‘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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So the Hun 140 year anniversary glamour game ( against Stirling Albion ) …is a complete farce
Kojo
… or should that be Pasquale?!
Anyway… thank you for the kind words – I am deeply touched!
Although I am of Italian extraction as far back as I have been able to assertain -I was born in Greenock! But keep that to yourself!
Were you born on Easter Sunday by any chance?!
What about that bhoy Tony Watt – eh?! Looks a bit Italian if you ask me! Smashing player!
Take care old bean!
HH!!
skyarts1 is good but I’ve just had to sit through a Ginger Baker drum solo. Wee Messi thinks he’s unlucky????
sipsini
I too felt intimidated about posting on here in fact i still do . Not too good
at putting feelings and humour into type. I lurked on here for months and
months almost daily because i was getting info on here that was not
available anywhere else and was getting directed to sites I didn`t know
existed. I thank all CQNer`s for that.
Your post was encouraging to me, Hail Hail
My dear,dear,dear,friend.. Sipsini
Pal..
Jist write aboot whit ye Know.
Ah am sure that ye Know aloat o’ things that Hiv Happened tae You.. that.
Naebuddy else diz..
Right Away..
There’s a Hook. which ye kin Use..
Fr’instance..
How Ye spent yer First Pay Packet.
How Ye hated.. the taste of an Avocado.. that first time ye hid wan.
Whit Age wur ye when ye first wore Long Troosers.
Where did ye meet ye wife..
Heck.. the List is Endless..
Oan here.. ye kin write aboot anything ..it disnae necessarily hiv tae be always aboot the Celts..
Get in there,kiddo..
And rattle those Keys..
Kojo
Yer Pal… who like ye ,already
Still Laughin’
Oldtim67
Magic post mate and you were correct in your pre match prediction.
It really was an incredible occasion.
So, just talked to the mhan who me the FTT result and why he understood it was to be released today, it seems a national tabloid had doubled their editorial staff for today as they were tipped of.
Might happen yet I suppose.
Looking forward to a wee night in the company of Christy Moore.
“Let the music raise your spirits high…”
Timbhoy in Spain.
Me and my mates thought the same in the quarters before Seville,didn’t follow it up and only 1 out of the 9 of us that made the trip got into the game.
Not me sadly.hindsight eh.hh
Wee Thiago Messi’s first question to his ole dad could be – Did you get me any Sellick stuff yon night in that big Gazebo?
It could be worse, could be a Dave Clark drum solo..
canamalar
We can but hope :>)
Great post.Oldtim such a pleasure to be with you on wednesday night..for everyone else..he was genuinely absolutely shattered after the whole rollercoaster evening..especially the last 4 mins..we did indulge in a couple of man hugs though for each of the goals!…HH
Mrs M says many thanks for sunday!
cadizzy
I saw that drum solo and was nearly losing the will to live ,ole Ginger’s fair went flat.
dontbrattbakkinanger
17:48 on
9 November, 2012
It could be worse, could be a Dave Clark drum solo..
Used to love some of Ringos finest solos.
In movies there is never a problem parking right outside the front door of the hospital/court/police station etc.
.
Jaundyices Sardine..
“When the Jardines follow follow the Trawler Trash..It is Because they think………………….”
Oh Wait..
Summa
bournesouprecipe
Didnae manage to get to the Biggest ever Gazebo but, God willing, I will be there for the Spartak game. I hope it is all wrapped up by then and we are battling for the top spot in the Group. ;))
Amazing eh?
Nope just Celtic.
Get voting Bhoys on SKy Goal of the Week.
Tony Watt goal is in there.
Why would anyone buy shares in a Club that is going bust?
sipsini
17:46 on
9 November, 2012
Timbhoy in Spain.
Me and my mates thought the same in the quarters before Seville,didn’t follow it up and only 1 out of the 9 of us that made the trip got into the game.
Not me sadly.hindsight eh.hh
Know what as Old Tim says I didn´t go to the Seville Final either.
I had just moved to spain in 2004 but I was commuting to a job in England-2 weeks on & 2 weeks back in Spain.I was working in England at the time of the final but my sister in Glasgow got me a ticket for the game & I bitterly regret not going.
It would have cost me a lot of money in lost wages but now I think what´s money.
!!Bada Bing!!
MSM is guiding them.
They are misguided.
.
bournesouprecipe
17:47 on
9 November, 2012
Wee Thiago Messi’s first question to his ole dad could be – Did you get me any Sellick stuff yon night in that big Gazebo?
..
Aye He Got him 2 Celtic Bibs..One with “Celtic’s Greatest Dribbler”
and Another with.. “Watt Messi ?”
Summa of LookWho’sTalking67CSC
Dave Clark is a leading tax case about UK tax residence. Not a lot of people know that
petec
I think we’ll beat ole Spartak – could be some night.
My dear,dear,dear,friend .. Tallybhoy.
Thanks fur the Reply,pal.
Nae.. Ah wiznae born oan Easter Sunday..
The Pet name.. comes fae a real live Pat and Mick..situation..me and a guid Buddy
found Oor Selves.. tae oor utter Horror and Consternation.
and In which..
Ah ended up daeing wit wid hiv bin expected Ah wid hiv done, if Ah hid bin cast in the Role o.. Pat.
Too ..Embarrassing and Complicated a situation…fir General Publication.
Yep.. Tony is a Brammer , alright.
He is oor Cannonball Kid.
He plays the Game like..
The Much vaunted.. Rooney.. SHOULD.. but.. Canny.
and
Ah widnae be surprised ,at awe if he Hid some Italian Ancestors, in the past..
He sure is A Doggone Handsome Son o’ a Gun
Nice Chatting, Pally.
Kojo
yer pal…who likes ye aloater
Still, Laughin’
Dave Clark is a leading tax case about UK tax residence. Not a lot of people know that
Soon to be another- Vlad All Over?
bournesouprecipe
I really hope it is settled by then. Spartak have an incredibly quick forward line, another tactical challenge for Young Neil to overcome, of course it will all depend on what Celtic need on the night.
Thinking about things, and this probably sounds crazy, I think Celtic are more likely to beat Benfica than Spartak. Benfica are very good at home but we are sensational away from home now in the Champions League. ;))
Dontbrattbakkinanger
18:01 on
9 November, 2012
Dave Clark is a leading tax case about UK tax residence. Not a lot of people know that
Soon to be another- Vlad All Over?
Or maybe he´ll re-release ” Catch us if you can” ?
Bada bing
Cause they’re stupid Huns …no.?
What has upset Messi that he wants the club to get rid of Villa ?
petec-Can’t get my head around the sales pitch to buy shares in a dying company.
broken Hearts in bits and pieces
Guys,
work over, bottle of Carmenere decanted and….
BBad first series ready to go!
Weekends, dont you just luv them
pfayr-as above mate HH
Oh did i say the ham broth is just about ready
“absolutley excellent” is the best hurting hun Dalziel can do.
The Honeycombes had an excellent drummer. Remember their classic “have I the right” Very catchy. Unfortunatly I think they go down as a one-hit-wonder group.