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Foundation of Hearts? Fuck Off
Started by Hung S.J.




136 posts in this topic
Floyd
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04-01-2021, 06:44 PM -
FOUNDATION UPDATE

Dear Member

As we are all aware, the last week or so has been a difficult time for all Hearts fans. Through that, though, we are really grateful to everyone who contacted us over the last few days. As ever, it is invaluable to hear your range of views. We have tried to respond to emails but the volume has been huge, so our apologies if you haven’t had a reply.

There have been some recurring themes in the messages we received, so in addition to giving you an update on where we are with pledge numbers, we thought it would be helpful to address these in a general update to Foundation members.

First, a number of pledgers who have been in touch with us have attacked the Foundation for not representing the views, as they see it, of Foundation members and for not making these views clear to the club. Nothing could be further from the truth. Our communications with the club reflect the strength of feelings that pledgers have brought to us and is passed on with no diluting of the emotions expressed. This does not fall on deaf ears - and of course, the club itself hears from fans and is well aware of people’s many opinions. We are able to supplement that and can also report on pledge numbers.

Equally, the views of Foundation members inform and shape the standpoint of those who represent the Foundation on the club board.

We have also been attacked by some for – to put it bluntly – not firing the manager. As most pledgers understand, the Foundation does not run the club. It is right and proper that the club board makes the final management calls, and it is right and proper that the Foundation - through communicating with the club and through our representatives on the board - aims to inform and influence strategies and decision-making. That is what we have done and that’s what we will continue to do when the Foundation becomes the majority shareholder of the club. The Foundation has always put forward the message of fan owned, not fan run. Foundation members overwhelmingly sanctioned the governance model which has this concept at its heart and it remains a pillar of the organisation’s structure.

Sadly we must also mention that there has been a level of vitriol and abuse in some of the emails and other communications which is intolerable. This type of attack has also been visited on club officials and staff and we utterly condemn it. Equating passion for a club with this kind of behaviour is totally misplaced. Passion for a club comes in many shapes and forms but abusing others, many of whom are working on a voluntary basis, is most certainly not one of them.

Looking ahead, the board is considering ways in which debate among Foundation members can be encouraged and structured. As mentioned above, we are very appreciative of members taking the time to bring us their views and constructive advice, and we will shortly be looking to create a new post - a director of members affairs - which, we believe, will help the communication process, but we are certainly open to other positive developments on this issue.

Meanwhile, to update you on pledge numbers and activity, we have seen in recent days around 250 cancellations of pledges. That equates to approximately 3 per cent of the membership. We’ve also seen some new pledgers coming on board and that range of activity leaves us with a total number of current pledgers today of just over 8100.

It is in times of real pressure or challenge that individuals and organisations reveal their true character. This was the case when our club faced possible extinction. The character of the supporters then was unbelievable and has paved the way for the most successful fan initiative in British footballing history. We thank everyone who has been involved in this and who, by pledging, continues to lay the platform for a better future for Heart of Midlothian.

Kind regards

Stuart Wallace, Alastair Bruce, Paul Cheshire, Donald Cumming, Garry Halliday and Louise Strutt

The board of the Foundation of Hearts
Shteve
...

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04-01-2021, 06:48 PM -
(04-01-2021, 06:44 PM)El Diego Wrote: FOUNDATION UPDATE


vitriol and abuse

jjay
Morph
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04-01-2021, 06:52 PM -
Quote: Passion for a club comes in many shapes and forms but abusing others, many of whom are working on a voluntary basis, is most certainly not one of them.

This needs to stop like, there is enough money coming in that folk working for the FOH can take a salary for the work they do, at the very least the people who are there to sit on the board.

I’m not condoning personal abuse but I fucking knew the volunteer card would come out sooner than later, folk are going above and beyond to finance hearts these days through season tickets, foh pledges, all the daft fucking schemes so don’t be surprised when folk get angry at you for being silent.

This is the most they’ve ever said I feel and it’s mostly just covering their own backs rather than actually saying amongst the OTT abuse there is a warranted discontent amongst the fans and what they plan on doing to address that.

I just don’t believe in it’s current form hearts sees much success with this model.  Nae cunt seems to be accountable for anything and at the end of the day it’s just fans money being pissed up the wall.
This post was last modified: 04-01-2021, 06:53 PM by Morph.
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2NaFez
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04-01-2021, 06:55 PM -
'you said we don't listen to you. You're wrong'
'you said we don't tell the board anything negative. You're wrong'
'You said we should fire Neilson (they did not. Ed) You're idiots
' you were mean to us'
'some of you cancelled but you're not really all that important'

For anyone not wanting to read the whole thing.
This post was last modified: 04-01-2021, 07:54 PM by 2NaFez.
Morph
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04-01-2021, 06:59 PM -
6 board members and they’re having to create another directorship to be able to communicate with the fans Monty Chuckle
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Billy Butcher
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04-01-2021, 07:00 PM -
(04-01-2021, 06:44 PM)El Diego Wrote: It is in times of real pressure or challenge that individuals and organisations reveal their true character. This was the case when our club faced possible extinction.

Vile.
Charlie Kelly
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04-01-2021, 07:14 PM -
Warnock  the line about true character after folk cancelling their pledges is utterly shameful
Drederick Shanktum
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04-01-2021, 07:15 PM -
(04-01-2021, 06:55 PM)GNaFish Wrote: 'you said we don't listen to you. You're wrong'
'you said we don't tell the board anything negative. You're wrong'
'You said we should fire Neilson (they did not. Ed You're idiots
' you were mean to us'
'some of you cancelled but you're not really all that important'

For anyone not wanting to read the whole thing.

Get the talkhearts Twitter fired up and post this back at them right now mods
This post was last modified: 04-01-2021, 07:15 PM by Drederick Shanktum.
Monty Oh You
Drederick Shanktum
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04-01-2021, 07:23 PM -
Havent even bothered to tweet it Warnock
Monty Oh You
Papin
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04-01-2021, 07:29 PM -
I actually don’t see much wrong with that. Not sure what folk are expecting them to say.
Zizou
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04-01-2021, 07:34 PM -
The contempt for the fans is quite clear there. Definitely changed their tune from when the cash is rolling in no questions asked Monty Ooh
Drederick Shanktum
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04-01-2021, 07:47 PM -
(04-01-2021, 07:29 PM)Papin Wrote: I actually don’t see much wrong with that. Not sure what folk are expecting them to say.

Exactly what 2na posted.

Anyone who doesn’t tow the line isn’t worth their time
Monty Oh You
Zizou
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04-01-2021, 07:52 PM -
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Felix
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04-02-2021, 04:42 AM -
What sort of board has an even number of directors?

No wonder nothing ever gets done.
Shuto Makino
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04-02-2021, 09:42 AM -
(04-02-2021, 04:42 AM)Felix Wrote: What sort of board has an even number of directors?

No wonder nothing ever gets done.

At least three posters will read this and frantically scribble another entry onto their lists. Staggering!
(08-21-2017, 01:25 PM)i8hibsh Wrote: I AM A LONER BY CHOICE
I AM SINGLE BY CHOICE
I HAVE NO KIDS BY CHOICE

Cammo Toe
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05-06-2021, 09:10 AM -
On the positives. Fans have contributed £11.4m through FOH. On top of STs, merch, etc.

Being honest, both of the Glasgow two are 10 times our size and fan base. Can you imagine the media swooning and love fest if either set of their fans raised £114m?

I think there's a lot to be proud of there and I genuinely believe we're pretty unique, even UK wide.

But.

I believe Budge was due £2.5m. Of which only £100k is outstanding. About 3 weeks worth of subs, I think. Covid and lack of a party isn't cutting it for me as a reason to delay. If she was paid up WE'D be the majority shareholder. I think Wallace is uncomfortable as a volunteer with that responsibility. I don't get a sense they'd know what to do next and are more comfortable with the tea and scones whilst Budge makes decisions. 

This delay is allowing Budge to continue to make these major decisions. Like the appt of our new CEO McKinlay. Like retaining Neilson. Like creating another 5 year plan. She has a track record now of abject failure. It annoys me when pundits like Mikey Stewart say glibly, nobody can argue with her business and commercial ability....

Can't they? We've made an operational loss every year she's been in charge. Profit only being achieved by Mr Anderson throwing money at us. Player sales are negligible over her 7 years. The stand forecast at £11m, is now at £24m, for a lesser spec, and unfinished. Corporate was ignored, our top package is STILL the Gorgie. I see nothing innovative in our strip designs and sales, a major earner. Or commercial sponsorships. We still trail Aberdeen in revenue and Hearts admitted targets haven't been met after the new stand build.

Due to her failures we got relegated, then having to accept another loan from her, meaning instead of £100k to rid us of Budge for the original purchase, we now owe her £1.225m (2020 loan) plus £700k (2019 loan). So we're back to needing £2m to sever all ties.

None of this instills me with any confidence that fans contribute over £11m and STILL find ourselves the minority shareholder and in a further £2m of debt to a failed owner.

A reminder FOH are non exec directors. The only executive directors and therefore decision makers at Hearts are Budge, McKinlay and Duncan. The only thing changing this would be FOH gaining a majority shareholding then making Board changes. Can you then sack Budge, who you have a £2m debt to?
Real Spencer
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05-09-2021, 12:53 AM -
(05-06-2021, 09:10 AM)Cammo Toe Wrote: On the positives. Fans have contributed £11.4m through FOH. On top of STs, merch, etc.

Being honest, both of the Glasgow two are 10 times our size and fan base. Can you imagine the media swooning and love fest if either set of their fans raised £114m?

I think there's a lot to be proud of there and I genuinely believe we're pretty unique, even UK wide.

But.

I believe Budge was due £2.5m. Of which only £100k is outstanding. About 3 weeks worth of subs, I think. Covid and lack of a party isn't cutting it for me as a reason to delay. If she was paid up WE'D be the majority shareholder. I think Wallace is uncomfortable as a volunteer with that responsibility. I don't get a sense they'd know what to do next and are more comfortable with the tea and scones whilst Budge makes decisions. 

This delay is allowing Budge to continue to make these major decisions. Like the appt of our new CEO McKinlay. Like retaining Neilson. Like creating another 5 year plan. She has a track record now of abject failure. It annoys me when pundits like Mikey Stewart say glibly, nobody can argue with her business and commercial ability....

Can't they? We've made an operational loss every year she's been in charge. Profit only being achieved by Mr Anderson throwing money at us. Player sales are negligible over her 7 years. The stand forecast at £11m, is now at £24m, for a lesser spec, and unfinished. Corporate was ignored, our top package is STILL the Gorgie. I see nothing innovative in our strip designs and sales, a major earner. Or commercial sponsorships. We still trail Aberdeen in revenue and Hearts admitted targets haven't been met after the new stand build.

Due to her failures we got relegated, then having to accept another loan from her, meaning instead of £100k to rid us of Budge for the original purchase, we now owe her £1.225m (2020 loan) plus £700k (2019 loan). So we're back to needing £2m to sever all ties.

None of this instills me with any confidence that fans contribute over £11m and STILL find ourselves the minority shareholder and in a further £2m of debt to a failed owner.

A reminder FOH are non exec directors. The only executive directors and therefore decision makers at Hearts are Budge, McKinlay and Duncan. The only thing changing this would be FOH gaining a majority shareholding then making Board changes. Can you then sack Budge, who you have a £2m debt to?

I strongly suspect the main reason for the delayed transfer of majority shareholding to FoH is that club/Budge are distinctly uncomfortable with the level of day one debt that FoH will inherit as majority shareholder - due almost entirely to Budge herself.

The entire premise of fan ownership is that FoH would assume ownership of a debt free club. Clearly that's highly unlikely to be the case. This situation isn't the work of financial hardship due to pandemic, it predates that. It's the legacy of largesse of Main Stand project, not at all helped by involvement of a related party despite a complete absence of the requisite skillset.

It will be an absolute disgrace if FoH are due Budge £3M+ at time of transfer of shareholding. I do sense this might be the reason for the delay. The silence is deafening from both Hearts and FoH on this subject.

Hopefully I'm way off the mark.



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