Ryan Gosling Posted March 28, 2008 Share Posted March 28, 2008 http://www.heartsfc.premiumtv.co.uk/page/HeartsNewsDetail/0,,10289~1276531,00.html Link to comment Share on other sites More sharing options...
Cut The Crap Posted March 28, 2008 Share Posted March 28, 2008 Hilarious... absolutely hilarious. Link to comment Share on other sites More sharing options...
Ryan Gosling Posted March 28, 2008 Author Share Posted March 28, 2008 Debt? What debt? Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 . Link to comment Share on other sites More sharing options...
Stuart Lyon Posted March 28, 2008 Share Posted March 28, 2008 Excellent not a word about the overall level of debt so it is clearly not a problem. Link to comment Share on other sites More sharing options...
Uberjambo Posted March 28, 2008 Share Posted March 28, 2008 ?12.5 Million on wages for to watch that pish. Bring on the laddies ffs. Link to comment Share on other sites More sharing options...
Deek Posted March 28, 2008 Share Posted March 28, 2008 When are we going to qualify for this European thing he keeps talking about. Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 They managed to miss out the Profit/Loss figure from the summary. nice spin. Interesting bit for me (if true) is this. Parent company UAB Ukio Investicine Grupe (UBIG) provided funding by way of short term debt facilities with the plan to convert it to shares at a later stage. I wonder if this "plan" will actually happen, or is just another set of words to try and stop people thinking about the debt, like the "vlad gets hit by a bus policy" which sounded great in theory, but in practice, it never actually happened and was just swept under the carpet when I chased it up. Link to comment Share on other sites More sharing options...
Ryan Gosling Posted March 28, 2008 Author Share Posted March 28, 2008 ?12.5 Million on wages for to watch that pish. Bring on the laddies ffs. To be fair, that includes Gordon, Pressley (and his pay-off), Hartley, Fyssas, Jankauskas, Bednar, Pospisil etc. Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted March 28, 2008 Share Posted March 28, 2008 Parent company UAB Ukio Investicine Grupe (UBIG) provided funding by way of short term debt facilities with the plan to convert it to shares at a later stage. Does this mean that they plan sometime to clear the debt with transfering it into a shares? Link to comment Share on other sites More sharing options...
davieholt Posted March 28, 2008 Share Posted March 28, 2008 Interesting Turnover ?10.32m - Wagebill ?12.42m UBIG providing short term debt funding to cover the shortfall with a view to converting this into shares ! It seems the debt from trading losses is not being allowed to rise long term. I look forward to seeing the accounts Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 Does this mean that they plan sometime to clear the debt with transfering it into a shares? Yep. Prob at the same time as they put in place the "vlad gets hit by a bus policy" i.e. never. Would be great if it actually happened mind, but actions speak louder than words. Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted March 28, 2008 Share Posted March 28, 2008 Yep. Prob at the same time as they put in place the "vlad gets hit by a bus policy" i.e. never. Would be great if it actually happened mind, but actions speak louder than words. Could be like everything else with our club its a case of wait and see rather than believe . Link to comment Share on other sites More sharing options...
alwaysthereinspirit Posted March 28, 2008 Share Posted March 28, 2008 Hilarious... absolutely hilarious. I'm sitting at my desk pmsl at the wording of the "media release" We have no issues worth worrying about by the sounds of it. Roll on next season. European cup here we come. Link to comment Share on other sites More sharing options...
Cut The Crap Posted March 28, 2008 Share Posted March 28, 2008 Does this mean that they plan sometime to clear the debt with transfering it into a shares? We had a similar agreement, albeit for a much smaller amount, with SMG I seem to remember? Link to comment Share on other sites More sharing options...
Coco Posted March 28, 2008 Share Posted March 28, 2008 They managed to miss out the Profit/Loss figure from the summary. nice spin. Interesting bit for me (if true) is this. I wonder if this "plan" will actually happen, or is just another set of words to try and stop people thinking about the debt, like the "vlad gets hit by a bus policy" which sounded great in theory, but in practice, it never actually happened and was just swept under the carpet when I chased it up. I speculated at the time that this had basically happened anyway. The equity value of the company was basically zero - and therefore the debt controlled the company. Debt for equity swap would just be the formalisation of this. Utterly ludicrous wage bill absolutely out of control. Shocking financial numbers. Link to comment Share on other sites More sharing options...
Terrible Trio Posted March 28, 2008 Share Posted March 28, 2008 Interesting Turnover ?10.32m - Wagebill ?12.42m UBIG providing short term debt funding to cover the shortfall with a view to converting this into shares ! It seems the debt from trading losses is not being allowed to rise long term. I look forward to seeing the accounts I am sure there will be other costs other than "wagebill" Link to comment Share on other sites More sharing options...
Strachsuit Posted March 28, 2008 Share Posted March 28, 2008 To be fair, that includes Gordon, Pressley (and his pay-off), Hartley, Fyssas, Jankauskas, Bednar, Pospisil etc. And ?350k to pay off Rix. And ???????k to pay off Anderton.......... Link to comment Share on other sites More sharing options...
Coco Posted March 28, 2008 Share Posted March 28, 2008 I guess that with those shocking numbers - and the Romanovs running out of money that there will be further player sales of any player who can be sold - and much more cost cutting on the playing staff. Link to comment Share on other sites More sharing options...
Terrible Trio Posted March 28, 2008 Share Posted March 28, 2008 We had a similar agreement, albeit for a much smaller amount, with SMG I seem to remember? correct, however the last CEO ran the club into the ground thus reducing the value of the shares Link to comment Share on other sites More sharing options...
sked21 Posted March 28, 2008 Share Posted March 28, 2008 What do they mean converting the debt (Or whatever) to shares? Link to comment Share on other sites More sharing options...
Coco Posted March 28, 2008 Share Posted March 28, 2008 What do they mean converting the debt (Or whatever) to shares? Existing shareholders will be written down to almost nothing. UBIG will get a number of shares for each pound of debt it holds. It will massively outweigh any current shareholdings. Last chance to get out with any money is now! Link to comment Share on other sites More sharing options...
bigwull22 Posted March 28, 2008 Share Posted March 28, 2008 big wages = good players who have now left lower wages = kak we have now and they expect the turnover to remain high! Link to comment Share on other sites More sharing options...
The Merse Posted March 28, 2008 Share Posted March 28, 2008 I guess that with those shocking numbers - and the Romanovs running out of money that there will be further player sales of any player who can be sold - and much more cost cutting on the playing staff. I see you regularly referring to the fact that the Romanovs have run out of money, is this just personal opinion or what? Link to comment Share on other sites More sharing options...
Uberjambo Posted March 28, 2008 Share Posted March 28, 2008 To be fair, that includes Gordon, Pressley (and his pay-off), Hartley, Fyssas, Jankauskas, Bednar, Pospisil etc. I am in no mood to be fair minded. Link to comment Share on other sites More sharing options...
monkfish1979 Posted March 28, 2008 Share Posted March 28, 2008 I'm assuming our new PR person wrote that..... Dead my erse. Link to comment Share on other sites More sharing options...
Coco Posted March 28, 2008 Share Posted March 28, 2008 I see you regularly referring to the fact that the Romanovs have run out of money, is this just personal opinion or what? All opinions. Cannot get over how bad the mismanagement of the finances has been. ?22.5m plus wage bill from 2005-7. Incredible. And people still seem to believe that VR is a good businessman and it is only the lack of a new main stand which is holding us back! Link to comment Share on other sites More sharing options...
jamboinglasgow Posted March 28, 2008 Share Posted March 28, 2008 I speculated at the time that this had basically happened anyway. The equity value of the company was basically zero - and therefore the debt controlled the company. Debt for equity swap would just be the formalisation of this. Utterly ludicrous wage bill absolutely out of control. Shocking financial numbers. yes those figures are shocking but lets not forget that this is up to june 2007 and there appears to be a lot trimming in the wages since, Janny has gone who was on a huge wage, so was Gordon and there will be extra income so I would imagine accounts next year will be a bit more rosey. Not trying to defend romanov, as he should of done alot better in keeping hearts in the black but the situation is improving. Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 correct, however the last CEO ran the club into the ground thus reducing the value of the shares The current guy has lost almost as much in 2 years as the Pieman did in his whole time in charge. Link to comment Share on other sites More sharing options...
londonjambo Posted March 28, 2008 Share Posted March 28, 2008 I'm assuming our new PR person wrote that..... Dead my erse. I know its ever so slightly off topic but I dont think anyone thinks Comical Ali is dead. The Americans apparently thought he was a relatively harmless buffoon and consequently let him go. He's now living happily with his family somewhere in the UAE, I believe. Strange but true - a bit like Hearts' financial results GC Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 yes those figures are shocking but lets not forget that this is up to june 2007 and there appears to be a lot trimming in the wages since, Exactly what was said last year about Pressley and Hartley etc. Janny has gone who was on a huge wage, so was Gordon and there will be extra income so I would imagine accounts next year will be a bit more rosey. Not trying to defend romanov, as he should of done alot better in keeping hearts in the black but the situation is improving. Will the excuse next year be that we had to pay off Janny and Gordon? Link to comment Share on other sites More sharing options...
sked21 Posted March 28, 2008 Share Posted March 28, 2008 Existing shareholders will be written down to almost nothing. UBIG will get a number of shares for each pound of debt it holds. It will massively outweigh any current shareholdings. Last chance to get out with any money is now! Alrite. Cool. Just to clarify. The wages are not for the players this season. They will be a lot lot less. As the figures include the likes of Pospisil, Bednar, Gordon, Jankauskas, Fyssas, Hartley, Pressley, Tiago Costa etc. Link to comment Share on other sites More sharing options...
buca junior Posted March 28, 2008 Share Posted March 28, 2008 It makes you shudder to estimate the salaries of HMFC employees. Granted the company has employees outwith football but even a basic calculation is basing the sum of salaries to 100 employees is over ?2400 per week per employee. Link to comment Share on other sites More sharing options...
K1874M Posted March 28, 2008 Share Posted March 28, 2008 I''m not that down hearted by it all tbh.... Link to comment Share on other sites More sharing options...
Cut The Crap Posted March 28, 2008 Share Posted March 28, 2008 All opinions. Cannot get over how bad the mismanagement of the finances has been. ?22.5m plus wage bill from 2005-7. Incredible. And people still seem to believe that VR is a good businessman and it is only the lack of a new main stand which is holding us back! As you say, it is quite staggering. Can anyone sketch out for me any sort of legitimate business model in which these numbers make any kind of sense? I just can't see it. Link to comment Share on other sites More sharing options...
buca junior Posted March 28, 2008 Share Posted March 28, 2008 The current guy has lost almost as much in 2 years as the Pieman did in his whole time in charge. And both presided over a winning Scottish Cup side. If only he had employed Charlie Mann............. Link to comment Share on other sites More sharing options...
monkfish1979 Posted March 28, 2008 Share Posted March 28, 2008 I know its ever so slightly off topic but I dont think anyone thinks Comical Ali is dead. The Americans apparently thought he was a relatively harmless buffoon and consequently let him go. He's now living happily with his family somewhere in the UAE, I believe. Strange but true - a bit like Hearts' financial results GC Apologies, I thought he was, but nothing about it up yet apart from this - http://news.bbc.co.uk/1/hi/world/middle_east/7270396.stm Link to comment Share on other sites More sharing options...
The Merse Posted March 28, 2008 Share Posted March 28, 2008 Alrite. Cool. Just to clarify. The wages are not for the players this season. They will be a lot lot less. As the figures include the likes of Pospisil, Bednar, Gordon, Jankauskas, Fyssas, Hartley, Pressley, Tiago Costa etc. Yep, but that disgusting wage bill we amassed only managed to achieve 4th place in the SPL last season, truly dreadful. Despite what many said of last season, not including you in that btw. Link to comment Share on other sites More sharing options...
Harry Kinnear Posted March 28, 2008 Share Posted March 28, 2008 Increased European competition? anything multiplied by zero is zero Link to comment Share on other sites More sharing options...
Ryan Gosling Posted March 28, 2008 Author Share Posted March 28, 2008 Alrite. Cool. Just to clarify. The wages are not for the players this season. They will be a lot lot less. As the figures include the likes of Pospisil, Bednar, Gordon, Jankauskas, Fyssas, Hartley, Pressley, Tiago Costa etc. I'd guess the wage bill for this season will be about ?8m, plus whatever we paid fir Larry, Ruben, Pinilla. Link to comment Share on other sites More sharing options...
rudi Posted March 28, 2008 Share Posted March 28, 2008 To be fair, that includes Gordon, Pressley (and his pay-off), Hartley, Fyssas, Jankauskas, Bednar, Pospisil etc. Oh,do you mean football players then,you know football players,something we used to have. Link to comment Share on other sites More sharing options...
Ryan Gosling Posted March 28, 2008 Author Share Posted March 28, 2008 Oh,do you mean football players then,you know football players,something we used to have. You're more boring than listening to a commentary of someone watching paint dry. 'A statement on the club website confirms turnover has risen to 10.32 million pounds. However it omits details of the debt - which talk 107 can confirm is 36.25 million, due mainly to 12.49 million spent on players' wages.' Link to comment Share on other sites More sharing options...
rudi Posted March 28, 2008 Share Posted March 28, 2008 You're more boring than listening to a commentary of someone watching paint dry. 'A statement on the club website confirms turnover has risen to 10.32 million pounds. However it omits details of the debt - which talk 107 can confirm is 36.25 million, due mainly to 12.49 million spent on players' wages.' Yes ,football players,something we don't have anymore,just over inflated wages for random people I have no time for. Link to comment Share on other sites More sharing options...
londonjambo Posted March 28, 2008 Share Posted March 28, 2008 Apologies, I thought he was, but nothing about it up yet apart from this - http://news.bbc.co.uk/1/hi/world/middle_east/7270396.stm OK, I know people are getting cross and skipping this bit but just between you and I - Your link is about Chemical Ali, a dangerous and psychopathic lunatic - a Vladimir Romanov, if you will. Your previous post showed Comical Ali, a harmless comedy figure whose job was to put forward hopeless spin - a Charlie Mann, if you like The former is pushing up the daisies. The latter is sipping tea in Abu Dhabi. http://en.wikipedia.org/wiki/Muhammad_Saeed_al-Sahhaf Hope that helps GC Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted March 28, 2008 Share Posted March 28, 2008 I suggest we try as hard as possible to pick over the finanical report and find things to moan about as much as we can, whether they are genuine concerns or not. Will make us all feel better. Link to comment Share on other sites More sharing options...
Charlie-Brown Posted March 28, 2008 Share Posted March 28, 2008 The salary levels in 2005-06 & 2006-07 are a consequence of the signings & contracts awarded in August 2005 & January 2006 - post the scottish cup final win the following higher earners have been removed from the wage bill - Skacel, Webster, Pressley, Hartley, Jankauskas, Fyssas, Brellier, Barasa, Gordon, Pospisil & Bednar will soon leave - the only significant higher earners arriving have been Pinilla, Kingston & Nade. I would imagine over the next year Tall, Makela, Beslija will leave and Kingston, Goncalves, Pinilla could be transferred - Neil McCann would be offered a much reduced contract factoring his age, injuries and lack of appearances. I think the salary / turnover ratio will be much closer to what it should be by summer 2009. Hopefully transfer fee income will have reduced the debt level by then also. Link to comment Share on other sites More sharing options...
jkato Posted March 28, 2008 Share Posted March 28, 2008 Seems ironic that the figures are issued the very day Vlad is in town. They don't fill me with encouragement. Link to comment Share on other sites More sharing options...
Colonel Kurtz Posted March 28, 2008 Share Posted March 28, 2008 correct, however the last CEO ran the club into the ground thus reducing the value of the shares no he didnt,I sold my shares to Romanov for a decent price Converted shares from debt can be very profitable,look at the recent conversion of 1p shares at 65p by Celtics non exec directors who provided credit. I believe the converted Hearts shares will be in the company which develops Tynecastle. I actualy think our next years result could show a profit,with the Gordon,Bednar ,Miko and Kingston money and a decreased wage bill of well under ?10The new wage structure is performance based to a large extent. Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 no he didnt,I sold my shares to Romanov for a decent priceConverted shares from debt can be very profitable,look at the recent conversion of 1p shares at 65p by Celtics non exec directors who provided credit. I believe the converted Hearts shares will be in the company which develops Tynecastle. I actualy think our next years result could show a profit,with the Gordon,Bednar ,Miko and Kingston money and a decreased wage bill of well under ?10The new wage structure is performance based to a large extent. I'd certainly hope we show a profit next year, given that 7M Gordon money will be included in the results. Surely they can't manage to lose more than 7M again. Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted March 28, 2008 Share Posted March 28, 2008 I suggest we try as hard as possible to pick over the finanical report and find things to moan about as much as we can, whether they are genuine concerns or not. Will make us all feel better. I suggest rather than talking about the subject of the thread, we could make sarcy comments about other Hearts fans. Will make us all feel better too. Link to comment Share on other sites More sharing options...
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