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Ann Budge


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Most people on this thread get it, some don't, could it be that the seethe level regarding the elongation of the time its proposed to effect repayment to Bidco is a lust for power. Some posters are so wrapped up in the scenario of fan ownership, its as if they see their opportunity to get their hands on running hearts snatched away from them. IMO its not a bad thing as too many people who post on here are wrapped up in their own agendas Without realising they are totally unsuited to be involved in the running of a sweetie shop never mind a business the size of Hearts. It's a truism to say that those with the money, get to call the shots. As yet, we the fans don't have all the money required yet, so if someone with the desire, the business acumen & the love of our club steps forward to assume the mantle so be it. Another poster questioned the financial acumen of doctors, I know from personal & professional experience some of them ( not all) are financial illiterates, and we want to hand over the running of the NHS to them.....jesus wept!just don't hand over the running of Hearts to those same financial illiterates!

Edited by argyjambo
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Most people on this thread get it, some don't, could it be that the seethe level regarding the elongation of the time its proposed to effect repayment to Bidco is a lust for power. Some posters are so wrapped up in the scenario of fan ownership, its as if they see their opportunity to get their hands on running hearts snatched away from them. IMO its not a bad thing as too many people who post on here are wrapped up in their own agendas Without realising they are totally unsuited to be involved in the running of a sweetie shop never mind a business the size of Hearts. It's a truism to say that those with the money, get to call the shots. As yet, we the fans don't have all the money required yet, so if someone with the desire, the business acumen & the love of our club steps forward to assume the mantle so be it. Another poster questioned the financial acumen of doctors, I know from personal & professional experience some of them ( not all) are financial illiterates, and we want to hand over the running of the NHS to them.....jesus wept!just don't hand over the running of Hearts to those same financial illiterates!

 

Your right how many people can honestly say they've been at the sharp end of running a multimillion pound business.

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Most people on this thread get it, some don't, could it be that the seethe level regarding the elongation of the time its proposed to effect repayment to Bidco is a lust for power. Some posters are so wrapped up in the scenario of fan ownership, its as if they see their opportunity to get their hands on running hearts snatched away from them. IMO its not a bad thing as too many people who post on here are wrapped up in their own agendas Without realising they are totally unsuited to be involved in the running of a sweetie shop never mind a business the size of Hearts. It's a truism to say that those with the money, get to call the shots. As yet, we the fans don't have all the money required yet, so if someone with the desire, the business acumen & the love of our club steps forward to assume the mantle so be it. Another poster questioned the financial acumen of doctors, I know from personal & professional experience some of them ( not all) are financial illiterates, and we want to hand over the running of the NHS to them.....jesus wept!just don't hand over the running of Hearts to those same financial illiterates!

bar one punter, there's no seethe.

 

And as for lust for power, that'll be why people are asking questions alright.

Edited by Diego10
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Frank Sidebottom

I am amazed that the timing and mechanism for repayment are causing some people so much angst.

 

Not so long ago we were doubting the very existence of the club. Now we have someone who is going above and beyond to secure the club's future and all some can do is complain.

 

There is no alternative to this. What does it really matter if we have 2 years of payments funding working capital rather than repaying Ann Budge? The main thing should be that the club will survive, the rest is mere detail.

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I am amazed that the timing and mechanism for repayment are causing some people so much angst.

 

Not so long ago we were doubting the very existence of the club. Now we have someone who is going above and beyond to secure the club's future and all some can do is complain.

 

There is no alternative to this. What does it really matter if we have 2 years of payments funding working capital rather than repaying Ann Budge? The main thing should be that the club will survive, the rest is mere detail.

 

Of course it is. Personally I couldn't be happier and can't wait fot it all to unfold.

 

The best part for me is that under the stewardship of this great lady, our finances will be properly managed for probably the first time in 50 years.

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I am amazed that the timing and mechanism for repayment are causing some people so much angst.

 

Not so long ago we were doubting the very existence of the club. Now we have someone who is going above and beyond to secure the club's future and all some can do is complain.

 

There is no alternative to this. What does it really matter if we have 2 years of payments funding working capital rather than repaying Ann Budge? The main thing should be that the club will survive, the rest is mere detail.

well said, feels like a bit of the weight has been taken off us for time being anyway, and it looks like ann has Hearts best interests in her mind.
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Excellent post.

I too have supported Hearts since the early fifties. I agree with everything you say apart from the teams from the 70's and early 80's being mediocre. They were absolutely diabolical. Everything else you say is bang on. Thanks to everyone concerned in saving our club.
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I too have supported Hearts since the early fifties. I agree with everything you say apart from the teams from the 70's and early 80's being mediocre. They were absolutely diabolical. Everything else you say is bang on. Thanks to everyone concerned in saving our club.

Sorry, that was in reply to CorryJambos post.
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bar one punter, there's no seethe.

 

And as for lust for power, that'll be why people are asking questions alright.

Would that be the questions which if the FOH proposal was read, & I mean really read properly, there would be no need for said questions..

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MacDonald Jardine
Most people on this thread get it, some don't, could it be that the seethe level regarding the elongation of the time its proposed to effect repayment to Bidco is a lust for power. Some posters are so wrapped up in the scenario of fan ownership, its as if they see their opportunity to get their hands on running hearts snatched away from them. IMO its not a bad thing as too many people who post on here are wrapped up in their own agendas Without realising they are totally unsuited to be involved in the running of a sweetie shop never mind a business the size of Hearts. It's a truism to say that those with the money, get to call the shots. As yet, we the fans don't have all the money required yet, so if someone with the desire, the business acumen & the love of our club steps forward to assume the mantle so be it. Another poster questioned the financial acumen of doctors, I know from personal & professional experience some of them ( not all) are financial illiterates, and we want to hand over the running of the NHS to them.....jesus wept!just don't hand over the running of Hearts to those same financial illiterates!

 

Don't disagree with any of that.

If people are disturbed by this news it doesn't bode well for future fan ownership.

 

Sent from my GT-I9300 using Tapatalk 4

 

 

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I am amazed that the timing and mechanism for repayment are causing some people so much angst.

 

Not so long ago we were doubting the very existence of the club. Now we have someone who is going above and beyond to secure the club's future and all some can do is complain.

 

There is no alternative to this. What does it really matter if we have 2 years of payments funding working capital rather than repaying Ann Budge? The main thing should be that the club will survive, the rest is mere detail.

 

I wouldn't say Budge is going above and beyond anything. She is going to be paid back every penny (and them some) for the money she fronts. She has taken no risk as far as I can tell.

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I wouldn't say Budge is going above and beyond anything. She is going to be paid back every penny (and them some) for the money she fronts. She has taken no risk as far as I can tell.

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MacDonald Jardine

 

I wouldn't say Budge is going above and beyond anything. She is going to be paid back every penny (and them some) for the money she fronts. She has taken no risk as far as I can tell.

 

No risk? Seriously?

Given a number of posters on here are questioning her already why would you bother?

 

Sent from my GT-I9300 using Tapatalk 4

 

 

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And then some????????

She is putting up 2.5 million of her own money to save our club for no gain at all,and working every day for no salary, I would call that going above and beyond

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No risk? Seriously?

 

Given her vast wealth, it seems to me she has reluctantly fronted a paltry 2.5m for which she will be paid back, probably more than her 2.5m outlay. In the meantime, FoH pledgers will be providing any cash shortfalls for running the club and paying existing debt etc. I hate to sound ungrateful but I don't consider that going above and beyond.

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Corry Jambo has put my Hearts supporting experience in a nutshell.

I am very grateful to Ann Budge for her financial input and her offer to run the club giving us the benefit of her experience for free.

I wonder how much it would cost us to hire someone of her capability on the open market ?

Of course things could go wrong and there will be challenges along the way but there has always got to be an element of trust in life as well as a written commitment to hand over the club when the time is right.

I just hope everyone keeps up their DDs for the long haul.

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And then some????????

She is putting up 2.5 million of her own money to save our club for no gain at all,and working every day for no salary, I would call that going above and beyond

 

Yes, that concerns me too. I've seen it reported she has already been working behind the scenes.

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If the article is accurate, then it concerns me that the club will need ?3.8M (?1M + ?1.4M + ?1.4M) in working capital, before a penny of the ?2.5M loan is paid off.

 

We have been scathing of Rangers for raising money from fans and other investors and living beyond their means for the last couple of seasons.

 

I fully understand the need for the immediate ?1M cash injection to keep the club going over the summer. However I don't see why the "club" needs an extra ?1.4M a year for a further two years. We should be living within our means, as far as is practical, as soon as possible. That also means repaying the debt so that the club is freed from any obligations to a third party, as soon as possible.

 

My contribution to FOH is based on helping the club survive and facilitate "fan ownership". If the intention is that my contribution is used once again to "live beyond our means", then I'm afraid that I'm out. In essence, my season ticket is my contribution to the running of the club and my FOH contribution is to save the club.

 

I will be looking for FoH to clarify the funding and spending proposals no later than the date of the completion of the deal.

 

I understand where you're coming from here, and I'd be interested to know myself why they feel the need for the ?1.4m in each of the next two years. My guess would be that they're looking at the likely drop in revenue while in the Championship and feel that the working capital will cover that drop. It might be that for the club to operate on that revenue, further cutbacks would be required that could hurt the club in the long term and that using the monthly contributions to cover that drop would provide substantial long term benefits.

 

I don't know Ann Budge at all, but I'd suspect that she wouldn't be happy to wait two years before starting to see any of her money back if she didn't think the fan contributions were going to be used for a very good and very sensible purpose. If it was purely for gambling on having ?1.4m worth of better players in the squad for the next couple of seasons, I would be a bit concerned myself and I don't honestly think Ann Budge would be likely to be happy with that either.

 

Ultimately, we all have to make our own decisions on continuing to back FoH or not, but personally I'll be happy to keep putting my money in!

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Guest Bilel Mohsni

 

 

Given her vast wealth, it seems to me she has reluctantly fronted a paltry 2.5m for which she will be paid back, probably more than her 2.5m outlay. In the meantime, FoH pledgers will be providing any cash shortfalls for running the club and paying existing debt etc. I hate to sound ungrateful but I don't consider that going above and beyond.

 

:rofl:

 

Taking the piss!!

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Given her vast wealth, it seems to me she has reluctantly fronted a paltry 2.5m for which she will be paid back, probably more than her 2.5m outlay. In the meantime, FoH pledgers will be providing any cash shortfalls for running the club and paying existing debt etc. I hate to sound ungrateful but I don't consider that going above and beyond.

 

For the sake of humanity, I genuinely hope you've been sterilised.

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Guest Bilel Mohsni

 

 

It's amazing how so many on here are so quick to fall at the feet of the latest messiah. BELIEVE !

 

Yeah right.

 

You are taking the piss, seriously. It's not even subtle.

 

:rofl:

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Yes, that concerns me too. I've seen it reported she has already been working behind the scenes.

 

Before you buy and take over a company you carry out due diligence and if allowed influence the preceding period prior to take over. That way you see first hand and have the ability to steady the ship before you take full control. It's what good business people do.

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J.T.F.Robertson

I have supported Heart of Midlothian since my Dad took me to my first game in 1955.

 

The quality of the teams I have watched and supported over the years have ranged from brilliant in the 1950's to mediocre in the 70's and early 80's.

 

However there has been one constant in all this time, and that is the fact that this club has always appeared to have financial problems.

 

From selling Dave Mackay and Alex Young along with George Thomson, and even later Eamonn Bannon to raise funds even though most of those players would have been happy to stay.

 

To the rescue of the club by Wallace Mercer, his subsequent sale to Chris Robinson and Leslie Deans.

 

The horrible miss management of the club by Robinson and the desperate lies he told when trying to sell Tynecastle before Bank of Scotland foreclosed on our overdraft.

 

Then we had the madness of the Romanov regime, the massive overspending which everyone knew was unsustainable in the medium to long term.

 

We now know that his apparent wealth was built on sand and when the recession arrived his empire collapsed and we came close to losing "our club", because that is what it is, it is "our club" everyone else, players, management and owners are merely custodians.

 

We now have the chance to consign these problems to history and build a brighter financial future for our club.

 

I also want our club to win back the dignity and pride which has been sadly tarnished over the last few years.

 

Whilst everyone has the right to question the way we are going forward and ask relevant questions I cannot understand some of the negativity on this thread and the attitude to some people to the rescue package.

 

Please remember where we were a few months ago, when I genuinely thought our club would be liquidated, and see where we are now.

 

I would personally like to thank FOH and in particular Ann Budge for making this possible, and if they require 5 years to put us on a sound financial footing in the short to medium term then so be it. They will have my full support, and I hope the backing of the vast majority of pledgers to ensure that we never again have the financial problems of our past.

 

Onwards and upwards.

 

HHGH and FTH

 

 

John, well said!

 

('specially the last 3 letters) ;)

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portobellojambo1

Ann Budge will be good for Hearts - of that I am confident.

 

As am I. I don't view this as a delay in the fans taking control, I view it as fans taking control from day one, but initially those fans will be people who know exactly what is needed to set the template for future years. Just reading that she is already requesting information from existing staff, as to what they do and why, suggests she intends building a framework that may potentially be slightly streamlined, but everyone, both playing and non playing staff, will know exactly what is required of them. Once the responsibility falls directly on the fans to elect the next incumbents I think they will know the sort of people and mix of those people that they need to be considering electing to ensure continuity.

 

This shouldn't, in my opinion be viewed as some sort of deflective tactic (in fact we should be eternally grateful that a few people have come up with cash instantly) but more as an opportunity which will help make sure the future is both bright and secure.

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I'll have a great big portion of "building cash reserves", thank you very much. Sensible idea, considering the potential challenges in our future regarding infrastructure.

 

Colour me happy, content and impressed with our model for the future. :cheers:

 

There are more details to come, but a cash reserve looks essential to me - which bank is ever going to give Hearts a line of credit?

 

Interesting to compare this to Tom Farmer at Hibs - he put up the cash to keep the club alive, but has been paid back in full, and now owns at asset (along with Petrie), and there is no sign of selling it back to the fans.

 

All things being equal, Hearts ends up in supporters hands, with a rainy day fun in place, and we elect people of our choice to run the club.

 

Sounds fantastic to me.

Edited by naeclue
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Before you buy and take over a company you carry out due diligence and if allowed influence the preceding period prior to take over. That way you see first hand and have the ability to steady the ship before you take full control. It's what good business people do.

 

Of course it will suit many on here who have it in for Locke but I really do have to wonder about her credentials for running a football team. Still, she could do no worse than Vlad.

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Given her vast wealth, it seems to me she has reluctantly fronted a paltry 2.5m for which she will be paid back, probably more than her 2.5m outlay. In the meantime, FoH pledgers will be providing any cash shortfalls for running the club and paying existing debt etc. I hate to sound ungrateful but I don't consider that going above and beyond.

 

 

 

I think I read in one of the rags today that she has an estimated wealth of around 40/50m

I don't think that is such a big fortune that she can be expected not to get her cash back at some stage.

It seems that it is AB herself that wants to wait a while longer for her cash to be paid back to give the club a chance to stabilize.

She has gone above and beyond to help its just a pity she is about the only one in the Edinburgh business community who wishes to help in such a generous manner.

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Yes, that concerns me too. I've seen it reported she has already been working behind the scenes.

 

:cornette:

 

Many would see that as a good thing.

 

Replace that with high wage, never at the club, causing problems, and you may have had a point.

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portobellojambo1

Of course it will suit many on here who have it in for Locke but I really do have to wonder about her credentials for running a football team. Still, she could do no worse than Vlad.

 

She will not be running the football team, that will be down to the person chosen as manager/coach. She will initially be overseeing the running of the overall business, the Heart of Midlothian Football Club. You may wish to view her credentials on that side, but she certainly seems to have what it takes to become involved with an ordinary business and make it much better.

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Guest Bilel Mohsni

So, Dazzle...

 

Wants Locke as manager

 

Doubts Ms Budge for saving the club

 

Likes to have a dig at Hearts fans...

 

Dunno about anyone else, but I am CONVINCED he is not a vermin interloper. :lol:

 

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Of course it will suit many on here who have it in for Locke but I really do have to wonder about her credentials for running a football team. Still, she could do no worse than Vlad.

 

That's why she has brought in Craig Levein to help her look over the football side of things. IMO this lady is not daft and will hire or seek the help specialists where required to make sure this all goes well.

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Of course it will suit many on here who have it in for Locke but I really do have to wonder about her credentials for running a football team. Still, she could do no worse than Vlad.

From what I can see, she is a successful business woman. Football is a business. We could see that bdo had a tight reign on the purse strings, but their remit is strictly bound by the regulations relating to administration. This is a new phase, and handled properly could be extremely successful, like the early Vlad years without the batshit mental aspects. Most of us will progress from just supporters, to part owners, the unity can grow to something special, all in it together.

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That's why she has brought in Craig Levein to help her look over the football side of things. IMO this lady is not daft and will hire or seek the help specialists where required to make sure this all goes well.

 

Apologies have not seen any papers today, has there been confirmation that Levein is doing stuff behind the scenes?

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I think I read in one of the rags today that she has an estimated wealth of around 40/50m

I don't think that is such a big fortune that she can be expected not to get her cash back at some stage.

It seems that it is AB herself that wants to wait a while longer for her cash to be paid back to give the club a chance to stabilize.

She has gone above and beyond to help its just a pity she is about the only one in the Edinburgh business community who wishes to help in such a generous manner.

 

I was speaking to a relative who says she is not the only one putting money in but she is certainly the biggest contributor. She is the only one who wants on the board.

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I think I read in one of the rags today that she has an estimated wealth of around 40/50m

I don't think that is such a big fortune that she can be expected not to get her cash back at some stage.

It seems that it is AB herself that wants to wait a while longer for her cash to be paid back to give the club a chance to stabilize.

She has gone above and beyond to help its just a pity she is about the only one in the Edinburgh business community who wishes to help in such a generous manner.

 

Again, I don't want to appear ungrateful but in the grand scheme of things, she is giving us a short term loan for which she will be paid back in full. All well and good. But I don't get the falling at her feet and worship that follows.

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Guest Bilel Mohsni

 

 

Again, I don't want to appear ungrateful but in the grand scheme of things, she is giving us a short term loan for which she will be paid back in full. All well and good. But I don't get the falling at her feet and worship that follows.

 

:lol:

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Given her vast wealth, it seems to me she has reluctantly fronted a paltry 2.5m for which she will be paid back, probably more than her 2.5m outlay. In the meantime, FoH pledgers will be providing any cash shortfalls for running the club and paying existing debt etc. I hate to sound ungrateful but I don't consider that going above and beyond.

Well you do sound ungrateful so as far as I am concerned you are either a hibs fan or someone looking to stir matters for a laugh .........and that says more about you than anything if the latter is the case.

 

But there is a third option.........you just don't have the intelligence to understand the workings of the deal and that is what I am leaning towards.

Edited by CJGJ
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She will not be running the football team, that will be down to the person chosen as manager/coach.

 

Oh, I thought it was reported she had been consulting with Levein with a view to ultimately replacing Locke.

 

She will initially be overseeing the running of the overall business, the Heart of Midlothian Football Club. You may wish to view her credentials on that side, but she certainly seems to have what it takes to become involved with an ordinary business and make it much better.

 

That is probably the case. She does seem to have been successful with her earlier business.

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Again, I don't want to appear ungrateful but in the grand scheme of things, she is giving us a short term loan for which she will be paid back in full. All well and good. But I don't get the falling at her feet and worship that follows.

 

Sollozzo: If you consider a million dollars in cash merely finance...[raises his glass] Te salut, Don Corleone.

 

Replace the name Corleone with Budge and you're part of the way there.

 

ps :lol:

Edited by 2NaFish
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