Gav M Posted February 13, 2014 Share Posted February 13, 2014 Does this mean she is the only financier though, when registering a company at least 1 director is required, doesn't require you to name all financial backers though. She may be the only one that has had their name put forward. Quote Link to comment Share on other sites More sharing options...
davieholt Posted February 13, 2014 Share Posted February 13, 2014 Does this mean she is the only financier though, when registering a company at least 1 director is required, doesn't require you to name all financial backers though. She may be the only one that has had their name put forward. Exactly ! Quote Link to comment Share on other sites More sharing options...
3fingersreid Posted February 13, 2014 Share Posted February 13, 2014 I've been told albeit by a hibs fan so I'm not sure how true it is that she is the only Hearts fan in a family of hibs fans maybe someone ITK can confirm this Oh and thanks mrs Budge Quote Link to comment Share on other sites More sharing options...
Independence Posted February 13, 2014 Share Posted February 13, 2014 I've been told albeit by a hibs fan so I'm not sure how true it is that she is the only Hearts fan in a family of hibs fans maybe someone ITK can confirm this Oh and thanks mrs Budge I don't know the answer but as it is from a H1b5 fan it must be true! Quote Link to comment Share on other sites More sharing options...
PTBCAL Posted February 13, 2014 Share Posted February 13, 2014 Ann is ex Scottish Widows. So proud...... Quote Link to comment Share on other sites More sharing options...
Stuart Lyon Posted February 13, 2014 Share Posted February 13, 2014 Hope who ever is writing the Twitter announcement isn't the accountant ?6M funding for five years = ?1.4M per year! Quote Link to comment Share on other sites More sharing options...
Mister Dee Posted February 13, 2014 Share Posted February 13, 2014 I've been told albeit by a hibs fan so I'm not sure how true it is that she is the only Hearts fan in a family of hibs fans maybe someone ITK can confirm this Oh and thanks mrs Budge **** me, it's a plant. She's going to close us down! The Hubz were right all along. Why didn't we listen? Quote Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted February 13, 2014 Share Posted February 13, 2014 I've been told albeit by a hibs fan so I'm not sure how true it is that she is the only Hearts fan in a family of hibs fans maybe someone ITK can confirm this Oh and thanks mrs Budge I heard differently. I'd heard it was a family member who begged/persuaded her to get involved... a daughter maybe? Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 STV News coming up ? Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 http://sport.stv.tv/football/clubs/hearts/264049-hearts-supporters-must-raise-6m-over-five-years-to-achieve-fan-ownership/ Quote Link to comment Share on other sites More sharing options...
Armageddon Posted February 13, 2014 Share Posted February 13, 2014 Nothing we didn't know already. Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 Nothing we didn't know already. ?6m paid back over 5 years. Never new that but it's do'able. Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 (edited) Confused. I thought we weren't allowed to know because (1) the Liths would want more money and/or (2) Ann would be bludgeoned by fans and the media if things went wrong (or in the case of the media even if they didn't) and/or (3) she wanted to remain anonymous. But now "we knew all along". Anyway, well done Ann and any others involved. Edited February 13, 2014 by Francis Albert Quote Link to comment Share on other sites More sharing options...
jamboozy Posted February 13, 2014 Share Posted February 13, 2014 Lockie looked a bit panicky on stv interview, needing 'clarifukashun' on peoples posishuns at the club. Quote Link to comment Share on other sites More sharing options...
Franco Fascione Posted February 13, 2014 Share Posted February 13, 2014 Thank you AB. I'm sure things will become much clearer come the takeover. I'm happy to wait for the finer details of the ownership deal. Just glad the FOH people were there or we'd be history by now. Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 Confused. I thought we weren't allowed to know because (1) the Liths would want more money and/or (2) Ann would be bludgeoned by fans and the media if things went wrong (or in the case of the media even if they didn't) and/or (3) she wanted to remain anonymous. But now "we knew all along". Anyway, well done Ann and any others involved. May be these "revelations" are ok now that the CVA is almost a done deal. It's to late for the Liths. to try and renegotiate as it's all legal now. Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 As I said well done Ann but while Ann will be putting in ?2.5m and eventually getting it all back (plus interest) and the Chairmanship , the rest of us are putting in ?3.8m in working capital in addition to the repayment to Ann before we own the club. So well done to us too. I wonder what the working capital, over and above normal revenue streams, is for. Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 May be these "revelations" are ok now that the CVA is almost a done deal. It's to late for the Liths. to try and renegotiate as it's all legal now. Maybe but the arguments I quote were still being run this morning by "ITK" folks. Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 Lockie looked a bit panicky on stv interview, needing 'clarifukashun' on peoples posishuns at the club. The sooner he gets clarification the better. Quote Link to comment Share on other sites More sharing options...
DETTY29 Posted February 13, 2014 Share Posted February 13, 2014 Hope who ever is writing the Twitter announcement isn't the accountant ?6M funding for five years = ?1.4M per year! No loan repayments for2 years. FOH have agreed to provide ?1m working capital immediately and ?1.4m WORKING CAPITAL for 5 years. Its still not totally clear but AB is not wanting ?7m for her loan. Quote Link to comment Share on other sites More sharing options...
Lord Beni of Gorgie Posted February 13, 2014 Share Posted February 13, 2014 When do we sign Rudi? Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted February 13, 2014 Share Posted February 13, 2014 (edited) http://sport.stv.tv/...-fan-ownership/ 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. Edited February 13, 2014 by Footballfirst Quote Link to comment Share on other sites More sharing options...
jamboozy Posted February 13, 2014 Share Posted February 13, 2014 The sooner he gets clarification the better. agree if it helps him improve as a manager, and helps the players, especialy the one who's contracts expire in the summer. Quote Link to comment Share on other sites More sharing options...
Craigieboy Posted February 13, 2014 Share Posted February 13, 2014 Just on HMFC website now...... FoH and BIDCO statement 13.02.2014 The Foundation of Hearts and BIDCO have today released the following statement in relation to the proposed purchase of Heart of Midlothian Football Club. BIDCO today (13th February 2014) announces details of its rescue package with the Foundation of Hearts for Heart of Midlothian Football Club (Hearts). This agreement would see the club exit administration, be returned to a position of financial stability and ultimately see majority ownership of the club passed to its supporters. Legal agreements are not yet in place, with the current owners, given the delays that have ensued with regard to completing the share transfer. For this reason, BIDCO is unable to enter into public discussion regarding details of the rescue package or future plans for the club. However given the supporters' essential part in all of this, the time is right to ensure that the major elements of the proposed rescue package are fully understood, in particular the extent of financial support that will be needed to return Hearts to a secure position. The main components of the proposed rescue package are as follows. BIDCO will provide the following support: ? Fund the upfront capital ?2.5m to enable the CVA to be completed and to see Hearts exit administration ? As director of BIDCO Ann Budge will take up the position of executive chairman of Hearts, on a no fee basis ? It is intended that BIDCO will sign a legally binding agreement with the Foundation on behalf of the fans, to transfer majority ownership of the club on satisfaction of their contracted commitments, at the earliest opportunity, but certainly within a period not to exceed five years ? In preparation for supporter ownership, BIDCO will run the club for at least three years, via a newly appointed board, with representation from the Foundation ? BIDCO will seek no repayment of the capital loan, for a period of at least two years. This will enable all funds raised by supporters during this time to be applied as working capital to enable the club to return to a position of financial stability. It is intended that the Foundation will sign a legally binding agreement on behalf of the supporters, to undertake the following: ? On transfer of ownership of the majority shareholding to BIDCO, to transfer ?1m to the club to provide working capital ? To provide further working capital support to the club for a period of at least two years at a rate not less than ?1.4m per annum ? To provide financial support to the club to enable the capital loan to be repaid in full ? To create an appropriate company structure and suitable constitution to enable supporter ownership to be implemented effectively ? To work co-operatively with BIDCO and Hearts during the period of transition to supporter ownership It is vital that supporters understand that it is likely ?6m needs to be raised over a five-year period to achieve the objectives of saving the club over the long term and moving into supporter ownership. This period could be accelerated or extended, depending upon the level of continued support from the fans. While this is a large figure, it is also important to understand that the current levels of contribution are sufficient to see this through. With additional supporter backing, these objectives will be realised even more quickly. It is intended that once all of the required legal agreements are in place, BIDCO and the Foundation will present a detailed view of the implementation plan for the future. BIDCO is committed to supporter ownership and believes this rescue package can and will deliver it. Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 Let's see this statement from Bidco. Quote Link to comment Share on other sites More sharing options...
Lord Beni of Gorgie Posted February 13, 2014 Share Posted February 13, 2014 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. FF you are a star poster, I hope this is knee jerk stuff. I too hope we get things clarified, but they have stated they will do this when they have ownership Quote Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted February 13, 2014 Share Posted February 13, 2014 (edited) That statement confirms what was obvious from the start. FoH directors will make up the board for three years then the fans will elect the board. It was what was said in the beginning so fair play to them. They stuck to their word and plan. The thing I didn't know was that we will not be repaying the loan until two years in, so all of the cash currently raised and the cash up until that point will go into the working capital of the club. Is that right? Edited February 13, 2014 by Ezio Auditore da Firenze Quote Link to comment Share on other sites More sharing options...
rudi Posted February 13, 2014 Share Posted February 13, 2014 Just on HMFC website now...... Very promising, still loads of hard work to be done though but still very promising. Quote Link to comment Share on other sites More sharing options...
Kiwidoug Posted February 13, 2014 Share Posted February 13, 2014 Hope Mrs Budge has a sense of humour if she reads JKB and saw the puns as gentle humour rather than disrespect. While I know that is how they were intended there is just a seed of doubt in my mind. Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 FF you are a star poster, I hope this is knee jerk stuff. I too hope we get things clarified, but they have stated they will do this when they have ownership The statement clarifies quite a lot and confirms the STV story. I share FF's views that what is planned varies significantly from the picture FoH have consistently painted - that our DDs are primarily for buying the club, whereas it seems we will contribute ?3.8m before owning a single share in the club. Quote Link to comment Share on other sites More sharing options...
Craigieboy Posted February 13, 2014 Share Posted February 13, 2014 Hope Mrs Budge has a sense of humour if she reads JKB and saw the puns as gentle humour rather than disrespect. While I know that is how they were intended there is just a seed of doubt in my mind. There's no need to be cagey about stuff like that though. The club will be hers soon and then she can do whatever takes her flight of fancy. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted February 13, 2014 Share Posted February 13, 2014 FF you are a star poster, I hope this is knee jerk stuff. I too hope we get things clarified, but they have stated they will do this when they have ownership It's not knee jerk. I would like to know what we will be spending ?2.8M out of the ?3.8M on. If it is wages, then we are living beyond our means. Those who know me are aware of may views on what I believe that the FOH contribution should be used for. To me it is a premium on the price of my Season Ticket and it is something I am prepared to invest to save the club, but not for it to be used for day to day spending. Quote Link to comment Share on other sites More sharing options...
blairdin Posted February 13, 2014 Share Posted February 13, 2014 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. Great post. I'm not entirely happy with the five year plan. My season ticket money and club shop purchases are working capital. As is prize money, television money, other gate receipts, sponsorship. My FOH subscriptions are to purchase the club back from BIDCO. The club should be learning to live within its means, and not relying on fans to supplement what I'd call normal income. Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 FF you are a star poster, I hope this is knee jerk stuff. I too hope we get things clarified, but they have stated they will do this when they have ownership My thoughts too. It's stabilisation first followed by repayment. All achievable if we stick with this proposal. "It is vital that supporters understand that it is likely ?6m needs to be raised over a five-year period to achieve the objectives of saving the club over the long term and moving into supporter ownership." Quote Link to comment Share on other sites More sharing options...
jamboozy Posted February 13, 2014 Share Posted February 13, 2014 There's no need to be cagey about stuff like that though. The club will be hers soon and then she can do whatever takes her flight of fancy. Anne will handle the press ok, she will walk all over the news papers. Quote Link to comment Share on other sites More sharing options...
Yoda Posted February 13, 2014 Share Posted February 13, 2014 Thanks Ann. Quote Link to comment Share on other sites More sharing options...
ToYouToMe Posted February 13, 2014 Share Posted February 13, 2014 Speculate to accumulate my friends. We still have to be competitive. Sent from my GT-I9300 using Tapatalk Quote Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted February 13, 2014 Share Posted February 13, 2014 (edited) 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. The money will be used to maintain the income stream we currently have at SPL level to give us the very very best chance of coming back up. I'd also imagine the money will go to paying the loan after a year if we come straight back up at the first time of asking. As has been said previously, FoH are supposedly budgeting for 2 years in the championship. It's not a coincidence that the extra working capital wanted is for the same period. When their plans were first announced as paying back from the direct debits, do you honestly think anyone thought we'd be a championship club come the takeover? So, let me get this straight- People are going to cut their direct debits as soon as the loan is paid? Harrowing if true. Edited February 13, 2014 by Ezio Auditore da Firenze Quote Link to comment Share on other sites More sharing options...
Don Dan Posted February 13, 2014 Share Posted February 13, 2014 It was always going to be a 5 year period before Fans completed the buy out. Quote Link to comment Share on other sites More sharing options...
rudi Posted February 13, 2014 Share Posted February 13, 2014 Do we not still have "football debts" to pay and I'm sure we are still due the tax man cash as well. Quote Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted February 13, 2014 Share Posted February 13, 2014 Do we not still have "football debts" to pay and I'm sure we are still due the tax man cash as well. Yes, half a million. No, cleared with the CVA. Quote Link to comment Share on other sites More sharing options...
Rick Grimes Posted February 13, 2014 Share Posted February 13, 2014 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. Could it be that with an expected cashflow from FOH available, its decided better to take that than any banking overdraft facilities in the first few years? Whilst FOH may stump up the cash, we don't necessarily then have to spend it all... Quote Link to comment Share on other sites More sharing options...
kingantti1874 Posted February 13, 2014 Share Posted February 13, 2014 Aligns perfectly to my understanding of the scenario, provides short term stability, and a mechanism for the fans to take long term control in a controlled fashion where we can take the correct amount of time to set up the correct governance structure and find the correct people to run the club.. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted February 13, 2014 Share Posted February 13, 2014 The money will be used to maintain the income stream we currently have at SPL level to give us the very very best chance of coming back up. I'd also imagine the money will go to paying the loan after a year if we come straight back up at the first time of asking. As has been said previously, FoH are supposedly budgeting for 2 years in the championship. It's not a coincidence that the extra working capital wanted is for the same period. Ok, let's say we had never gone into administration, but money was tight, player quality wasn't great, and we ended up getting relegated. If the club then asked the fans for an extra ?1.4M a year over and above their season ticket income, would it be forthcoming? Quote Link to comment Share on other sites More sharing options...
Francis Albert Posted February 13, 2014 Share Posted February 13, 2014 Do we not still have "football debts" to pay and I'm sure we are still due the tax man cash as well. We owe about half a million in football debts. We don't owe the tax man a penny (unless BDO have been involved in tax evasion). Quote Link to comment Share on other sites More sharing options...
ToYouToMe Posted February 13, 2014 Share Posted February 13, 2014 The money will be used to maintain the income stream we currently have at SPL level to give us the very very best chance of coming back up. I'd also imagine the money will go to paying the loan after a year if we come straight back up at the first time of asking. As has been said previously, FoH are supposedly budgeting for 2 years in the championship. It's not a coincidence that the extra working capital wanted is for the same period. When their plans were first announced as paying back from the direct debits, do you honestly think anyone thought we'd be a championship club come the takeover? So, let me get this straight- People are going to cut their direct debits as soon as the loan is paid? Harrowing if true. Most won't. Just a few saddos. Sent from my GT-I9300 using Tapatalk Quote Link to comment Share on other sites More sharing options...
Le Chat Posted February 13, 2014 Share Posted February 13, 2014 Quote Link to comment Share on other sites More sharing options...
Watt-Zeefuik Posted February 13, 2014 Share Posted February 13, 2014 (edited) Great post. I'm not entirely happy with the five year plan. My season ticket money and club shop purchases are working capital. As is prize money, television money, other gate receipts, sponsorship. My FOH subscriptions are to purchase the club back from BIDCO. The club should be learning to live within its means, and not relying on fans to supplement what I'd call normal income. Right now the cupboard is completely bare. We haven't made any youth signings in a year, have pulled almost all of our youth who should be in a development league into the first team, will need to reestablish credit with the firms that lost money giving us credit before, and need to restock the club. Additionally, I'm sure FoH would like to be proactive and make some long-needed improvements to the ground. Further, if we want to ensure that we return to the first tier quickly, we'll likely need to operate at a small nominal loss next year. In the long run that's much better for the financial health of the club and I think we'd make that money back quickly, but we need up-front funds to do so. That kind of money used to come out of Vlad's pockets, but those days are over. We are the new Vlad -- if we want investment in the club, it comes from us. I'm not bothered by FoH pledges acting as a long-term source of funds for the club. Let's face it, all the money that operates Hearts ultimately comes from us, whether it's from our purchasing power that advertisers want to attract and hence fund TV broadcasts (well, yours really, I'm outside the target demographic) or the tickets we buy or the club gear we buy. If being a true Hearts fan involves ?10/month and that means we get to have a dynamic and ambitious and successful club, I'm in for the long haul. Edited February 13, 2014 by Ugly American Quote Link to comment Share on other sites More sharing options...
johnking123 Posted February 13, 2014 Share Posted February 13, 2014 Well at 7800 people x ?15 monthly . It come to over ?1.4 million. We get 10000 or more and things start looking more rosy. Sounds like they have a plan at least and i'm all for it! Quote Link to comment Share on other sites More sharing options...
Craigieboy Posted February 13, 2014 Share Posted February 13, 2014 Getting the subs up to 10k is a must imo. Unlikely but it'd really help. Quote Link to comment Share on other sites More sharing options...
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