UK consortium wont go it alone...

[buzzbomb]

Aye, it makes sense. I just want one bid at the minimum acceptable level to obtain a cva and it to be by Hearts people. So, from that point of view FoH/uk consortium works.

 

 

 

The consortium have been trying to avoid exactly that, they first contacted FoH over three months ago with a view to discussing a possible joint bid.

[colinmaroon]

It was a classic propco / opcmodel.

 

Ah now i understand.

 

If you'd been around Kickback longer, you'd be up-to-date with such business speak.

 

??? ?????????a???? ??? ?????? ???a ??????????

 

See, simple really.

[PortyJambo]

FOH have a "more viable option" according to the release earlier today.

 

Where have you read/heard that quote? The only quotes I've read say that FOH have been in discussions with the McKie consortium about a joint bid.

[Deevers]

 

 

 

FOH being the exception to the rule.

 

EDit:

 

REmember last week when Iain Murray was telling anybody who would listen that FOH were the only real bid on the table after discussions with the numerous interested parties?

 

Remember when he was hounded for saying that?

 

I still have the feeling that FoH will have to either climb on board some other party's bid or have someone back them up with real money. I certainly would like to see FoH involved in the running of the club, but, I reckon it's got to be in partnership with some other partner.

[Gregory House M.D.]

 

 

 

Their intention was never to stiff any fan, the expectation was that BDO wouldn't honour season tickets bought before the club went into administration.

 

That would have been BDO's decision, and while most fans would have been "insured" (through Credit Cards, some Debit Cards, or Zebra) so would not have been out of pocket, the group were actually looking at ways to help that minority who may have been "stiffed" by that decision.

 

[oh ah grantona]

The foundation and consortium is what i wanted, I just want to be run correctly not put in the doo doo again. Operate like your other SPL clubs we have a bigger fanbase so will attract more income.

What we need from the money men tho is the back up should pledges fail, should we need a cash injection for say a stadium rebuild or move. If tynie is a big issue for draining cash we must sort that out ASAP

[The Gasman]

 

I thought the McKie consortium had already submitted their bid while FoH are in the process of putting theirs together. How does that sit with "The McKie consortium were never going to bid against a fans backed bid."

 

To date FoH have not submitted a bid, so there's no competition, no one to bid against, and the consortium are still hoping to make the joint bid.

[Le Chat]

A lot of anti-Gasman's consortium pant-wetting here.

 

He's explained - the consortium (as far as he was aware) had expected BDO not to honour STs. 80% of STs at that stage had been bought by Credit cards meaning the majority if those who had purchased would get their cash back (cash that went into the old mobs financial black hole, remember). They could then re-buy and that would give the consortium working capital going forward.

 

This was not some grand plan to shaft the fans. This does not mean they are jokers. They expected the credit card company to take the hit - so what. We cannot get sanctimonious about that! We are expecting UKIO/UBIG/HMRC to take a ?25m bath for our debt.

 

Stop giving Gasman and the UK consortium grief. We still want them involved. Most of wanted a FoH/Gasman consortium double team!

 

JKB at its worst this morning.

 

 

THIS.

 

Please read this.

[Jammy T]

To date FoH have not submitted a bid, so there's no competition, no one to bid against, and the consortium are still hoping to make the joint bid.

 

So does that mean there is no bid then given that your guys say they wont bid alone?

[hughesie27]

 

 

 

I still have the feeling that FoH will have to either climb on board some other party's bid or have someone back them up with real money. I certainly would like to see FoH involved in the running of the club, but, I reckon it's got to be in partnership with some other partner.

 

Absolutely, FOH haven't a hope in hells chance of having a bid accepted unless in partnership.

 

Unfortunately a lot of people seem to be using that as an excuse not to pledge. In reality however the more pledges they have the more attractive they are to the likes of McKie etc who apparently do have solid funding in place.

[Mr Romanov Saviour of HMFC]

There is no point having a go at Gasman who has kindly kept us informed of what he knows throughout this.

 

Seems FoH are in the driving seat now. Will be interesting to see if they feel they can work with these guys. I hope they do because they seem to be two groups with Hearts best interests close to their heart.

[The Gasman]

 

Would you agree that McKie and Co wanted BDO not to honour season tickets, to benefit their bid?

 

I wouldn't go that far as to say they wanted it, but I would say they definitely expected that to happen, and based their bid on it, yes.

 

Hibsarepants has a post a few back that explains the legal position better than I can, about why that was expected.

[boabyarsebiscuit]

Where have you read/heard that quote? The only quotes I've read say that FOH have been in discussions with the McKie consortium about a joint bid.

http://progress-sc.com/wp-content/uploads/2013/07/Foundation-of-Hearts-Media-Release-5th-July-2013.pdf

[Gregory House M.D.]

So what were they planning for the sizable minority that were shafted?

[Clerry Jambo]

Gas, your responding well mate under the circumstances!

 

People just get converting.......

[livi]

The Gasman, on 05 July 2013 - 08:44 AM, said:

 

Their intention was never to stiff any fan, the expectation was that BDO wouldn't honour season tickets bought before the club went into administration.

 

That would have been BDO's decision, and while most fans would have been "insured" (through Credit Cards, some Debit Cards, or Zebra) so would not have been out of pocket, the group were actually looking at ways to help that minority who may have been "stiffed" by that decision.

 

 

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

 

 

Not read all this thread but is it a definite that the Credit Card coy's would have reimbursed the season ticket money as there was a post in another thread that the Credit Card coy's would argue that you bought a season ticket from a company (Hearts) who were already in financial difficulties in March therefore the insurance cover is not valid.

[babertonjambo]

FoH Twitter feed this morning is suggesting that the 'other' option available to them is more favourable to them and whilst they wish to maintain communication with Gordon McKie it is now extemely unlikely that they will be launching a combined bid with them. It sounds like the McKie group is now out of the picture unless circumstances change.

 

So, the question is what is the 'other' option that they (FoH) are favouring?

 

The clear message from today's developments is that if you are holding off converting your pledge then don't. FoH say that direct debit conversions are up 15% in the last 24 hours so it now looks like we are moving towards the 4,500 mark.

[Tatlock]

Being one of the renewers who did so as soon as the season tickets were available, I fully expected that the S/T would not be honoured when the crash happened. I would have been happy to buy again if I could get my cc money back. I would also have grudgingly renewed even if I could not get my original money back. It was a pleasant surprise to hear that BDO were to honour my original purchase so as far as I am concerned I can now use my back up s/t money to help Hearts going forward.

 

Thats why I am a FOH pledger now and would have no problem if their bid was a joint one. Like most Hearts fans I know, I just could not imaging a time when there was no Hearts to support so would do as much as I could afford to to help the club survive. If we get a joint bid accepted, we will have stability and the pledges would give us a continuing revenue stream which can only be a good thing for the future.

[The Gasman]

So what were they planning for the sizable minority that were shafted?

 

A one of free season ticket.

 

The extra revenue generated would have paid for that, and still left them a seven figure sum towards the working capital

[Balders]

 

There was no repayment but an option tourchase the stadium if they wanted to. It was a classic propco / opcmodel. FoH have decided to take the other funding option which I have no problem with . They remain remain the best solution going fwd.

So the Mckie consortium would have owned the stadium with FoH having the option to re-purchase.

 

Also from what you have said here and per todays FoH statement FoH have chosen the other funding source thus effectively ending the Mckie consortium's involvement?

[The Gasman]

Gas, your responding well mate under the circumstances!

 

People just get converting.......

 

[Clerry Jambo]

So the Mckie consortium would have owned the stadium with FoH having the option to re-purchase.

 

Also from what you have said here and per todays FoH statement FoH have chosen the other funding source thus effectively ending the Mckie consortium's involvement?

Don't think its the Vikings either as Murray has basically said they're not credible

[Gregory House M.D.]

 

 

 

A one of free season ticket.

 

The extra revenue generated would have paid for that, and still left them a seven figure sum towards the working capital

 

Fair enough. Had you come on and worded it like that from the beginning then this thread would've ended an age ago.

[hibsarepants]

So the Mckie consortium would have owned the stadium with FoH having the option to re-purchase.

 

Also from what you have said here and per todays FoH statement FoH have chosen the other funding source thus effectively ending the Mckie consortium's involvement?

Let FoH get on with it. The consortium will remain a back up plan.

[Mr Romanov Saviour of HMFC]

• 
   
  
  
  
  Expand
  
  
• 
   
  
  
  
  Foundation Of Hearts
  ?
  @
  The_FoH
  1h
  
  
  #
  foh
  believes that it can put together a very strong bid which combines business capital and expertise with magnificent supporter DDs.
  
  

[Clerry Jambo]

• 
   
   
  
  45]
  
  
  Expand
  
   
  
• 
   
   
  
  45]
  
  
  Foundation Of Hearts
  ?
  @
  The_FoH
  1h
  
  
  #
  foh
  believes that it can put together a very strong bid which combines business capital and expertise with magnificent supporter DDs.
  
  

 

 

Sounding promising...........

[babertonjambo]

 

Have you pledged to FoH yet?

[hughesie27]

FoH Twitter feed this morning is suggesting that the 'other' option available to them is more favourable to them and whilst they wish to maintain communication with Gordon McKie it is now extemely unlikely that they will be launching a combined bid with them. It sounds like the McKie group is now out of the picture unless circumstances change.

 

So, the question is what is the 'other' option that they (FoH) are favouring?

 

The clear message from today's developments is that if you are holding off converting your pledge then don't. FoH say that direct debit conversions are up 15% in the last 24 hours so it now looks like we are moving towards the 4,500 mark.

 

I am quite surprised that they are distancing themselves soo much from McKie.

 

 

[The Gasman]

 

Not read all this thread but is it a definite that the Credit Card coy's would have reimbursed the season ticket money as there was a post in another thread that the Credit Card coy's would argue that you bought a season ticket from a company (Hearts) who were already in financial difficulties in March therefore the insurance cover is not valid.

 

From a conversation st the time, my understanding is that they would definitely have had to pay out under the Consumer Credit Act, yes.

 

If they felt there was a case to answer, they could then have tried to take Hearts directors (who of course are no longer employed by Hearts) to court to recoup their losses.

[hughesie27]

• 
   
  
  
  
  Expand
  
  
• 
   
  
  
  
  Foundation Of Hearts
  ?
  @
  The_FoH
  1h
  
  
  #
  foh
  believes that it can put together a very strong bid which combines business capital and expertise with magnificent supporter DDs.
  
  

 

Does that mean on their own?

[Mr Romanov Saviour of HMFC]

Does that mean on their own?

 

I'd guess it is backing from someone which will be paid back through pledges, but it all sounds pretty positive.

Foundation Of Hearts ?@The_FoH1h

If we were to summarise today, #foh is very strong position. Bid will be good, credible and clear. Months of work leading to this moment.

 

Expand

[babertonjambo]

I am quite surprised that they are distancing themselves soo much from McKie.

 

From hibsarepants post earlier, it seems that the consortium wanted to retain ownership of Tynie with the option of FoH buying it back over time. I would guess that this is perhaps one of the main reasons for distancing themselves.

[Don Dan]

Media update, issued by the Foundation of Hearts

5th July 2013, 8.45am

The Foundation of Hearts notes media comments from Gordon McKie that the consortium he is leading will only now be able to proceed with the Foundation on a joint basis.

This comes after Mr McKie?s group confirmed they do not have the capital to fund a deal, alone.

His consortium have made a proposal to the Foundation of Hearts which is to be welcomed, however, this was one of two routes the Foundation is considering (as announced Thursday 4th July) in preparation for the capital investment required to secure a majority stake in Heart of Midlothian FC.

At this time, the Foundation is set to choose the alternative funding option but wishes to maintain a strong, positive relationship with Mr McKie?s group, given it and his own personal expertise.

Meanwhile, the Foundation of Hearts has reported an extremely strong increase (15% in direct debit set-ups since yesterday?s media call at Tynecastle and rallying email to 50,000 supporters via the Hearts club database and is already seeing a similar trend this morning (Friday).

Foundation of Hearts independent chairman Ian Murray MP said:

?The board of Foundation of Hearts will consider the best option for Hearts, nothing else, ahead of next week's deadline.

?We welcome Gordon?s honesty that his own consortium is not in a position to go it alone and thank him for putting a proposal to us. They have been forthright and professional all through the process.

?Our bid will combine capital funding support alongside the fantastic efforts of supporters in setting up thousands of direct debits to the Foundation to provide a stable ongoing financial platform.

?We are very confident that the route we pick will be right for Hearts both now and in the future, given the strong options available to us.

?The response yesterday from supporters was, yet again, fantastic from the first email to drop at 8am, throughout the day?s media coverage, to the last tweet of the night.

?Thousands of fans want to own a part of their club, and ensure that we can shape as illustrious as the past.

?Given the extensive media coverage today we?re hoping this final push will continue over the next few days to leave us in the strongest possible position to make our bid on behalf of the supporters.

?The time to create history is now?

[The Gasman]

 

I am quite surprised that they are distancing themselves soo much from McKie.

 

Must admit it surprises me slightly as well, but it's their ball, so they get to decide who plays.

[Balders]

 

Let FoH get on with it. The consortium will remain a back up plan.

 

Encouraging that the consortium are willing to remain as a back up plan and not walking away altogether

[PortyJambo]

http://progress-sc.c...h-July-2013.pdf

 

Thanks, hadn't seen that FOH press release.

 

Certainly seems that a FOH/McKie bid is practically dead in the water. I wonder who/what the alternative backers are.

[Don Dan]

?Our bid will combine capital funding support alongside the fantastic efforts of supporters in setting up thousands of direct debits to the Foundation to provide a stable ongoing financial platform.

?We are very confident that the route we pick will be right for Hearts both now and in the future, given the strong options available to us.

 

My reading of FoH statement and the above in particular indicates that they have secured a reasonable capital backing from somewhere and that coupled with our pledges will form their own bid.

[babertonjambo]

Encouraging that the consortium are willing to remain as a back up plan and not walking away altogether

 

I agree, It shows to me that the people involved are Hearts fans and want what is best for the future of the club.

[Jingle Bells]

 

 

 

Hallelujah! Amen!

 

 

FoH offer the best assurance that the fans will be considered as of first importance - even if a white knight comes over the horizon at the last moment.

 

Anyone wanting an excuse not to invest through pledging/converting will always be able to find one but, they are the best way forward, either as sole buyer if possible, or as a partner with another group who are not quite so blatantly fan insensitive.

 

Well said

[The Gasman]

 

Thanks, hadn't seen that FOH press release.

 

Certainly seems that a FOH/McKie bid is practically dead in the water. I wonder who/what the alternative backers are.

 

Certainly sounds that way, but as its FoH's ball they, quite rightly, get to pick who plays.

[ellsbells]

@edinburghsport: We have learned that the consortium looking to buy Hearts, being led by Gordon McKie, will not now bid. More soon on http://t.co/4RQNn1YqDM

 

Interesting...

[The Gasman]

 

I agree, It shows to me that the people involved are Hearts fans and want what is best for the future of the club.

 

Of that I have never had any doubt.

[Clerry Jambo]

 

http://www.foundationofhearts.org/foundation-of-hearts-finalising-bid-for-club/

[Russian Hats]

Has anyone got a view - either based on a bit of inside knowledge or educated guess what we think the average monthly pledge will work out as.

 

I can't see anything other than an average if between ?25-?40 per month and even if its ?40 x say 5000 that's ?200k per month at best (which can and will fluctuate I still can't see where the outright bid is coming from to provide the creditors with say ?4-?5m needed as up front. Best case ?3.5m in my opinion.

 

I just don't get it unless FOH have significant cash backing.

[Clerry Jambo]

Has anyone got a view - either based on a bit of inside knowledge or educated guess what we think the average monthly pledge will work out as.

 

I can't see anything other than an average if between ?25-?40 per month and even if its ?40 x say 5000 that's ?200k per month at best (which can and will fluctuate I still can't see where the outright bid is coming from to provide the creditors with say ?4-?5m needed as up front. Best case ?3.5m in my opinion.

 

I just don't get it unless FOH have significant cash backing.

They must have IMHO

[hughesie27]

Has anyone got a view - either based on a bit of inside knowledge or educated guess what we think the average monthly pledge will work out as.

 

I can't see anything other than an average if between ?25-?40 per month and even if its ?40 x say 5000 that's ?200k per month at best (which can and will fluctuate I still can't see where the outright bid is coming from to provide the creditors with say ?4-?5m needed as up front. Best case ?3.5m in my opinion.

 

I just don't get it unless FOH have significant cash backing.

 

I think the average will be ?20 at very best. Still though, 100k a month, ?1.2 million a year additionial revenue shouldn't be scoffed at. That is on top of season ticket sales and league/TV income. Obviously in relation to the bid they must have people willing to provide some up front funds (this alternative funding stream talked about).

FOH would never have made a successful bid off the back of pledges.

[Special Agent Dale Cooper]

Has anyone got a view - either based on a bit of inside knowledge or educated guess what we think the average monthly pledge will work out as.

 

I can't see anything other than an average if between ?25-?40 per month and even if its ?40 x say 5000 that's ?200k per month at best (which can and will fluctuate I still can't see where the outright bid is coming from to provide the creditors with say ?4-?5m needed as up front. Best case ?3.5m in my opinion.

 

I just don't get it unless FOH have significant cash backing.

 

Massone's been pretty quiet recently...

[Don Dan]

 

 

 

Massone's been pretty quiet recently...

Capital backer for FoH?

[18scotty74]

If the consortium are predicting a working capital shortfall to the approximate value of the honoured season tickets then I can see how it makes their bid unworkable. How else would they be able to fund this? In this instance the FOH are best placed as dd's will make up the funding gap and ensure the club runs within it's means.

[cosanostra]

A lot of anti-Gasman's consortium pant-wetting here.

 

He's explained - the consortium (as far as he was aware) had expected BDO not to honour STs. 80% of STs at that stage had been bought by Credit cards meaning the majority if those who had purchased would get their cash back (cash that went into the old mobs financial black hole, remember). They could then re-buy and that would give the consortium working capital going forward.

 

This was not some grand plan to shaft the fans. This does not mean they are jokers. They expected the credit card company to take the hit - so what. We cannot get sanctimonious about that! We are expecting UKIO/UBIG/HMRC to take a ?25m bath for our debt.

 

Stop giving Gasman and the UK consortium grief. We still want them involved. Most of wanted a FoH/Gasman consortium double team!

 

JKB at its worst this morning.

 

Much sense in this post.

Some people seriously need to learn to read carefully before posting nonsense.

 

No-one was trying to rip-off anyone. These guys just misjudged the outcome of administration and may not be able to afford the club now - at least not alone.