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?17 million due to Ukio Bankas in January


Martin_T

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Is everyone aware of this? It came up in a discussion with a few other fans I had on Saturday and none of them were aware of it. According to the current accounts, Hearts are due to repay ?17 million worth of a loan to Ukio Bankas. It is no exaggeration to say that one scenario for this is that it could put the club into liquidation. In the the starkest terms, no Heart of Midlothian football club from January 2010.

 

The current downturn in form of the first team is almost irrelevant in the face of this, yet it is barely discussed. There is of course a potential positive outcome of the loan being capitalised through another debt for equity swap, which remove another ?17 million worth of debt from the HMFC balance sheet.

aw well 3rd division here we come cant wait

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Fair play to the folk on here who are trying to explain the accounts - there's some really interesting posts. I think the problem is, though, that the accounts raise as many questions as answers. IIRC the independent auditors basically commented to the effect that there was insufficient information for them to make an accurate assessment of the accounts. I'm not sure if that was for the last set of accounts though.

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J.T.F.Robertson

Despite these horrendous figures, surely we must be "coming in handy" to UBIG, somewhere in all this mess? If all we are/were is a drain on their/his finances, I mean, it's not as if he gives a feck about the Hearts' institution, so why keep us ticking over? We have to be of some kind of "benefit" :th_o: to them.

I say we use whatever that is and threaten him with a withdrawal of our cooperation. :hang:

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Despite these horrendous figures, surely we must be "coming in handy" to UBIG, somewhere in all this mess? If all we are/were is a drain on their/his finances, I mean, it's not as if he gives a feck about the Hearts' institution, so why keep us ticking over? We have to be of some kind of "benefit" :th_o: to them.

I say we use whatever that is and threaten him with a withdrawal of our cooperation. :hang:

 

Yeah, but how do we do that? Would Vlad threaten himself with a withdrawal of our co-operation?

 

I've no idea how we benefit him - but we must do somewhere. I've long since given up trying to understand our finances, because they defy all logic. I do think, though, that owning a football club benefits Vlad's ego - and his ego and pride will ensure we come to no fundamental harm.

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J.T.F.Robertson
Yeah, but how do we do that? Would Vlad threaten himself with a withdrawal of our co-operation?

 

I've no idea how we benefit him - but we must do somewhere. I've long since given up trying to understand our finances, because they defy all logic. I do think, though, that owning a football club benefits Vlad's ego - and his ego and pride will ensure we come to no fundamental harm.

 

The last part was me being facetious, again.

I think there's way more to it than a simple ego massage on his part. It has to be of financial benefit to him (somehow) but at a huge detriment to us. Whatever he's up to, I don't believe for a second it's something he's recently stumbled into. This has been his plan for us since day one.

In a footballing sense, I believe we are truly fecked.

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The last part was me being facetious, again.

I think there's way more to it than a simple ego massage on his part. It has to be of financial benefit to him (somehow) but at a huge detriment to us. Whatever he's up to, I don't believe for a second it's something he's recently stumbled into. This has been his plan for us since day one.

In a footballing sense, I believe we are truly fecked.

 

Until around August, my short term optimism relating to Csaba and the team had begun to make me more optimistic about our longer term prospects. Now, I'm gloomy on both fronts - but no-one can predict the future, and who knows how things will turn out?

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J.T.F.Robertson
Until around August, my short term optimism relating to Csaba and the team had begun to make me more optimistic about our longer term prospects. Now, I'm gloomy on both fronts - but no-one can predict the future, and who knows how things will turn out?

 

I don't have a clue (careful) either. It seems though, to me, we must "fit in" somewhere in this great plan, only not as a football club, but as a financial "vessel" of some sorts. Is that possible, you finance guys out there?

I'm obviously not one, but I'm pretty sure I know it is, :stuart: especially in, shall we say, his slightly opaque world.

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jambos are go!

Is it possible that VR plans to sit tight whilst at least one half of the OF flounders financially. Maybe both. After all they are paying a huge premium in wages to dominate the SPL. So are we to a lesser extent to fininish top 3 or 4.

 

 

Back to firmer ground. What is to be done if we can't move into profit and start tackling the debt. I'm very much a VR admirer but surely we cant go on and piling on loss driven debt year after year underwritten by a single individual. I think there will be more losses this year unless VR steps in again but at a lower level. But losses must be stopped even it it takes living a St Mirren type business until we show we are trading our way out of it.

 

 

The only other way is ongoing transfer windfalls or VR writing off our debt prior to selling. We all know that banks write off debts as per sub prime mortgages. But it would be a non typical Bank that would not recoup some of the losses through asset sales. In our case Tynecastle.

 

Its hard to make any sense of the current financial situation and its funding IMO concluding that VR is taking large risks or that his wealth is far in excess of previous estimates.

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Is it possible that VR plans to sit tight whilst at least one half of the OF flounders financially. Maybe both. After all they are paying a huge premium in wages to dominate the SPL. So are we to a lesser extent to fininish top 3 or 4.

 

 

Back to firmer ground. What is to be done if we can't move into profit and start tackling the debt. I'm very much a VR admirer but surely we cant go on and piling on loss driven debt year after year underwritten by a single individual. I think there will be more losses this year unless VR steps in again but at a lower level. But losses must be stopped even it it takes living a St Mirren type business until we show we are trading our way out of it.

 

 

The only other way is ongoing transfer windfalls or VR writing off our debt prior to selling. We all know that banks write off debts as per sub prime mortgages. But it would be a non typical Bank that would not recoup some of the losses through asset sales. In our case Tynecastle.

 

Its hard to make any sense of the current financial situation and its funding IMO concluding that VR is taking large risks or that his wealth is far in excess of previous estimates.

 

Whatever Vlad's plan is it doesn't involve a succesful football team and that has been evident for a long time. Other posters are speculating about his involvement in HMFC as though his vanity requires a football team for his expression. HMFC are way too small to fit that criteria ; Chelsea we are not.

 

Given Vlad's minimalist approach to showing any interest of late in HMFC it would seem it is a purely business venture (whatever that might be). If he ever was interested in HMFC as a football concern that surely waned after 05/06.

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jambos are go!
Whatever Vlad's plan is it doesn't involve a succesful football team and that has been evident for a long time. Other posters are speculating about his involvement in HMFC as though his vanity requires a football team for his expression. HMFC are way too small to fit that criteria ; Chelsea we are not.

 

Given Vlad's minimalist approach to showing any interest of late in HMFC it would seem it is a purely business venture (whatever that might be). If he ever was interested in HMFC as a football concern that surely waned after 05/06.

 

You are undoubtedly right about his physical involvement but there is no practical explanation as to why he is allowing losses and subsequent debt to occur. Then to pay off some of the debt as per the debt to equity scheme Why would any businessman persist unless it was a personal pet project.

 

It seems obvious to me that to all extents and purposes VR is Ubig and Ukio Bankas since other shareholdings of any magnitude would have reigned in his committment to Hearts. Its not good enough to just say he is a maverick and should jump the good ship HMFC.

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Add up all the 'registration fees' paid to Kaunus plus all the interest paid to the bank and the fact that we still owe more than when taken over it is clear we have made money for Vlad over the last 4 years not cost him money.

 

This has been a money making exercise and if the redevelopment had gone ahead his company would have made even more on the back of the club -- without Hearts no planning permission etc would have been given,

Some of the above may still happen should economic conditions improve in a couple of years.

 

He has been successful by making good deals for him not for many of the businesses bought or sold by him.

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Guest JamboRobbo
Is it possible that VR plans to sit tight whilst at least one half of the OF flounders financially. Maybe both. After all they are paying a huge premium in wages to dominate the SPL. So are we to a lesser extent to fininish top 3 or 4.

 

Eh, actually we're paying a huge premium to maybe finish top 3 or 4. Have been since Romanov arrived.

 

We're paying 12M in wages when the teams we're competing with pay between 1M and 3-4M.

 

                   Total Wages
                   2008 2007 M
                   ?000 ?000
Aberdeen           5,931   5,155 
Celtic             38,981 36,421 
Dundee United      3,338   2,582 
Falkirk            2,630   2,310 
Gretna               –      – 
Hearts             11,319  12,488 
Hibernian          4,591   4,063 
ICT                1,484   1,349 
Kilmarnock         3,764  3,899 
Motherwell         3,412  2,371 
Rangers            34,339  24,258 
St Mirren          2,202  1,752 

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Eh, actually we're paying a huge premium to maybe finish top 3 or 4. Have been since Romanov arrived.

 

We're paying 12M in wages when the teams we're competing with pay between 1M and 3-4M.

 

                   Total Wages
                   2008 2007 M
                   ?000 ?000
Aberdeen           5,931   5,155 
Celtic             38,981 36,421 
Dundee United      3,338   2,582 
Falkirk            2,630   2,310 
Gretna               ?      ? 
Hearts             11,319  12,488 
Hibernian          4,591   4,063 
ICT                1,484   1,349 
Kilmarnock         3,764  3,899 
Motherwell         3,412  2,371 
Rangers            34,339  24,258 
St Mirren          2,202  1,752 

I think it is fairer to say we paid a big premium. 2008-2009 wages and certainly 2009-2010 wages will hopefully be considerably lower than that.

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jambos are go!
Eh, actually we're paying a huge premium to maybe finish top 3 or 4. Have been since Romanov arrived.

 

We're paying 12M in wages when the teams we're competing with pay between 1M and 3-4M.

 

                   Total Wages
                   2008 2007 M
                   ?000 ?000
Aberdeen           5,931   5,155 
Celtic             38,981 36,421 
Dundee United      3,338   2,582 
Falkirk            2,630   2,310 
Gretna               ?      ? 
Hearts             11,319  12,488 
Hibernian          4,591   4,063 
ICT                1,484   1,349 
Kilmarnock         3,764  3,899 
Motherwell         3,412  2,371 
Rangers            34,339  24,258 
St Mirren          2,202  1,752 

 

The OF are paying at least ?30 milion over the rest bar us. We are paying ?7 million so I think my post we are paying a premium to a lesser extent was justified. And you can see why Rangers are in trouble when they up there bill by ?12million only to be dumped out of Europe early 2 years in a row.

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Guest JamboRobbo
I think it is fairer to say we paid a big premium. 2008-2009 wages and certainly 2009-2010 wages will hopefully be considerably lower than that.

 

I hope so, but we keep hearing the wages will go down, only for the accounts to show little change.

 

As things stand, we're paying a hell of a lot of money more than we should require to acheive what we are acheiving.

 

In short, we're underacheiving for the money we are spending due to the way we're being run.

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Guest JamboRobbo
The OF are paying at least ?30 milion over the rest bar us. We are paying ?7 million so I think my post we are paying a premium to a lesser extent was justified. And you can see why Rangers are in trouble when they up there bill by ?12million only to be dumped out of Europe early 2 years in a row.

 

Indeed. We shouldn't be able to compete with the OF, and they are rightly slaughtered if ourselves or the lesser teams get anywhere near them.

 

Equally, given the wages we are spending (double and triple our competitors), the same should apply between us and "the rest". We should be streets ahead of "the rest" given the money we have been spending in comparison to what they are spending.

 

But we aren't.

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I hope so, but we keep hearing the wages will go down, only for the accounts to show little change.

 

As things stand, we're paying a hell of a lot of money more than we should require to acheive what we are acheiving.

 

In short, we're underacheiving for the money we are spending due to the way we're being run.

 

Absolutely. I've never been able to get my head round our wage bill - but in a sense, it's unfair to judge any manager or the team by it. Because does our squad strike you as one which would've cost ?11m-?12m at a club run normally? Me neither. ?6m-?7m would be nearer the mark. But if you pay someone like Kingston the amount we're purportedly paying him, all sense has clearly long left the building.

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the wage bill for the 31/07/08 accounts isn't all that pretty. the 31/07/09 accounts will show an improvement after the last of the high earners have gone but only when we see the 31/07/10 accounts will the picture begin to look rosier.

 

then we will hopefully be back on an even keel.

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Guest JamboRobbo
Absolutely. I've never been able to get my head round our wage bill - but in a sense, it's unfair to judge any manager or the team by it. Because does our squad strike you as one which would've cost ?11m-?12m at a club run normally? Me neither. ?6m-?7m would be nearer the mark. But if you pay someone like Kingston the amount we're purportedly paying him, all sense has clearly long left the building.

 

It's only a judgemet on the manager if he's the one who's spent the 11-12m. But we all know he isn't.

 

I think 3-4M would be nearer the mark we should be aiming at going forward. Still more than enough to compete with anyone in the SPL bar the OF.

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Guest JamboRobbo
the wage bill for the 31/07/08 accounts isn't all that pretty. the 31/07/09 accounts will show an improvement after the last of the high earners have gone but only when we see the 31/07/10 accounts will the picture begin to look rosier.

 

then we will hopefully be back on an even keel.

 

I hope you're right but I've been hearing the same things said for about 3 or 4 years now. Gordon, Pressley and Hartley are off the wage bill, so it'll come down next year. Rudi and Janny and Bednar and Pospsisl are off the wage bill so it will come down next year. etc etc

 

Then the accounts come out, and it turns out we're still spending 10-12M on wages as we have done every year since Vlad arrived.

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I hope you're right but I've been hearing the same things said for about 3 or 4 years now. Gordon, Pressley and Hartley are off the wage bill, so it'll come down next year. Rudi and Janny and Bednar and Pospsisl are off the wage bill so it will come down next year. etc etc

 

Then the accounts come out, and it turns out we're still spending 10-12M on wages as we have done every year since Vlad arrived.

 

Exactly. Been hearing this nonsense for years now.

 

And now the leaves are falling from the trees, I expect to see my first "let's just see what the January transfer window brings" comment any day now.

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Exactly. Been hearing this nonsense for years now.

 

And now the leaves are falling from the trees, I expect to see my first "let's just see what the January transfer window brings" comment any day now.

 

We've already had that - back in early September. :smoking:

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I hope you're right but I've been hearing the same things said for about 3 or 4 years now. Gordon, Pressley and Hartley are off the wage bill, so it'll come down next year. Rudi and Janny and Bednar and Pospsisl are off the wage bill so it will come down next year. etc etc

 

Then the accounts come out, and it turns out we're still spending 10-12M on wages as we have done every year since Vlad arrived.

 

Exactly. Been hearing this nonsense for years now.

 

And now the leaves are falling from the trees, I expect to see my first "let's just see what the January transfer window brings" comment any day now.

 

well after the end of this season - assuming the highest earners have gone - there really shouldn't be anyone left to contribute hugely to a similar wage bill. if there's no ultimate improvement then we will need to urgently enquire as to who is being paid these vast sums.

 

i was on about the 31/07/10 accounts. it's actually the 31/07/11 accounts which will be the first significant accounting period as far as wages are concerned. it's only as of the 01/08/10 to 31/07/11 period where we will be completely clear of the mega-earners.

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Guest JamboRobbo
well after the end of this season - assuming the highest earners have gone - there really shouldn't be anyone left to contribute hugely to a similar wage bill.

 

As I said, thats the same thing that has been said on here for the past 4 years, yet each year nothing changes.

 

if there's no ultimate improvement then we will need to urgently enquire as to who is being paid these vast sums.

 

Agreed. Last time someone did ask where these vast sums were going at the AGM (4.5M for "player registrations" during a period we didnae make any significant signings) , Rodney said it was none of our business

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jambos are go!
As I said, thats the same thing that has been said on here for the past 4 years, yet each year nothing changes.

 

 

 

Agreed. Last time someone did ask where these vast sums were going at the AGM (4.5M for "player registrations" during a period we didnae make any significant signings) , Rodney said it was none of our business

 

Thats rubbish. I've attended all recent AGMs and that was never said. Outrageous spin no doubt.

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Guest JamboRobbo
Thats rubbish. I've attended all recent AGMs and that was never said. Outrageous spin no doubt.

 

It's not rubbish at all. There was a payment of 3.85M in the accounts for player registrations during a period where we didn't make any significant signings.

 

Rodney was asked at the AGM who this payment was for and where it had gone, and his reply was that it was none of our business.

 

I'm sure others can confirm.

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As I said, thats the same thing that has been said on here for the past 4 years, yet each year nothing changes.

 

 

 

Agreed. Last time someone did ask where these vast sums were going at the AGM (4.5M for "player registrations" during a period we didnae make any significant signings) , Rodney said it was none of our business

 

Surely as a shareholder you would be entitle to this information !

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Thats rubbish. I've attended all recent AGMs and that was never said. Outrageous spin no doubt.

 

Okay which one of you is correct ?

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Okay which one of you is correct ?

 

It's been reported bazillions of times on here. Everyone who confirmed it was said were hardly all wrong (and it's an open secret that money went to Kaunas anyway). That's our Rodney I'm afraid: PR was never exactly his stock in trade. :hang:

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Drylaw Hearts
Surely as a shareholder you would be entitle to this information !

 

RR clearly said he would not be going into details when asked about that particular sum of money.

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That's our Rodney I'm afraid: PR was never exactly his stock in trade. :hang:

 

His 'performance' at the 2008 AGM was one of the most hilarious but at the same time infuriating things I've ever seen. The disdain with which he treated the HMFC shareholders and supporters was incredible (I have rarely seen someone look as uncomfortable as Campbell Ogilvie did during it) but it also should have given us all a clearer picture of what was in store. The flippant remarks such as the one JR is alluding too and also things like "we will just sell more 9million players" when asked to quantify how we would get out of debt.

 

Thankfully he was quickly removed from further embarrassing himself subsequently or digging himself any further holes but clearly he was way out of his depth.

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The last part was me being facetious, again.

I think there's way more to it than a simple ego massage on his part. It has to be of financial benefit to him (somehow) but at a huge detriment to us. Whatever he's up to, I don't believe for a second it's something he's recently stumbled into. This has been his plan for us since day one.

In a footballing sense, I believe we are truly fecked.

 

Is it not possible that we are exactly where VR wants us to be? Indebted and reliant to VR personally whilst VR bank extracts interest payments from us at "mates rates". It would be interesting to find out how much money has moved from HMFC to Lithuania over the last four years whilst HMFC is saddled with the debts and lying technically insolvent.

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pettigrewsstylist

post of the day BB hahahaahha

 

doubt we could afford the p+P on him never mind anything else

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Is everyone aware of this? It came up in a discussion with a few other fans I had on Saturday and none of them were aware of it. According to the current accounts, Hearts are due to repay ?17 million worth of a loan to Ukio Bankas. It is no exaggeration to say that one scenario for this is that it could put the club into liquidation. In the the starkest terms, no Heart of Midlothian football club from January 2010.

 

The current downturn in form of the first team is almost irrelevant in the face of this, yet it is barely discussed. There is of course a potential positive outcome of the loan being capitalised through another debt for equity swap, which remove another ?17 million worth of debt from the HMFC balance sheet.

 

So please tell how you are aware of it?

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Francis Albert

I see Hobonomics has reached JKB big time.

 

To make lots of money a bank or investment group buys a loss making company. You lend it more and more money, running up its debt as fast as you can, earning more and more interest. Eventually you cut loose from the technically insolvent company and,Vlad's your uncle, you've made a killing. You just write off the debt. Wait a minute. You write off and lose all that money you've leant. There is a consequence in doing that. Like for banks who leant to the sub-prime mortgage market. Lending ,money to someone who can't afford to repay you is not a great business model.

 

Like Hobonomics isn't real economics.

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jambos are go!
I know I'm correct. I notice "Jambos are go" has gone rather silent tho.

 

Gone to Musselburgh Races not into hiding.

 

You made the claim so it should be up to you to justify it. But let me speculate on what you have distorted. RR was asked to give details of individuals renumeration packages and he replied quite politely that he had been advised that this was not appropriate according to advice recieved. Thats broadly what he said and was reasonable in that I would not have wanted my pay disclosed in that manner. You have chosen to remove all context and paraphrased it ludicrously as "he told us it was none of our business"

 

My claim that you used outrageous spin and where talking rubbish stands up IMO.

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So please tell how you are aware of it?

 

See the first 5 or so words after the bit you've highlighted, might give you a clue. What a spanner....

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  • 3 months later...

Well there has been no word on this as far as I'm aware. I think we can safely assume that there is no imminent change in the company capital structure to repay this, as shareholders would have received notice of the EGM required to do so.

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I reckon the next significant debt-equity swap at Hearts will involve Tynecastle Park being transferred to Ubig ownership in exchange for ?x-amount of millions written off in debt.

 

It's the obvious move open to Romanov that makes any sense for someone in his position, and really the only option I can see, at the moment, for Hearts to be able to made serious inroads into the debt we currently have. (Barring a wealthy owner taking over or Euro lottery win with several roll overs).

 

I've said for a few years now that losing Tynecastle will happen and I stick by it. We may not like it but if it happens there's not a single thing we can do about it. Romanov came here to do business. What kind of business I'm not too sure, his track record looks pretty awful since arriving here and I'm sure the Scottish business community have been very stand-offish whilst bearing in mind his dealings surrounding Hearts.

 

We will NEVER be able to comprehend Ubig/Ukio business dealings.

 

We will NEVER comprehend Romanov's mysterious mind........ especially when taking into account his USSR background.

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I reckon the next significant debt-equity swap at Hearts will involve Tynecastle Park being transferred to Ubig ownership in exchange for ?x-amount of millions written off in debt.

 

It's the obvious move open to Romanov that makes any sense for someone in his position, and really the only option I can see, at the moment, for Hearts to be able to made serious inroads into the debt we currently have. (Barring a wealthy owner taking over or Euro lottery win with several roll overs).

 

I've said for a few years now that losing Tynecastle will happen and I stick by it. We may not like it but if it happens there's not a single thing we can do about it. Romanov came here to do business. What kind of business I'm not too sure, his track record looks pretty awful since arriving here and I'm sure the Scottish business community have been very stand-offish whilst bearing in mind his dealings surrounding Hearts.

 

We will NEVER be able to comprehend Ubig/Ukio business dealings.

 

We will NEVER comprehend Romanov's mysterious mind........ especially when taking into account his USSR background.

 

We lost Tynecastle when the Pieman ran up a ?23m debt. Romanov effectively owns Tynecastle by being majority shareholder - he can do what he likes to Hearts now or in the future it as simple as that.

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We lost Tynecastle when the Pieman ran up a ?23m debt. Romanov effectively owns Tynecastle by being majority shareholder - he can do what he likes to Hearts now or in the future it as simple as that.

 

As is the same with most football clubs.

 

.

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Csaba's Broon Shoes
I reckon the next significant debt-equity swap at Hearts will involve Tynecastle Park being transferred to Ubig ownership in exchange for ?x-amount of millions written off in debt.

 

It's the obvious move open to Romanov that makes any sense for someone in his position, and really the only option I can see, at the moment, for Hearts to be able to made serious inroads into the debt we currently have. (Barring a wealthy owner taking over or Euro lottery win with several roll overs).

 

I've said for a few years now that losing Tynecastle will happen and I stick by it. We may not like it but if it happens there's not a single thing we can do about it. Romanov came here to do business. What kind of business I'm not too sure, his track record looks pretty awful since arriving here and I'm sure the Scottish business community have been very stand-offish whilst bearing in mind his dealings surrounding Hearts.

 

We will NEVER be able to comprehend Ubig/Ukio business dealings.

 

We will NEVER comprehend Romanov's mysterious mind........ especially when taking into account his USSR background.

 

I think this is a lot of Michael Ballacks , why would Romanov now want to cash in on Tynecastle for less money than he could have got when he first took control of the club . It must be worth half the value now .

As for his banks credentials , well they can't be any worse than RBS or HBOS

who have been bailed out by the tax payer , a complete embarassment to the UK

Romanov will want to sell his shares someday for more than he bought them and will only do this by spending a few million on the team and making the club an attractive business of the field .

He knows Tynecastle is the Heart and soul of Edinburgh , why would he want to lose everything he has invested in the club ?

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This run of posts tickled me;

 

 

Thats rubbish. I've attended all recent AGMs and that was never said. Outrageous spin no doubt.

 

It's not rubbish at all. There was a payment of 3.85M in the accounts for player registrations during a period where we didn't make any significant signings.

 

Rodney was asked at the AGM who this payment was for and where it had gone, and his reply was that it was none of our business.

 

I'm sure others can confirm.

 

I know I'm correct. I notice "Jambos are go" has gone rather silent tho.

 

Gone to Musselburgh Races not into hiding.

 

You made the claim so it should be up to you to justify it. But let me speculate on what you have distorted. RR was asked to give details of individuals renumeration packages and he replied quite politely that he had been advised that this was not appropriate according to advice recieved. Thats broadly what he said and was reasonable in that I would not have wanted my pay disclosed in that manner. You have chosen to remove all context and paraphrased it ludicrously as "he told us it was none of our business"

 

My claim that you used outrageous spin and where talking rubbish stands up IMO.

 

...

 

 

:laugh:

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I think this is a lot of Michael Ballacks , why would Romanov now want to cash in on Tynecastle for less money than he could have got when he first took control of the club . It must be worth half the value now .

As for his banks credentials , well they can't be any worse than RBS or HBOS

who have been bailed out by the tax payer , a complete embarassment to the UK

Romanov will want to sell his shares someday for more than he bought them and will only do this by spending a few million on the team and making the club an attractive business of the field .

He knows Tynecastle is the Heart and soul of Edinburgh , why would he want to lose everything he has invested in the club ?

 

We're all entitled to our own opinion Sir and I'm not in the slightest bit interested in RBS/HBOS as they have no say in running our club, so are irrelevant. (Rubbish as they are).

 

I'm talking about a transfer of ownership here to Ubig, not cashing in on our stadium like Robinson. Transfer of ownership now, to Ubig, whilst they can get it for, as you say, "half the value". When the property market does recover they make a profit. It's viable and happens in the commercial property market quite often. If we already own the land behind the stadium and the school this could also be transferred, if not it can happen when it is handed over to us from the Council.

 

What has Romanov invested in our club? Aside from an initial investment in shares, not a lot. He's funded us thru running up a very large overdraft with his bank, which we pay for one way or another. Instead of paying interest on the money we owe them they just lump what we owe them on top, which is what happens in the commercial banking world. To a certain degree HMFC has been the driving force behind his banks modest profits recently.

 

The building he bought in St. Andrew Square for approximately ?21m is now valued at ?14m, which is what he was privately offered for it last year. He payed too much in the first place which is common knowledge in the property sector.

 

Why hasn't he yet been able to obtain a UK banking licence? Or is he a Hobo-economist......

 

As for the Tynecastle being the 'Heart and Soul of Edinburgh'. To us supporters it is, to Romanov it is marketing spin.

 

Romanov is stuck with Hearts and I think it's hurting his pride that he didn't turn us into the success he envisioned. Bleeding obvious I know.

 

You're 100% correct about selling his shares for a profit. If he could get out and make a profit now I bet he would. Even if he does asset strip us we would still owe his bank money therefore he can't get rid of us, yet.

 

When was the last time Hearts were a viable business for any length of time? When will we be fit to sell on? Guesstimates?

 

It's only a theory, Michael Ballacks or not and I'd quite honestly love to be wrong as I hate to think of the consequences.

 

We will never get to the bottom of Romanov or the theory behind his business dealings. I don't mean he's sinister, just complicated.

 

P.S. I'm not anti-Romanov or a Hobo.

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