rangersxfc 265 Posted July 31, 2013 Share Posted July 31, 2013 Heart of Midlothian owes its creditors a total of £28.5m, a report by administrators BDO reveals.Hearts will gather its creditors together in August to discuss the future for the heavily indebted club.The Tynecastle club has been in administration since June 19 and administrators BDO have drawn up a list of those owed money by the club, with debts totalling just under £28.5m. The creditors have been called to meet BDO on August 12.Shareholders Ukio Bankas and UBIG are owed around £25m of the debt, making any exit via a CVA dependent on their say so.In the report, distributed to the companies and individuals who are owed cash by the Edinburgh football club, BDO reveals that rescuing Hearts through a CVA is its first objective.It lists winding up the club to achieve a better result for creditors as the second priority, with a fire sale of property the last resort in the event that a CVA or liquidation is not possible.While any agreement on reaching a CVA is in the hands of those in Lithuania, any post-administration owner of Hearts would remain liable for the footballing debt accrued.That totals £81,289, owed in various amounts to Ayr United, Kaunas, Liverpool, Musselburgh Athletic, Livingston, Stenhousemuir and Rangers.The club owes HM Revenue and Customs £1.8m, a figure decided at a court tribunal earlier in the year.Since entering administration the club has generated £1.27m of income, mainly from season ticket sales which raked in £813,000 from supporters.Hearts have banked £103,000 from sponsors Wonga, £146,700 in hospitality sales and £100,000 in compensation for the transfer of Arvydas Novikovas.In the same period expenditure was £310,000, with wages and salaries accounting for £212,000 of that total. Quote Link to post Share on other sites More sharing options...
True Azure 1,414 Posted July 31, 2013 Share Posted July 31, 2013 I'm sure none of these facts will deter the SPFL (Neil Doncaster) from allowing the Hertz to kick off on the opening day of this season. Quote Link to post Share on other sites More sharing options...
Smile 26,624 Posted July 31, 2013 Share Posted July 31, 2013 They are fucked they dont even own their ground. Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 What's Tynecastle worth? Surely it will have to be sold? Shame really. No time for Hearts... but a lot of history will be lost. Quote Link to post Share on other sites More sharing options...
Guardian 4,281 Posted July 31, 2013 Share Posted July 31, 2013 So, If Hertz gave all their income towards their debt, it would still take nigh on a quarter century to pay off ??How were they ever allowed to run up that much, by both the banks and the SFA ?I can't see the bank accepting that write-off when they could get more selling the assets. As I understand it, their admins are legally bound to get the best deal for creditors.There may be trouble ahead for Hertz and the cabal if they get any protection from the abyss. Quote Link to post Share on other sites More sharing options...
quinty 1,445 Posted July 31, 2013 Share Posted July 31, 2013 Bears Den?ohand Fuck Hearts Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 Only 813k in season tickets? ffs talk about a lack of support. not sure what they charge.. but at 300 quid that's less than 3,000 season tickets. Quote Link to post Share on other sites More sharing options...
Helicopter Sundae 6,457 Posted July 31, 2013 Share Posted July 31, 2013 Even if they newco, ,they will still be playing in a higher division than us.SPORTING INTEGRITY........cunts don't even know how to SPhell it. Quote Link to post Share on other sites More sharing options...
clan macrae 292 Posted July 31, 2013 Share Posted July 31, 2013 Only 813k in season tickets? ffs talk about a lack of support. not sure what they charge.. but at 300 quid that's less than 3,000 season tickets.Aye and some of the ST holders bought extra ST to provide more income for them. Quote Link to post Share on other sites More sharing options...
WalterLP 20 Posted July 31, 2013 Share Posted July 31, 2013 Only 813k in season tickets? ffs talk about a lack of support. not sure what they charge.. but at 300 quid that's less than 3,000 season tickets.They've sold around 10,500 tickets but 8,000 of those were bought before administration and the Lithuanians ran off with all that moneyHaha! Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted July 31, 2013 Share Posted July 31, 2013 Its a shed load of money. The money that we owed HMRC via Whytes non payment pales significantly against £28M.How strange that two owners (Romanov and Whyte) can get their clubs into similair financial difficulty - yet they are painting themselves as the victims , but we are seen as the perpetrators. Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 They've sold around 10,500 tickets but 8,000 of those were bought before administration and the Lithuanians ran off with all that moneyHaha!wow tx for the info.... insane. Surely they're finished. Quote Link to post Share on other sites More sharing options...
gogzy 31,195 Posted July 31, 2013 Share Posted July 31, 2013 If CW had not shafted us, our debt would have been less than that amount. Quote Link to post Share on other sites More sharing options...
TheBluebells 6,898 Posted July 31, 2013 Share Posted July 31, 2013 They are staring into oblivion, the fact they don't own their ground is a worry. Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 Its a shed load of money. The money that we owed HMRC via Whytes non payment pales significantly against £28M.How strange that two owners (Romanov and Whyte) can get their clubs into similair financial difficulty - yet they are painting themselves as the victims , but we are seen as the perpetrators.True.. surely after the Whyte debacle, the 'powers' that be should have ensured clubs must be run responsibly? It's been 18 months (or so) since we entered Admin... More than enough time for clubs to get in line financially (or plan to). Are.. spiffle and the SFA that incompetent? (Aye I know.. stupid question) Quote Link to post Share on other sites More sharing options...
StornowayBlue 630 Posted July 31, 2013 Share Posted July 31, 2013 If CW had not shafted us, our debt would have been less than that amount.This! Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 If CW had not shafted us, our debt would have been less than that amount.Very true mate.. but we still had the HMRC 'debt' hanging over us.. But CW was the one -- the only one -- that put us into admin. Incredible... What was he thinking? Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted July 31, 2013 Share Posted July 31, 2013 True.. surely after the Whyte debacle, the 'powers' that be should have ensured clubs must be run responsibly? It's been 18 months (or so) since we entered Admin... More than enough time for clubs to get in line financially (or plan to). Are.. spiffle and the SFA that incompetent? (Aye I know.. stupid question)Romanov has been there since 2004/5 and hearts were already technically insolvent at that time - he was seen as a bit of a savour!. I think clubs are trying to get in line financially - but its nothing to do with any SPL/SFA directive or plan - they are just skint. Quote Link to post Share on other sites More sharing options...
Dutchy 1,200 Posted July 31, 2013 Share Posted July 31, 2013 They are fucked they dont even own their ground.On the face of it, they certainly look to be in deep shit. But I'm sure all the stops will be pulled out to allow tem to continue in the corrupt SPFL.They could rent Tynie if it were sold, or play at Meadowbank.I think Edinburgh City play there at the moment, but it would be a cheaper option for them as opposed to Murrayfield.I don't know it the Hearts fans Hearts would be in it having to play at a ground other than tynie, but I'm sure there's a lot of manipulation to go yet before a clear picture is seen. Quote Link to post Share on other sites More sharing options...
delamonty 992 Posted July 31, 2013 Share Posted July 31, 2013 Romanov has been there since 2004/5 and hearts were already technically insolvent at that time - he was seen as a bit of a savour!. I think clubs are trying to get in line financially - but its nothing to do with any SPL/SFA directive or plan - they are just skint.yep. Makes this whole reconstruction even more laughable imho. That was never a solution.Remember mad Vlad's comments that Hearts would win the Champions league in 4 or 5 years? They really bought into that. Forget Vlad's son's name that simply laughed off the debt because they just owed it to themselves... well.. 2008/2009 came and a lot of banks went tits up.My point is just that spiffle/SFA need to have oversight here... Clearly not? They never learned from our situation. And Hearts do not have the fanbase to recover imho. We get 45-50k every two weeks @ Ibrox.... Hearts? No ground (I'm guessing) and a fraction of our support. Not a good scenario. Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted July 31, 2013 Share Posted July 31, 2013 yep. Makes this whole reconstruction even more laughable imho. That was never a solution.Remember mad Vlad's comments that Hearts would win the Champions league in 4 or 5 years? They really bought into that. Forget Vlad's son's name that simply laughed off the debt because they just owed it to themselves... well.. 2008/2009 came and a lot of banks went tits up.My point is just that spiffle/SFA need to have oversight here... Clearly not? They never learned from our situation. And Hearts do not have the fanbase to recover imho. We get 45-50k every two weeks @ Ibrox.... Hearts? No ground (I'm guessing) and a fraction of our support. Not a good scenario.agreed. Quote Link to post Share on other sites More sharing options...
j1mgg 3,766 Posted July 31, 2013 Share Posted July 31, 2013 What was the debt we owed before administration because I am whole heatedly sure that if the fictious hmrc debts hadn't been spouted about we would have easily of raised the cash.£28.5m in debt and they are wanting a cva for roughly £3m Quote Link to post Share on other sites More sharing options...
Plan C 39 Posted July 31, 2013 Share Posted July 31, 2013 The problem for Hearts if they have to go down the newco route is they've played all their cards with the fans. When it happened to us we emerged with the ability to shift season tickets and eventually share issue to put us on a sound financial footing to kick off from. Hearts have already squeezed their fans for pretty much all they've got. Season tickets have been sold and a share issue was done earlier in the year to raise funds. Quote Link to post Share on other sites More sharing options...
bluenosebrad 452 Posted July 31, 2013 Share Posted July 31, 2013 I cant see the CVA being accepted in this occasion, they would be mad to accept a CVA with 28.5 mil debit already which looks as if it will increase Quote Link to post Share on other sites More sharing options...
keithgersbear 3,225 Posted July 31, 2013 Share Posted July 31, 2013 How are Hearts going to pay that off? I don't see it. Quote Link to post Share on other sites More sharing options...
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