Footballfirst Posted March 18, 2020 Share Posted March 18, 2020 (edited) The EFL is to provide a £50m short term relief fund for its clubs to help with cash flow problems. https://www.bbc.co.uk/sport/football/51951389 Edited March 18, 2020 by Footballfirst Quote Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 18, 2020 Share Posted March 18, 2020 59 minutes ago, Suso Santana said: People have been saying Sevco are on a shoogly peg for years, there's a million page thread on it. It never seems to happen. Just read this morning that one of their millionaire fans is ready to plow more money into the club. the million pound thread covers their liquidation Quote Link to comment Share on other sites More sharing options...
Shanks Posted March 18, 2020 Share Posted March 18, 2020 So the players choice is - - Accept 50% reduction and carry on. - Leave for nothing and then get paid nothing. - Reject the reduction and carry on with their contract as normal. I wonder what choice our bunch will take! Quote Link to comment Share on other sites More sharing options...
jock _turd Posted March 18, 2020 Share Posted March 18, 2020 Not wanting to be too alarmist but really how long can the club continue without income and major out goings each month? I reckon we could be tits up very shortly! So what AB is doing is going to stem the flow of money but will it be enough to keep us afloat? I have my doubts to be honest other than FOH pledges the club is not generating a bolt. Worrying times. Quote Link to comment Share on other sites More sharing options...
DETTY29 Posted March 18, 2020 Share Posted March 18, 2020 Just now, Footballfirst said: The EFL is to provide a £50m short term relief fund for its clubs to help with cash flow problems. SFA £1.5m. Its where we are.. Quote Link to comment Share on other sites More sharing options...
Tynie Tom Posted March 18, 2020 Share Posted March 18, 2020 24 minutes ago, Suso Santana said: Much are they on? I don't think anyone on "normal" money should be asked to do this. Agree with this. Quote Link to comment Share on other sites More sharing options...
Seaside jambo Posted March 18, 2020 Share Posted March 18, 2020 Think a lot of clubs up and down the country will find the next few months difficult. As many have said we are the first but won’t be the last We have just opened the jar o worms just watch the other clubs problems come to the fore Quote Link to comment Share on other sites More sharing options...
Captain Canada Posted March 18, 2020 Share Posted March 18, 2020 (edited) 9 minutes ago, MrBones said: There's something like 4 home games left, most of the crowd have season tickets but we can't survive 4 games without cutting wages in half? It's not just 4 league games though. It's the whole conference side, hospitality, catering, a cup semi final, no season ticket money and the potential for this to impact next season too. We probably get between 3-4,000 walkups per game too which, at say an average of £20, would come to a minimum of £240k in ticket sales alone for 4 games. Add the fact we had a £400k shortfall already and it's clear why Budge has acted so quickly. Edited March 18, 2020 by Captain Canada Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, Riccarton3 said: the million pound thread covers their liquidation He said Sevco, Still plenty of pages of them. Quote Link to comment Share on other sites More sharing options...
Last Laff Posted March 18, 2020 Share Posted March 18, 2020 4 minutes ago, Stone1992 said: What about all the other income that we are missing out on? Don’t hurt yourself thinking about it You seriously believe that “all that other income” that the club misses out on would cover 50% of the clubs weekly wage? Hopefully the club put season tickets all soon very soon regardless of the uncertainty I’m sure it would assist cover this. Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, HeartOfWestLothian said: It's clearly absolute nonsense. Someone is saying the cash reserves and operating costs match hearts financial accounts published on their website in 2019. Quote Link to comment Share on other sites More sharing options...
Beast Boy Posted March 18, 2020 Share Posted March 18, 2020 19 minutes ago, Suso Santana said: You're feckin made of money. I’m not actually, sadly. If I was, I’d be tossing bills at it. As it is, I’ll do what I can to help. Quote Link to comment Share on other sites More sharing options...
gashauskis9 Posted March 18, 2020 Share Posted March 18, 2020 27 minutes ago, kingantti1874 said: Seriously, I don’t see the problem here - other than Celtic all clubs will be doing the same very soon, the sooner we do it the better.. Celtic the global brand who rely heavily on off the field revenue? They’ll be struggling soon as well believe me. Higher the climb, bigger the fall etc. Quote Link to comment Share on other sites More sharing options...
Japan Jambo Posted March 18, 2020 Share Posted March 18, 2020 43 minutes ago, Longshanks said: So if someone like Hickey doesn't accept a 50% wage reduction then we are going to let him just walk away from his contract at the club? ****. he may well have time to regret not signing a contract extention. Quote Link to comment Share on other sites More sharing options...
Last Laff Posted March 18, 2020 Share Posted March 18, 2020 2 minutes ago, Longshanks said: So the players choice is - - Accept 50% reduction and carry on. - Leave for nothing and then get paid nothing. - Reject the reduction and carry on with their contract as normal. I wonder what choice our bunch will take! Perhaps they will be advised that rejecting both will lead to administration which will lead to redundancy. You would have hoped the SFA could help with guaranteed Semi final ticket sales at a later date if the club is having to go to such drastic extremes so early. Quote Link to comment Share on other sites More sharing options...
Last Laff Posted March 18, 2020 Share Posted March 18, 2020 Just now, Jap Jambo said: he may well have time to regret not signing a contract extention. Why? If he can leave for nothing he will get a great wage elsewhere - probably in Glasgow. Quote Link to comment Share on other sites More sharing options...
Skiba Posted March 18, 2020 Share Posted March 18, 2020 Need to ditch the womens team, Levein and McPhee for starters. Quote Link to comment Share on other sites More sharing options...
Last Laff Posted March 18, 2020 Share Posted March 18, 2020 Chances of Christophe Berra being the first player to accept and lead from the front? Quote Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 18, 2020 Share Posted March 18, 2020 3 minutes ago, Suso Santana said: He said Sevco, Still plenty of pages of them. what do you think of their model? this millionaire of whom you speak will be ploughing in to clear 20 mil of debt. Quote Link to comment Share on other sites More sharing options...
Malinga the Swinga Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, Footballfirst said: The EFL is to provide a £50m short term relief fund for its clubs to help with cash flow problems. Whilst it was only £500k, and I am not demeaning it at all as I would love £500k, the SRU had fund sorted for clubs on Sunday. The Scottish governing bodies of football offer precisely zero, zilch, nada, because they have no funds and live hand to mouth. They do however squander a large amount of money paying people like Doncaster and Petrie who most assuredly contribute nothing in turn to Scottish football. We shall see who is still standing after this crisis is solved. The odds on all existing clubs still being here when we resume must be very big. Then again, other than Hearts, I couldn't give a flying **** whether they survive or not. Quote Link to comment Share on other sites More sharing options...
Hectormasson Posted March 18, 2020 Share Posted March 18, 2020 53 minutes ago, Mikey1874 said: We'd have players on higher wages Maybe better players and not be rock bottom and going down ?? Quote Link to comment Share on other sites More sharing options...
soonbe110 Posted March 18, 2020 Share Posted March 18, 2020 3 minutes ago, jock _turd said: Not wanting to be too alarmist but really how long can the club continue without income and major out goings each month? I reckon we could be tits up very shortly! So what AB is doing is going to stem the flow of money but will it be enough to keep us afloat? I have my doubts to be honest other than FOH pledges the club is not generating a bolt. Worrying times. She is trying to force the hand of the SPFL to void the season undoubtedly or at least agree to no relegation. If that happens our season tickets can go on sale immediately and that would probably raise over £2m of cash in the first couple of weeks (£400*5-6,000 fans). Problem solved. Similar for at least half of the clubs around the country. Quote Link to comment Share on other sites More sharing options...
Bull's-eye Posted March 18, 2020 Share Posted March 18, 2020 12 minutes ago, Vlad Magic said: Is your pea sized brain able to post something constructive please? Over estimated. Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 Just now, Riccarton3 said: what do you think of their model? this millionaire of whom you speak will be ploughing in to clear 20 mil of debt. I don't think much about them at all, never mind their model. All i know is that people having been wanting them to go bust again for years and they always get money from somewhere. You've got to remember that there's dafties all over the world that support them. Quote Link to comment Share on other sites More sharing options...
Footballfirst Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, Longshanks said: So the players choice is - - Accept 50% reduction and carry on. - Leave for nothing and then get paid nothing. - Reject the reduction and carry on with their contract as normal. I wonder what choice our bunch will take! I'm unsure about the respective rights of employers and employees in terms of contracted employees. They can be made redundant, but clubs could be open to legal action for breach of contract. If a company is struggling to pay wages, then players with terminated contracts may find it difficult to recoup the funds through the courts, particularly if the company could demonstrate its financial constraints and what it had attempted to do to keep people employed. The SFA/SPFL rules would probably kick in with an enforced registration embargo for non payment of wages, until the "football creditor" was paid off in full. Quote Link to comment Share on other sites More sharing options...
soonbe110 Posted March 18, 2020 Share Posted March 18, 2020 7 minutes ago, Tynie Tom said: Agree with this. They aren’t though. No-one’s salary going below £22k Quote Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted March 18, 2020 Share Posted March 18, 2020 1 hour ago, Diadora Van Basten said: I think it’s good we are being pro active on this but I can’t see many people being in a position to accept a 50% pay cut. No one wants to take a 50% pay cut. Unfortunately because of the profession they are in and at this particular time. There are no new jobs to just move onto. No player is going to get signed up by a new club for quite a while. Unless its a talent who had years left on a contract that just got torn up. 50% of whatever is better than 100% of zero. Quote Link to comment Share on other sites More sharing options...
Don Dan Posted March 18, 2020 Share Posted March 18, 2020 Hibs new owner will be assessing his commitments and rest assured Hibernian FC won’t be his biggest concern when it comes to cutting his cost burden. Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, Bull's-eye said: Over estimated. Another great contribution from you 🤣 Quote Link to comment Share on other sites More sharing options...
soonbe110 Posted March 18, 2020 Share Posted March 18, 2020 8 minutes ago, Captain Canada said: It's not just 4 league games though. It's the whole conference side, hospitality, catering, a cup semi final, no season ticket money and the potential for this to impact next season too. We probably get between 3-4,000 walkups per game too which, at say an average of £20, would come to at a minimum of £240 in ticket sales alone for 4 games. Add the fact we had a £400k shortfall already and it's clear why Budge has acted so quickly. Yep, SFA could quite easily give funds to four semi-finalists based on projected income to come when they are played, except the SFA is skint because they are buying hampden. Quote Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 18, 2020 Share Posted March 18, 2020 2 minutes ago, Suso Santana said: I don't think much about them at all, never mind their model. All i know is that people having been wanting them to go bust again for years and they always get money from somewhere. You've got to remember that there's dafties all over the world that support them. Once was enough for me. Who would have ever predicted it in their lifetime? Quote Link to comment Share on other sites More sharing options...
8skacel8 Posted March 18, 2020 Share Posted March 18, 2020 5 minutes ago, Last Laff said: Perhaps they will be advised that rejecting both will lead to administration which will lead to redundancy. You would have hoped the SFA could help with guaranteed Semi final ticket sales at a later date if the club is having to go to such drastic extremes so early. Would be a decent idea. Could even out the tickets on sale now as they have said the competition will definitely finish at some point. Would be worth about 500k-600k to each of the 4 teams in the semi final. Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 On the plus side, who all forgot about the corona virus? Quote Link to comment Share on other sites More sharing options...
Taffin Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, alwaysthereinspirit said: No one wants to take a 50% pay cut. Unfortunately because of the profession they are in and at this particular time. There are no new jobs to just move onto. No player is going to get signed up by a new club for quite a while. Unless its a talent who had years left on a contract that just got torn up. 50% of whatever is better than 100% of zero. Or they could refuse and continue to receive 100% or be paid off in full. I hope none of them take those two options. Quote Link to comment Share on other sites More sharing options...
tolcross lad Posted March 18, 2020 Share Posted March 18, 2020 26 minutes ago, Francis Albert said: Is it being an arsehole to wonder why we are the first? There have been indications through the season that we habe had cash flow issues before Caronavirus surfaced. We are in debt to Budge from the last financial year circa £1m.It was clear things were tight this year when Stendel came in and it would not surprise me if a further loan has been made. Quote Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, alwaysthereinspirit said: No one wants to take a 50% pay cut. Unfortunately because of the profession they are in and at this particular time. There are no new jobs to just move onto. No player is going to get signed up by a new club for quite a while. Unless its a talent who had years left on a contract that just got torn up. 50% of whatever is better than 100% of zero. At the end of the day the players don’t have to accept the salary cuts unless we go into administration. Quote Link to comment Share on other sites More sharing options...
jambopilms Posted March 18, 2020 Share Posted March 18, 2020 I don't see how any club will cope. No ticket sales, no help from sfa , the benefactors will have their own money problems, if we do put season ticket on sale many won't be able to afford one now. Many months of salary to pay with no income at all. Quote Link to comment Share on other sites More sharing options...
Jambo diehard Posted March 18, 2020 Share Posted March 18, 2020 Cannot form a 100% opinion on all of this, reasons, implications, cause, blame etc but it's still a nervy situation, what would the club actually do to players, staff, who refuse? And this is just the START of it, not only for us but also the rest of Scottish fitba which if honest other than being rival teams, I care not a jot about. Quote Link to comment Share on other sites More sharing options...
MrBones Posted March 18, 2020 Share Posted March 18, 2020 16 minutes ago, Stone1992 said: What about all the other income that we are missing out on? Don’t hurt yourself thinking about it What about it? Jesus, some people are quick to chuck around insults! Quote Link to comment Share on other sites More sharing options...
jackal Posted March 18, 2020 Share Posted March 18, 2020 30 minutes ago, Vlad Magic said: Awaiting a statement from Hibs. Surely with Hibs fantastic financial management they will be giving their players a rise to help them get through this. Much bigger companies than Hearts have offered their staff unpaid leave and SSP yet some on here think its unthinkable to cut wages that are far higher than your average employee. Many insurers are not paying out for whatever reason and thats why insurance has all its clauses, no insurer ever wants to pay out and if they dont have to they wont. I think player contracts in the future will take situations like this into account with all manner of clauses added. You cannot account for something like this. I wouldnt consider diverting FOH money either thats not what its for. Quote Link to comment Share on other sites More sharing options...
Japan Jambo Posted March 18, 2020 Share Posted March 18, 2020 7 minutes ago, Last Laff said: Why? If he can leave for nothing he will get a great wage elsewhere - probably in Glasgow. Undoubtedly, but regardless of his talent his economic value has declined as a result of the virus's impact on football. Quote Link to comment Share on other sites More sharing options...
Riccarton3 Posted March 18, 2020 Share Posted March 18, 2020 to be fair, there are people looking at coronavirus and its effect on football like an extended winter break - it helps with the agitation Quote Link to comment Share on other sites More sharing options...
argyjambo Posted March 18, 2020 Share Posted March 18, 2020 42 minutes ago, Morph said: All we’ve heard about is how good our finances are, how good a business woman she is, how great everything is behind the scenes. All clearly a load of ****ing shite. Cannot believe we’re back at square one after 6 years. Actually I can. Ran like a ****ing circus on and off the park. I'm guessing you are a clown, evidenced by your intimate knowledge of how circuses are run. Quote Link to comment Share on other sites More sharing options...
heartsfc_fan Posted March 18, 2020 Share Posted March 18, 2020 Sensible option. We won't be the only club who will do this. Quote Link to comment Share on other sites More sharing options...
jock _turd Posted March 18, 2020 Share Posted March 18, 2020 It is interesting, and a bit worrying, that Hearts are the first team to do this. I don't care what anybody says there has to be a big picture reason why we are doing this . It cannot possible be down to AB knowing more than the CEO at any other club about how to save money, it seems common sense but for what ever reason no other club has as yet done it. Quote Link to comment Share on other sites More sharing options...
Vlad Magic Posted March 18, 2020 Share Posted March 18, 2020 So NOW people are worried about the clubs finances? What about the extra revenue the club has brought in “out with the footy season”???? I thought she was an “old boot” ”daft old hag” ”baboon faced arse” And other completely unmentionable insults. Suddenly that concert that brought in extra cash but ruined the grass for all of 3 weeks actually was a brilliant idea? The revenue streams that have flooded in on the back of her tenacity and business acumen forgotten about? The main stand that needed sorting and has been and will repay itself many many times over. Nah she’s just an old boot who hasn’t a clue what she’s doing right? Quite simply we would be in far worse places than we find ourselves now without her, her business knowledge and her contacts. Quote Link to comment Share on other sites More sharing options...
MrBones Posted March 18, 2020 Share Posted March 18, 2020 I really don't think with all the money FOH put in, and the amount is week documented, we should be in this position 4 games short of the end of the season. Too many duff players in stupid contracts, overspending on the stand, pissing money away. Anne Budge is a horrific business woman Quote Link to comment Share on other sites More sharing options...
Prof Posted March 18, 2020 Share Posted March 18, 2020 Must admit I thought Budge was on top of the situation, but clearly she isn’t and has put the club into a precarious financial situation. There should be no question of her staying on as CEO and she has to go, along with Levein and the other parasites that infest the club. FOH has to take a firm hand now and demand changes. Quote Link to comment Share on other sites More sharing options...
Suso Santana Posted March 18, 2020 Share Posted March 18, 2020 1 minute ago, argyjambo said: I'm guessing you are a clown, evidenced by your intimate knowledge of how circuses are run. To be fair, he's right about us being back to square one (football wise) after spunking millions of pounds and trusting craig levein. People need to stop brushing this under the carpet and thinking everything is hunky dory. Quote Link to comment Share on other sites More sharing options...
frankblack Posted March 18, 2020 Share Posted March 18, 2020 Couldn't we put the players on performance related pay instead? We would save a fortune, and those players would be dependent on food banks. Quote Link to comment Share on other sites More sharing options...
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