PTBCAL Posted October 7, 2008 Share Posted October 7, 2008 No not Hearts but West Ham. http://news.bbc.co.uk/sport1/hi/football/teams/w/west_ham_utd/7656873.stm Ok....there appears to be no threat to West Ham at all but I wonder if Spurs or Chelsea fans are 'staining' themselves like the Hobo's over the thought of one of their neighbours going ti*s up? Not doubt the fact that the bank is toiling is evidence enough for the Hobo's that this particular football club is going into admin. Link to comment Share on other sites More sharing options...
Jammy T Posted October 7, 2008 Share Posted October 7, 2008 No not Hearts but West Ham. http://news.bbc.co.uk/sport1/hi/football/teams/w/west_ham_utd/7656873.stm Ok....there appears to be no threat to West Ham at all but I wonder if Spurs or Chelsea fans are 'staining' themselves like the Hobo's over the thought of one of their neighbours going ti*s up? Not doubt the fact that the bank is toiling is evidence enough for the Hobo's that this particular football club is going into admin. Its pretty unlucky. Their sponsor has already gone bust.... Link to comment Share on other sites More sharing options...
PTBCAL Posted October 7, 2008 Author Share Posted October 7, 2008 Its pretty unlucky. Their sponsor has already gone bust.... It seems Wes Ham's chairman gave XL a loan of ?163m I assume it means that figure is lost also? And with the Tevez afair - not a good week for the 'Ammers. Link to comment Share on other sites More sharing options...
londonjambo Posted October 7, 2008 Share Posted October 7, 2008 And they played rubbish on Sunday other than in the first 20 mins. Miserable weekend for football all round GC Link to comment Share on other sites More sharing options...
Gershwin Posted October 7, 2008 Share Posted October 7, 2008 It's ok. They bank with HBOS too... Link to comment Share on other sites More sharing options...
david mcgee Posted October 7, 2008 Share Posted October 7, 2008 The most highly leveraged companies are at most risk from the credit crunch. If you want to find out who the most leveraged companies in the UK are, you could save yourself a lot of time by starting with all the clubs in the English Premier League. Quite funny that the Hammers favourite song is "were forever blowing bubbles". Link to comment Share on other sites More sharing options...
Bomber Harris Posted October 7, 2008 Share Posted October 7, 2008 And they played rubbish on Sunday other than in the first 20 mins. Miserable weekend for football all round GC *****'s let me down for a good line on the fixed odds - lucky I laid some of it off and backed Bolton to win (and draw) Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 8, 2008 Share Posted October 8, 2008 http://www.dailymail.co.uk/sport/football/article-1072369/Hammers-crunched-crisis-Zola-told-theres-cash-spend-Icelandic-freeze.html If they don't find a buyer, they're goosed! Link to comment Share on other sites More sharing options...
Jam Tarts 1874 Posted October 8, 2008 Share Posted October 8, 2008 XL were owned by the bank that went t*ts up, I'm sure, so I think both events were kind of linked. I think the key difference between us and them is, your man whilst a 40% shareholder bought his stake in West ham personally. They were not linked. Whereas we are owned by a subsidury to UBIG. Whilst, UKIO going bust would not mean the end for us, UBIG going buts would have a major impact on us. Also whilst its not effect West Ham, I though they announced that there would be no money for transfers on the back of this. If UBIG went bust, we would have no debt. Think about it. Administrators in Lithuania might come after us, but what are they going to do? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 8, 2008 Share Posted October 8, 2008 If UBIG went bust, we would have no debt. Think about it. Administrators in Lithuania might come after us, but what are they going to do? Administrators would look for a fire sale of assets. Whether the club and the ground would stay as one would depend on who offered most. Link to comment Share on other sites More sharing options...
PTBCAL Posted October 8, 2008 Author Share Posted October 8, 2008 Administrators would look for a fire sale of assets. Whether the club and the ground would stay as one would depend on who offered most. I honestly think Hearts will never go into Administration. If Vlad needed the money quick (whether down to Ukio Bankas or UBIG toiling) then he would sell Hearts first and foremost as a going concern. If no-one bought us then it would be a case of selling the assets - stadium and players. That would cover the clubs debts comfortably. At the end of the day -our debt is to a single individual (VR/UBIG) there is no 3rd party like HBOS involved who could force repayment as it was under the Pieman. IIRC Motherwell went into administration as they owed a large sum of money to their bankers and John Boyle - he wrote off the amount due to him but it was the amount due to HBOS which they could not repay that forced them into administration. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 8, 2008 Share Posted October 8, 2008 I honestly think Hearts will never go into Administration. If Vlad needed the money quick (whether down to Ukio Bankas or UBIG toiling) then he would sell Hearts first and foremost as a going concern. If no-one bought us then it would be a case of selling the assets - stadium and players. That would cover the clubs debts comfortably. At the end of the day -our debt is to a single individual (VR/UBIG) there is no 3rd party like HBOS involved who could force repayment as it was under the Pieman. IIRC Motherwell went into administration as they owed a large sum of money to their bankers and John Boyle - he wrote off the amount due to him but it was the amount due to HBOS which they could not repay that forced them into administration. Your first statement is brave. It isn't Vlad that concerns me, it is his brinkmanship over paying the club's creditors. Link to comment Share on other sites More sharing options...
PTBCAL Posted October 8, 2008 Author Share Posted October 8, 2008 Your first statement is brave. It isn't Vlad that concerns me, it is his brinkmanship over paying the club's creditors. GK I think the monies due to creditors are nothing substantial. I assume we will sell a player in Jan to cover this comfortably - not ideal but there you go. Although monies due from the Celtic game and Gordon transfer coming in Nov will bring much needed additional revenue to meet our short term liabilities. These liabilities will not require us to go into admin. We sold Velicka to pay off short term debts last year. (monies received was used for this and not by Kaunas). Link to comment Share on other sites More sharing options...
Guest zeeko1 Posted October 8, 2008 Share Posted October 8, 2008 No not Hearts but West Ham. http://news.bbc.co.uk/sport1/hi/football/teams/w/west_ham_utd/7656873.stm Ok....there appears to be no threat to West Ham at all but I wonder if Spurs or Chelsea fans are 'staining' themselves like the Hobo's over the thought of one of their neighbours going ti*s up? Not doubt the fact that the bank is toiling is evidence enough for the Hobo's that this particular football club is going into admin. There is a very real threat to West Ham's continued existence and much talk down here of them heading rapidly towards administration or even receivership unless they can find a buyer fast. Zola is thought to be considering his future already having been misled over January transfer budgets which no longer exist. Don't forget they also have a potential ?30 million compensation to pay to Sheffield United re the Tevez affair. Their owner will not be investing another penny in the club as he's basically bankrupt. I'm not privy to how similar Vladimir Romanov's position is to Bjorgolfur Gudmundsson's but as majority shareholders in their respective country's major banks there is a certain parallel to be drawn. I don't think it's an exaggeration to say football is about to be hit hard by the financial storm and I guess it's not a great time for your club to be beholden to a guy who owns a bank Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 8, 2008 Share Posted October 8, 2008 GK I think the monies due to creditors are nothing substantial. I assume we will sell a player in Jan to cover this comfortably - not ideal but there you go. Although monies due from the Celtic game and Gordon transfer coming in Nov will bring much needed additional revenue to meet our short term liabilities. These liabilities will not require us to go into admin. We sold Velicka to pay off short term debts last year. (monies received was used for this and not by Kaunas). Hopefully, it's either Kingston or Karipidis for cash then. Ideally, it would be Beslija or Makela but that's wishful thinking, sadly. Link to comment Share on other sites More sharing options...
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