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Wage cut for players and staff (Statement on 24/4)


Bunny Munro

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11 minutes ago, Dannie Boy said:

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. 


**** Hibs.  Who cares? (No offence) 

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Hopefully the government can help out with regards to the recently announced government backed loans, it could make the difference between us surviving or not. 
 

There will be lots of clubs that will go in to admin, the whole thing is going to change Scottish Football. Personally I will take no joy in seeing clubs closed down, this scenario we are all experiencing is way beyond football rivalry. 

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10 minutes ago, 8skacel8 said:


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.


Yep, it would be very proactive for the SFA to do, they would also make money on it to help other teams who may be struggling.  

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Suso Santana
1 minute ago, Vlad Magic said:

So NOW people are worried about the clubs finances? What about the extra revenue the club has brought in “out with the footy season”????

 

 

 

 

 

 

 

 

 

She's put too much attention on that and forgot about the football team. 

Now the extra revenue is ****ed and she's shitting herself. 

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3 minutes ago, Prof said:

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.


Better to keep quite and let people think you are stupid than opening your mouth and proving it.

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33 minutes ago, IveSeenTheLight said:

This was posted on an Aberdeen forum.

i dismissed it as pish but maybe it has merits

 

5EEBB3B1-F1C0-482F-8F8E-374BCBE58A87.thumb.jpeg.00a82dfed8059605358a87a09c1cca75.jpeg

 

Alan Burrows the Motherwell CEO shot this down, its too simplistic and shouldn't be taken literally as month to month expenditure will vary. Sure there was a tweet that said it was last years figures too. Words to that effect anyway (check his twitter)

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Geoff Kilpatrick
3 minutes ago, jock _turd said:

 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.

The big picture is a poker game as other clubs are in the same position. If we announce a financial restructuring now while other clubs face worse, it strengthens any case for us if the authorities tried to relegate us.

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9 minutes ago, Jap Jambo said:

 

Undoubtedly, but regardless of his talent his economic value has declined as a result of the virus's impact on football. 


I would be utterly amazed if Hickey wouldn’t get better than the deal offered elsewhere, especially as a free agent.  

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1 minute ago, Suso Santana said:

 

She's put too much attention on that and forgot about the football team. 

Now the extra revenue is ****ed and she's shitting herself. 


I can’t put into words how stupid that comment is.

 

 

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53 minutes ago, soonbe110 said:

Not really. Insolvency comes when you can no longer service the debt. 

 

Fly Globespan went into administration with very little debt because they couldn't meet their operating costs.

 

Insolvency is not directly to do with debt. It is about a business being able to meet it's costs with income.

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It’s clearly a financial disaster, which makes me think what has Budge been doing and more importantly the FOH representatives that are supposed to look after our interests. We the fans have put millions into the club and we have the power to put more cash into the club , but not if Budge and the FOH puppets remain on the board. 

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Suso Santana
1 minute ago, Vlad Magic said:


I can’t put into words how stupid that comment is.

 

 

 

What's new?

She's focused on off the field affairs and allowed levein to do what he likes. 

Who's to to blame? the both of them. 

Edited by Suso Santana
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1 minute ago, Vlad Magic said:


Better to keep quite and let people think you are stupid than opening your mouth and proving it.

I take it you were looking into a mirror when you wrote that drivel.

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Just now, Suso Santana said:

 

What's new


Just have a look back. Read through what you said.

 

Go to a mirror.

 

Look in it and say to yourself.

 

”I am thick”

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Geoff Kilpatrick
2 minutes ago, Martin_T said:

 

Fly Globespan went into administration with very little debt because they couldn't meet their operating costs.

 

Insolvency is not directly to do with debt. It is about a business being able to meet it's costs with income.

This is very true. However, effectively all income streams have been shut off for all football clubs so the idea that this is just us isn't credible.

 

Ironically, if you had a high percentage servicing debt you are more likely to get largesse from the banks and other lenders at present.

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13 minutes ago, jambopilms said:

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.

 

I think this should really be used as the catalyst for change we need at the SFA. 

 

There are billions floating around in world football and they've managed to collect the sum total of **** all of it. They've effectively cut the clubs loose and its an absolute disgrace. Its completely ridiculous that the SFA coffers are empty and begs questions. Serious mismanagement over a prolonged period of time. 

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Suso Santana
1 minute ago, Vlad Magic said:


Just have a look back. Read through what you said.

 

Go to a mirror.

 

Look in it and say to yourself.

 

”I am thick”

 

What part of it? And don't say all of it. If you have a question, ask.

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Fozzyonthefence

It’s all very well asking players to take a 50% pay cut or offer them the option to terminate their contracts,  They are under contract and can tell the club to ram it.   I’m sure many will, especially as they have no chance of getting a contract with anyone else.  

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22 minutes ago, Skiba said:

Need to ditch the womens team, Levein and McPhee for starters.

Why would we ditch the women’s team

i and all the other parents are paying £40 every month subscription 

Paying while my daughter is sitting at home I should have

no problem with that, it’s obvious when it comes to the women’s team, people have absolutely no idea what they are talking about 

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56 minutes ago, hughesie27 said:

A lot of posters in this thread I have never seen post before.

 

Interesting.

Maybe they are all just economic experts with only a passing interest in Hearts.

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1 hour ago, Bongo 1874 said:

Wouldn't be a bad time for the likes of Levein and Macphee, to waive the rest of their contracts away for the good of this club. 


Agreed

 

Also this seems to be a thread where people are being allowed to slag other Hearts fans off

 

Mods - does that mean I can do so as well without getting a thread ban after just one post?

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kingantti1874

Surprised people who I genuinely thought hearts fans having a go at the club for doing the correct thing, which will be repeated All across Scotland soon.


 

 

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Just now, Prof said:

I take it you were looking into a mirror when you wrote that drivel.


It is you who had accused Ann Budge of putting the club into a difficult financial position completely disregarding the fact that the government announced yesterday a 330 billion pound fund to help business’s affected by a world wide pandemic called Corvid 19.


I can’t help it if you are thick.

 

Sorry.

 

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42 minutes ago, Jamboelite said:

Then a certain club would be under by now as it was posted over a week ago.

 

Not believing for a second that gormless Ron's £4 mill hasn't been spent or at least accounted for. 

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Suso Santana
3 minutes ago, MrBones said:

So will Stendel stay?

 

From his quotes, i get the impression that he wants to stay and make us successful. He might change his mind after being asked to take a 50% wage cut mind you!

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Just now, Geoff Kilpatrick said:

The big picture is a poker game as other clubs are in the same position. If we announce a financial restructuring now while other clubs face worse, it strengthens any case for us if the authorities tried to relegate us.

 

To Be honest you have to watch what you say on here otherwise you are a hobo. So based on that  I agree to an extent with what you are saying... but we started playing our hand straight away with the threat of legal action should we be relegated. To me  what is being said and done smacks of a desperation that is not being shown by other clubs who we know are or are said to be in financial troubles . I have to say I personally have a bit of a worry about the situation that I did not have prior to this announcement although having said that what AB has done is totally sensible under the present circumstances . 

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Holyrood_Hearts
51 minutes ago, Special Officer Doofy said:


Aye, that’s what matters here.

I know, imagine the first thing you do is have a look at a rivals website for a reaction to your club’s story....

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Maybe she shouldnt have supported our managers and saved any money for a rainy day. Maybe she shouldnt have built the new stand and just closed the other one. After all it just riddled us with debt, oh maybe not.

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Jambof3tornado
13 minutes ago, frankblack said:

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.

The players are already well used to surviving without win bonuses!!

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Fozzyonthefence
2 minutes ago, jbee647 said:

Why would we ditch the women’s team

i and all the other parents are paying £40 every month subscription 

Paying while my daughter is sitting at home I should have

no problem with that, it’s obvious when it comes to the women’s team, people have absolutely no idea what they are talking about 


The parents of the women’s team pay £40pm?  For what?  What about the players that don’t have parents?

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Geoff Kilpatrick
1 minute ago, jambopilms said:

Maybe she shouldnt have supported our managers and saved any money for a rainy day. Maybe she shouldnt have built the new stand and just closed the other one. After all it just riddled us with debt, oh maybe not.

Yes, all businesses planned for a pandemic. :facepalm:

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1 hour ago, Boris5115 said:

Good can't wait to see the back of most of them. 

The staff are also being asked to have a pay cut. Please remember a huge amount of the staff have been through this process before. Even when Romanov was there the staff always got paid their salary even if it was a little late. There has been massive financial Mis management since Budge took control. Budgeting for top six finish, quarter and semi final cup rounds which if you are being prudent you don’t do. This has been done to make the budget fit, it’s an absolute disgrace that she has been allowed to do this given the blood sweat and tears that went into keeping the club alive by non playing staff and fans alike.

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19 minutes ago, MrBones said:

What about it? Jesus, some people are quick to chuck around insults!


Your post said we have four games left and most people would have seasons tickets meaning we wouldn’t expect much income from that side. All the other income won’t be trivial to us it will go towards wages. Would also have money due from the league placings to come in. We are making these cuts for long term

not short like all business are and have too. 
 

 

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3 minutes ago, OTT said:

Is it not a bit weird the club doesn't have clauses built into contracts - Like contingencies?

Any football club putting in a 'football might not exist in any meaningful form for a large chunk of your contract so here's what we're proposing in that case' would be mental.

 

If folk think Hearts are in any way going to be the last to do something like this they're mad.  There's vast companies laying off all their staff atm.

 

We could have gone for a 'please buy Season Tickets' approach but are deciding to cut costs rather than store up liabilities.  

 

With zero income I really don't think there's many clubs in Scotland who won't be doing similar soon, especially as our wage to turnover ratio is well below many teams

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part_time_jambo
2 hours ago, Politbordeaux said:

Step up all the Hearts fans who don't donate to FOH and divert funds to help the club.

So you want people on £300 a week to donate some of their wages to help players who are on £3000 a week?

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Fozzyonthefence
3 minutes ago, jambopilms said:

Maybe she shouldnt have supported our managers and saved any money for a rainy day. Maybe she shouldnt have built the new stand and just closed the other one. After all it just riddled us with debt, oh maybe not.


Well, you’re right there - the new stand, built by her brother in law, went £12m over budget.  

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1 hour 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. 
 

 

Image result for calm down the office

😉 Just love the gif

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2 minutes ago, Vlad Magic said:


It is you who had accused Ann Budge of putting the club into a difficult financial position completely disregarding the fact that the government announced yesterday a 330 billion pound fund to help business’s affected by a world wide pandemic called Corvid 19.


I can’t help it if you are thick.

 

Sorry.

 

Budge paid £2.5 million for 100% of Hearts. FOH have contributed £8.2 million and now apparently we are back in a precarious financial position as evidenced by her statement. Season ticket sales are around 13k, no money has been offered to season ticket holders as a refund. There are only 10 games to go and we are bottom of the SPFL. Yet apparently we are in financial trouble. And you call me thick for saying she should go. Next thing you’ll be saying she’s done a great job.

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Diadora Van Basten
Just now, Diego10 said:

We could have gone for a 'please buy Season Tickets' approach but are deciding to cut costs rather than store up liabilities.  

 

With zero income I really don't think there's many clubs in Scotland who won't be doing similar soon, especially as our wage to turnover ratio is well below many teams

I suspect the main problem is that just now is when clubs start selling season tickets for next year and without this income then they have a hole in their cash flow.

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Just now, Fozzyonthefence said:


Well, you’re right there - the new stand, built by her brother in law, went £12m over budget.  

It might be over the budget (like many construction projects) but it has had little effect on our budgets and has given us little or no debt. 

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Kidd’s Boots

I have to admire AB for taking such swift prudent and decisive action to ensure the club can remain an on going concern during these difficult times. Making sure the life blood of the club, admin staff, groundstaff, non playing staff get at least the equivalent of living wage for the short term shows great leadership and hopefully will ease some of the concern people will have living week to week. I have no doubt had the club only missed the match day revenue streams until the Summer these steps wouldn't have to be taken, but missing all the other food, drink and hospitality has been the clincher. All clubs will budget for reduced income closed season, but not having the clarity of league position and the payouts will also be worrying every other club in the league.

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Remnants of Standards
2 minutes ago, part_time_jambo said:

So you want people on £300 a week to donate some of their wages to help players who are on £3000 a week?

If folk can afford it and they can step forward then why not?

I'm sure you don't want admin 2 on your hands.

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Fozzyonthefence
1 minute ago, jambopilms said:

It might be over the budget (like many construction projects) but it has had little effect on our budgets and has given us little or no debt. 


Until now.

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Footballfirst

There are already many large companies e.g. airlines and hotel chains asking their employees to take unpaid leave.

 

Those sort of decisions put Hearts proposed 50% reduction into perspective.

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Fozzyonthefence
1 minute ago, Politbordeaux said:

If folk can afford it and they can step forward then why not?

I'm sure you don't want admin 2 on your hands.


I’m sure the players can afford it more!

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