With Ukio Bankas bankrupt there is an acceptance that Hearts, who owe the bank in the region of £15m, will go into administration shortly after the end of the season. This might not be the case.
Hearts major problem is their major asset, Tynecastle Stadium, which occupies a valuable patch of land in Edinburgh. If administrators acting on behalf of Ukio have free access to the stadium they may shut it and look to recoup their loans by selling the land. There is a possibility Hearts could be a football club without a stadium, but that does not necessarily mean they will go into administration. Without a stadium to use the club would be liquidated but there is a possibility they would be able ground-share.
Hearts tested the land value before the property crash and received an offer of £22m from a house builder.
Alternatively the bank’s administrators could use their considerable influence over how the club is managed to sell their shares or come to some other arrangement (Ticketus, anyone?). When the major creditor has this much control of the company without administration, going through the formal process could actually harm their chances of getting their money back.
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istanbulcelt
14:08 on 4 May, 2013
Does anybody know who won the 1 million crossbar challange over at Ibrox?. I’m sure it wasn’t a scam and that some sloth like, The Rangers fan is a million quid richer!
_————————————–
Didn’t you know. Charlie Green done it 3 times in a row, so he awarded himself 3 mil, then walked away.
Cheers fholks. Your words are a great comfort.
Mr Stimpson 14:03
Yeah, like we were supposed to give money to a team that cheated us out of leagues, cups, CL appearances (and the tens of millions WE missed out on because of that). Has to be a wind-up from them, surely?
Is there a ‘major’ announcement to be made to the stock exchange on Tuesday? Are the jungle drums beating?
If Whyte effectively owns the assets then how much would it cost someone like Dave King to persuade Craigy to ‘Walk Away’ without Worthington PLC having to go to court?
I was walking up to the shops and a gust of wind blew a daily record into my hands :-)
I see sally didn’t realy expect a £10m transfer windfall…shockaroony!!!
The Zombies giving it the “Dambusters” large.
Rumours of RAF fly-by & a Barnes Wallace Bouncer into the Copland Road prove unfounded as yet…
Richie
Thoughts and prayers Bhoy
TwoMacaroons
14:17 on 4 May, 2013
Ha ha Thumbs up!!!
istanbulcelt
14:08 on 4 May, 2013
Rumour has it chuckles won it 3 times on a row.
Come on the Wee Reds!
twomacaroons
14:17 on 4 May, 2013.
Too quick for me there…great minds think alike.
auldheid
13:59 on 4 May, 2013
Great idea .
Been oot for a while ( work ) sorry for not replying to TBB and others regarding Sevco’s running cost to win the 3rd division . Read back now , some good points Bhoys .
HH
Glentoran fans giving it God Save the Queen. Pity their main team did not pay Lizzy what she was due.
19lisbonbhoy67
Rumours on Twitter last night that they need to come up with £30M next week.
Cliftonville miss a golden chance.
What a miss from Gormley.
Exciting wee finish to the Championship
Unbelievable miss
ASonOfDan
14:41 on
4 May, 2013
Cliftonville miss a golden chance.
How did he miss that?
for anybody near Shoreditch
thecloveclub.com
Cliftonville not really got into their stride yet but should be ahead
So … Peterborough go down because of a 90th minute goal.
Hull might be going up … but in injury time missed a penalty at 2-1 up then conceded one to draw 2-2. Watford could pip them if they win … they are at 1 – 1.
And Leicester are in the play offs after a 90th minute winner.
It’s the Championship for last minute thrills today.
dead and loving it
Has his team mate for first goal scorer I think.
Reds corner
asonofdan
14:37 on 4 May, 2013
&&&&&
First real sign of trouble is that the wages aren’t getting paid. Real concerted push in MSM for two things:
1. Fast-track deidco into higher league, thus ensuring ST sales.
2. Story after story that the £10m war chest is empty (or spent on running costs – contrary to chuckles original statement).
The sum is that deidco is poorer than a Paisley busker.
Incidentally, given what we know about chuck and the company he keeps, wouldn’t it have been in deidco’s interest to burn as much cash as possible, thereby weakening CW’s bargaining position?
So long! Farewell! Aufweidershein! Adiue!…..
Watford keeper howler
Boyce just wide. Reds stepping up a gear
So close again.
“The Glens are going bust”. lol!
or good lob
you choose
That’ll be that then for Watford..
The Boyce fella is pretty good .
Tanner
Take a look around….this is what the SPL is missing, goodwin
You can feel the ‘new article posted’ tension!:-)
So what’s the odds on Hull coming straight back down?
Boyce for Cliftonville looks useful
If you represented 30 clubs would you describe your best 10 as ‘desperate’?
Longmuir and the Sevco masterplan in tatters.
I hope and pray St Mirren also get relegated.
Vomit inducing commentary at the Bigotdome fro Tanner et al.
If I didn’t live in the SW of England I would have cancelled Sky ages ago.
Hail! Hail!
ianbhoy929
Turn over to Sky 972 Irish Cup Final