Administration

[iainmac]

 

Do you think all these rumours stem merely from malicous rumours? No it doesnt,

 

Brilliant. Judge and Jury too!

 

You're asking if rumours start from rumours? Let me think about that one for a while...................

[Charlie-Brown]

Interestingly in the Sunday Times today the main people listed as taking the biggest hits were people with Russian interests, and principally in industrial metal. One in particular re aluminium....

 

Any links J_T ? I saw a business news program at the end of the week that said there had been massive capital flight from the Russian exchange and it was that that was the main source of problems.

[iainmac]

If you want evidence that a company could be wound up over a 6k debt please refer to the law.

 

I think you will find it proves blackislejambos claim it couldnt be is a load of pish

 

No, I want evidence that Heart of Midlothian FC are going into Administration tomorrow - clear enough for you?

[Rawrrrrrrr]

Brilliant. Judge and Jury too!

 

So we have not had court summonse's over unpaid debts which we had no right not to pay?

 

The fact is we have - at least 2 or 3 - and it comes down to either incompetence or refusal to pay. Either is not acceptable.

 

Its unlikely we would ever be wound up over such a small debt however our clubs cavalier attitude to day to day financial management is terrible, is it any wonder Hbos didnt want to help cover the "technical error"

[Nucky Thompson]

Deja Vu anyone?

 

http://www.hibs.net/message/showthread.php?t=105511

He didn't say what Wednesday though;) He probably been sitting with a boner waiting for it to happen since he posted that 10 months ago:107years:

[Examiner]

If you want evidence that a company could be wound up over a 6k debt please refer to the law.

 

I think you will find it proves blackislejambos claim it couldnt be is a load of pish

 

I have already qualified my earlier statement to say that NO company was wrong - I meant no decvent sized company, but you don't care, you just want to justify your constant wish that the club - on all fronts will fail - you are just a drain on a decent mood.

[Jammy T]

I have already qualified my earlier statement to say that NO company was wrong - I meant no decvent sized company, but you don't care, you just want to justify your constant wish that the club - on all fronts will fail - you are just a drain on a decent mood.

 

apologies I was factually wrong earlier

[Jammy T]

its actually ?750.......thats all thats needed, no matter the size of company

 

Source - The insolvency act, section 123

 

123. Definition of inability to pay debts.— (1) A company is deemed unable to pay its debts—

(a)if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding ?750 then due has served on the company, by leaving it at the company’s registered office, a written demand (in the prescribed form) requiring the company to pay the sum so due and the company has for 3 weeks thereafer neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor, or

(b)if, in England and Wales, execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part, or

©if, in Scotland, the induciae of a charge for payment on an extract decree, or an extract registered bond, or an extract registered protest, have expired without payment being made, or

(d)if, in Northern Ireland, a certificate of unenforceability has been granted in respect of a judgment against the company, or

(e)if it is proved to the satisfaction of the court that the company is unable to pay its debts as they fall due.

(2) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

[iainmac]

So we have not had court summonse's over unpaid debts which we had no right not to pay?

 

The fact is we have - at least 2 or 3 - and it comes down to either incompetence or refusal to pay. Either is not acceptable.

 

Its unlikely we would ever be wound up over such a small debt however our clubs cavalier attitude to day to day financial management is terrible, is it any wonder Hbos didnt want to help cover the "technical error"

 

So that's it then? A couple of unpaid bills is all it takes for you to wet your knickers?

 

I'll ask again, where is the evidence that HMFC is going into Administration tomorrow - or don't you have any?

[Rawrrrrrrr]

No, I want evidence that Heart of Midlothian FC are going into Administration tomorrow - clear enough for you?

 

 

Which I haven't said, I just pointed out claims we couldnt be wound up over such debts are ridicolous and wrong

 

As for administration, I do not think we are immune from it as people seem to think, is it imminent? Who knows but I wouldnt be shocked if it was too happen.

 

Another member on this board claimed to me about 2 weeks ago that the club had been investigating restructuring options including administration and maybe its right they have been.

 

Does part of you not wonder if administration could actually be a good thing for the long term future of the club? Its unlikely but motherwell and other clubs have used administration well and slashed their debts as well as surviving

[Rawrrrrrrr]

So that's it then? A couple of unpaid bills is all it takes for you to wet your knickers?

 

I'll ask again, where is the evidence that HMFC is going into Administration tomorrow - or don't you have any?

 

 

Unpaid bills show financial mismanagement

 

Do you not think this should be of concern?

What about non payment of wages?

 

but heyho bury your head, all is ok, our club is immune to the law and insolvency act

[Examiner]

its actually ?750.......thats all thats needed, no matter the size of company

 

Source - The insolvency act, section 123

 

123. Definition of inability to pay debts.— (1) A company is deemed unable to pay its debts—

(a)if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding ?750 then due has served on the company, by leaving it at the company’s registered office, a written demand (in the prescribed form) requiring the company to pay the sum so due and the company has for 3 weeks thereafer neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor, or

(b)if, in England and Wales, execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part, or

©if, in Scotland, the induciae of a charge for payment on an extract decree, or an extract registered bond, or an extract registered protest, have expired without payment being made, or

(d)if, in Northern Ireland, a certificate of unenforceability has been granted in respect of a judgment against the company, or

(e)if it is proved to the satisfaction of the court that the company is unable to pay its debts as they fall due.

(2) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Financial law states a lot of things that don't happen in practice.

 

Doesn't change the fact that this wont happen to Hearts, but impressive googling.

[iainmac]

Which I haven't said, I just pointed out claims we couldnt be wound up over such debts are ridicolous and wrong

 

As for administration, I do not think we are immune from it as people seem to think, is it imminent? Who knows but I wouldnt be shocked if it was too happen.

 

Another member on this board claimed to me about 2 weeks ago that the club had been investigating restructuring options including administration and maybe its right they have been.

 

Does part of you not wonder if administration could actually be a good thing for the long term future of the club? Its unlikely but motherwell and other clubs have used administration well and slashed their debts as well as surviving

 

So, no evidence then, other than another JKB member's "claim".

 

Ever thought of working for Birmingham Special Branch?

[Rawrrrrrrr]

I have already qualified my earlier statement to say that NO company was wrong - I meant no decvent sized company, but you don't care, you just want to justify your constant wish that the club - on all fronts will fail - you are just a drain on a decent mood.

 

 

So you attack another poster for stating facts due to your lack of knowledge and somehow then its everyone elses fault.

 

The fact is small debts like this could (they probably wont) kill our club and our clubs cavalier attitude to creditor/debtor control is a worry

 

If these amounts are so immaterial why the hell do we not just pay them

[Jammy T]

Which I haven't said, I just pointed out claims we couldnt be wound up over such debts are ridicolous and wrong

 

As for administration, I do not think we are immune from it as people seem to think, is it imminent? Who knows but I wouldnt be shocked if it was too happen.

 

Another member on this board claimed to me about 2 weeks ago that the club had been investigating restructuring options including administration and maybe its right they have been.

 

Does part of you not wonder if administration could actually be a good thing for the long term future of the club? Its unlikely but motherwell and other clubs have used administration well and slashed their debts as well as surviving

 

Directors of a company actually have a fiduciary duty not to continue to trade whilst knowingly insolvent. They can get sanctions and bans from being directors if they do so negligently, and if they are found of doing so fraudulently, well....

 

So they'd actually have a duty to look into everything if the club were continuing to trade in the knowledge they couldnt or might not be able to pay their bills

[Rawrrrrrrr]

Doesn't change the fact that this wont happen to Hearts, but impressive googling.

 

Why won't it happen? Did I miss the ammendment to the insolvency act which stated hearts where immune?

 

Yes it probably wont happen but it could

[portobellojambo1]

See what? You demonstrate again you don't know what your talking about, business's can be and are wound up for such small debts

 

Why is it hearts are immune from the law and administration? Please explain it....

 

As for your next comment, utter crap, I am just not going to pretend our club is immune from debts and everything is ok when its clearly not.

Do you think all these rumours stem merely from malicous rumours? No it doesnt, it stems from mismanagement from the senior management of our club who give these rumours ground to start, we get issued with court proceedings too often for silly little debts, we should just pay up like most normal business's do.

 

The highlighted part doesn't make sense. Are they rumours or are they fact. Rumours often tend to have little or no substance, facts do.

 

If it is any consolation I agree with what you say in your closing sentence, I am not one of these sort of people who believes that it is good business practice not to pay money to other companies until such time as they chase you, or threaten court action. If all companies paid their bills on time such situations would not arise.

[Jammy T]

Financial law states a lot of things that don't happen in practice.

 

Doesn't change the fact that this wont happen to Hearts, but impressive googling.

 

Why on earth dont you think this will happen to Hearts?

 

Fair enough - dont believe the current rumours but what on earth makes you think that Hearts are immune full stop?

[Rawrrrrrrr]

Directors of a company actually have a fiduciary duty not to continue to trade whilst knowingly insolvent. They can get sanctions and bans from being directors if they do so negligently, and if they are found of doing so fraudulently, well....

 

So they'd actually have a duty to look into everything if the club were continuing to trade in the knowledge they couldnt or might not be able to pay their bills

 

Exactly but dont worry administration couldnt happen to hearts

 

We do not demonstrate symptons of major financial distress:rolleyes:

[iainmac]

Unpaid bills show financial mismanagement

 

Do you not think this should be of concern?

What about non payment of wages?

 

but heyho bury your head, all is ok, our club is immune to the law and insolvency act

 

See, there is evidence - if HMFC were going into Administration tomorrow, why even bother paying the wages that were due? What would be the point of that?

 

Stewart Fraser is still at the club so please don't talk to me about financial mismanagement - him and his mate got us into this mess in the first place.

[Examiner]

So you attack another poster for stating facts due to your lack of knowledge and somehow then its everyone elses fault.

 

The fact is small debts like this could (they probably wont) kill our club and our clubs cavalier attitude to creditor/debtor control is a worry

 

If these amounts are so immaterial why the hell do we not just pay them

 

I'll attack anyone trying to twist a situation to fit an agenda.

 

That's why I'll apologise to JammyT for my mood as I'm sure he is just trying to be Devil's advocate.

 

Nothing for you I'm afraid.

[Examiner]

Why on earth dont you think this will happen to Hearts?

 

Fair enough - dont believe the current rumours but what on earth makes you think that Hearts are immune full stop?

 

I think you answered it yourself. It's all very well to say that the law says such and such, technically just about anything is possible - in practice it would beggar belief.

 

Financially, we were in more danger in 2004 than we are now - and we still didn't go bust.

[Jammy T]

Any links J_T ? I saw a business news program at the end of the week that said there had been massive capital flight from the Russian exchange and it was that that was the main source of problems.

 

Ive just spent six hours on a combination of bus and train from Edinburgh to London and am "credit crunched" out. A mixture of the Times and SoS. Interesting enough stuff and passed the time quite quickly (sadly)

 

6 were listed, 4 were russian based, one was abramovic, another non-russian was that Indian bloke - who is industrial metals also

 

Interestingly there was also a quote from Branson saying that if HBOS had gone under Virgin might have too - something to do with needing to refinance with them, and it wouldnt have been Virgins fault at all because they are doing ok, they just needed short term finance....

[Rawrrrrrrr]

I think you answered it yourself. It's all very well to say that the law says such and such, technically just about anything is possible - in practice it would beggar belief.

 

Financially, we were in more danger in 2004 than we are now - and we still didn't go bust.

 

 

Utter crap I would suggest

 

Back then we had far less debt with a far more managable wage structure and assets which just about covered all the debt.

 

Now our debt surpasses our assets, and we are losing money more than ever as demonstrated by the desire to cut costs. We have also sold most of our salable assets and the ones we do have are being majorly affected in value by economic downturn

 

I personally would say we are in a lot more debt of going bust now than we where in 2004 and also that the patience of people such as our bankers and creditors means there would be far less support to help us through administration if it was too happen

[Kinkster]

In order to clarify things, my posts relate to something that happened in the past. There is no harbinger of doom nor predictions. I thought perhaps the hysteria had died down, that's why I posted. Perhaps there are no ships, but maybe we need to look at the horizon, just in case.

[Charlie-Brown]

Why on earth dont you think this will happen to Hearts?

 

Fair enough - dont believe the current rumours but what on earth makes you think that Hearts are immune full stop?

 

No company is immune full stop.........cash flow problems at Hearts might cause severely late or delayed payments and possibly writs or further writs - I suspect this crisis will be abated for a while once the next Craig Gordon installment is received and I expect players to be sold or removed in January with more leaving than coming in as continuing cost cutting is made as most of the highest earners are nearing the end of their contracts.

[Jammy T]

I'll attack anyone trying to twist a situation to fit an agenda.

 

That's why I'll apologise to JammyT for my mood as I'm sure he is just trying to be Devil's advocate.

 

Nothing for you I'm afraid.

 

No, just being anal

 

Just trying to highlight the legalities of what we are talking about. There's no point arguing about inaccurate legals - theres enough carnage on here as it is without arguing at complete cross purposes

 

But you are right, it might be ludicrous for Hearts to go out of business for ?6k but I'd still stress to you - honestly this is not agenda based - we could go bust for that amount if the creditor pushed the button

 

As I said above Virgin might have gone bust if HBOS had gone down through no fault of its own, and AIG remain one of the best overall businesses in the world, but would have gone bust had the american government not stepped in

 

We are vulnerable at present - as are any company that is in debt and reliant upon cashflow and third party finance - doesnt mean something will defo happen, just that we are vulnerable and the club certainly shouldnt be peshing about not paying decrees because all that will do is produce more nervous creditors and more court actions, and eventually some fecker WILL push the button

[Examiner]

No, just being anal

 

Just trying to highlight the legalities of what we are talking about. There's no point arguing about inaccurate legals - theres enough carnage on here as it is without arguing at complete cross purposes

 

But you are right, it might be ludicrous for Hearts to go out of business for ?6k but I'd still stress to you - honestly this is not agenda based - we could go bust for that amount if the creditor pushed the button

 

As I said above Virgin might have gone bust if HBOS had gone down through no fault of its own, and AIG remain one of the best overall businesses in the world, but would have gone bust had the american government not stepped in

 

We are vulnerable at present - as are any company that is in debt and reliant upon cashflow and third party finance - doesnt mean something will defo happen, just that we are vulnerable and the club certainly shouldnt be peshing about not paying decrees because all that will do is produce more nervous creditors and more court actions, and eventually some fecker WILL push the button

 

You are right of course, but you would have to include almost every pro football club in that group of "vulnerables"

 

That's why this talk really grinds my gears - apologies if I offended you.

[monkfish1979]

Utter crap I would suggest

 

Back then we had far less debt with a far more managable wage structure and assets which just about covered all the debt.

 

Now our debt surpasses our assets

 

losing money more than ever as demonstrated by the desire to cut costs.

 

So you know how much are assets are worth and the exact balance of our debts, then? Far be it for me to question your abilities as an accountant, but do you not need concrete, up to date facts and figures made available to you in order to make a valid assessment as to the viability of a company? Or is that just the beurocratic face of modern day business?

[Jammy T]

You are right of course, but you would have to include almost every pro football club in that group of "vulnerables"

 

That's why this talk really grinds my gears - apologies if I offended you.

 

Dont be soft buddy!! In my head we are at the bar having a pint and a natter, the minute I start feeling offended on here I'm off for good and away to consult my doctor

 

And yes, you are right, practically every company in the world is vulnerable, but I dont think there would be much disagreement from anyone on here that we might all be a little easier about it if we had a less, lets say, "maverick" pair of hands on the driving wheel.

[Rawrrrrrrr]

So you know how much are assets are worth and the exact balance of our debts, then? Far be it for me to question your abilities as an accountant, but do you not need concrete, up to date facts and figures made available to you in order to make a valid assessment as to the viability of a company? Or is that just the beurocratic face of modern day business?

 

All is ok

 

Believe

 

How dare someone question the clubs finances

 

We are in a more precarious financial state now than we where in 2004, that is my take on the current situation.

 

Yes the new accounts could come out and show we are suddenly doing well again, I dont expect them too.

 

Romanovs rushing through of the share issue concerned me as it was pushed through very quickly to reach the 07/08 accounts, almost like it was intended to cover up just how badly our finances had performed

 

Time will tell but I do not expect our next accounts to be anywhere near as rosy as people would like or have tried to suggest they will be

[Jammy T]

No company is immune full stop.........cash flow problems at Hearts might cause severely late or delayed payments and possibly writs or further writs - I suspect this crisis will be abated for a while once the next Craig Gordon installment is received and I expect players to be sold or removed in January with more leaving than coming in as continuing cost cutting is made as most of the highest earners are nearing the end of their contracts.

 

http://business.timesonline.co.uk/tol/business/economics/article4926287.ece

 

Towards the bottom - although you should read the full article. "Dry" but interesting.

 

Backs what I posted on the Shed a couple of weeks ago about the insurance side of this whole mess kicking in at values of possibly up to 50 times the subprime level.... (eg 50 TRILLION dollars)

[Geoff Kilpatrick]

If there's one thing we can agree on in this thread, it's that the "command and control" structure from Kaunas in terms of paying the bills is flawed and needs to go.

 

That's the main reason things have drifted out to 82 days for repayment. I note Iainmac had criticised Stewart Fraser further up the thread but Robinson and Fraser didn't have any issue paying the bills. Robinson had a few issues with how to run a football club of course!

[Guest jambomickey]

See, there is evidence - if HMFC were going into Administration tomorrow, why even bother paying the wages that were due? What would be the point of that?

 

Stewart Fraser is still at the club so please don't talk to me about financial mismanagement - him and his mate got us into this mess in the first place.

 

great point mate! why is stewart fraser still at the club? he was a major part of us just about having to sell our stadium.

[iainmac]

If there's one thing we can agree on in this thread, it's that the "command and control" structure from Kaunas in terms of paying the bills is flawed and needs to go.

 

That's the main reason things have drifted out to 82 days for repayment. I note Iainmac had criticised Stewart Fraser further up the thread but Robinson and Fraser didn't have any issue paying the bills. Robinson had a few issues with how to run a football club of course!

 

......and Fraser had a few issues with financial projections - but he's only a Book Keeper after all.

[davemclaren]

......and Fraser had a few issues with financial projections - but he's only a Book Keeper after all.

 

Yes, he didn't come across very well in the meetings I attended in those times. Seemed more of a book-keeper doing his master's bidding than a Finance Director.

[monkfish1979]

All is ok

 

Believe

 

How dare someone question the clubs finances

 

We are in a more precarious financial state now than we where in 2004, that is my take on the current situation.

 

Yes the new accounts could come out and show we are suddenly doing well again, I dont expect them too

 

Romanovs rushing through of the share issue concerned me as it was pushed through very quickly to reach the 07/08 accounts, almost like it was intended to cover up just how badly our finances had performed

 

Time will tell but I do not expect our next accounts to be anywhere near as rosy as people would like or have tried to suggest they will be

 

Don't get me wrong, man. I'm no "Vlad sheep". If there's a valid criticism to be made from valid sources, you can't really argue. If anybody wants to call the club's finances into question, wire in. The question that I actually asked is whether or not you consider yourself more knowledgeable than anybody else outwith the company regarding our financial status. In other words, from which particular facts do you garner your "take on the current situation"?

 

With regards to the share for equity business - why on earth would that be done as a "cover up" after the figures had been released? A cover up would imply that something was being concealed. If that was the intention of UBIG when they took this action then I really would be worried, because even a slavering simpleton would think of that as a retarded plan.

[Charlie-Brown]

If there's one thing we can agree on in this thread, it's that the "command and control" structure from Kaunas in terms of paying the bills is flawed and needs to go.

 

That's the main reason things have drifted out to 82 days for repayment. I note Iainmac had criticised Stewart Fraser further up the thread but Robinson and Fraser didn't have any issue paying the bills. Robinson had a few issues with how to run a football club of course!

 

This would only be possible if Hearts had a positive cash-flow and/or didn't require subsidising.....until the club can get a decent injection of money for working capital (ie transfer some player(s)) to pay off what's overdue and bring costs inline with revenues (get the wage bill down to where it needs to be as highest earners are shipped out) then it will require UKIO/UBIG to keep a very tight grip on payments and send over the subsidy money periodically.

[Mon]

Ive just spent six hours on a combination of bus and train from Edinburgh to London and am "credit crunched" out. A mixture of the Times and SoS. Interesting enough stuff and passed the time quite quickly (sadly)

 

6 were listed, 4 were russian based, one was abramovic, another non-russian was that Indian bloke - who is industrial metals also

 

Interestingly there was also a quote from Branson saying that if HBOS had gone under Virgin might have too - something to do with needing to refinance with them, and it wouldnt have been Virgins fault at all because they are doing ok, they just needed short term finance....

 

 

 

Breaking news (7 minutes ago) on Sky that Lloyds TSB negotiations to takeover HBOS have collapsed:

 

http://news.sky.com/skynews/Home/Business/Financial-Crisis-Lloyds-TSB-Deal-With-HBOS-Collapses/Article/200810215118832?lpos=Business_Carousel_Region_1&lid=ARTICLE_15118832_Financial_Crisis%3A_Lloyds_TSB_Deal_With_HBOS_Collapses

[Martin_T]

All is ok

 

Believe

 

How dare someone question the clubs finances

 

We are in a more precarious financial state now than we where in 2004, that is my take on the current situation.

 

Yes the new accounts could come out and show we are suddenly doing well again, I dont expect them too.

 

Romanovs rushing through of the share issue concerned me as it was pushed through very quickly to reach the 07/08 accounts, almost like it was intended to cover up just how badly our finances had performed

 

Time will tell but I do not expect our next accounts to be anywhere near as rosy as people would like or have tried to suggest they will be

 

Prancer, you almost sound like you want Hearts to go into administration, just so you can be proved right.

[Charlie-Brown]

Breaking news (7 minutes ago) on Sky that Lloyds TSB negotiations to takeover HBOS have collapsed:

 

http://news.sky.com/skynews/Home/Business/Financial-Crisis-Lloyds-TSB-Deal-With-HBOS-Collapses/Article/200810215118832?lpos=Business_Carousel_Region_1&lid=ARTICLE_15118832_Financial_Crisis%3A_Lloyds_TSB_Deal_With_HBOS_Collapses

 

HBOS will be nationalised or part nationalised in that case - what's another ?10 Billion ......

[Victorian]

well i never!!!

 

looks very much like the so-called 'master plan' of hobos stirring the bowl of ad-minny-stray-shun is working a treat.

 

aided and abeted by one particular 'hearts fan', who i must say comes across as a complete and utter *****.

[Sherlock]

This would only be possible if Hearts had a positive cash-flow and/or didn't require subsidising.....until the club can get a decent injection of money for working capital (ie transfer some player(s)) to pay off what's overdue and bring costs inline with revenues (get the wage bill down to where it needs to be as highest earners are shipped out) then it will require UKIO/UBIG to keep a very tight grip on payments and send over the subsidy money periodically.

 

What, you mean like the Craig Gordon money?

[Charlie-Brown]

What, you mean like the Craig Gordon money?

 

Well yes but I doubt we have any players of such value at this time - but I'm sure a more modest amount say a million or two would ease cash flow problems considerably.

 

Getting a decent transfer fee in and getting some more of the remaining highest earners off the wage bill should hopefully put the club in a more stable financial condition.....

[Rawrrrrrrr]

Well yes but I doubt we have any players of such value at this time - but I'm sure a more modest amount say a million or two would ease cash flow problems considerably.

 

Getting a decent transfer fee in and getting some more of the remaining highest earners off the wage bill should hopefully put the club in a more stable financial condition.....

 

I think his point is more what happened to the Gordon money.

 

I think the most concerning aspect is how when clubs like dunfermline chase us for ticket money collected in the UK they need to wait while Lithuania release the money

 

Whilst I have no problem with Vlad etc controlling the finances of larger items there seems to be too much centralisation with the day to day staff not having sufficient balances or cash flow at times.

 

I also think its a bit rich how Stewart Fraser gets blamed for anything at all when Its fairly obvious he can't do anything without Ubig authorisation, in fact the only reason he is around imo is to be a scapegoat

[KPAL]

As has been proven over and over again Prancer you know diddly squat about anything so away to bed with your hot chocolate your mummy has made you.

[Martin_T]

Well yes but I doubt we have any players of such value at this time - but I'm sure a more modest amount say a million or two would ease cash flow problems considerably.

 

Getting a decent transfer fee in and getting some more of the remaining highest earners off the wage bill should hopefully put the club in a more stable financial condition.....

 

Hopefully Jose Goncalves will do well enough at Nuremberg for Hearts to realise the pre-agreed transfer fee, which if I recall correctly was around 3 million Euros. Given recent currency fluctuations, that is getting more valuable by the week!

 

As I said at the start of the season, the only players I am really keen to see the club retain from the current squad (who have had first team experience)are Driver, Wallace, Berra, Jonsson and Glen. I would rather see the likes of McGowan, Husband and Rapnik be given a chance ahead of Karipidis, Ksanavicius, Paluzeulos etc.

 

We will be able to seriously reduce our wage bill come to the end of the season when Makela, Karipidis, Basso and Aguiar's deals come to an end. If I remember correctly the deal with Paluzeulos was also 2 years with a 2 year option (perhaps the real reason he hasn't been playing?) so we may also be able to get rid there as well.

[Rawrrrrrrr]

Hopefully Jose Goncalves will do well enough at Nuremberg for Hearts to realise the pre-agreed transfer fee, which if I recall correctly was around 3 million Euros. Given recent currency fluctuations, that is getting more valuable by the week!

 

As I said at the start of the season, the only players I am really keen to see the club retain from the current squad (who have had first team experience)are Driver, Wallace, Berra, Jonsson and Glen. I would rather see the likes of McGowan, Husband and Rapnik be given a chance ahead of Karipidis, Ksanavicius, Paluzeulos etc.

 

We will be able to seriously reduce our wage bill come to the end of the season when Makela, Karipidis, Basso and Aguiar's deals come to an end. If I remember correctly the deal with Paluzeulos was also 2 years with a 2 year option (perhaps the real reason he hasn't been playing?) so we may also be able to get rid there as well.

 

Who elses deal is up this season?

 

Neilsons I believe will be, Banks? - lets not forget he is still on a half decent playing contract , those listed above, Miko, Chesney - is there a need for both of them? , Beslija, cant think of others...

 

I too am quite surprised the likes of Husband and McGowan havent had a shot at the first team, but then I am amazed that glen hasnt too

[shaun.lawson]

I think his point is more what happened to the Gordon money.

 

I think the most concerning aspect is how when clubs like dunfermline chase us for ticket money collected in the UK they need to wait while Lithuania release the money

 

Whilst I have no problem with Vlad etc controlling the finances of larger items there seems to be too much centralisation with the day to day staff not having sufficient balances or cash flow at times.

 

I also think its a bit rich how Stewart Fraser gets blamed for anything at all when Its fairly obvious he can't do anything without Ubig authorisation, in fact the only reason he is around imo is to be a scapegoat

 

Speaking of whom:

 

http://64.233.183.104/search?q=cache:3RjXhNBan-0J:www.britishlinen.co.uk/pdf/clients/Hearts%2520Final_Offer%2520Document.pdf+UBIG+Hearts+Stewart+Fraser&hl=en&ct=clnk&cd=14&gl=uk

 

"I have decided that, in time, I too will leave the Club. I have, however, in recognition of my responsibilities as the only Independent Director left, also decided that I must remain as a Director for the immediate future, not least because there should still be someone on the Board to provide you, the Hearts Shareholders, with an informed recommendation as to how you should respond to the Offer.

 

It is on this basis that I am writing to you now. I must, though, inform you that after any date upon which the Offer becomes, or is declared, unconditional as to acceptances, I intend to enter into discussions with the Board regarding my departure from Tynecastle. The object of these discussions would be to agree a managed exit by me that both ensured the smooth continuity of financial management and was consistent with my contract of employment which requires a 12 month notice period by either side as to departure."

What changed? How come he's still here?

[Charlie-Brown]

Hopefully Jose Goncalves will do well enough at Nuremberg for Hearts to realise the pre-agreed transfer fee, which if I recall correctly was around 3 million Euros. Given recent currency fluctuations, that is getting more valuable by the week!

 

As I said at the start of the season, the only players I am really keen to see the club retain from the current squad (who have had first team experience)are Driver, Wallace, Berra, Jonsson and Glen. I would rather see the likes of McGowan, Husband and Rapnik be given a chance ahead of Karipidis, Ksanavicius, Paluzeulos etc.

 

We will be able to seriously reduce our wage bill come to the end of the season when Makela, Karipidis, Basso and Aguiar's deals come to an end. If I remember correctly the deal with Paluzeulos was also 2 years with a 2 year option (perhaps the real reason he hasn't been playing?) so we may also be able to get rid there as well.

 

Kingston is probably the most readily sell-able player - the key question being at what price? Berra & Driver whilst obviously the preference would be to keep them as long as possible and not have to sell them they have already attracted interest & decent offers.

 

As far as I'm aware Neilson, Beslija, Makela, Basso, Aguiar, Karipidis ... possibly Palazeulos? & MacDonald are all out of contract next summer ... the Kaunas loan players are on year-to-year loans although Chesney & Miko apart they are amongst the lower earners in the squad. Balogh & Tullberg are on 6 month & season long loans respectively.

 

There is obviously a contradiction between the teams need for better players to improve the playing side and the clubs need to raise some money and cut costs to ease the financial situation.