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Bunny Munro

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

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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. 

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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. 
 

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Sir Gio

Strong and decisive. Unlike the weak and ignorant 

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kila

Desperate times.

 

Budge also said fan ownership likely to be delayed so FoH money will help running costs. I am OK with that, especially if high earning players are on a reduced salary. I do not want the lower end employees to get their salary reduced though.

 

Will we see Levein give up his remaining salary being one of the highest earners?

 

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jambopilms

Media will paint it as if we are going to the wall, when we are staying ahead of the curve with clever planning.

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Last Laff
Just now, tynietigers said:

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 👊


You are clearly just guessing and wishful thinking.  The truth is nobody knows how severe the issue is compared to other clubs.  The fact we have to go cap in hand to mystery benefactors all the time indicates the overspend the club has had.  Surely everyone needs to up their pledges and it’s time for the FOH to take over the club ASAP to try get us out this position. 

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Diadora Van Basten

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.

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Last Laff
Just now, jambopilms said:

Media will paint it as if we are going to the wall, when we are staying ahead of the curve with clever planning.


You’re painting the picture of clever planning and being ahead of the club when you really haven’t got any idea what the situation is.  At least the club is being transparent partly at this time. 

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Maroonjam

To all the moaners, what do you think is hapoening to restaurants, clubs, pubs and the like. The difference is a football clubs main outgoing is wages. We don't save on the main overheads by shutting our doors. There will be no clauses in Contracts to void payments in periods of no work like other plcs can invoke when the revenue or work stops. 

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Barack
Posted (edited)
2 minutes ago, Last Laff said:


You are clearly just guessing and wishful thinking.  The truth is nobody knows how severe the issue is compared to other clubs.  The fact we have to go cap in hand to mystery benefactors all the time indicates the overspend the club has had.  Surely everyone needs to up their pledges and it’s time for the FOH to take over the club ASAP to try get us out this position. 

Difference this time with pledges being upped, is virtually everyone in the UK is cutting back now. They've their own personal finances to worry about.

 

I won't be upping my pledge. Just can't afford it. Hearts will have to ride this one out without me this time, I'm afraid 

Edited by Barack

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Bunny Munro
4 minutes ago, Dean Winchester said:

 

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

Thanks mate, that's a relief.

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Suso Santana

We've obviously been living on what money is expected to be coming in rather than what money we have. 

 

Desperate times ahead. 

 

 

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BelgeJambo

I would rather be a Jambo than most right now.

 

There will more on shooglier pegs than us

 

Sevco for one 

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Scnorthedinburgh
28 minutes ago, Back to 2005 said:

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! 

It's not missing one game, it's looking ahead to the fact that no football to past July is the most likely outcome.

Our increased turnover is in part due to hospitality on match and non match.

We are just the first club to do that kind of statement.

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Mister Dee

It’ll be interesting to see how the English Clubs go about staying in business. 
The high wage bill will surely decimate the divisions. 
 

in Scotland, the only club with money in the bank, is Celtic.  

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Hairdryer

We are facing the reality of the situation and I imagine not the first football

club or business facing up to it also most football club owners own

financial affairs have changed therefore unable to give as much help

the daily record is just trying to make a story out of nothing as sports 

news is non existent 

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Sir Gio

Might see a couple of wasters disappear,  but I doubt it.

 

Clever in respect they have little choice to accept or terminate with no other place to go with the world in limbo 

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Suso Santana
Just now, BelgeJambo said:

I would rather be a Jambo than most right now.

 

There will more on shooglier pegs than us

 

Sevco for one 

 

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. 

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Last Laff
2 minutes ago, Barack said:

Difference this time with pledges being upped, is virtually everyone in the UK is cutting back now. They've their own personal finances to worry about.

 

I won't be upping my pledge. Just can't afford it. Hearts will have to ride this one out without me this time, I'm afraid 


Fair point.  It would be helpful in the next week or so that the support know how severe this and how it compares with other football clubs so if it is very severe it’s not just a “getting ahead of the game” scheme. 

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colinmaroon
27 minutes ago, Disco Dave said:

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

 

 

Oh yes they can!

 

 

 

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RustyRightPeg

I sincerely hope we’re just early in this trend and not as stricken as it seems. 

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hmfc_liam06

You really have to laugh at some of these comments. Are your heads just full of mince? Seriously :lol:

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Paolo
Posted (edited)
11 minutes ago, Martin_T said:

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.

Possibly, but given our awful league campaign, and not knowing what league we were in anyway, season tickets still would not be on sale anyway.   
 

The Coronavirus will hit us like everyone else, but it is a whole lot worse given how long we have been shit, with Budge reacting far too late axing ten failures who spent a fortune getting us in this mess, league position wise, and who are still here. 
 

I may up my pledge, though, if so can afford it.   Losing money in my ISA anyway. 

Edited by Paolo

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Anderson5

While Naismith, Boyce and Co. can probably swallow a 50% reduction in earnings for the next 4-6 months, those in the office that are going from circa £40k per annum to £20k are going to seriously struggle. 
 

Hopefully the higher earners in the playing and management teams That hold the club close to their hearts realise this and offer to offset the difference. 

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gashauskis9
8 minutes ago, Sir Gio said:

Strong and decisive. Unlike the weak and ignorant 

This

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Stone1992
4 minutes ago, Suso Santana said:

We've obviously been living on what money is expected to be coming in rather than what money we have. 

 

Desperate times ahead. 

 

 

Like every business then. 

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Sir Gio

Also making a point to the authorities virus is punishment in itself without being relegated without a proper completion of the season. 

 

Entertainment industry is taking a hammering 

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Koolkeith
32 minutes ago, i8hibsh said:

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.

Don’t often agree with you but bang on.

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Barack
Posted (edited)
4 minutes ago, Last Laff said:


Fair point.  It would be helpful in the next week or so that the support know how severe this and how it compares with other football clubs so if it is very severe it’s not just a “getting ahead of the game” scheme. 

There's only Celtic realistically who can cope with an extended break, due to cash reserves.

 

Dundee United fans can't be confident. They've massively overspent, for example. St. Johnstone have admitted they've overstretched this year too, and were happy to limp on to the end of the year, and re-evaluate the squad.

 

That was before Coronavirus. They've no money.

Edited by Barack

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Bluesy1874

You have two choices. Continue to pay the wages when absolutely no income is coming in to the club out with FOH contributions and go bust very quickly. 

 

Or make provisions and try and keep the clubs head above water. Difficult times for all scottish football. If this is for a prolonged period Celtic will eventually begin to struggle aswell.

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Dr Lager

Costs of the huge squad and excessive wages bite. 3rd highest wage but 6th every year and people like Levein still on a huge wage are the real problem

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colinmaroon

What about all these employees being laid off on no wages?

 

They would bite your hand off for 50%.

 

 

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Gambo

SFA to make early payment of £1.5m between the 42 clubs to help them. This is normally paid at end of season and how much you get depends on what type of licence the club has.

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hmfc_liam06
10 minutes ago, Mister Dee said:

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. 
 

 

These same folk want a pro-rata refund on their season tickets too.

 

Anyone after a few quid back because of this can seriously eff off.

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Holyrood_Hearts
25 minutes ago, Baxfee said:

Arseholes on this thread. 

Agreed. 

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Sir Gio
1 minute ago, Koolkeith said:

Don’t often agree with you but bang on.

Really?

 

500k lost, temporarily from Scottish Cup ACHIEVEMENT 

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Last Laff
5 minutes ago, Sir Gio said:

Might see a couple of wasters disappear,  but I doubt it.

 

Clever in respect they have little choice to accept or terminate with no other place to go with the world in limbo 


Players won’t have to do anything, they could accept a cut or agree to leave.  If they don’t you can’t just sack them in contract. 

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Barack
Just now, Gambo said:

SFA to make early payment of £1.5m between the 42 clubs to help them. This is normally paid at end of season and how much you get depends on what type of licence the club has.

Might as well be £10.50...

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Sir Gio
1 minute ago, hmfc_liam06 said:

 

These same folk want a pro-rata refund on their season tickets too.

 

Anyone after a few quid back because of this can seriously eff off.

Shouldn't be looking for a discount then?

 

:levein_interesting:

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Jamboelite

There is some right pricks on this thread mixed with interlopers.

 

 

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EH11_2NL

She is a businesswoman. She must make business decisions which keep the club afloat. Watch the rest of SPFL follow suit, with the exception of Smellic probably and Sevco. Sevco won't want to be seen to be porrer than their rivals. Although they obviously are. Well done Budge. Strong leadership and an awareness of what is happening.

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hughesie27
14 minutes ago, jcjambo81 said:

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 

You need to reign it in about 100 notches.

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Suso Santana
2 minutes ago, colinmaroon said:

What about all these employees being laid off on no wages?

 

They would bite your hand off for 50%.

 

 

 

I'd be living a life of luxury on 10% of Boyce's wage to be fair. 

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Mr 3 Putt

Needs must end of.

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Jamboelite
3 minutes ago, Dr Lager said:

Costs of the huge squad and excessive wages bite. 3rd highest wage but 6th every year and people like Levein still on a huge wage are the real problem

Yes Levein is the root cause of this right enough...

 

 

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RalphieCifaretto

Hearts are just one of many businesses who will need take actions like this in order to survive. 

Hopefully it'll turn out to be a shrewd move by implementing it now as opposed to when it's too late. Time will tell. At the end of this period of uncertainty, as long as Hearts are a viable business and we have a team to support then It's a massive plus.

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Bongo 1874
28 minutes ago, Sertse said:

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!

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. 

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StirlingJambo

I thought the club were one of few clubs to post profit the last tax year? Has that profit been spent already?

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hmfc_liam06
1 minute ago, Sir Gio said:

Shouldn't be looking for a discount then?

 

I'd rather there was no redundancies at any level at the club than getting £50 back from missed season ticket games.

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Sir Gio
2 minutes ago, Last Laff said:


Players won’t have to do anything, they could accept a cut or agree to leave.  If they don’t you can’t just sack them in contract. 

Not sure but if they don't have games to play?

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