kni Posted July 29, 2013 Report Share Posted July 29, 2013 No ugly sister OF games, no Dundee derbies and now Hearts v Hibs games in doubt. Maybe our games with St Mirren will be top billing encounters? And that's what Doncaster will really be afraid of. If Hearts are liquidated, the SPFL could find it even harder to attract a lucrative sponsorship deal. There could be related clauses in the television deals too. Quote Link to comment Share on other sites More sharing options...
twinny Posted July 29, 2013 Report Share Posted July 29, 2013 It's an absolute joke that contingency plans don't appear to have been made for all the various possible outcomes. There seems to be a hope within the SPFL resting on Hearts making it. Most clubs seem to be able to pull through in the end, but when one of the main creditors, the company that owns your stadium too, is in the shitter themselves, your chances are slim. Quote Link to comment Share on other sites More sharing options...
kni Posted July 29, 2013 Report Share Posted July 29, 2013 Jackson says that millions more are needed to save the club. "It could be coming into millions. It is not millions as in another five million, I wouldn't have thought, so it's hard to say can the bidders get there. "I am of the opinion that they would be prepared to liquidate if they felt that was in the best interests of their creditors. "However, having said that, I still think they are sympathetic to the club being sold as a football club and, in some ways, it might be quicker and easier for them to realise the asset by going down that route." Only sympathetic to the club being sold? These are not the words of a confident man. Quote Link to comment Share on other sites More sharing options...
kni Posted July 29, 2013 Report Share Posted July 29, 2013 It's an absolute joke that contingency plans don't appear to have been made for all the various possible outcomes. There seems to be a hope within the SPFL resting on Hearts making it. Most clubs seem to be able to pull through in the end, but when one of the main creditors, the company that owns your stadium too, is in the shitter themselves, your chances are slim. To be fair, the SPFL is powerless to intervene at this stage as it must abide by its own rules. The rules were applied and Hearts will start the season with a 15 points deduction. Any other decision would be challenged legally by the current owners and the bidders. Hearts could still be sold if the bidders can meet the asking price(s) for the club and the stadium. It is still possible that the club can be sold with a stadium rental agreement. The new owner would then have time to negotiate a separate deal to buy Tynecastle. Quote Link to comment Share on other sites More sharing options...
Scamps Posted July 29, 2013 Report Share Posted July 29, 2013 (edited) To be fair, the SPFL is powerless to intervene at this stage as it must abide by its own rules. The rules were applied and Hearts will start the season with a 15 points deduction. Any other decision would be challenged legally by the current owners and the bidders. Hearts could still be sold if the bidders can meet the asking price(s) for the club and the stadium. It is still possible that the club can be sold with a stadium rental agreement. The new owner would then have time to negotiate a separate deal to buy Tynecastle. There's likely to be another rule independent of the points deduction. Something along the lines of protecting the league/clubs within the league against financial loss derived from unfulfilled fixtures. Didn't livi or Gretna have to pay a bond as protection against financial loss to other clubs? Edited July 29, 2013 by Scamps Quote Link to comment Share on other sites More sharing options...
peagreenboy Posted July 29, 2013 Report Share Posted July 29, 2013 No ugly sister OF games, no Dundee derbies and now Hearts v Hibs games in doubt. Maybe our games with St Mirren will be top billing encounters? Sadly, the Highland Derby is far bigger these days ... Quote Link to comment Share on other sites More sharing options...
kni Posted July 29, 2013 Report Share Posted July 29, 2013 There's likely to be another rule independent of the points deduction. Something along the lines of protecting the league/clubs within the league against financial loss derived from unfulfilled fixtures. Didn't livi or Gretna have to pay a bond as protection against financial loss to other clubs? Livi were required to pay a bond of over £700k to the SFL after they came out of administration in 2009. Quote Link to comment Share on other sites More sharing options...
stillresigned Posted July 29, 2013 Report Share Posted July 29, 2013 (edited) Its difficult to imagine even the ex-residents of Park Gardens lacking the foresight to predict the possibility, if not probability of Hearts entering liquidation. It would seem to me remiss in the extreme of the footballing authorities not to insist on some form of financial guarantee that Hearts would be able to fulfill their fixtures for the coming season. Like Sevco before them, the financial travails of Hearts have hardly required Mystic Meg to predict them. That the rulebook was insufficiently written for one set of circumstances looks like carelessness, that the self same supposedly governing bodies should find themselves in the same, indeed perhaps worse situation around twelve moths later smacks of total and utter incompetence. Perhaps, instead of devoting their selves to what appears a blatant rip off, of the structure South of the border, it would have been better to ensure that the financial status of clubs were as watertight as possible. I'm afraid once again the running of our game is simply farcical. Edited July 29, 2013 by stillresigned Quote Link to comment Share on other sites More sharing options...
peagreenboy Posted July 29, 2013 Report Share Posted July 29, 2013 It would seem to me remiss in the extreme of the footballing authorities not to insist on some form of financial guarantee that Hearts would be able to fulfill their fixtures for the coming season. Surely if/when Hearts go bust there will be no money anywhere ... what would the authorities do? They get to keep the guarantee? Any money from selling the land would go straight to El Comedy Bankio, the club wouldn't exist and everyone would have to go raffle, surely? Quote Link to comment Share on other sites More sharing options...
kni Posted July 29, 2013 Report Share Posted July 29, 2013 ^ A club in administration is unable to provide any financial guarantees or bonds. They have to be provided by banks who would require the club to deposit the money into an escrow account, i.e. cash-backed. Hearts had already spent the season ticket income when they went into administration. Whoever buys Hearts will have cough up cash to replace the spent season ticket income. That's in addition to paying the administrators and meeting footballing debts. Then there will be the cost of buying or renting Tynecastle. The key point is that season ticket holders need protection. All clubs should be required to deposit season ticket income into a special account and the money withdrawn on a monthly basis to pay players and bills. Quote Link to comment Share on other sites More sharing options...
peagreenboy Posted July 29, 2013 Report Share Posted July 29, 2013 ... so, could I let Hearts go into liquidation, buy Tynecastle for say, £10 million quid, and start my own team called The Hearts Football Club? And anyone who purchased a season ticket can frame it as a memento? Yes, sure there'd be outrage, but I'd make the club colour blue and make sure the motto is "ready" ... in fact screw it, I'd call them The Gorgie Rangers. The crowds will flood in! Quote Link to comment Share on other sites More sharing options...
kni Posted July 29, 2013 Report Share Posted July 29, 2013 ^ In theory, you are correct but your new club would have to apply to join the the SPFL (probably the Lowland League) and become a member of the SFA. Quote Link to comment Share on other sites More sharing options...
peagreenboy Posted July 29, 2013 Report Share Posted July 29, 2013 Well, if those daft rumours are true, Celtic can take the place of Celtic Nation F.C. down in England, The Gorgie Rangers can take Celtic's place, Sevco can similarly jump ship down south, Hibs can rename themselves Leith Celtic, and Clydebank can take over Sevco's spot ... Edinburgh can have all the Sectarianism they want and Glasgow can have some peace. ... I think I've just fixed Scottish football. Goodnight! 5 Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 29, 2013 Report Share Posted July 29, 2013 One club that will be getting rather concerned about today's developments is Hibs. When Celtic lost the other arse cheek last year they at least had an excellent run in Europe, which more than compensated for the loss of their rivalry. Hibs dumped out of Europe so embarrassingly looked to have maybe only the prospect of lording it over their neighbours to generate fan interest. Well I think that's how the mindset of these big city clubs work. Have a mediocre league campaign by all means as long as you finish above your rivals beating them into the bargain. Quote Link to comment Share on other sites More sharing options...
ian_mac Posted July 30, 2013 Report Share Posted July 30, 2013 One club that will be getting rather concerned about today's developments is Hibs. When Celtic lost the other arse cheek last year they at least had an excellent run in Europe, which more than compensated for the loss of their rivalry. Hibs dumped out of Europe so embarrassingly looked to have maybe only the prospect of lording it over their neighbours to generate fan interest. Well I think that's how the mindset of these big city clubs work. Have a mediocre league campaign by all means as long as you finish above your rivals beating them into the bargain. Spoke to a hibs fan in work about this yesterday and he pretty much said exactly this. If Hearts go, it would mean another 2 pay days disappear from the Hibs balance sheet, in addition to the ones they lost last season via Sevco. The house of cards that is Scottish Football is slowly coming down. If Celtic don't make the CL this season they will also struggle IMO. Quote Link to comment Share on other sites More sharing options...
potty trained Posted July 30, 2013 Report Share Posted July 30, 2013 Are they dead yet? Quote Link to comment Share on other sites More sharing options...
twinny Posted July 30, 2013 Report Share Posted July 30, 2013 At this rate we'll be seeing four 10 team leagues next season. Quote Link to comment Share on other sites More sharing options...
scottymagoo Posted July 30, 2013 Report Share Posted July 30, 2013 Spoke to a hibs fan in work about this yesterday and he pretty much said exactly this. If Hearts go, it would mean another 2 pay days disappear from the Hibs balance sheet, in addition to the ones they lost last season via Sevco. The house of cards that is Scottish Football is slowly coming down. If Celtic don't make the CL this season they will also struggle IMO. If Hibs are going to struggle for money without Hearts they probably shouldn't have splurged £200,000 on James Collins. Hopefully the Ukio Bankas statement is just an idle threat to wring as much money out of the Foundation of Hearts as possible. Celtic made circa £20million from the Champions League last year and have made £17.5 million in player sales this summer. That should see them through the season even with reduced season ticket sales and failure to qualify for the CL. . Quote Link to comment Share on other sites More sharing options...
The Cup Posted July 30, 2013 Report Share Posted July 30, 2013 Spoke to a hibs fan in work about this yesterday and he pretty much said exactly this. If Hearts go, it would mean another 2 pay days disappear from the Hibs balance sheet, in addition to the ones they lost last season via Sevco. The house of cards that is Scottish Football is slowly coming down. If Celtic don't make the CL this season they will also struggle IMO. Clubs, like ours, that operate within their means will be fine. **** the rest. Quote Link to comment Share on other sites More sharing options...
kni Posted July 30, 2013 Report Share Posted July 30, 2013 If Hibs are going to struggle for money without Hearts they probably shouldn't have splurged £200,000 on James Collins. Hopefully the Ukio Bankas statement is just an idle threat to wring as much money out of the Foundation of Hearts as possible. Celtic made circa £20million from the Champions League last year and have made £17.5 million in player sales this summer. That should see them through the season even with reduced season ticket sales and failure to qualify for the CL. . And rumours suggest that Cardiff want to re-sign Joe Ledley for £3m too. Celtic should be debt free and, more likely, have cash to spend. It's unlikely that they have budgeted for CL qualification again but there is the consolation prize of the Europa League too. Quote Link to comment Share on other sites More sharing options...
Spanish Jag Posted July 30, 2013 Report Share Posted July 30, 2013 Without Griffiths, Hibs are going to find it difficult to score goals. I would not be surprised if they are in the bottom three or four all season. There is even talk at this stage that Fenlon is not going to last long. Mind you, had Malmo been beaten by Drogheda in the earlier round, I´m sure the Irish would have beaten Hibs, that would be Gretna v Derry City all over again. Hibs are that poor although the season is too long and things might change. There is one good thing about clubs being in debt. Those other clubs who work on limited budgets and do things properly end up having their reward. Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 31, 2013 Report Share Posted July 31, 2013 (edited) Nearly £30 million inm debt according to STV but BDO not calling creditors meeting till 12th after the season starts Edited July 31, 2013 by Norgethistle Quote Link to comment Share on other sites More sharing options...
kni Posted July 31, 2013 Report Share Posted July 31, 2013 Nearly £30 million inm debt according to STV but BDO not calling creditors meating till 12th after the season starts Perhaps the creditors have a beef with BDO. Quote Link to comment Share on other sites More sharing options...
kni Posted August 8, 2013 Report Share Posted August 8, 2013 (edited) Latest Hearts news. "Fans' group the Foundation of Hearts are now in pole position to be handed preferred bidder status for the club, BBC Scotland has learned. BDO are looking to offer preferred bidder status possibly before the end of August, but any deal must be agreed with the major creditors of the club. BBC Scotland has also learned that objections have been lodged in a Lithuanian court over the proposed liquidation of Hearts' parent company UBIG. The Lithuanian investment company own 50% of Hearts shares and until the court makes a decision on the future of the company, no sale of Hearts can be completed. Sources in Lithuania expect a decision from the courts on UBIG to be made before the end of September." Having spent nearly all the season ticket income, how can Hearts survive another two months or more? It's highly unlikely that a deal will completed until October. Edited August 8, 2013 by kni Quote Link to comment Share on other sites More sharing options...
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