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

[Bunny Munro]

Some of the rags are reporting all full time staff have been asked to take a 50% wage cut.

 

 

[Last Laff]

Deeply concerning. 

[Stendelsarmy]

Step up the mystery benefactor

[Back to 2005]

I'm sorry but I thought we were on a sound financial footing. Appreciate this was unforeseen but we haven't even missed a home game yet! 

[Stendelnator]

So much for Budge being a shrewd and canny businesswoman. Taking us into administration quicker than Romanov did. 

[robbo1874]

Don't know if it's us just taking a sensible approach or if it's a bit worrying. We can't be the only ones with cash flow problems surely

[Remnants of Standards]

Just now, Stendelsarmy said:

Step up the mystery benefactor

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

[i8hibsh]

Now she is worried about lost revenue. Perhaps if she was watching our steep decline in our team the past 4 years she would already be awake to this.

[Disco Dave]

2 minutes ago, Stendelnator said:

So much for Budge being a shrewd and canny businesswoman. Taking us into administration quicker than Romanov did. 

You surely cant blame her for not financially planning for Covid19?

[Bunny Munro]

I think comments about 'sound financial footing' are taking into account money that the club can make outside of matchdays. Unfortunately that well has dried up also, so we're probably worse off than a lot of other clubs who don't have bar/venue hire etc 

[Famous 1874]

If only we didn’t overspent on the new stand by about 12 million

[gowestjambo]

It is being suggest Manager and Players are being asked to take a 50% pay cut.

 

They would still be vastly overpaid for what they have served up this season.

[Gordon Ramsay]

Seems like she's crap at the business side as well. 

[Stendelsarmy]

Wonder how much Levein is on

[robbo1874]

https://www.heartsfc.co.uk/news/article/club-statement-1-2-3-4-5-6

[Jamie86]

I'm surprised that they had to be asked. Surely some of the higher earners could have got together and came to a decision about this. Yea they might not be on hundreds of thousands a week but I'm sure someone of 5k could survive dropping to 3k a week. And let's not turn this into a "some business woman she is". Every club will be feeling the strain from no income for months on end whilst still having overheads to pay. No one saw this coming and we won't be the first club to do this

[Baxfee]

Arseholes on this thread. 

[Sertse]

https://www.heartsfc.co.uk/news/article/club-statement-1-2-3-4-5-6

 

Guess we'll see who actually cares for the club and who's after their pay packet!

[the_jailer]

6 minutes ago, Famous 1874 said:

If only we didn’t overspent on the new stand by about 12 million

Maybe her brother could give us back a couple of million 

[busby1985]

I did say we should stop laughing at possible points deductions for clubs going into admin. I was told to I was over thinking it. We seem to be in big trouble. 

[CloustonHMFC]

Rather being in big trouble, the club are planning for a loss of revenue for a minimum of 4 months. That’s a lot of money. They’re just trying to make sure the club continues to be sustainable. 

[Nobreath]

First of many clubs I would imagine. Better sooner than later.

 

 

[Rick Sanchez]

So all players are available to leave...watch them go.

[Boris5115]

Well if we are struggling and I'd be surprised if we are should Budge not carry the can in the short term and bale us out. Surely with her wealth it would not be a problem to her. Still paying that parasite Levein and his buddy Mcphee can't be helping the wage bill either. Yes we are living in uncertain times but it's not just Hearts that are hurting here. 

[CloustonHMFC]

Make no mistake, other clubs will follow suit, we’re just ahead of the curve. 

[jamboinglasgow]

Sounds like if we are having to take such drastic action while having some help from FoH money, then it could be very bad for other clubs who have no safety net.

[gashauskis9]

Other clubs will hit the wall before we do.  I’d rather we went down this route than raiding FOH to be honest.

[1971fozzy]

That statement is one a few clubs will no doubt follow with likewise.

huge problems ahead.

we need to divert FOH subs ASAP.

 

[Tiger]

Maybe I missed it but I guess we aren't insured?

[Suso Santana]

Levein and MacPhee should be taking 100% wage cuts. 

[EVHearts]

2 minutes ago, Tiger said:

Maybe I missed it but I guess we aren't insured?

Sure I read in the last few days we are

[Kalamazoo Jambo]

Absolutely brutal but I can't imagine we'll be the only club doing this. Desperate times for everyone not just in football.

[JamboCampbell]

Some folk on here are absolute tools.

Blaming Budge for Coronavirus is a new low! 
 

People do realise that half the Scottish clubs WILL go bust through this.

[Jambojamie91]

Massive mishandling of the club by budge. Everything is over budget, in what she’s been involved in. We were only in profit last year due to a benefactor. She’s overstayed her welcome

[Boris5115]

4 minutes ago, Rick Sanchez said:

So all players are available to leave...watch them go.

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

[Bunny Munro]

2 minutes ago, Tiger said:

Maybe I missed it but I guess we aren't insured?

 Not sure if we are able to claim yet or not. Other clubs responses will be telling. There was a rumour that one premiership club did not have insurance. Hope to god Anns not been that daft.

[jackal]

I would be amazed if other clubs dont do this or offer bigger cuts. Im sure the players wont starve or go homeless but this is a situation that is affecting every business. It shows how much clubs rely on gate income and match day sales.

[jackal]

1 minute ago, Jambojamie91 said:

Massive mishandling of the club by budge. Everything is over budget, in what she’s been involved in. We were only in profit last year due to a benefactor. She’s overstayed her welcome

A bit like you.

[Mikey1874]

Sorry state of affairs. Repeated everywhere in one way or another. 

 

Will be some casualties. Might be a need for SFA to implement some amnesty, special measures or something. Say a dozen clubs can't continue. 

 

Or its a big restructure with new clubs coming in. 

Edited March 18, 2020 by Mikey1874

[Martin_T]

It's simple, insolvency occurs when costs exceed income, not necessarily debt in itself.

 

Hearts probably budget for season ticket income in late March/ early April. With uncertainty about income, the choice becomes either take out credit or reduce costs.

 

The players have no where to go at the moment as no other club will recruit them as they are in the same circumstances.

[Bainy]

its sensible business planning during a period of uncertainty to keep us on a sound footing.  We will absolutely not be the only ones to take this action give how much clubs rely on math day revenue. I would imagine its squeaky bum time at Ibrox. 

 

 

[...a bit disco]

Some laughable comments on this thread.

 

Hearts 'supporters' aye? Suppose it explains the poll on the relegation thread.

[tynietigers]

Blame, blame & blame is this what we have come to 🙄 we are trying to get ahead of the game here 👍🏻 Let’s see how other club manage as I believe the Scottish game is going to crash 😬 we are trying to adjust and still be here 👊

[Dean Winchester]

3 minutes ago, Bunny Munro said:

 Not sure if we are able to claim yet or not. Other clubs responses will be telling. There was a rumour that one premiership club did not have insurance. Hope to god Anns not been that daft.

 

It was confirmed in a BBC article the other day that we had it unless they have gotten that wrong.

[Suso Santana]

The jobs for the boys will come back to haunt us.

Feckin loans manager and an ambassador on the books ffs. 

Edited March 18, 2020 by Suso Santana

[alwaysthereinspirit]

3 minutes ago, Jambojamie91 said:

Massive mishandling of the club by budge. Everything is over budget, in what she’s been involved in. We were only in profit last year due to a benefactor. She’s overstayed her welcome

 

 

[jcjambo81]

This is why the season has to be null and void . we could be restarting  with half the squad we had when it was suspended 

Edited March 18, 2020 by jcjambo81

[Boris5115]

2 minutes ago, JamboCampbell said:

Some folk on here are absolute tools.

Blaming Budge for Coronavirus is a new low! 
 

People do realise that half the Scottish clubs WILL go bust through this.

I don't think anyone is blaming her for Coronavirus mate. Folk just pointing out her mismanagement of certain departments over the last couple of years haven't helped finances. 

[Mister Dee]

We have zero income coming in -most likely for another 6 months, & some are upset at the principal of a wage cut? FFS. 

She would be well within her rights to start mass redundancy. 

 

Its a horrendous situation for all businesses, and many will go bust. Let’s hope we survive. 
 

[Lord Beni of Gorgie]

Strong and decisive. Unlike the weak and ignorant