‘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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bamboo
A Scottish band covered it (carbon copy) in the 70’s I think. They were also a one hit wonder…..which is quite appropriate really
!!Bada Bing!!
Me neither but I’m sure the corruption didn’t stop at the doors of Murray. A lot of people are going down and they are the type of people who would go all the way down and take everyone with them rather than own up to what they have been doing.
The SOONER we get out of Scotland, away from the Scottish MSM, the old Orange b*llocks we have all been subjected to – all of our lives in a LOT of cases – the better!!!!!
Don’t care where we go: the League of Ireland, a European League, a Northern European League, the Bundesliga, League of Wales, Allsvenskvan, Tippeligaen (Norway) entry into a lower league in England – JUST GET US OUT OF THE SP HELL – and Scotland. The place is putrid, rotten, corrupt and stinks! Genug gehabt, as we say in Rotherham/Berlin!
The most bigotted wee nation on Earth – now who said that?????
off to “assist in the kitchen”
The Drummer is a girl
What?
I said the Drummer is a girl.
BSR,
Remember the 20 plus minutes drum solo by Jack Bruce’s drummer at the ole Hamilton Town Hall? It was total mince.
Anyone up for an early opening of the Gazebo on Sunday to swap Barcelona stories?
EC 67
rothbhoy
18:12 on 9 November, 2012
Or we could stay here and clean the place up. ;))
And inspire Scottish people.
“Have I the right” is a perfect match for the Green Brigade .
One of the catchiest songs ever with fantastic scope for the GB drummers.
Jack Bruce stayed a couple of closes up the road from me in Pollok so there lol
Earl’s Court 24th May 1975
Led Zeppelin.
John Bonham’s Moby Dick drum solo was 45 minutes long
I mean C’mon….
https://www.youtube.com/watch?v=c7CtqwyxHM0&feature=related
bamboo
The Honeycombs – classic song.
One of very few famous bands with a female drummer.
The seismic affect in the aftermath of the team’s performance and the whole spectacle of the 125 years celebrations at Celtic Park has journos everywhere still filling acres of column inches two days after the event. What a change to be reading about Celtic in every newspaper you care to open and hardly a word about the EPL – I’m loving it.
Observing the type of game that Tony Watt plays with his terrific pace and quick feet and in particular the way the youngster can score goals with powerful shots on the run – a difficult skill – we may have the makings of another George Best.
The performance on Wednesday night proved that the Nou Camp was no fluke the Champions League with six wins and a draw is proving a nice little earner in performance money for the club.
We all have to come down from the high at the moment and get back to business on Sunday with three points.
THE EXILED TIM
From what i picked up messi isnae happy about villa no giving
him the ball, they had a spat that lasted 45 seconds on the pitch
wednesday
So Raman, ‘Rangers’ were demoted to Div3???
If anyone follows him on twitter, could they pose a question to him regarding this nonsense he spouted on the news this evening.
SPF
Zombies on STV just now
thetimrieper
Dearie me, I thought it might be something important.
He may well be the best player on the planet, but he worse than a wean.
hankray
I’m not wanting to comment about Tony Watt. The striker role at Celtic is special. Keep the pressure off the big strong Watt, for now.
The Forwards at Celtic better keep improving as there is something coming over the hill.
https://www.youtube.com/watch?v=ETN7Rw8S9dg
Watts that?
Who’s this Ken Pattulo guy on SSN. Talking about Hearts prospects said, rangers still exist as an entity although clearly the old rangers football club no longer does. Green tie too!
Petec,
Sounds like a good idea mate but how long do we have?????
The bigotry goes back hundreds of years – how much longer do we have to put up with it????? Surely we must come to the conclusion that enough is enough and move on….elsewhere….where we are appreciated!
The time is NOW IMHO.
Thetimrieper.
Ye It’s a minefield of knowledge to put the huns in their place.
I’ve jumped into their sites It’s all venom or whitaboutery.
Picked up a few things of yourself.hail hail.
THE EXILED TIM
I also think that something similar happened in a game in spain.
Straight swap villa for victor:-)
scotpatsfan
18:23 on
9 November, 2012
So Raman, ‘Rangers’ were demoted to Div3???
If anyone follows him on twitter, could they pose a question to him regarding this nonsense he spouted on the news this evening.
Can’t mate he’s not to post on twitter while police investigate threats made to him by the lovely sevconians.
Apologies if it’s been posted but the trailer for World War Z is on You Tube and is George Square spottingTASTIC!
Think it’s fast zombies too.
U
Southside
I noticed his green tie too….he’ll be on the FF banned list for such overt Timmery
Drum solo
http://youtu.be/DyO7lvzfw5Q
We have the same drumkit in our house, son of tarrant got it for his 5th birthday. Have emailed Foo Fighters regarding availability of Dave Grohl to provide lessons. Still awaiting reply.
Sandy Jardine and his get your history here photo shoot reminded me of the stories from the wife’s cousin about all the fake designer gear on sale in Turkey .
Sandy is a Turkish market stall holder and the sevco fans are nothing more than tourists in the Scottish game ,they know this stuff is not real but they buy it anyway ,hoping no one looks too closely at the label .
frauds then, frauds now,frauds for ever
hail hail
THE EXILED TIM, thetimrieper
Villa was a striker at Valencia and probably doesn’t like not being the main man. Xavi & Puyol are excellent guides for anyone coming through the ranks and into the Barcelona team.
I’m not saying Messi is not at fault, as there is every likelihood he is assuming the rumours are true. The same rumours were there before Villa got his bad injury.
Bamboo
the Honeycoombs had another top twenty hit in 1965 with “Thats the Way”. The female drummer was Honey Lantree and she shared the vocals on this hit.
The Dead End Kids covered Have I the Right
rothbhoy,
It will always be there, we are facing it down now.
ulysses mcghee
just been on stv – I just mentioned it 5 minutes ago
thetimrieper
18:28 on 9 November, 2012
Yes the fell out on the pitch in a live sky game a few weeks ago. They were shouting across the field at each other for 30/40 seconds. It must be simmering.
Good evening friends
in fact it’s just been on STV about 5 mins ago
Timbhoy in Spain.
I’ve got the same feeling as I did back then, maybe not this year, but if we can hold on to the players we’ve got I can see something special happening.only 1 NFL.hh
UM
I remember.
http://www.youtube.com/watch?v=_b7bgtu2O4E
Bamboo
I play “Have I the right ” regularly on my IPhone.
The Honeycombs also have a song called “Our day will come”.
TAL
Andrew67
celt55/petec
Interesting to keep an eye on it.