
All over, of course.
Filming gets cancelled if an actor’s got a cold. Why can’t they just have a line “I’ve got a cold”
STILL BUZZING
“That was the biggest Gazebo I’ve ever seen in my life.”
Lionel Messi
oldtim67
16:39 on
9 November, 2012
Great post,agree with sentiments re games but my additions would be the 4-2 game plus Leeds Away and then Hampden,and of course 85/86 Love ST.
in films people always pay by throwing notes on the table without knowing how much it costs. Nobody has a credit card in films
Oldtim
Just caught up with your earlier post. Great stuff as ever, you’ve the gift of the written gab if that makes any sense.
And a Ford Zodiac no less when many made their way to Lisbon in a Hillman Imp:o)