Could Hearts FC be Relegated?

[Rainbow]

I just learnt from German football site kicker.de that Romanov is hiding in Russia because Lithuanian courts can't arrest him there for his criminal deeds with UBIG (and Hearts). Surprise, surprise...

[Yngwie]

I see the BBC have already applied the 15 point deduction on their 2013/14 SPL table - as a result of which ICT have moved up from 6th to 5th.

[Alex MacLeod]

Full squad on the market. Banned from signing. Banks administrators wanting money. Shortage of housing in centre of Edinburgh. Will there be a HoM is senior Scottish football next season? Hearts are in a totally different situation than Rangers were in that their majority shareholder is, technically, the administrators of two foriegn companies. People without interest in shoring up a failed football club and a great deal of interest in re-couping monies for the failed banks involved. Must be a lot of squeeky bums down Gorgie way.

[FoolPhysio]

When I read the above Alex, I saw it as "banned from singing"!

No need, thinks I - they've probably done that already . . .

[djh222]

Hearts have now gone and made Wilson captain so it looks unlikely that they will sell him.

It also confuses me that they would sign a guy that is likely to be a top earner when they are supposed to be cutting the wage bill drastically. Seems to me that they want to be liquidated.

[KingBeastie]

Is it just me or does it just look like clubs can do whatever the f**k they want, run up debts, pay what they cannot afford, not pay staff, carry on signing whoever they feel like it, field ineligible players, etc, etc, etc. and nobody gives a bl0ody toss.  The only time any of the authorities seem to jump into action is if anyone dares question any of this.  It's a f**kin' scandal.

[old caley girl]

Is it just me or does it just look like clubs can do whatever the f**k they want, run up debts, pay what they cannot afford, not pay staff, carry on signing whoever they feel like it, field ineligible players, etc, etc, etc. and nobody gives a bl0ody toss.  The only time any of the authorities seem to jump into action is if anyone dares question any of this.  It's a f**kin' scandal.

Definately not just you! I for one am sick of it as its cheating IMO

[starchief]

its disgusting and I dont trust it. Is Wilson really happy to sign for 50% without any hidden bonuses?

[Tichy_Blacks_Back]

A SFA hearing now scheduled for mid July. Not sure that it will bring much more than a slap on the hand but it must be pretty worrying times if you are a Hearts fan.

Just where is the money going to come from to keep them operating?

[PullMyFinger]

Wonga.com

[Rainbow]

Just read on BBC that the Newco route is not ruled out. Can anyone tell me what happens if they go down that route after the start of the season, say in October?

[KingBeastie]

So thanks to sevco this "newco" thing is now seen as another viable method of getting out of paying your dues.

Great just f**Kin great.  Another wonderful element of Scottish football to thank the old firm for,

Sometimes you just wonder what the bl00dy point of it all is.

[Alex MacLeod]

So thanks to sevco this "newco" thing is now seen as another viable method of getting out of paying your dues.

Great just f**Kin great.  Another wonderful element of Scottish football to thank the old firm for,

Sometimes you just wonder what the bl00dy point of it all is.

Hearts are a bit different though. Their debt is to two foreign banks who have gone bust. Had the banks not gone bust then the debts would still be classed as loans. Yes Hearts also owe the taxman and they have an arrangement in place to pay that off. I dont think, however, that they have the same big list of debtors that Rangers had

[KingBeastie]

That's not what I mean, I mean going down the "newco" route when it all goes t1ts up.  Regardless of how a club accumulated its debt.

[Alex MacLeod]

That's not what I mean, I mean going down the "newco" route when it all goes t1ts up.  Regardless of how a club accumulated its debt.

Sometimes that happens when things dont go t1ts up. A new owner may want the assets transferred to a different company for reasons of convenience. i.e merging two companies. A simple example........I set up a company called MacLeod Holdings. I then aquire all the shares and, ultimately, the assets of Inverness Thistle and Caledonian Football Clubs Plc and transfer all to my holding company. Inverness Caledonian Thistle remains the club but the company is now a newco. No debts, no disasters, just a new company taking over an existing product.

 

The thing is many companies get into financial difficulty for one reason or another and end up as newco's. The company folds and the assets, customer base, goodwill etc are transferred to a new company.

[Libero]

Doesn't sound promising for the jambos

 

 HEARTS' main creditors have stated that the tabled takeover bids 'are not satisfactory' and that, unless offers improve, they will soon be left with no option but to liquidate the football club

 

http://www.dailyrecord.co.uk/sport/football/football-news/liquidation-threat-hangs-over-hearts-2101523

[starchief]

 

“I can repeat that we are doing everything we can to save the club functioning," added Gintaras Adomonis,  Ukio bankas bankruptcy administrator. "However, I am obliged to protect solely the interests of Ukio bankas and its creditors."

It is probably then in the best interests of the creditors to sell a prime piece of real estate.  It may also be in Hearts long-term interest to start anew.  Relegation this year looks a strong possibility, so maybe take that long-term view of building up a la Rangers?

 

Can't say I'm in favour of it but then, my version of the Scottish leagues would be completely different anyway.