UEFA warns Hearts to get finances in order

[JAMBO.LOU]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

EUROPEAN football's governing body last night issued a veiled threat that Hearts must get their house in order under Vladimir Romanov or face an examination into whether their controversial Lithuanian-based owner is fit to run the Edinburgh club.

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money, his number two hinted that the Hearts situation was being kept under close control by European aADVERTISEMENTuthorities.

 

"I don't know enough about the Hearts case specifically but what I do know is that there needs to be an examination as to whether and in what way we can control the investments being made into our clubs," said UEFA general secretary David Taylor, speaking after a meeting of the governing body's executive committee in Bordeaux.

 

Taylor, pictured, is to speak on the issue of financial fair play at a high-profile conference in London early next month when he will stand up and make the case for UEFA's club licensing system and the need for clubs to compete on a level financial playing field. "It's a big topic," he said. "There are lots of examples of clubs who are in debt to their owners. These are difficult, sensitive issues. But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Hearts' last financial report revealed debts of ?36.25m, and although a debt-for-equity scheme has reduced the size of the amount owed by ?12m, the club's money worries were brought into sharp focus last week when they were unable to pay their staff.

 

UEFA, under the leadership of Platini, has embarked on something of a crusade against clubs who rack up huge debts. Platini has even said he will "fight very seriously" to restrict entry into the Champions League and UEFA Cup to clubs who owe hefty sums.

 

Speaking in June, the former France captain said: "UEFA are going to fight very seriously to restrict entry to its competitions from clubs that are in debt. I'm not only talking about English teams such as Chelsea or Manchester United, who reached the Champions League final with a huge debt, I'm talking in general. Four or five years from now we have to have sorted the situation out, with cooperation from clubs and national associations."

 

After a difficult, week-long period for players and staff, the wages problem was rectified at Hearts on Friday ? at least for now. Non-playing staff were paid their monthly wages in the morning, with players also receiving their delayed weekly income. Problems first arose last weekend when the club blamed a "technical" reason for the non-payment of weekly salaries to players, before the club's staff were also affected.

 

With the club already massively in debt, fears grew for the club's position under owner Romanov, especially with some of the world's leading banking institutions enduring problems. Romanov's Ukio Bankas was last week downgraded by an international ratings agency, which warned that the bank had been exposed to lending in high-risk markets.

 

The agency, Standard & Poor, revised its outlook on Ukio Bankas from "stable" to "negative", saying the bank was exposed to high credit risk after doubling the value of its loans in the past 18 months.

[Five to One]

Bout fricken time. Trust UEFA to threaten action when the horse (in the case of a lot of clubs similar to Hearts) has already bolted.

[CJGJ]

What a load of rubbish story -- no direct quotes about hearts -- just made up fantasy gossip to try and keep the story going -- Uefa have no interest in Hearts whatsoever -- they have far bigger fish to catch and in any case this will never work as they have no rights over this -- what are they going to do about Chelsea for example -- tell them they can't play because they owe their owner over ?500m ?

 

Man Utd owe over ?600m, Arsenal over ?300million -- this is a total piece of fantasy

 

The paper should be concentrating on realities not speculation -- seems even their august business staff cannot find anything yet to pin on Vlad despite 2 years of trying.

The bigger disgrace in this country is the demise of HBOS and others costing us billions yet we are expected to bale out the shareholders and executive staff -- why ?

Scotsman too scared to print the truth about the credit crunch because of their cosy tie ins with business and the fact that they are part of the same failed businesses -- seen their profits recently.

[Charlie-Brown]

Hearts should have less debts & less annual losses however Robinson has to carry the can for at least ?19M worth of debt and supporters either must accept severe cost cutting until Hearts are a balanced company & reducing debts or else accept WE fans are as much as part of the problem & pressure/demand to overspend as Romanov/Robinson were.

[Geoff Kilpatrick]

So, are directors' loans still OK or not then? If not, about 75% of European clubs could go bankrupt in an instant.

 

We have directors loans as well, via third party companies that Romanov has a controlling interest in. Can someone explain the difference?

[Charlie-Brown]

Chelsea, Liverpool, Man Utd & Arsenal would be expelled from Europe under this criteria .... yeah right....

[grumpyjambo]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

EUROPEAN football's governing body last night issued a veiled threat that Hearts must get their house in order under Vladimir Romanov or face an examination into whether their controversial Lithuanian-based owner is fit to run the Edinburgh club.

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money, his number two hinted that the Hearts situation was being kept under close control by European aADVERTISEMENTuthorities.

 

"I don't know enough about the Hearts case specifically but what I do know is that there needs to be an examination as to whether and in what way we can control the investments being made into our clubs," said UEFA general secretary David Taylor, speaking after a meeting of the governing body's executive committee in Bordeaux.

 

Taylor, pictured, is to speak on the issue of financial fair play at a high-profile conference in London early next month when he will stand up and make the case for UEFA's club licensing system and the need for clubs to compete on a level financial playing field. "It's a big topic," he said. "There are lots of examples of clubs who are in debt to their owners. These are difficult, sensitive issues. But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Hearts' last financial report revealed debts of ?36.25m, and although a debt-for-equity scheme has reduced the size of the amount owed by ?12m, the club's money worries were brought into sharp focus last week when they were unable to pay their staff.

 

UEFA, under the leadership of Platini, has embarked on something of a crusade against clubs who rack up huge debts. Platini has even said he will "fight very seriously" to restrict entry into the Champions League and UEFA Cup to clubs who owe hefty sums.

 

Speaking in June, the former France captain said: "UEFA are going to fight very seriously to restrict entry to its competitions from clubs that are in debt. I'm not only talking about English teams such as Chelsea or Manchester United, who reached the Champions League final with a huge debt, I'm talking in general. Four or five years from now we have to have sorted the situation out, with cooperation from clubs and national associations."

 

After a difficult, week-long period for players and staff, the wages problem was rectified at Hearts on Friday ? at least for now. Non-playing staff were paid their monthly wages in the morning, with players also receiving their delayed weekly income. Problems first arose last weekend when the club blamed a "technical" reason for the non-payment of weekly salaries to players, before the club's staff were also affected.

 

With the club already massively in debt, fears grew for the club's position under owner Romanov, especially with some of the world's leading banking institutions enduring problems. Romanov's Ukio Bankas was last week downgraded by an international ratings agency, which warned that the bank had been exposed to lending in high-risk markets.

 

The agency, Standard & Poor, revised its outlook on Ukio Bankas from "stable" to "negative", saying the bank was exposed to high credit risk after doubling the value of its loans in the past 18 months.

 

Slow news day?

[DETTY29]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Found this comment especially hilarious.

 

Aye right.

[Guest juvehearts]

my question is

 

wtf is he doing in bordaeux covering a meeting that has hee haw to do with hearts/ scottish football

 

nae wonder the hibsman is running at a loss

[colinmaroon]

Taylor again!!!

 

 

Just as he jumped on the Miko "dive" bandwagon - he's still venting his spleen at Romanov!!!

 

 

Such has always been the case with petty bureaucrats!!!

 

 

 

 

.................

[Jambomo]

To be fair, the stuff attributed to Taylor and UEFA seem to be talking in general terms about the game and not specifically about Hearts (unless i've completely missed something....?).

 

I think it's too late now but I do think that if they can come up with some way of controlling spending, thus debt, in the game it would be a good thing as it is getting beyond control.

[Charlie-Brown]

To be fair, the stuff attributed to Taylor and UEFA seem to be talking in general terms about the game and not specifically about Hearts (unless i've completely missed something....?).

 

I think it's too late now but I do think that if they can come up with some way of controlling spending, thus debt, in the game it would be a good thing as it is getting beyond control.

 

The Dutch, French, Belgian & German league management have strict rules in place regards how much clubs can spend and how much debt they have in relation to their turnover and assets - people in these countries claim this financial prudence and emphasis on ensuring the long term viability of their clubs puts their clubs at a disadvantage especially to english & spanish clubs whose completely short term focus on spending as much as they can to achieve national & european succes enables them to have spending & debts at much higher levels than dutch, french, belgian or german clubs.....UEFA would say the game is financially healthier in these 4 countries and they'd be correct...fitba fans just want their team to use any means possible available to them to try to help win matches.

[Ben Dover]

David Taylor.........hmmm

Always available for his opinion on Hearts .................in fact the phrase

'Aye Ready' springs to mind

[Mr Quagmire]

What a pile of bile.

[Reiver]

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money,

 

Doesn't really apply to us then!

 

fitba fans just want their team to use any means possible available to them to try to help win matches.

What a load of crap. I'm more interested in having a club that i'm proud to support, one that'll still be around for my children, rather than a flash in the pan success that tramples over all goodwill to get there.

[Nookie Bear]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

EUROPEAN football's governing body last night issued a veiled threat that Hearts must get their house in order under Vladimir Romanov or face an examination into whether their controversial Lithuanian-based owner is fit to run the Edinburgh club.

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money, his number two hinted that the Hearts situation was being kept under close control by European aADVERTISEMENTuthorities.

 

"I don't know enough about the Hearts case specifically but what I do know is that there needs to be an examination as to whether and in what way we can control the investments being made into our clubs," said UEFA general secretary David Taylor, speaking after a meeting of the governing body's executive committee in Bordeaux.

 

Taylor, pictured, is to speak on the issue of financial fair play at a high-profile conference in London early next month when he will stand up and make the case for UEFA's club licensing system and the need for clubs to compete on a level financial playing field. "It's a big topic," he said. "There are lots of examples of clubs who are in debt to their owners. These are difficult, sensitive issues. But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Hearts' last financial report revealed debts of ?36.25m, and although a debt-for-equity scheme has reduced the size of the amount owed by ?12m, the club's money worries were brought into sharp focus last week when they were unable to pay their staff.

 

UEFA, under the leadership of Platini, has embarked on something of a crusade against clubs who rack up huge debts. Platini has even said he will "fight very seriously" to restrict entry into the Champions League and UEFA Cup to clubs who owe hefty sums.

 

Speaking in June, the former France captain said: "UEFA are going to fight very seriously to restrict entry to its competitions from clubs that are in debt. I'm not only talking about English teams such as Chelsea or Manchester United, who reached the Champions League final with a huge debt, I'm talking in general. Four or five years from now we have to have sorted the situation out, with cooperation from clubs and national associations."

 

After a difficult, week-long period for players and staff, the wages problem was rectified at Hearts on Friday ? at least for now. Non-playing staff were paid their monthly wages in the morning, with players also receiving their delayed weekly income. Problems first arose last weekend when the club blamed a "technical" reason for the non-payment of weekly salaries to players, before the club's staff were also affected.

 

With the club already massively in debt, fears grew for the club's position under owner Romanov, especially with some of the world's leading banking institutions enduring problems. Romanov's Ukio Bankas was last week downgraded by an international ratings agency, which warned that the bank had been exposed to lending in high-risk markets.

 

The agency, Standard & Poor, revised its outlook on Ukio Bankas from "stable" to "negative", saying the bank was exposed to high credit risk after doubling the value of its loans in the past 18 months.

 

No need for an examination, i'll tell you right now.

[Charlie-Brown]

Doesn't really apply to us then!

 

 

What a load of crap. I'm more interested in having a club that i'm proud to support, one that'll still be around for my children, rather than a flash in the pan success that tramples over all goodwill to get there.

 

Your sentiments are a rarity in UK football Reiver - look at the debt & spending levels of so many of the major football clubs in the top divisions in England & Scotland - almost all have been or are still overspending - fans seldom complain when new players are signed regardless of whether their clubs can actually afford them or not.

[Spellczech]

There's a surprise - David Taylor is saying it. LOL

 

He should perhaps take note of Tullberg's comments about the South Italian attitude to paying salaries on time...

[Dagger Is Back]

What a No quotes re Hearts and as for Platini.

 

Brilliant brilliant player but he must have headed the ball one too many times!

[Charlie-Brown]

This story has got little to do with Hearts although it does apply to us also however there is an on-going debate and momentum building within UEFA circles to do something about curbing the financial excesses in football especially UK football.

[Drylaw Hearts]

Taylor again!!!

 

 

Just as he jumped on the Miko "dive" bandwagon - he's still venting his spleen at Romanov!!!

 

 

Such has always been the case with petty bureaucrats!!!

 

 

 

 

.................

 

But is he ?

 

He talking about a much wider issue and clearly stated he didn't know enough about Hearts situation.

[MacDonald Jardine]

It reads like the journalist has specifically asked David Taylor about Hearts and DT knows nothing about it.

Another attempt at scaremongering?

[Drylaw Hearts]

It reads like the journalist has specifically asked David Taylor about Hearts and DT knows nothing about it.

Another attempt at scaremongering?

 

Yes.

[Buffalo Bill]

The headline promised way more than what the article actually delivered.

 

Tabloid journalism.

 

 

 

Buffalo Bill

 

.

[Charlie-Brown]

It would be absurd for UEFA to uniquely punish Hearts alone however Hearts do fall into the big category of clubs whose financial performances do NOT make pleasant reading ... I'm sure Chelsea are much more of a horror story financially and would be nearer to the top of UEFA's radar if they ever had the gumption to address this problem.

[Geoff Kilpatrick]

It would be absurd for UEFA to uniquely punish Hearts alone however Hearts do fall into the big category of clubs whose financial performances do NOT make pleasant reading ... I'm sure Chelsea are much more of a horror story financially and would be nearer to the top of UEFA's radar if they ever had the gumption to address this problem.

 

Yet if Abramovich converted his loans to equity and rather than pay future funding by loans but through equity they would look like the world's most financially strong club. That's why a little "sleight of hand" would change the ball game entirely.

[Charlie-Brown]

Yet if Abramovich converted his loans to equity and rather than pay future funding by loans but through equity they would look like the world's most financially strong club. That's why a little "sleight of hand" would change the ball game entirely.

 

That might address their massive debts GK however they also LOSE horrific amounts per annum and their wages / turnover ratio isn't healthy either so they'd have to increase turnover and/or reduce the wage bill to improve this financial indicator because other countries clubs are governed & restricted in how much they can spend annually as well.

[The Don]

Complete non story as far as Hearts are concerned, just another piece of inept journalism at its best. A reporter has picked up on something to do with football finances and tried to add hearts into the maths but basically come up with 2+2=5.

 

As others have pointed out there are far bigger clubs with far bigger debts than Hearts, ok they can possibly handle the debts better given their turnover and revenue from within more financially secure leagues, but that wont last forever.

 

What I don't completely understand maybe someone with a lot more knowledge on the subject can answer is this. UEFA want to investigate clubs with Large debts etc. Hearts debt is owned by UBIG/UKIO Hearts are part of the UBIG group, VR who is a major Shareholder within that group is Guarantor to Hearts debt, so in effect he owes the money to himself or The group in which he is a major shareholder. Hearts do not owe These debts to a 3rd party ie, HBOS,RBS,Lloyds or another bank unlike most other clubs within Scottish Football or other leagues. So i don't understand why Hearts would be such an issue for UEFA to investigate in the first place, given those circumstances.

[Geoff Kilpatrick]

That might address their massive debts GK however they also LOSE horrific amounts per annum and their wages / turnover ratio isn't healthy either so they'd have to increase turnover and/or reduce the wage bill to improve this financial indicator because other countries clubs are governed & restricted in how much they can spend annually as well.

 

And the easy solution to that is to have "sponsorship" money increased to increase the turnover.

 

There are so many methods round this that Platini could have himself tied in knots before he even tries to pass any kind of legislation.

[Charlie-Brown]

And the easy solution to that is to have "sponsorship" money increased to increase the turnover.

 

There are so many methods round this that Platini could have himself tied in knots before he even tries to pass any kind of legislation.

 

If it was that easy then I'm sure the top French & German clubs would have found workarounds as you suggest but they still seem to operate within 'safe' limits of spending & debt compared to many English & Spanish clubs.

[spacerjoe]

Hearts should have less debts & less annual losses however Robinson has to carry the can for at least ?19M worth of debt and supporters either must accept severe cost cutting until Hearts are a balanced company & reducing debts or else accept WE fans are as much as part of the problem & pressure/demand to overspend as Romanov/Robinson were.

 

Oh dear. I can't believe you're trying to pass the buck on this one...

 

The club has spent more now than ever before; there is absolutely no way you can let Romanov away with it.

 

Perhaps we wouldn't have demanded anything if he hadn't made ridiculous promises, but even if he hadn't, he is still responsible. I don't think anybody would have minded if we'd continued to be tight on spending, considering what had happened before.

 

It was CPRs fault before and its his fault now.

[Charlie-Brown]

Oh dear. I can't believe you're trying to pass the buck on this one...

 

The club has spent more now than ever before; there is absolutely no way you can let Romanov away with it.

 

Perhaps we wouldn't have demanded anything if he hadn't made ridiculous promises, but even if he hadn't, he is still responsible. I don't think anybody would have minded if we'd continued to be tight on spending, considering what had happened before.

 

It was CPRs fault before and its his fault now.

 

Indeed it was partly CPR's fault before and partly VR's fault now - Robinson has to carry his share of blame for the debt created during his tenure and Romanov for the additional debt over & above that.

 

However what has happened at Hearts is symptomatic of football clubs up & down the UK in the last 20 years.....Hearts & most football clubs managed to live within their means for over a century yet in the last 20 years we've had more clubs financially failing, going into administration - some several times - than we ever had before and this despite more money coming into the game than ever before - it's a disgrace really when you think about - our clubs have never had more money available yet most are impoverished and struggling financially.

[Geoff Kilpatrick]

If it was that easy then I'm sure the top French & German clubs would have found workarounds as you suggest but they still seem to operate within 'safe' limits of spending & debt compared to many English & Spanish clubs.

 

Ah, but you wonder if there is the same desire for this kind of "sponsorship" in France and Germany in comparison to the big 3. Would the extra spending attract the players who are going there?

 

Italian and Spanish clubs have for years been run by presidents who spend their own cash. England now has billionaires from across the globe doing the same.

[hearts_crazy]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

EUROPEAN football's governing body last night issued a veiled threat that Hearts must get their house in order under Vladimir Romanov or face an examination into whether their controversial Lithuanian-based owner is fit to run the Edinburgh club.

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money, his number two hinted that the Hearts situation was being kept under close control by European aADVERTISEMENTuthorities.

 

"I don't know enough about the Hearts case specifically but what I do know is that there needs to be an examination as to whether and in what way we can control the investments being made into our clubs," said UEFA general secretary David Taylor, speaking after a meeting of the governing body's executive committee in Bordeaux.

 

Taylor, pictured, is to speak on the issue of financial fair play at a high-profile conference in London early next month when he will stand up and make the case for UEFA's club licensing system and the need for clubs to compete on a level financial playing field. "It's a big topic," he said. "There are lots of examples of clubs who are in debt to their owners. These are difficult, sensitive issues. But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Hearts' last financial report revealed debts of ?36.25m, and although a debt-for-equity scheme has reduced the size of the amount owed by ?12m, the club's money worries were brought into sharp focus last week when they were unable to pay their staff.

 

UEFA, under the leadership of Platini, has embarked on something of a crusade against clubs who rack up huge debts. Platini has even said he will "fight very seriously" to restrict entry into the Champions League and UEFA Cup to clubs who owe hefty sums.

 

Speaking in June, the former France captain said: "UEFA are going to fight very seriously to restrict entry to its competitions from clubs that are in debt. I'm not only talking about English teams such as Chelsea or Manchester United, who reached the Champions League final with a huge debt, I'm talking in general. Four or five years from now we have to have sorted the situation out, with cooperation from clubs and national associations."

 

After a difficult, week-long period for players and staff, the wages problem was rectified at Hearts on Friday ? at least for now. Non-playing staff were paid their monthly wages in the morning, with players also receiving their delayed weekly income. Problems first arose last weekend when the club blamed a "technical" reason for the non-payment of weekly salaries to players, before the club's staff were also affected.

 

With the club already massively in debt, fears grew for the club's position under owner Romanov, especially with some of the world's leading banking institutions enduring problems. Romanov's Ukio Bankas was last week downgraded by an international ratings agency, which warned that the bank had been exposed to lending in high-risk markets.

 

The agency, Standard & Poor, revised its outlook on Ukio Bankas from "stable" to "negative", saying the bank was exposed to high credit risk after doubling the value of its loans in the past 18 months.

 

You have posted a thread based upon a headline and not on the actual story. There is no story here whatsoever. In what way do the two bits in bold tie together? This story has nothing to do with Hearts, the second bit was obviously in reply to a trawling question by an idiot journo desperately trying to drum up a story about Hearts in turmoil, yet again.

 

It's a 'The Hibsman understands' type story. Full of speculation and conjecture. Complete and utter mischief making nonsense yet again. Personally i'm disgusted that an Edinburgh based paper seems hell bent on spreading fear and alarm among the fans of an Edinburgh team.

[Charlie-Brown]

Ah, but you wonder if there is the same desire for this kind of "sponsorship" in France and Germany in comparison to the big 3. Would the extra spending attract the players who are going there?

 

Italian and Spanish clubs have for years been run by presidents who spend their own cash. England now has billionaires from across the globe doing the same.

 

Despite this so many clubs have faced financial ruination - Seville being a current example, Parma Fiorentina & Lazio being recent Italian examples.

[spacerjoe]

Indeed it was partly CPR's fault before and partly VR's fault now - Robinson has to carry his share of blame for the debt created during his tenure and Romanov for the additional debt over & above that.

 

However what has happened at Hearts is symptomatic of football clubs up & down the UK in the last 20 years.....Hearts & most football clubs managed to live within their means for over a century yet in the last 20 years we've had more clubs financially failing, going into administration - some several times - than we ever had before and this despite more money coming into the game than ever before - it's a disgrace really when you think about - our clubs have never had more money available yet most are impoverished and struggling financially.

 

There are many clubs that manage themselves better than we do. That aside, we can't let the state of football in general be an excuse for absolutely awful management.

 

He promised to spend big, when clearly he couldn't afford to. I would love to have an owner now, who said "this is how much we can afford to spend each year and so this is what we will spend".

 

Pains me to say it, but even Hibs are well ahead of us in this respect.

[Geoff Kilpatrick]

Despite this so many clubs have faced financial ruination - Seville being a current example, Parma Fiorentina & Lazio being recent Italian examples.

 

Of course. That isn't the point though. It's how these clubs are organised and the prevailing footballing culture in these countries.

 

I'm not making a judgement of whether it's right or wrong. I'm just saying that Platini seems to be focusing on the Premiership at the expense of the obvious problems like betting scandals and throwing games.

[Charlie-Brown]

Of course. That isn't the point though. It's how these clubs are organised and the prevailing footballing culture in these countries.

 

I'm not making a judgement of whether it's right or wrong. I'm just saying that Platini seems to be focusing on the Premiership at the expense of the obvious problems like betting scandals and throwing games.

 

Football finances are easier to monitor and censure the clubs if necessary than to try to find evidence & prove frauds - both do need attention though.

[ritchies75]

Another case of writing the story before you have the quotes. Although David Taylor saying i dont know anything about Hearts (I was only CEO of the SFA for 8 years) is incredible statement yet the paper says nothing about that. Lets also add that Taylor was in charge of SFA when Romanov bought Hearts so im not sure he would welcome an investigation that might end up with the question "What have the SFA been doing for the lat 3 years?"

[Jarhead]

There are many clubs that manage themselves better than we do. That aside, we can't let the state of football in general be an excuse for absolutely awful management.

 

He promised to spend big, when clearly he couldn't afford to. I would love to have an owner now, who said "this is how much we can afford to spend each year and so this is what we will spend".

 

Pains me to say it, but even Hibs are well ahead of us in this respect.

 

I would agree with your last sentance but hibs are a great example of the contradiction of fans which NMH has alluded to.

Hibs are held up as a great example of financial prudence, they are living within their means.

The very same hibs fans then start shaking with rage and calling for Petries head because he isn't splashing the cash needed to afford average players.

[Jarhead]

Another case of writing the story before you have the quotes. Although David Taylor saying i dont know anything about Hearts (I was only CEO of the SFA for 8 years) is incredible statement yet the paper says nothing about that. Lets also add that Taylor was in charge of SFA when Romanov bought Hearts so im not sure he would welcome an investigation that might end up with the question "What have the SFA been doing for the lat 3 years?"

 

They have been raising money off Vlads misunderstanding of the concept of free speach in the West.

[bigbadbill]

This whole episode has the stench of continental envy about it. Platini may just have well said, "There's far too much being spent on the English Premier League by people who should be spending it in France and Italy and Spain."

As for David Taylor: a car crash administrator extraordinaire with a reputation in Scotland for petulant vindictiveness. I was delighted when he went to UEFA.

[alwaysthereinspirit]

Never read any the replys but if UEFA does get involved it will be because the GFA asked them to. No way UEFA on its own cares about us.

[jayjay]

http://sport.scotsman.com/spl/UEFA-warns-Hearts-to-get.4535764.jp

 

UEFA warns Hearts to get their finances in order

 

Date: 28 September 2008

 

By Andrew Warshaw

in Bordeaux

 

EUROPEAN football's governing body last night issued a veiled threat that Hearts must get their house in order under Vladimir Romanov or face an examination into whether their controversial Lithuanian-based owner is fit to run the Edinburgh club.

 

Three months after UEFA president Michel Platini famously described as "cheats" debt-saddled clubs who rise to the top of the sport using borrowed money, his number two hinted that the Hearts situation was being kept under close control by European aADVERTISEMENTuthorities.

 

"I don't know enough about the Hearts case specifically but what I do know is that there needs to be an examination as to whether and in what way we can control the investments being made into our clubs," said UEFA general secretary David Taylor, speaking after a meeting of the governing body's executive committee in Bordeaux.

 

Taylor, pictured, is to speak on the issue of financial fair play at a high-profile conference in London early next month when he will stand up and make the case for UEFA's club licensing system and the need for clubs to compete on a level financial playing field. "It's a big topic," he said. "There are lots of examples of clubs who are in debt to their owners. These are difficult, sensitive issues. But there is a wider question, as to whether people can just play the free market, UEFA is concerned first and foremost about the spirit of the game and balance of competition."

 

Hearts' last financial report revealed debts of ?36.25m, and although a debt-for-equity scheme has reduced the size of the amount owed by ?12m, the club's money worries were brought into sharp focus last week when they were unable to pay their staff.

 

UEFA, under the leadership of Platini, has embarked on something of a crusade against clubs who rack up huge debts. Platini has even said he will "fight very seriously" to restrict entry into the Champions League and UEFA Cup to clubs who owe hefty sums.

 

Speaking in June, the former France captain said: "UEFA are going to fight very seriously to restrict entry to its competitions from clubs that are in debt. I'm not only talking about English teams such as Chelsea or Manchester United, who reached the Champions League final with a huge debt, I'm talking in general. Four or five years from now we have to have sorted the situation out, with cooperation from clubs and national associations."

 

After a difficult, week-long period for players and staff, the wages problem was rectified at Hearts on Friday ? at least for now. Non-playing staff were paid their monthly wages in the morning, with players also receiving their delayed weekly income. Problems first arose last weekend when the club blamed a "technical" reason for the non-payment of weekly salaries to players, before the club's staff were also affected.

 

With the club already massively in debt, fears grew for the club's position under owner Romanov, especially with some of the world's leading banking institutions enduring problems. Romanov's Ukio Bankas was last week downgraded by an international ratings agency, which warned that the bank had been exposed to lending in high-risk markets.

 

The agency, Standard & Poor, revised its outlook on Ukio Bankas from "stable" to "negative", saying the bank was exposed to high credit risk after doubling the value of its loans in the past 18 months.

 

May not be bad thing!!!!!!!

[269miles]

What a load of bowlocks.

 

The two teams in the CL final this year had a combined debt of 1.5 BILLION Euros.

 

If UEFA even think about talking any action against these two , the big clubs will simply walk away and start a new league of their own and UEFA know it.

This has nothing to do with good governance : it's all about jealousy in Europe about the fact English clubs are awash with money and dominating the CL tournament because of that.

 

As for the connection bewteen Platini's hot air and HMFC players not getting paid for a week : I don't see any connection at all. Vlad is getting his house in order for crying out loud , the debt has been substantially reduced , which WE all know.

 

Where was this story when Rangers announced debts of ?78 million ?