What we need is...

[Francis Albert]

Blame for what? and who to blame?

 

Blame for the financial crisis which led to CPR being forced to sell Tynecastle and Vlad's takeover.

 

And as for "who to blame?"... not SMG is my point.

[topcat]

The speculate to accumulate business model at Hearts has been well and truly tested

 

Except it had only been tested in a rising market

[Francis Albert]

You don't think they'd have been looking for a short-term impact? But what everyone underestimated was the way the announcement drove up the demands of players and agents everywhere, pricing us out of all the players we thought we'd be able to go for.

 

THey may have been looking for one. But if so for ?8m they were crazy to do so. Nothing in the deal suggests Hearts were bound to subscribe to their insanity.

[shaun.lawson]

THey may have been looking for one. But if so for ?8m they were crazy to do so. Nothing in the deal suggests Hearts were bound to subscribe to their insanity.

 

I agree. Alone amongst the national commentators, Jim Traynor thought likewise.

 

It's still very hard for me to see how we could've done things that differently, given the climate we were operating in, and that players and manager would've surely left, precipitating a huge crisis, had they perceived a 'lack of ambition'. I do get what you're driving at - but if SMG had never invested in the first place, you can take away the ?7m we ended up owing them, and maybe ?5m-?6m of inflated costs resulting from the investment.

 

Which would've meant we'd have been ?8m-?9m in debt by the time Robinson announced Tynie's sale: not good, but a position we could've gradually dug ourselves out of, rather than a straight choice between Murrayfield and going cap in hand to the devil we didn't know.

[Auld Smiddy]

Since the last Scot left the board, we have had little clue about:

 

1. What percentage interest is the debt charged at?

2. What loan guarantees have been given to Ukio and Ubig?

3. What penalty clauses have been enacted.

 

There has been a ridiculous amount of trust in Romanov and his shyster pals.

I feel it's not a matter of how long we continue along this road . .

It's how we recover from it.

 

Let me make my position quite clear:

ANYONE WHO TRUSTS ROMANOV IS AN IDIOT!

 

[jamcow1]

Sounds like Michael Stewart to me

 

exactly! stewart i think will grow more and more into a leadership role over the year

[WeeToonJambo]

For all the good Mercer did, though, we were shrivelling away by his final couple of years, and he'd palpably lost interest. Then Robinson came in, redeveloped much of the stadium, and helped get the monkey off our backs. I don't regret Mercer going, to be honest - and it's worth recalling that many of the problems we faced under CPR were similar to those endured at almost every other SPL club.

 

It woz the SMG deal wot did it: that's the thing I really regret.

 

I was exiled during Robinson's reign, so could be completely wrong, but I always thought that what almost brought the club (along with others) to it's knees was the requirement to redevelop the stadium post Hillsborough. The expense, coupled with the reduced capacity during redevelopment, was economically crippling to many clubs. Celtic were, of course, for some reason allowed to play at Hampden so escaped the financial penalty of reduced capacity.

[scott herbertson]

I was exiled during Robinson's reign, so could be completely wrong, but I always thought that what almost brought the club (along with others) to it's knees was the requirement to redevelop the stadium post Hillsborough. The expense, coupled with the reduced capacity during redevelopment, was economically crippling to many clubs. Celtic were, of course, for some reason allowed to play at Hampden so escaped the financial penalty of reduced capacity.

 

That was part of it, but we also increased or wages to turnover ratio drastically during thi period, and even when we said we were going to reduce it, made hardly any impact.

 

Hard to believe now but there was also I think an optimistic view taken at the time of the prospects of Hearts joining a second tier champins league set up (remember the North atlantic league idea) , so I think there was a bit of speculation to keep us in the frame with the big boys

[coppercrutch]

Sounds like Michael Stewart to me

 

If he could get rid of his petulant side then yes I would agree.

[Charlie-Brown]

3.12.00 - As Chief Executive of SMG, Hearts' largest shareholder and only corporate investor, I've watched and listened with great interest to the debate which has raged since well before the decision three weeks ago to change the football management team. There's no doubt that, with feelings running high, much of what's been said is sincerely felt. I can't help but recognise that most of the frustration expressed by real Hearts supporters comes from a genuine passion for the club. But I also believe that a great deal of what's been reported in the press is misguided, mostly misdirected and, in some cases, misleading.

 

Let me state for the record that if I believed SMG's ?8 million investment was being mishandled in any way, then I would take action. I don't. If I believed that Heart of Midlothian plc was being mismanaged, then as a director of the company, I would speak up. I don't. What I do believe is this:

 

Hearts have, for many years, invested in players beyond the Club's day to day means. This strategy depended on periodically selling players - a high risk plan but one which initially resulted in success.

 

Much has been said in recent weeks about the fortunes of Hearts since the 1998 Scottish Cup win. Great days for Hearts with the Cup win and 3rd place in the League. It promised a great deal but delivered much less. The risks of buying success and reaping the rewards relied on supporters coming out in ever increasing numbers to watch a new, exciting, cosmopolitan Hearts. It didn't happen. Inevitably, the players who had done so well sought to capitalise on their great season and contract negotiations pushed the Club's wage bill ever higher.

 

Ironically, Scottish players and their agents then began to take full advantage of the opportunities of the Bosman ruling - the same ruling which has allowed Hearts to make successful signings. Players could either re-negotiate mid-term or sit out their contracts, then achieve a strengthened bargaining position from which to springboard to a bigger club.

 

So on top of seeing revenue increase following the Cup win, the Club were also increasingly unable to balance the cost of the player pool with the sale of players. Hearts, however, are no different to many other SPL clubs - and the same is true today. Wage inflation is overtaking income growth and with the Bosman ruling there are no easy ways to make ends meet.

 

Why then did SMG invest in Hearts? The reasons we gave back then still hold good today. Hearts stand out in Scottish football. The largest club in Scotland's capital city with the capability to challenge domestically and in Europe. The Hearts name has the potential to be marketed beyond Edinburgh and in SMG there is a natural media partner.

 

Yes, we believed along with the Hearts Board - and, it has to be said, most of the supporters - that by investing in the playing side once more, we could create success on the field which could be converted into longer cup-runs, a stronger League position and a passport to Europe. Depending on your measure, last season could be viewed as a success for Hearts. But although we qualified for Europe, we didn't have good cup runs and, once again, new fans failed to materialise. Nor did we benefit from the hoped for increase in TV revenue.

 

The speculate to accumulate business model at Hearts has been well and truly tested and, despite the protestations of those who want to undermine the management team at Hearts, there's nothing to be gained from throwing blame around. Didn't the players try hard enough? Did Jim Jefferies make the right buying decisions? Did Chris Robinson give him the support he needed? What happened to the 100,000 who welcomed the team back after the Scottish Cup win? It doesn't matter. What matters now is the future.

 

Clearly, we have to balance the books. The cost of players has to be brought in line with what the Club earns. And yes, this will mean cut backs in the playing pool, but in conjunction with the wishes and judgement of the new coach. He needs to know that the Club, its available resources and the supporters are behind him 100 per cent. He needs to be allowed to concentrate on the playing side, insulated from the business side of Hearts. But it has to be said that, even with a cut back in player costs Hearts are likely to still have the best squad outside the Old Firm.

 

Core to our investment - and, I believe, to the long-term success of Hearts - is a shared belief in the key strength that Hearts has in the Club's ability to identify and develop young talent. That's why we've ring-fenced a large part of our ?8 million for a youth academy.

 

Hearts can, and will regain their place in Scotland's top three. The determination and passion within the Club, matched by the support on the terracing is a potent mixture. It won't happen in an instant, there'll be stumbles along the way and the rewards of the Club's youth policy will be longer term still. There are tough decisions to be faced, not all of which will please everyone. There will be those, chasing their own agendas, who will want to whip up every unpopular decision into a lather of discontent.

 

But now is the real test of the Club's ability to bounce back. Now is the real test of the loyalty to Hearts of those who've focused their frustration on Chris Robinson.

 

As the club's biggest shareholder, I pledge SMG's continued support for Hearts. Let's all get behind everyone at the Club and help get Hearts back where they belong.

 

Andrew Flanagan

Chief Executive, SMG plc

Director, Heart of Midlothian plc

 

Most of this could be written today and remains true.

[Gregorski]

Much rather have somebody in the mold of this guy.......

 

 

Could you imagine someone like this coming into the fold who could make a similar impact?

I think it's a good bet that our crowds would be on the rise then!