grumpyespana Posted December 5, 2008 Share Posted December 5, 2008 It looks like we have a cash flow problem of sorts how bad who can tell, personally I think this only the tip of the iceberg other clubs will follow suit and be in the same position as us. Even us ex-pats are feeling the pinch in Spain my pension this month is about sixty euros down from last month and looking at todays rate I will have to tighten the belt again, first to go could be a cut back on the golf course so you see guys its not just our team that is having cash problems. Grumpy. Link to comment Share on other sites More sharing options...
jambojim52 Posted December 5, 2008 Share Posted December 5, 2008 It looks like we have a cash flow problem of sorts how bad who can tell, personally I think this only the tip of the iceberg other clubs will follow suit and be in the same position as us. Even us ex-pats are feeling the pinch in Spain my pension this month is about sixty euros down from last month and looking at todays rate I will have to tighten the belt again, first to go could be a cut back on the golf course so you see guys its not just our team that is having cash problems. Grumpy. You should cut back the golf course to a nine hole, that would save you some money. Link to comment Share on other sites More sharing options...
Martin_T Posted December 5, 2008 Share Posted December 5, 2008 It looks like we have a cash flow problem of sorts how bad who can tell, personally I think this only the tip of the iceberg other clubs will follow suit and be in the same position as us. Even us ex-pats are feeling the pinch in Spain my pension this month is about sixty euros down from last month and looking at todays rate I will have to tighten the belt again, first to go could be a cut back on the golf course so you see guys its not just our team that is having cash problems. Grumpy. One of the main headlines on BBC sport today is regarding Honda pulling out of Formula One. This would have been unthinkable a few years back. Sporting organisations in debt are in grave danger from the ongoing financial crisis, a sensible strategy for all concerned is to reduce costs and reduce debt. Hearts will not be alone in selling players and reducing wage costs. Link to comment Share on other sites More sharing options...
boabyarsebiscuit Posted December 5, 2008 Share Posted December 5, 2008 It looks like we have a cash flow problem of sorts how bad who can tell, personally I think this only the tip of the iceberg other clubs will follow suit and be in the same position as us. Even us ex-pats are feeling the pinch in Spain my pension this month is about sixty euros down from last month and looking at todays rate I will have to tighten the belt again, first to go could be a cut back on the golf course so you see guys its not just our team that is having cash problems. Grumpy. Spot on. I mean those clubs not as well run as Hearts, they must really be toiling. Like Celtic, Manchester United, Chelsea, Rangers, Real Madrid, Arbroath, Bayern Munich. They'll be on sticky wickets. Like you say. Tip of the iceberg. Link to comment Share on other sites More sharing options...
Coco Posted December 5, 2008 Share Posted December 5, 2008 Spot on. I mean those clubs not as well run as Hearts, they must really be toiling. Like Celtic, Manchester United, Chelsea, Rangers, Real Madrid, Arbroath, Bayern Munich. They'll be on sticky wickets. Like you say. Tip of the iceberg. As Gordon Brown keeps saying, the UK and Hearts are well placed to deal with this downturn which started in America. Link to comment Share on other sites More sharing options...
Jammy T Posted December 5, 2008 Share Posted December 5, 2008 One of the main headlines on BBC sport today is regarding Honda pulling out of Formula One. This would have been unthinkable a few years back. Sporting organisations in debt are in grave danger from the ongoing financial crisis, a sensible strategy for all concerned is to reduce costs and reduce debt. Hearts will not be alone in selling players and reducing wage costs. I spoke about the football bubble bursting a couple of months back The problem you have is this - if you have a load of clubs all needing to get rid of players, you'll flood the market with players. It becomes a buyers market and you get a gash return on your assets. If you need to maximise the return on these assets to survive you are goosed To be honest, the least of a lot of our worries around a year from now will be football. That said, football is where you should be able to turn to for a release in troubled times, sadly human nature has dictated that football is as embroiled in the ridiculous credit induced overinflation that the rest of world business has become trapped in... Link to comment Share on other sites More sharing options...
The Brow Posted December 5, 2008 Share Posted December 5, 2008 Spot on. I mean those clubs not as well run as Hearts, they must really be toiling. Like Celtic, Manchester United, Chelsea, Rangers, Real Madrid, Arbroath, Bayern Munich. They'll be on sticky wickets. Like you say. Tip of the iceberg. Celtic? They're about to actually start running at a profit. Was on the news last week. Nobody knows the truth about Vlads money at the moment. Until theres some sort of statement I suggest we all stop speculating and giving all the papers something to write about. Some of the posts on here remind me of a bunch of Norris's from Corrie sitting in the pub wringing their hands and talking *****. Link to comment Share on other sites More sharing options...
maroonlegions Posted December 5, 2008 Share Posted December 5, 2008 Something is afoot ,no doubt about it,ok the money markets of the world are running about like headless chickens with their a**** on fire but i bet we are not the only ones that are starting to feel the pinch.Time will tell if we see other clubs having problems paying their staff.I cant say that iam surprised at this , FFS there are big banking institutions going down the toilet , is it any real surprise that the media have taken a point in berating HMFC .I suggest we all have a lager and look forward to another fine win tomorrow, with 3 points in the bag. Link to comment Share on other sites More sharing options...
Sharpie Posted December 5, 2008 Share Posted December 5, 2008 It would be naive in the extreme not to be concerned about the situation at Hearts. Non payment of salaries and late payments to creditors are two of the signs I recognise from my wife's own experience. She worked in accounts payable for a large department store in Vancouver. This was a 100 year old institution in the City. Her function was to examine bills and cut a cheque to have them paid . The instruction came out no cheques to be issued, just keep them happy by being nice and promising settlement. They were assured everything was fine and it was a temporary situation. We drove into work on the Monday morning, I jokingly said I hope you are still employed, her reply was they cannot fire me, my desk is still covered in bills to be settled. 30 minutes later she was in my office wanting the car keys having been with a number of others given an early retirement package. The store closed down a short time later, despite not paying bills and resorting to part time staff with lower pay and no benefits. Age and tradition are no protection to a world wide economic crisis, and professional sports must be particularly vulnerable with the extortionate wages they have been paying, and the increase in cost per game to fans, which may be covered by this seasons season tickets but will be impacted next season as the realities hit. Link to comment Share on other sites More sharing options...
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