VR's banking interests

[Dave 1974]

After a rather mind-numbing encounter with a poster from another thread concerning VR's banking interests, i want to gauge opinions from others as to how you think this works.

 

According to the oracle over on the other thread, the now enormous overdraft/debt/loan, what ever you want to call it, isn't in fact Hearts' debt. This is because it's VR's money in the first place and therefore his to do as he pleases.

 

Apparently we should be grateful to VR for this debt figure, as it allowed us to sign Craig Gordon on an $18,000 per week deal, thus allowing us to sell him on at ?7m plus a further ?2m with add-ons.

 

When explained to him that he is only a majority shareholder with the bank and that money/debt/loan would have to be paid back, estimated ?40m, he started getting a little confused and implied it was a gift.

 

Now, i don't claim to know exactly how the banking world operates, but i would hazard a guess that if VR is underwriting Hearts mounting debts/loans/gifts___________<<

 

Thoughts?

[Charlie-Brown]

Fedotovas said they were looking at the financial and tax implications of capitalising some of the existing debt so it could happen.

[topcat]

Thoughts?

 

You should switch do decaf

[bighusref]

I believe that as long as Hearts are ran by UKIO and VR our debt is not a huge issue. The big problem would be if VR was to ever want to leave or was ousted.

[JamboAl]

After a rather mind-numbing encounter with a poster from another thread concerning VR's banking interests, i want to gauge opinions from others as to how you think this works.

 

According to the oracle over on the other thread, the now enormous overdraft/debt/loan, what ever you want to call it, isn't in fact Hearts' debt. This is because it's VR's money in the first place and therefore his to do as he pleases.

 

Apparently we should be grateful to VR for this debt figure, as it allowed us to sign Craig Gordon on an $18,000 per week deal, thus allowing us to sell him on at ?7m plus a further ?2m with add-ons.

 

When explained to him that he is only a majority shareholder with the bank and that money/debt/loan would have to be paid back, estimated ?40m, he started getting a little confused and implied it was a gift.

 

Now, i don't claim to know exactly how the banking world operates, but i would hazard a guess that if VR is underwriting Hearts mounting debts/loans/gifts___________<<

 

Thoughts?

 

I think you're on a mission.

We were *****ed when VR took us over ?20m in debt : what difference does it make if it becomes ?40m? Answer - we're still *****ed.

[Charlie-Brown]

I believe that as long as Hearts are ran by UKIO and VR our debt is not a huge issue. The big problem would be if VR was to ever want to leave or was ousted.

 

How is it possible for Vlad to be ousted? The only way I could see was if the majority shareholder was carrying out illegal activities to the detriment of the other shareholders then perhaps the company could be frozen.....but unless Romanov / UBIG decide to sell up they legally own a massive controlling share of the company - the minority shareholders could perhaps force the change of office-bearers but not control of Hearts.

[Coco]

How is it possible for Vlad to be ousted? The only way I could see was if the majority shareholder was carrying out illegal activities to the detriment of the other shareholders then perhaps the company could be frozen.....but unless Romanov / UBIG decide to sell up they legally own a massive controlling share of the company - the minority shareholders could perhaps force the change of office-bearers but not control of Hearts.

 

I don't know any Lithuanian company law - but I wonder if the minority shareholders in Ukio Bankas could have something of a case for complaint against the management of Ukio Bankas. Along the lines of the awarding of a charity rate of interest for Hearts - in the interests of UBIG and VR perhaps but not Ukio Bankas (share price down 40% in the last year).

[Charlie-Brown]

I don't know any Lithuanian company law - but I wonder if the minority shareholders in Ukio Bankas could have something of a case for complaint against the management of Ukio Bankas. Along the lines of the awarding of a charity rate of interest for Hearts - in the interests of UBIG and VR perhaps but not Ukio Bankas (share price down 40% in the last year).

 

Well that might change the percentage rate charged on Hearts debts if it was possible but it wouldn't really affect the ownership of Hearts although the club would possibily have to cut costs or sell players to meet the increased costs and ensure sufficient cash-flow or else compound the interest onto existing debts........

[Glamorgan Jambo]

Fedotovas said they were looking at the financial and tax implications of capitalising some of the existing debt so it could happen.

 

An effective but expensive way to dilute the remaining ordinary shareholders to the point where they'll be forced to sell to VR/UBIG?? (I can't remember if this is 95% or 97.5%).

[Dave 1974]

I believe that as long as Hearts are ran by UKIO and VR our debt is not a huge issue. The big problem would be if VR was to ever want to leave or was ousted.

 

Okay, let me play a bit here, if Hearts were to continue on the same coarse as they are currently are and the debt/loan/gift level reaches somewhere in the region of ?60m by 2010, this would be fine as long as VR is still connected with the bank?

 

When you take into account that the club are unable to attract any kind of manager, our best players are leaving the club either by transfer or ousting and we don't actually appear to be replacing them with any thing significant, thus our displays on the pitch lead us to finishing in the bottom half of the SPL while still running a wage bill just outside that of the Old Firms. Coupled with the fact that our ST's have dropped so significantly and that we have gone from having a waiting list of thousands to having none.

 

At what point are we ever going to atain enough cash to repay that debt figure?

 

We would need to be competing in the latter stages of the CL every season for the next 5 years to sort that out.

[JamboAl]

Okay, let me play a bit here, if Hearts were to continue on the same coarse as they are currently are and the debt/loan/gift level reaches somewhere in the region of ?60m by 2010, this would be fine as long as VR is still connected with the bank?

 

When you take into account that the club are unable to attract any kind of manager, our best players are leaving the club either by transfer or ousting and we don't actually appear to be replacing them with any thing significant, thus our displays on the pitch lead us to finishing in the bottom half of the SPL while still running a wage bill just outside that of the Old Firms. Coupled with the fact that our ST's have dropped so significantly and that we have gone from having a waiting list of thousands to having none.

 

At what point are we ever going to atain enough cash to repay that debt figure?

We would need to be competing in the latter stages of the CL every season for the next 5 years to sort that out.

 

Don't worry about it. Leave it to a multi millionaire to sort out.

[Coco]

Okay, let me play a bit here, if Hearts were to continue on the same coarse as they are currently are and the debt/loan/gift level reaches somewhere in the region of ?60m by 2010, this would be fine as long as VR is still connected with the bank?

 

When you take into account that the club are unable to attract any kind of manager, our best players are leaving the club either by transfer or ousting and we don't actually appear to be replacing them with any thing significant, thus our displays on the pitch lead us to finishing in the bottom half of the SPL while still running a wage bill just outside that of the Old Firms. Coupled with the fact that our ST's have dropped so significantly and that we have gone from having a waiting list of thousands to having none.

 

At what point are we ever going to atain enough cash to repay that debt figure?

 

We would need to be competing in the latter stages of the CL every season for the next 5 years to sort that out.

 

Unless Ukio Bankas grow significantly, then they don't have the capital to increase the size of lending to Hearts by that sort of amount. Perhaps UBIG do and could lend Hearts more money. But we have no information on UBIG.

[Boaby Ewing]

I can't be ersed trolling through Ukio's accounts again, but I believe:

 

1. Ukio's other shareholders are pretty minor. It's primarily Vlad and his maw. None of the board members have a substantial shareholding (more than about 1%).

 

2. I think the management of Hearts debt is with Ubig (an unlisted company) rather than with Ukio.

[Charlie-Brown]

Realistically some form of restructuring of the company is the only quick way Hearts debts could be reduced or negated ..... the only other alternative is years & years of profitable player trading (although Hibs managed to wipe out theirs in 2 years thanks to current transfer values)

[Coco]

I can't be ersed trolling through Ukio's accounts again, but I believe:

 

1. Ukio's other shareholders are pretty minor. It's primarily Vlad and his maw. None of the board members have a substantial shareholding (more than about 1%).

 

2. I think the management of Hearts debt is with Ubig (an unlisted company) rather than with Ukio.

 

On 1) I doubt that. Again I don't know Lithuanian listing rules, but surely there is a free float limit there? i.e. to be a listed company a certain percentage must be available to buy or sell. As for the Board members clearly they are ciphers for VR so their shareholdings are immaterial.

 

Anyway, perhaps there are no rules in Lithuania on the protection of minority shareholders. I don't know.

 

On 2) the last I looked the debt is owed to both Ukio Bankas and UBIG (similar levels of exposure for each).

[Coco]

Realistically some form of restructuring of the company is the only quick way Hearts debts could be reduced or negated ..... the only other alternative is years & years of profitable player trading (although Hibs managed to wipe out theirs in 2 years thanks to current transfer values)

 

More money in than out. One way or another.

 

I doubt that the Romanovs have the capital to put money in. And there aren't really any players left to sell. So that would mean cost cutting is the only realistic way out.

[Boaby Ewing]

Aw, I'm going to have to look at the accounts now.

 

Feckin' busman's weekend.

 

:-D

[Dave 1974]

I think you're on a mission.

We were *****ed when VR took us over ?20m in debt : what difference does it make if it becomes ?40m? Answer - we're still *****ed.

 

Depends what you infer as a 'mission'?

 

To find out the truth about where Hearts FC are going with VR at the helm? Yup.

[Coco]

Aw, I'm going to have to look at the accounts now.

 

Feckin' busman's weekend.

 

:-D

 

Don't bother. It is much more fun to speculate on the basis of innuendo, half truths, xenophobia, hatred, distrust, blind following etc than on the basis of FACT.

[Dave 1974]

Don't bother. It is much more fun to speculate on the basis of innuendo, half truths, xenophobia, hatred, distrust, blind following etc than on the basis of FACT.

 

Absolutely. Gets the post count up.

[Boaby Ewing]

"As of 31 December 2007 there were 10,083 Bank’s shareholders, who were holding 196,708,000 shares. The

nominal value of each AB Ūkio bankas ordinary registered share was LTL 1."

 

Vlad owns 33 percent

 

UAB FMI Finbaltus owns 8 percent

 

Vlad's maw owns 7.576 percent

 

UBIG owns 7.575 percent

 

The rest (44 percent) are owned by small shareholders.

 

"There are no shareholders of AB Ūkio bankas acting in concert;

• Bank has no shareholders having special control rights;

• Bank does not have any information on any restrictions of voting rights;

• Bank does not have any information on any reciprocal agreements of shareholders because of which

restrictions upon securities and voting rights transfer can be applied."

 

Figures rounded apart from Vlad's maw and UBIG.

[Captain Canada]

I don't mean to be morbid but what happens when Vlad is no longer with us? If memory serves me correctly he is in his 60's and will we see another Gretna situation where Rodders Romanov just pulls the plug and that will be that?

 

We don't seem to have any assurances regarding anything right from the managerial situation right through to what would happen in the circumstances above. We deserve some sort of clarification on these issues asap.

[Dave 1974]

"As of 31 December 2007 there were 10,083 Bank?s shareholders, who were holding 196,708,000 shares. The

nominal value of each AB Ūkio bankas ordinary registered share was LTL 1."

 

Vlad owns 33 percent

 

UAB FMI Finbaltus owns 8 percent

 

Vlad's maw owns 7.576 percent

 

UBIG owns 7.575 percent

 

The rest (44 percent) are owned by small shareholders.

 

"There are no shareholders of AB Ūkio bankas acting in concert;

? Bank has no shareholders having special control rights;

? Bank does not have any information on any restrictions of voting rights;

? Bank does not have any information on any reciprocal agreements of shareholders because of which

restrictions upon securities and voting rights transfer can be applied."

 

Figures rounded apart from Vlad's maw and UBIG.

 

This bit interests me.

 

Not having the benefit of knowing which article you are viewing Dave, i'd be interested to know what your take is on that with regards to VR and his underwriting our debt against the bank.

 

How is he able to just rack up this level of coin against the bank when in reality, Ukio could'nt give a flying fig for Hearts FC other than the fact that one of it's shareholders is connected to them?

[walton1983]

I believe that as long as Hearts are ran by UKIO and VR our debt is not a huge issue. The big problem would be if VR was to ever want to leave or was ousted.

 

If it's not a huge issue why are Hearts selling players and trying to reduce the debt. Surely if money was not a problem Romanov would be investing in the team and trying to mount a challenge to the old firm.

[Boaby Ewing]

Aw, I'm going to have to look at the accounts now.

 

Feckin' busman's weekend.

 

:-D

 

This bit interests me.

 

Not having the benefit of knowing which article you are viewing Dave, i'd be interested to know what your take is on that with regards to VR and his underwriting our debt against the bank.

 

How is he able to just rack up this level of coin against the bank when in reality, Ukio could'nt give a flying fig for Hearts FC other than the fact that one of it's shareholders is connected to them?

 

I've got a PDF copy -- here's a link http://www.ub.lt/forms/reports.2007.metine.en.pdf

 

Honest answer is I don't know -- there's no reference made to Hearts that I can see in the 2007 accounts.

 

Vlad's the majority shareholder, both as an individual and via his mother/UBIG etc. -- I presume an activist shareholder could raise an issue with Ukio's involvement with Hearts, but it's not exactly clear what that involvement is.

 

Even if they are exposed to our debt, it's probably making them enough money via (albeit 'friendly') interest payments for them not to bother.

[Jam Tarts 1874]

After a rather mind-numbing encounter with a poster from another thread concerning VR's banking interests, i want to gauge opinions from others as to how you think this works.

 

According to the oracle over on the other thread, the now enormous overdraft/debt/loan, what ever you want to call it, isn't in fact Hearts' debt. This is because it's VR's money in the first place and therefore his to do as he pleases.

 

Apparently we should be grateful to VR for this debt figure, as it allowed us to sign Craig Gordon on an $18,000 per week deal, thus allowing us to sell him on at ?7m plus a further ?2m with add-ons.

 

When explained to him that he is only a majority shareholder with the bank and that money/debt/loan would have to be paid back, estimated ?40m, he started getting a little confused and implied it was a gift.

 

Now, i don't claim to know exactly how the banking world operates, but i would hazard a guess that if VR is underwriting Hearts mounting debts/loans/gifts___________<<

 

Thoughts?

 

My thoughts are that it is best for people to be aquainted with the facts because it appears that posters are making up their own version as usual.

 

Romanov has a share-holding of just under 33% in UKIO Bankas. UKIO Bankas has loaned Hearts a total of ?17.6m, ?3m of this is a working overdraft, the other ?14.6m effectively replaced other bank loans which Hearts had when Romanov took over. The ?14.6m is due for repayment in February 2010. As you would expect Hearts pay interest at slightly under commercial rates.

 

The UKIO Investment Group owns UKIO Bankas, Romanov has a controlling share-holding of around 70% (don't have time to get the exact figure just now). Hearts owe UKIO Investment Group a total of ?15.7m, this is effectively Romanov's underwriting of the wages, transfers etc and monies to keep the club going. This ?15.7m is ?13.2m in loans with no repayment date and ?2.5m in loan stock which is due for repayment. As it stands Romanov (UKIO Investment Group) has not asked for the ?2.5m repayment or the interest due on it. That might have changed since more transfer monies have been coming in, however the club does pay interest at commercial rates on the ?13.2m as you would expect.

 

The accountants have written confirmation from UKIO Investment Group that they will provide sufficient funding to meet Hearts' liabilities as they fall due, however it is stated that this support is contingient upon Hearts reducing playing staff costs.

 

Back in April Hearts' board said that it was a possibility that some of this liability would be converted into some kind of equity which could avoid Hearts having to pay back UKIO Bankas ?14.6m in February 2010.

 

It is Hearts' debt, effectively under-written by Romanov although on the UKIO Bankas side, he will be under pressure from other shareholders to either have the bank loans repaid in 2010 or supply the other shareholders with equity in Hearts.

 

It is up to yourselves to form opinions on whether or not the 2005/06 season and the opportunity to get into the Champions League group stages was worth the additional expenditure.

 

Other points are also just opinion, i.e. would Gordon have stayed as long as he did if Hearts had not given him the massive pay rise? If he had gone earlier, how much would we have got for him?

 

So that is basically where the club are now, cost-cutting is definately a priority.

 

All the financial information I have provided is in the public domain, you can get Hearts accounts from the Companies House website, cost you ?1. What the board had to say about converting debt to equity is on the Hearts website.

[Dave 1974]

My thoughts are that it is best for people to be aquainted with the facts because it appears that posters are making up their own version as usual.

 

 

 

What's that got to do with the original post though, troll?

 

And for you to champion the merits of dealing with 'facts' when the vast majority of your posting extols the virtues of opinion, is pretty rich!

[davemclaren]

What's that got to do with the original post though, troll?

 

And for you to champion the merits of dealing with 'facts' when the vast majority of your posting extols the virtues of opinion, is pretty rich!

 

He seems top know his stuff though.

[Dave 1974]

He seems top know his stuff though.

 

Everything he wrote is in public domain, like he said.

[Jam Tarts 1874]

What's that got to do with the original post though, troll?

 

And for you to champion the merits of dealing with 'facts' when the vast majority of your posting extols the virtues of opinion, is pretty rich!

 

It's got everything to do with your post. You are one of the many who are guilty of just making up your own version of events, if you don't like being contradicted - don't make up so much rubbish!

[davemclaren]

Everything he wrote is in public domain, like he said.

 

I agree but not all in a one page summary. Not many of us can be bothered to pull the information together like that.

[Sherlock]

I agree but not all in a one page summary. Not many of us can be bothered to pull the information together like that.

 

Is it all in the public domain though Dave?

 

I was under the impression that UBIG was an unlisted company, if this is the case the i doubt UBIG info would be publicly available. I may be wrong though.

[Boaby Ewing]

UBIG isn't listed.

 

There's very little available about its activities or finances in the public domain.

[colinmaroon]

I believe that as long as Hearts are ran by UKIO and VR our debt is not a huge issue. The big problem would be if VR was to ever want to leave or was ousted.

 

 

 

In a nutshell!!!

 

 

 

 

...................

[Coco]

UBIG isn't listed.

 

There's very little available about its activities or finances in the public domain.

 

UBIG's finances are the crucial issue. For Hearts, for the supposed Tynecastle redevelopment etc. But none of the necessary information to judge on their ability to support Hearts or develop the stadium is available.

 

My view is that if the person running Hearts runs it in such a haphazard and often batty manner - then the same is possible with his other companies. That would fit with the trophy asset St Andrew's Square purchase at the top of the property market. And with the grandiose aims for other property developments - which don't appear to have happened.

[Charlie-Brown]

UBIG isn't listed.

 

There's very little available about its activities or finances in the public domain.

 

Is there an equivalent of companies-house in Lithuania? If so there might be something there?

[Boaby Ewing]

No idea.

[macbeth]

Okay the discussion on Romanov goes beyond me, but I have produced the Hearts version of my highly popular Football Finances site.

 

http://www.football-finances.org.uk/hearts/ is the place to be.

 

Now I'm 100% sure I have got something wrong, or missed something out. I apology unreservedly in advance and I really would like these to be pointed out so I can fix them.

[JamboAl]

I don't mean to be morbid but what happens when Vlad is no longer with us? If memory serves me correctly he is in his 60's and will we see another Gretna situation where Rodders Romanov just pulls the plug and that will be that?

We don't seem to have any assurances regarding anything right from the managerial situation right through to what would happen in the circumstances above. We deserve some sort of clarification on these issues asap.

 

Can't give a direct quote but at some meeting with fans or a Q & A session, VR or Charlie Mann said a contingency plan was being put in place to cover such an eventuality. Don't know if it's been done but then why should I, or anyone else for that matter.

[PresidentRomanov]

Can't give a direct quote but at some meeting with fans or a Q & A session, VR or Charlie Mann said a contingency plan was being put in place to cover such an eventuality. Don't know if it's been done but then why should I, or anyone else for that matter.

 

I have to admit that's a concern of mine too, and hopefully a plan is in place, but the fact that it's a issue at all, only stresses how reliant we are on Mr Romanov's support.

 

Some people should try and remember that.

[Eldar Hadzimehmedovic]

Just a few quickies:

 

The debt is Hearts' debt, both on paper and in reality. If Vlad snuffs it tomorrow or if UBIG find themselves under new ownership, guess who's liable for that debt? All of a sudden it becomes a big deal.

 

Vlad could indeed be "ousted" The supporters could make the atmosphere so extremely uncomfortable for him and the board that he would have to either never, for his own safety, show up at Tynecastle again, or sell up.

 

Also, just because Fedotovas said something (the debt restructuring) doesn't make it so. That man has lied through his teeth to the fans more than once,

[PresidentRomanov]

Just a few quickies:

 

The debt is Hearts' debt, both on paper and in reality. If Vlad snuffs it tomorrow or if UBIG find themselves under new ownership, guess who's liable for that debt? All of a sudden it becomes a big deal.

 

Vlad could indeed be "ousted" The supporters could make the atmosphere so extremely uncomfortable for him and the board that he would have to either never, for his own safety, show up at Tynecastle again, or sell up.

 

Also, just because Fedotovas said something (the debt restructuring) doesn't make it so. That man has lied through his teeth to the fans more than once,

 

So you agree we need Vlad then, and "ousting" him would be the end of our club?

[Eldar Hadzimehmedovic]

So you agree we need Vlad then, and "ousting" him would be the end of our club?

 

Aye, okay then.

 

We "need" him like Cuba needed Castro.

[Dazo]

I have to admit that's a concern of mine too, and hopefully a plan is in place, but the fact that it's a issue at all, only stresses how reliant we are on Mr Romanov's support.

 

Some people should try and remember that.

 

Still here i see, i am shocked to find your not a man of your word.

 

You have just explained the problem we have at the club. VR can do what the hell he likes and there is not a single thing we can do about it. Maybe you should try and remember that.

[davemclaren]

I have to admit that's a concern of mine too, and hopefully a plan is in place, but the fact that it's a issue at all, only stresses how reliant we are on Mr Romanov's support.

 

Some people should try and remember that.

 

A 30 million pound life policy on a 60 year old want be cheap.

[lost in leith]

Just a few quickies:

 

The debt is Hearts' debt, both on paper and in reality. If Vlad snuffs it tomorrow or if UBIG find themselves under new ownership, guess who's liable for that debt? All of a sudden it becomes a big deal.

 

Vlad could indeed be "ousted" The supporters could make the atmosphere so extremely uncomfortable for him and the board that he would have to either never, for his own safety, show up at Tynecastle again, or sell up.

 

Also, just because Fedotovas said something (the debt restructuring) doesn't make it so. That man has lied through his teeth to the fans more than once,

 

One of my concerns is that we don't know much about the amount of debt that Vlad's other companies may have. If they start to struggle then we are likely to get squeezed, and possibly even pressured to sell our main asset to repay the debt (I'm not talking about Calum Elliot here ).

 

My recollection is that Fedotovas said at the AGM that they were looking at re-structuring, but he didn't make any promises.

 

Not sure about the 'ousting Vlad' bit. I don't see a white knight out there.

[walton1983]

My thoughts are that it is best for people to be aquainted with the facts because it appears that posters are making up their own version as usual.

 

Romanov has a share-holding of just under 33% in UKIO Bankas. UKIO Bankas has loaned Hearts a total of ?17.6m, ?3m of this is a working overdraft, the other ?14.6m effectively replaced other bank loans which Hearts had when Romanov took over. The ?14.6m is due for repayment in February 2010. As you would expect Hearts pay interest at slightly under commercial rates.

 

The UKIO Investment Group owns UKIO Bankas, Romanov has a controlling share-holding of around 70% (don't have time to get the exact figure just now). Hearts owe UKIO Investment Group a total of ?15.7m, this is effectively Romanov's underwriting of the wages, transfers etc and monies to keep the club going. This ?15.7m is ?13.2m in loans with no repayment date and ?2.5m in loan stock which is due for repayment. As it stands Romanov (UKIO Investment Group) has not asked for the ?2.5m repayment or the interest due on it. That might have changed since more transfer monies have been coming in, however the club does pay interest at commercial rates on the ?13.2m as you would expect.

 

The accountants have written confirmation from UKIO Investment Group that they will provide sufficient funding to meet Hearts' liabilities as they fall due, however it is stated that this support is contingient upon Hearts reducing playing staff costs.

 

Back in April Hearts' board said that it was a possibility that some of this liability would be converted into some kind of equity which could avoid Hearts having to pay back UKIO Bankas ?14.6m in February 2010.

 

It is Hearts' debt, effectively under-written by Romanov although on the UKIO Bankas side, he will be under pressure from other shareholders to either have the bank loans repaid in 2010 or supply the other shareholders with equity in Hearts.

 

It is up to yourselves to form opinions on whether or not the 2005/06 season and the opportunity to get into the Champions League group stages was worth the additional expenditure.

 

Other points are also just opinion, i.e. would Gordon have stayed as long as he did if Hearts had not given him the massive pay rise? If he had gone earlier, how much would we have got for him?

 

So that is basically where the club are now, cost-cutting is definately a priority.

 

All the financial information I have provided is in the public domain, you can get Hearts accounts from the Companies House website, cost you ?1. What the board had to say about converting debt to equity is on the Hearts website.

 

Good Post.

Clears up the often used phrase on here that it's not Hearts debt. Hearts have to sell assets pretty soon to pay back some of the debt.The question for me is why did Romanov go down the route of paying ridiculous wages Knowing that he was increasing Hearts debt.

[Dave 1974]

So you agree we need Vlad then, and "ousting" him would be the end of our club?